Huh? So, President Joe Biden is poised to implement a crazy new federal rule that punishes responsible borrowers and rewards irresponsible or risky ones. As part of the Federal Housing Finance Agency’s (FHFA) affordable housing plan, the administration’s new rule increases payments for homebuyers with good credit to subsidize borrowers with risky mortgages. It is […]
Federal Reserve balance sheet shrinks below $8.6 trillion for first time since banking turmoil
The Federal Reserve’s balance sheet fell below $8.6 trillion for the first time since the beginning of the banking turmoil caused by the failures of Silicon Valley Bank and Signature Bank. The balance sheet came in at $8.593 trillion for the week of April 19, down from $8.614 trillion in the previous week. Here is […]
U.S. manufacturing recession deepens as Philadelphia Fed Index crashes in April
The U.S. manufacturing recession deepens. The Federal Reserve Bank of Philadelphia’s Manufacturing Index crashed to 31.3 in April, the worst reading since May 2020. It also represented the eighth consecutive monthly contraction, with negative readings for new orders, shipments, employment, and orders received. Here is a chart looking at the Philadelphia Fed Manufacturing Index: Contrary […]
Report: Republicans propose lifting the debt ceiling by $1.5 trillion or until March 31
The Republicans keep capitulating. They are not the party of fiscal responsibility at all. They are weak. Case in point, House Speaker Kevin McCarthy (R-CA) and his fellow House GOP members will lift the debt ceiling by $1.5 trillion or until March 31, 2024. The bill is expected to be released soon. This comes after […]
Gas prices surge to five-month high of $3.68
What’s the deal with gas prices these days? Since March 29, the average cost of a gallon of gasoline has inched higher every day. On Wednesday, it topped $3.68, up seven percent since the beginning of the year. This is the highest level in five months. Sad! It could soon top $3.75. But will it […]