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 […]
Federal Reserve
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 […]
Consumer credit surges $23 billion in April: Fed
Consumer credit rose $23.01 billion in April, down from $26.51 billion in March, according to the Federal Reserve. This was slightly higher than economists’ expectations of $22 billion. From the U.S. central bank’s G.19 report: “In April, consumer credit increased at a seasonally adjusted annual rate of 5.7 percent. Revolving credit increased at an annual […]
U.S. money supply contracts for fifth straight month, still 33% higher than before pandemic
The printing press is grinding to a halt. According to fresh data from the Federal Reserve, the nation’s money supply continues to contract. In April, the M2 money stock print tumbled nearly five percent, representing the fifth consecutive contraction, which is the first time since the Fed launched the series. Despite the substantial decline, the […]