The Federal Reserve Bank of Atlanta’s GDPNow model estimate was revised slightly upward on Tuesday. In the second quarter, the U.S. economy is projected to advance 1.9 percent, up from 1.8 percent in the previous week. From the Atlanta Fed Bank: “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the […]
Hunter Biden pleads guilty in sweetheart deal, Trump calls it ‘a mere traffic ticket’
As you may have learned, Hunter Biden, President Joe Biden’s son, will plead guilty to two misdemeanor tax charges and admit to felony gun possession. From CBS News: Hunter Biden’s plea will include an acknowledgement that drug use was a contributing factor in his gun crime and is entering into a pretrial diversion agreement, according […]
Federal Reserve’s emergency bank bailout fund touches another record high
Is the U.S. banking system hanging on by Federal Reserve bailouts? Despite bullish sentiment washing over Wall Street and fears of a banking crisis abating, the financial institutions are tapping into the central bank’s lending facilities. According to the Fed’s balance sheet data, the Bank Term Funding Program (BTFP) touched a fresh record high of […]
Federal Reserve leaves interest rates unchanged; FOMC updates dot-plot
The Federal Reserve has left interest rates unchanged at a target range of 5.00 and 5.25 percent. Here is the statement from the Federal Open Market Committee (FOMC): Recent indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recent months, and the unemployment rate has […]
Inflation is falling? Check out this chart
President Joe Biden is running victory laps because inflation growth is lower than it was a year ago. The May consumer price index (CPI) eased to four percent, down from 4.9 percent. Core inflation, which strips the volatile food and energy sectors, dipped to just 5.3 percent, down from 5.5 percent. Of course, it is […]