10-year Treasury yield Now Near Levels Not Seen Since 2007
Bill Perry/Deposit Photos The yield on the 10-year Treasury rose by more than 6 basis points on Monday, reaching a level not seen since 2007. Benchmark 10-year note yields hit 4.490%, the highest since November 2007, which was the beginning of what we now know as The Great Recession. Interest rate sensitive two-year yields reached 5.202%, the […]
UAW Threatens Strike at More Plants if ‘Serious Progress” Isn’t Made By Friday
Mandi Wright, Detroit Free Press The United Auto Workers union is warning that strikes at additional General Motors, Ford Motor, and Stellantis plants in the U.S. will occur if “serious progress” isn’t made in negotiations by noon ET Friday, the UAW President Shawn Fain announced on Monday night. The UAW announced last week that nearly […]
GDP Data Revised Downward, Sparking Alarm Over State of the Economy
Photo by Colleen Michaels/Deposit Photos The Commerce Department significantly revised economic growth downward, dropping last quarter’s Gross Domestic Product by three-tenths of a point from 2.4% to 2.1%. This downgrade marks several months this year, that the department has had to revise their previous claims. Alfredo Ortiz, the head of the Job Creators Network, small business lobby, […]
Federal Reserve Chair Jerome Powell Warns He Is Prepared to Raise Interest Rates Further
Al Drago, Getty Images Federal Reserve Chair Jerome Powell warned on Friday that more hikes in interest rates could be yet to come and called for continued vigilance in the fight against inflation. “Although inflation has moved down from its peak — a welcome development — it remains too high,” Powell said in prepared remarks for his keynote address […]
Moody’s Downgrades Several US Banks One Week After Fitch Downgrades U.S. Credit Rating
Andy Kazie, Deposit Photos On Tuesday, Moody’s Investors Service slashed the credit ratings of 10 small and midsize banks and warned of downgrading big banks as the sector faces uncertainty. Moody’s Investors Service downgraded 10 banks by one notch, and placed six banking giants, including Bank of New York Mellon, US Bancorp, State Street and Truist Financial […]
Trucking Giant, Yellow, Declares Bankruptcy After Nearly 100 Years in Business
Tim Boyle/Getty Images Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide. On Sunday, one of the largest Trucking companies in the U.S., Yellow Corp., filed for Chapter 11 bankruptcy, just three year after Yellow received $700 million in […]
Fed Raises U.S. Interest Rates to 22-Year High
Bill Perry, Depositphotos On Wednesday, the Federal Reserve raised interest rates by another 25 basis points, to a 22-year high. Federal Reserve Chairman Jerome Powell said at a press conference on Wednesday that one positive CPI reading, in June, isn’t enough to promise there won’t be more rate hikes, and warned that more rate hikes are possibly […]
BRICS Planning To Replace US Dollar With New Trading Currency Backed by Gold: Report
The economic alliance of nations known as BRICS is reportedly preparing to introduce a new currency that’s designed to dethorne the US dollar as the world reserve currency. According to RT, the new trading currency of BRICS will be backed by gold, a standard that use to back the US dollar for over 100 years, […]
What does today’s CPI data mean for future rate hikes?
In June, the Consumer Price Index (CPI) continued to fall faster than expected, according to the Bureau of Labor Statistics. Year over year inflation fell once again in June. CPI y/y remains at 3%, which is .1% lower than what was expected. Headline inflation rose by .2% in June, .1% short of the expected +.3%. […]
McCarthy agrees to worst possible deal to raise debt ceiling
Photo by Alex Wong/Getty Images Details of the agreement between Speaker of the House Kevin McCarthy and President Joe Biden have now emerged and it appears that the agreement to raise the debt ceiling is much worse than what was speculated. Text of the agreement was released earlier this week and it shows that spending […]