Why the Fed is driving up unemployment

Why the Fed is driving up unemployment

Federal Reserve Chairman Jerome Powell said Wednesday that it would be nearly impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs. Fed officials expect the jobless rate to hit 4.4% next year, from 3.7% in August, as they raise borrowing costs and slow the economy, according to … Read more

How High Inflation Can Affect Which Tax Bracket You’re In Next Year

How High Inflation Can Affect Which Tax Bracket You’re In Next Year

Jamie Grill | Getty Images As Americans grapple with soaring prices, experts say it’s likely we’ll see higher-than-usual inflation adjustments from the IRS for 2023 – covering tax brackets, 401(k) plan contribution limits and more. Embedded in the tax code, these annual IRS changes aim to prevent what’s known as “bracket creep,” when inflation drives … Read more

US real estate market in ‘deep recession’ says economist

US real estate market in ‘deep recession’ says economist

The U.S. housing market is in the midst of a “deep recession” that could put pressure on the Federal Reserve to ease interest rate hikes, a prominent economist warned on Monday. According to the National Association of Home Builders, homebuilder confidence fell for the ninth consecutive month in September as soaring mortgage rates and high … Read more