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News
Why U.S. Debt Must Continue to Rise
Debt is rising more quickly in the United States than most people would prefer. This is happening in part because the U.S. current account deficit and the country’s high level of income inequality distort the structure and amount of American savings. Many Americans are worried about the seemingly inexorable rise in U.S. debt, whether government debt, household debt, or business debt. They are right to be concerned. Rapidly rising debt is a problem not just in the United States but in many other countries too, including China, parts of Europe, and most of the developing world. In today’s environment, it seems, reasonable levels of economic growth cannot be achieved unless boosted by even faster growth in debt.
Fed's Kashkari says 2024 rate cuts under threat if inflation continues to stall
Minneapolis Federal Reserve Bank President Neel Kashkari said on Thursday that at the U.S. central bank's meeting last month he penciled in two interest rate cuts this year but if inflation continues to stall, none may be required by year end. "If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all,"Kashkari said during an interview with Pensions & Investments. "There's a lot of momentum in the economy right now."Kashkari added that if inflation continued to come in stronger than hoped, he anticipates the Fed would hold its benchmark policy rate at the current 5.25%-5.50% range for a longer period of time. If that still did not work, further rate increases are "not off the table, but they are also not a likely scenario given what we know right now," Kashkari said.
Use of Fed Central Bank Tool Grows as Cash Stockpiling Continues
Foreign central bank usage of a key Federal Reserve facility rose for a third week, an indication policymakers around the world keep building cash positions amid warnings they will take steps to bolster their currencies. These monetary officials stashed $365 billion at the Fed’s reverse repurchase agreement facility, according to data for the period through April 3, up from $354 billion a week earlier. That’s the most since the week through Jan. 3. Meanwhile, the central banks added $11.6 billion in Treasury securities during the same period, leaving total holdings at $2.95 trillion, data show. The foreign facility, like the domestic RRP, is a place where counterparties can park cash overnight with the Fed.
US Mortgage Rates Climb to 6.82%, Squeezing Homebuyers in Market
Mortgage rates in the US rose, ramping up the pressure on homebuyers. The average for a 30-year, fixed loan was 6.82%, up from 6.79% last week, Freddie Mac said in a statement Thursday. House hunters are confronting a market that became less affordable in recent years as borrowing costs rose and prices stayed high. More than a third of home purchases were made in cash in February, according to Redfin Corp. “Elevated mortgage rates have been a persistent market challenge, holding back first-time homebuyers and repeat homebuyers alike,” said Danielle Hale, chief economist at Realtor.com. The Federal Reserve is weighing its next steps as recent data have pointed to strength in the economy.