News
Fed minutes show more rate hikes in the pipeline, but pace could slow
Federal Reserve officials saw "little evidence" late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting.
China Is Ramping Up Swiss Gold Imports, Signaling Better Demand
China’s gold imports from the major refining hub of Switzerland jumped to the highest in more than five years, signaling demand improved as the Asian nation relaxed strict Covid measures.
Home sales fell nearly 6% in July as housing market slides into a recession
Sales of previously owned homes fell nearly 6% in July compared with June, according to a monthly report from the National Association of Realtors. The sales count declined to a seasonally adjusted annualized rate of 4.81 million units, the group added. It is the slowest sales pace since November 2015, with the exception of a brief plunge at the beginning of the Covid pandemic.
How the Public Lost Trust in the Federal Reserve (Which Should Never Have Been Trusted in the First Place)
In a presentation last month, St. Louis Federal Reserve Bank president James Bullard remarked, “The current U.S. macroeconomic situation is straining the Fed’s credibility with respect to its inflation target.” It’s easy to understand why this might be the case. Statistics revealed that the annual inflation rate has shot to 9.1 percent, the highest since November 1981, while the month-over-month measure of the Consumer Price Index surged to an astounding 1.3 percent, the highest since March 1980. Food, energy, transportation, and housing prices have all leapt, quelling all suppositions that inflation has reached “peak.”
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