A person removes the nozel from a pump at a gas station on July 29, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images You would be hard-pressed now to find a recession in the rear view mirror. What’s on the road, however, is another story. There is no historical precedent to indicate … Read more
Crude oil prices fell on August 4 to their lowest prices since before Russia invaded Ukraine, as the futures market pointed to a possible recession that could dampen consumer demand. US oil benchmark WTI fell below $90 a barrel for the first time since the invasion began in February at $88 while Brent crude fell … Read more
Mortgage rates fell for the second week in a row, dropping below 5% for the first time since mid-April. The 30-year fixed rate mortgage averaged 4.99% in the week ending August 4, down from 5.3% the previous week, according to Freddie Mac. But that’s still much higher than this time last year, when it was … Read more
Inflation in Turkey has been fueled by the continued decline of the lira as well as the economic consequences of the Russian invasion of Ukraine. Turkish inflation hit a new 24-year high of 79.6% in July, data showed on Wednesday, as continued lira weakness and global energy and commodity costs pushed prices up. on the … Read more
St. Louis Federal Reserve Chairman James Bullard said Wednesday that the central bank will continue to raise rates until it sees compelling evidence that inflation is falling. The central bank official said he expects an additional hike of about 1.5 percentage points in interest rates this year as the Fed continues to battle the lowest … Read more
LONDON, February 03: Bank of England Governor Andrew Bailey leaves after a press conference at the Bank of England on February 3, 2022 in London, England. The Bank is expected to raise interest rates for a fifth straight meeting on Thursday, but faces a difficult balancing act between supporting growth and curbing inflation. Dan Kitwood … Read more
The Federal Reserve has a simple manual for fighting inflation. It goes like this: keep putting upward pressure on interest rates until business and consumer spending across the economy weakens and inflation recedes. Historically speaking, the Fed’s inflation-fighting playbook always hits the US housing market particularly hard. When it comes to real estate transactions, monthly … Read more
Angels Ron_Thomas | Getty Images As rising interest rates and soaring home values prevent more families from buying a home, rental demand has soared, with rental prices highest in the sunniest states. Rent prices for single-family homes have ballooned in the first half of 2022, reaching a national average of $2,495 per month – a … Read more
Mary Daly, president of the Federal Reserve Bank of San Francisco, poses after delivering a speech on the U.S. economic outlook, in Idaho Falls, Idaho, U.S. November 12, 2018. Ann Sapphire | Reuters The Federal Reserve still has a lot of work to do before it gets inflation under control, which means higher interest rates, … Read more
New York CNN Business — A glimmer of relief emerges at the checkouts: the return of discounts. Walmart (WMT), Best Buy (BBY), Gap (GPS), Target (TGT), Bath & Body Works and others are increasing promotions and lowering commodity prices to entice inflation-weary shoppers to buy additional products sitting on their shelves. Months ago, these chains … Read more
