The Federal Reserve is losing control of the U.S. housing market. Case in point, the mortgage market. According to the Mortgage Bankers Association (MBA), the 30-year mortgage rate rose to 7.31 percent for the week ending September 15, up from 7.27 percent. Despite the leap in mortgage rates, mortgage applications soared 5.4 percent, up from […]
Money
US inflation reaccelerates in August, surges to hotter-than-expected 3.7%
The U.S. annual inflation reaccelerated in August, climbing to 3.7 percent, up from 3.2 percent in July. This was also hotter than the consensus estimate of 3.6 percent. The monthly consumer price index (CPI) rose sharply by 0.6 percent, triple from the previous month. This matched economists’ expectations. Core inflation, which eliminates the volatile energy […]
New York Fed restarts GDP Nowcast; forecasts 2.3% Q3 growth
The Federal Reserve Bank of New York has restarted its GDP Nowcast after suspending it during the coronavirus pandemic. Now that the regional central bank relaunched the model, let’s take a look at where it expects the third-quarter gross domestic product will be. The New York Fed expects 2.25% growth in the July-to-September period. By […]
Mitch McConnell admits war in Ukraine is good for U.S. defense business
The military-industrial complex is now out in the open and championed by the Washington establishment. Senate Minority Leader Mitch McConnell (R-KY), who has apparently been given the OK to keep leading the Republican Party despite freezing in front of the press, recently took to X (nee Twitter) to tell the public that America sending billions […]
More revisions? BLS revises Q2 labor productivity growth, hours worked lower
What’s the deal with revisions this year? The jobs report was revised lower. The second-quarter GDP was revised lower. The quarterly PCE was revised higher. And now, second-quarter labor productivity? You bet! According to the Bureau of Labor Statistics (BLS), labor productivity growth was revised down by 0.2% to 3.5%. This was up from the […]