News and Trends
Fed raises rates a quarter point, expects ‘ongoing’ increases - CNBC--2.1.23
The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point. The move marked the eighth increase in a process that began in March of 2022. The post-meeting statement provided no signals that it is nearing the end of this hiking cycle.
The US consumer is starting to freak out- Fox Business--1.30.23
Consumer spending is starting to sputter. Retail purchases have fallen in three of the past four months. It is a major turnaround from the second half of 2020, which Americans lifted the economy out of a pandemic downturn.
Russia and Iran plan a gold-backed stablecoin, while Brazil and Argentina seek a shared currency. Here are 5 rising threats to the dollar's dominance of global trade.- Markets Insider--1.29.23
The dollar's supremacy in global trade faces fresh challenges as several countries make plans to use local currencies in commerce. Other nations are pushing for settling more trade in non-dollar units - with plans ranging from using local currencies to gold.
Stocks Are Poised to Hit New Lows This Year, Survey of Investors Shows- Yahoo! Finance--1.30.23
Investors have little confidence in U.S. stocks, fearing weak corporate earnings could drag them back down. Roughly 70% of recent survey respondents say the stock market has yet to hit bottom with many saying lows won't be in until the second half of 2023.
Americans delay retirement, looking to gig work to make ends meet- Fox Business--1.30.23
Rising prices are taking a bite out of Americans' budgets and market volatility is hammering their portfolios, leading many to reassess their plans for retirement. Many individuals are remaining in the workforce longer than they originally planned or have abandoned the idea of leaving altogether.
‘Timing couldn’t be worse’: Inflation might be slowing, but people say it’s getting harder to cover unexpected costs — and the next Fed meeting won’t help - Market Watch--1.27.23
A record number of people say they would need to pay for an unplanned $1,000 expense by using their credit card, according to a new survey. Around two-thirds of individuals said inflation and increasing costs were the reason they were saving less.
What is a ‘rolling recession’ and how does it affect consumers? Economic experts explain- CNBC--1.27.23
There is a lot of speculation about whether a recession will be coming in 2023. However, some economists believe the country is already experiencing a "rolling recession" meaning that some parts of the economy take turns suffering rather than simultaneously.
U.S. GDP rose 2.9% in the fourth quarter, more than expected even as recession fears loom- CNBC--1.26.23
GDP rose at 2.9% in the fourth quarter, slightly better than expected. Despite the fairly strong economic data, most economists think a recession is a strong possibility this year.
BofA warns that the US economy will begin to lose 175,000 jobs per month in Q1 of 2023, expects a ‘harder landing’ rather than a softer one — here’s why- Yahoo! Finance--1.25.23
The latest jobs report shows that the U.S. labor market is in decent shape, but Bank of America sees trouble in the distance. The bank is expecting nonfarm payrolls gains to turn negative this year and during the first quarter of 2023, projects the U.S. will be losing roughly 175,000 jobs a month.
US stocks drop as gloomy earnings reports from Big Tech and others roll in- Markets Insider--1.25.23
U.S. stocks fell on Wednesday as investors asses more earnings from Corporate America. All three of Wall Street's major indexes were in the red, led by losses in the tech-concentrated Nasdaq Composite.
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