Private equity veteran Scott Sperling warns that it will be very difficult for the Federal Reserve to achieve a soft landing and curb inflation without triggering a severe downturn in the economy, especially given the current complexities and uncertainties.
Corporate America is showing increasing concern about price pressures and labor costs, indicating frustration with sticky inflation and wage costs crimping margins.
The recent volatility and inversion of the yield curve in the Treasury market, not seen since the Volcker era, is causing jitters among bond traders and signaling a potential recession ahead.
Russia accuses the US of running out of paper to print dollars and criticizes American leaders for their inability to control the growing debt crisis, with the US debt reaching $33.6 trillion and growing by $1.2 billion every hour.
The US consumer is showing signs of slowing down, with credit card delinquencies rising, personal savings rate decreasing, consumer confidence falling, consumers planning to spend less during the holiday season, and retailers hiring fewer workers for the holidays.
Despite impressive growth numbers and claims of increased prosperity, there is a growing feeling among American voters that the economy under President Biden is heading in the wrong direction, with only 20% considering the economic conditions to be "good" and a majority believing that conditions are worsening. Meanwhile, in the UK, economic growth remains stagnant, unemployment is slowly rising, and the country is edging towards stagflation, indicating substantial opportunity for growth reforms on both sides of the Atlantic. However, Republican candidates in the US have failed to properly address voter concerns about the economy, which is reflected in recent polling showing a higher preference for a "generic Republican" over President Biden.
A growing number of workers in the US are being paid above the federal minimum wage of $7.25 an hour, leading to calls for an increase to the minimum wage that has remained unchanged since 2009. While the push for a higher minimum wage has faced political challenges, experts argue that raising the minimum wage could benefit millions of workers who earn more than the current minimum but less than $15 or $17 per hour. However, concerns about the potential impact on employment and job losses continue to be debated.
The Biden administration's embrace of industrial policy, sanctions, and trade barriers marks a significant departure from the free-market orientation that has traditionally guided US economic policy, according to economist Steve Hanke. Hanke argues that the shift towards industrial policy, which promotes government intervention and subsidies in favored sectors, has been facilitated by the widespread acceptance of economic sanctions and protectionism. Hanke believes that this new approach will hinder economic growth and innovation and undermine the principles of a free market.
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The Indian Rupee is projected to become a global hard currency by 2030, as the government has taken measures to strengthen it, such as anchoring inflation and liberalizing its use for international transactions, according to Sanjeev Sanyal, a member of the Prime Minister's Economic Advisory Council.
The International Monetary Fund predicts that Europe's economy will avoid a recession, but it may take several years to reach normal levels of inflation, while other regions face challenges and uncertainties.
Despite predictions of a U.S. recession, the robust U.S. economy, characterized by strong employment and household spending, has surpassed expectations, leaving bearish analysts like Michael Burry and Nouriel Roubini silent on troubled forecasts. The U.S. continues to defy expectations of contraction, but pockets of weakness, such as among younger consumers and low-income earners, and the government's growing interest burden pose risks for the future. However, overall economic growth is expected to continue, albeit at a slower pace, as long as immigration remains low and baby boomers do not re-enter the workforce in large numbers.
Egypt's annual urban consumer price inflation rate dropped to 35.8% in October, lower than expected, after reaching a record high of 38.0% in September.
Senator Ledama OleKina attributes the struggling Kenyan economy to the government's failure to cap interest rates and the unpredictability of taxation policies, emphasizing the need for a serious conversation about managing interest rates and calling for predictability in taxation policies for the sake of the economy.
Moody's has downgraded its outlook on the US government to 'negative', citing risks to fiscal strength and political polarization, though maintaining the top-grade AAA rating, with concerns over rising interest rates, large fiscal deficits, and declining debt affordability. The Biden administration disagrees with the downgrade, attributing it to Republican "extremism and dysfunction," while investors remain skeptical of its impact on the US bond market. The downgrade has raised concerns about the fiscal health, political stability, and reputation of the US, emphasizing the need to resolve budget and debt impasses and address long-term structural issues.
India is planning to send 100,000 workers to Taiwan to address its labor crisis and boost its economy, potentially annoying China, with both nations expected to sign an employment mobility agreement by next month.
Pakistan's progress on its IMF loan program is being reviewed, with hopes that the second tranche of $710m will be released once the review is complete, and the government has proposed backup measures to address potential fiscal slippages.
Remittances sent by overseas Pakistanis increased by $255 million or 11.5% in October, reaching $2.5 billion, according to the State Bank of Pakistan, but remain 13% lower than the same period last year. Inflows from the UAE and Saudi Arabia experienced significant declines, while inflows from EU countries increased.
A new Pew Research survey reveals that the majority of Americans feel that tipping expectations have expanded, leading to confusion about when and where to tip, with generational differences in attitudes towards tipping also emerging.
Moody's Investors Services downgraded the U.S. credit rating outlook from "stable" to "negative" due to political polarization in Congress and the risk of a government shutdown, with the credit agency expecting large fiscal deficits and weakened debt affordability.
A "silver tsunami" is expected to hit the U.S. housing market in the next few years as baby boomers downsize, potentially putting over 30 million homes on the market and driving down prices, but younger generations may struggle to afford these homes and face competition from boomers with more cash.
The US economy's resilience and better-than-expected growth may lead to a new 'roaring 20s' era, according to UBS researchers, although higher volatility and concerns about inflation and government deficits could also be features of the economic climate.
The average total income of Canada's highest earners increased by nearly 10% in 2021, while those in the "bottom half" experienced a decline, according to Statistics Canada. The recovery from the pandemic led to uneven income gains, with top earners seeing significant increases and bottom earners facing decreased incomes due to the reduction of government transfers put in place during lockdowns. Additionally, capital gains and dividend income were major contributors to the income of top earners in 2021.
A recent survey found that Americans are being asked to tip more frequently, with 72% of respondents reporting that they are being asked to leave a tip in more places compared to five years ago, although there is division on knowing which services to tip for and whether tipping is an obligation or a choice.
The Thai government plans to implement a digital wallet programme in May next year, offering a 10,000-baht handout to eligible citizens in an effort to boost the economy, with the government seeking 500 billion baht in loans to finance the scheme.
Goldman Sachs Group Inc. strategists predict that the dollar's outlook will darken in 2024, but the strong US economy and high yields are expected to support the currency's valuation.
Indian economist Sanjeev Sanyal believes that India's macroeconomic fundamentals are strong enough to withstand external uncertainties and that India has the potential to achieve a GDP growth rate of 6.5-7% in FY24, despite weak external demand. He also criticizes global agencies for giving India low sovereign ratings and expresses confidence that the Indian rupee will become an international hard currency by around 2030.
American consumers expect inflation to remain high through 2024, posing a challenge for President Joe Biden's re-election efforts as voters express dissatisfaction with his handling of the economy.
Next week will bring important economic data like CPI and housing starts, as well as earnings reports from retailers such as Home Depot, Walmart, and Alibaba, while the looming deadline for a potential government shutdown adds to the uncertainty.
The richest people in Canada saw their incomes increase by 9.4% in 2021, while the poorest half of tax filers experienced a $1,400 decline in income, contributing to the widening income gap, according to data released by Statistics Canada.
UK inflation is expected to drop to its lowest level in two years, with a decline of 4.8% in the year to October, meeting Rishi Sunak's target to halve the rate by the end of the year.
Long-term inflation expectations among US consumers have reached a 12-year high due to concerns about borrowing costs and uncertainty about the future economy, with expectations of prices rising at an annual rate of 3.2% over the next five to 10 years, according to a survey by the University of Michigan.
Cuban watchmaker Ernesto Barrios has established "Tiempo de Luz," the country's only business dedicated to producing and selling wristwatches and clocks made from recycled materials, filling a void left by the absence of imported goods in Cuba.
Gas prices in the United States are gradually decreasing due to stagnant gasoline demand and falling oil prices, with the average price of gas being 40 cents less than a year ago.
The skyrocketing housing prices in Australia are leading to an increasing reliance on family assistance, particularly from the "bank of mum and dad," to enter the property market, creating a potential future where housing is determined by generational wealth and exacerbating class divisions.
The 'Oracle of Wall Street' analyst, Meredith Whitney, warns that the younger 'avocado toast generation' has missed out on $21 trillion in equity due to low homeownership levels, elevated mortgage rates, and limited housing inventory. She believes that downsizing by older generations may eventually alleviate housing shortages, but prices need to decrease for younger people to enter the housing market. Whitney predicts that certain states, such as Pennsylvania, Connecticut, New Jersey, and Illinois, are at the highest risk of declining house prices.
Opening a 10-year CD now can provide a stable and predictable return on investment, as well as offer stability in an uncertain market, promote savings discipline, diversify a financial portfolio, align with long-term financial planning, and provide peace of mind.
The Consumer Price Index report for October 2023 is expected to show a decline in overall inflation driven by falling energy prices, but core inflation is expected to remain sticky, staying above the Federal Reserve's target and signaling that the rate-hiking cycle may not be over.
Analysts predict that the Marcos administration will likely miss its economic growth target for 2023 due to persistent inflation concerns, despite better-than-expected performance in the third quarter.
U.S. consumer sentiment fell for the fourth consecutive month in November, while households' expectations for inflation increased, reaching their highest level in more than a decade, according to a survey by the University of Michigan.
Credible Operations aims to provide the tools and confidence needed to improve personal finances, including information on mortgage rates, how to compare rates, and how to qualify for a mortgage. They also offer guidance on applying for a mortgage, refinancing, and provide answers to common FAQs.
Mortgage rates have experienced their largest one-week drop since November 2022, sparking a small increase in loan applications, as buyers hope lower rates will bring more affordable options to the housing market. However, experts caution that rates are not expected to return to pre-pandemic levels, with a new normal of rates above 6% anticipated.
Inflation in Florida, particularly in Miami and Tampa Bay, is rising at a faster rate than the national average, with housing costs being the biggest contributor, while other less populous areas are experiencing a return to normal inflation levels.
Russia's annual inflation rate reached 6.7% in October, the highest level since February, due to a weak currency, increased military spending, and concerns about the economy.
The Culinary union in Las Vegas has reached tentative labor deals with three major casino operators, averting a potential strike that would have been the largest in US hospitality industry history; the deals include pay increases, workload reductions, increased safety protections, and extended recall rights for workers.
Portugal will hold a snap parliamentary election on March 10th, 2024, following the resignation of the socialist prime minister amid a corruption investigation, with the approval of the 2024 budget bill expected to have a positive impact on the country's feeble economy.
Gas prices in the United States are continuing to drop, and experts predict that they will continue to fall for the next couple of weeks due to factors such as decreased demand and seasonal shifts. However, concerns about the Israeli-Palestinian conflict potentially escalating could disrupt this trend.
The incomes of Canada's top 1 percent of tax filers increased by almost 10 percent in 2021, while those in the bottom half experienced a decline in average income, according to Statistics Canada.
The majority of Americans tip 15% or less for a typical meal at a sit-down restaurant, according to a new poll, but tipping behaviors vary across different businesses.
US states are facing declining tax revenue, with total state tax revenue falling by 5.6% in September compared to the previous year, leading officials to consider raising taxes or cutting spending to offset the drop.