Federal government took in more money under Trump tax cuts
Its official: despite the constant talking points from the left that the Trump’s tax cuts only benefit the rich and will only increase the federal deficit, it turns out that the federal government actually took in more money after the Trump tax cuts were implemented. And no, they didn’t only benefit the rich. The latest […]
World’s largest asset manager warns of recession in 2023 unlike any other and “what worked in the past won’t work now”
Blackrock, the world’s largest asset manager, is now warning that a world wide recession is coming in 2023 and that it will be unlike any other. “What worked in the past won’t work now”, according to Blackrock. Central banks around the world have been raising rates rapidly this past year to try to get skyrocketing […]
Retail sales drop significantly, according to latest data
US retail sales fell signficiantly short of expectations for November, dropping by .6% verses an expected decline of .3%, according to data released on Thursday by the Commerce Department. A decline in auto sales was one of the main drivers in this decline. Monthly auto sales saw their largest decline of the year, dropping by […]
Calls heat up for the Fed to back off quest for 2% inflation
For at least the past decade, the Fed has determined that 2% annual inflation is where the economy functions best. But the Fed may be about to back off of that goal as criticism on the Fed heats up. Barry Sternlicht, the head of Starwood Capital, claimed in an interview on CNBC’s “Squawk box” that […]
Fed Chairman Powell: interest rates may need to go higher than expected to curb inflation
On Wednesday, the Federal Reserve raised it’s target fed fund rate by another 75 basis points to 3.75-4%. This marks the fourth 75 basis point hike in a row and puts interest rates the highest since early 2008. During his briefing on Wednesday, Powell reaffirmed his committment to curbing inflation, even if interest rates need […]
Housing market to fall off a cliff by January according to top Homebuilders
Homebuilders expect 2023 to be much worse for the housing market and are now warning that we are on the edge of a cliff. “There’s this cliff that’s happening in January,” said Gene Myers, CEO of Thrive Homebuilders in the Denver area, which was one of the hottest markets in the years leading up to […]
US annual Core PCE inflation continues to rise
Inflation in the US, as measured by the Personal Consumption Expenditures (PCE) Price Index, stayed unchanged at 6.2% on a yearly basis in September, the US Bureau of Economic Analysis announced on Friday. The Core PCE Price Index, the Federal Reserve’s preferred gauge of inflation, rose by .2% in September to 5.1% on a yearly basis, from […]
GDP grows faster than expected for Q3. Why that is likely to become a bad thing
On Thursday the latest GDP numbers were released and it showed the first positive growth for 2022. This comes after two consecutive quarters of negative GDP growth, which historically means we are in a recession. GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace […]
US could be heading for energy crisis this winter as diesel reserves drop to 25 days
Diesel demand is surging in the US while supplies remain at the lowest seasonal level since 1951, according to government data released Wednesday. National Economic Council Director Brian Deese told Bloomberg TV last week that diesel inventories are “unacceptably low” and “all options are on the table” to build supplies and reduce retail prices. The […]
Egypt to develop new currency indicator to wean people off U.S. dollar. What that means for you
On Sunday, the new central bank governor for the bank of Egypt announced that the country will begin to develop a new currency indicator to wean people off of the idea that the Egyptian pound should be pegged to the U.S. dollar, as part of a revamping of the currency. The indicator would be based […]