President Xi Jinping told Gulf Arab leaders on Friday that China would work to buy oil and gas in yuan, a move that would support Beijing’s goal to establish its currency internationally.
Newsfeed: China’s Xi Jinping calls for oil trade in yuan at Gulf summit in Riyadh Read More »
American households lost about $6.8 trillion in wealth over the first three quarters of 2022 as the stock market SPX, +1.43% DJIA, +1.58% COMP, +1.26% shed more than 25% of its value, the Federal Reserve reported Friday in the government’s quarterly financial accounts.
One month after setting a record low level for affordability, the unaffordability of new homes in the U.S. has skyrocketed.
Newsfeed: The Skyrocketing Unaffordability Of The American Dream Read More »
The Federal Reserve hasn’t had much success so far in wrestling down sky-high inflation, but its monetary tightening campaign is having a major impact in deflating asset bubbles that swelled during the pandemic.
Newsfeed: The Federal Reserve Is Deflating Financial Bubbles, Without a Crash Read More »
Lower mortgage rates are pulling some current homeowners back to the refinance market, but not enough to offset the drop in demand from homebuyers.
Newsfeed: Mortgage demand falls again even as rates sink further Read More »
We expect home sales to sink to their lowest level in more than a decade in 2023 as high mortgage rates keep housing costs up and prevent people from moving. High homeowner equity and a resilient job market will stave off a wave of foreclosures.
US consumers, the biggest economic force in the world, are rapidly altering their spending habits and where they get groceries due to persistently high inflation, 19 months of negative real wage growth, and threats of recession.
Inflation rose in October about in line with estimates, sending a sign that price increases at least might be stabilizing, the Commerce Department reported Thursday.
After plunging by the most since COVID lockdowns in September, analysts expected US pending home sales to tumble once again in October and they did, dropping 4.6% MoM (September was revised slightly higher from -10.2% MoM to -8.7% MoM)…
Newsfeed: US Pending Home Sales Plunge To Biggest Annual Drop Ever Read More »
Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead even as he sees progress in the fight against inflation as largely inadequate.
Newsfeed: Fed Chair Powell says smaller interest rate hikes could start in December Read More »