The Southwest Power Pool is expanding its regional transmission organization to include seven Western utilities, allowing for the movement of clean energy from the West to the East and providing benefits such as day-ahead pricing and standardized reserve margins. While this move helps address transmission issues, the need for new transmission lines and opposition from local communities still remain as barriers to fully realizing the benefits of renewable energy.
US curbs on China's access to advanced technology may actually benefit China's rust-belt region, as it encourages the development of the local industrial chain and fosters self-reliance in science and technology.
The US federal budget deficit has reached $1.7 trillion due to a decrease in revenue, with the Biden administration attributing the decline to a drop in federal income taxes and increased spending on initiatives such as green energy and infrastructure.
The U.S. government spent $659 billion this year on interest payments for its debt, a cost that has dramatically increased due to the nation's widening fiscal imbalance and the Federal Reserve's rate hikes, which economists argue is economically wasteful and could consume a significant portion of the government's budget.
Moody's has revised Britain's outlook to "stable" from "negative," citing restored policy predictability under Prime Minister Rishi Sunak after the volatility caused by the "mini-budget" under Liz Truss.
Moody's credit rating agency has revised its negative outlook on the UK, citing the restoration of policy predictability and the country's more conciliatory approach to EU trade, following last year's mini-Budget and Chancellor Jeremy Hunt's decision to reverse most of his predecessor's tax cuts.
The national unemployment rate in the U.S. is currently at 3.8 percent, with some states such as Nevada experiencing higher rates due to the impact of the pandemic on industries like arts, recreation, and food services, while other states like Maryland have the lowest unemployment rate in the country at 1.6 percent.
Ghana is seeking to reduce its external debt stock by $10.5 billion through debt restructuring, targeting commercial creditors and proposing a 30-40% haircut on principal, although the country faces challenges and potential opposition from creditors.
The value of an apartment building in San Francisco, owned by Crescent Heights, has dropped by over 48% since 2018, according to data from Trepp, and there are concerns of potential foreclosure due to a mortgage default.
S&P Global has downgraded Egypt's long-term sovereign credit rating to "B-" due to mounting funding pressures, delays in implementing reforms, and a worsening debt affordability, as the country is experiencing an economic crisis with currency devaluations and record inflation.
The relentless rise in mortgage rates is impacting affordability for homebuyers, reaching the highest level since December 2000 and potentially adding thousands in additional costs, prompting borrowers to seek competitive rates from multiple lenders.
The Federal Reserve's semiannual report identified persistent inflation and potential losses in the commercial real estate market as the top concerns for financial stability, with economic weakness in China also being a major risk.
The US housing market is experiencing a significant decline in existing-home sales, with September seeing a 15% drop compared to the previous year, due to factors such as high mortgage rates, low inventory levels, and rising home prices.
US corporate debt markets are showing signs of weakness as yields rise and equities fall, with risk premiums for investment-grade bonds at their highest levels since June and yields on junk bonds at their highest in a year.
Argentina prepares to vote in presidential elections with libertarian Javier Milei in the lead, reflecting voters' anger at inflation, rising poverty, and a sliding peso currency, as Milei pledges radical economic measures such as privatization and dollarization, though a second-round run-off is expected.
The federal budget deficit for fiscal year 2023 increased by 23% to $1.7 trillion, as revenues decreased by 9% and spending dropped by 2%, with lower individual-income tax receipts and rising interest rates being key factors.
Investors are concerned about rising interest rates, unrest in the Middle East, and a potential economic downturn, leading them to dump stocks and seek safety in bonds; however, investing in energy midstream infrastructure, which offers high yields, strong balance sheets, and stable cash flows, may be a better opportunity to navigate these challenges.
Homeowners who have taken out a home equity line of credit (HELOC) but haven't used it can enjoy the benefits of having a low-interest financial safety net without accruing any interest or making monthly payments, although they should be aware of potential fees and costs associated with an unused HELOC.
A study found that 71% of Americans tell financial lies up to four times a month, with the majority lying about their earnings, purchases, and loans taken out in secret, due to the cost-of-living crisis.
Despite predictions of a soft landing for the U.S. economy, many Americans are still preparing for a recession by monitoring spending, limiting discretionary purchases, and considering long-term savings investments, according to surveys. Additionally, some homebuyers are hopeful that a recession will lead to lower home prices and mortgage rates, making it a more opportune time to buy. However, the lack of housing inventory remains a challenge for buyers, with over 60% reporting difficulty in finding suitable homes within their budget range.
Despite the variations in absolute levels of inflation between the two periods, current U.S. inflation is following a similar path as it did between 1966 and 1982, with the possibility of near-term and long-term risks impacting its trajectory, including escalating Middle East developments and the potential for oil prices to rise significantly.
A quarter of Canadians are struggling to make ends meet, with Prairie provinces and marginalized communities facing the worst financial difficulties, according to new data from Statistics Canada's Canadian Social Survey. While nationwide pressure on households is gradually easing, the survey shows that 26.8% of Canadians reported difficulty in meeting their financial needs in the past year, with the highest recorded rate since 2021 being at the end of last year. The analysis warns of slowing wage growth and increasing unemployment in Canada, which could pose further challenges in the near future. Province-level analysis reveals that financial difficulties are rising in the West and declining in the East, with Alberta taking the lead in household financial challenges at an estimated 33.6%. Marginalized communities, including immigrants, adults aged 25 to 54, and Canadians with disabilities or health-related difficulties, also face higher rates of financial strain, with Indigenous respondents off-reserve reporting the highest proportion of household financial challenges at 43.6%.
The belief is that the Federal Reserve will engineer a soft landing for the economy, which is expected to result in a rise in the stock market.
The average mortgage interest rates for 30-year fixed, 15-year fixed, and 5/1 adjustable rate mortgages have all increased slightly compared to last week.
The 10-year Treasury yield nears a psychologically significant 5% mark, drawing attention in the market.
Ghana's African Transformational Index (ATI) score is lower than the African average, particularly in the areas of diversification, export competitiveness, technology upgrading, and productivity increases, although it performs better in terms of human well-being; meanwhile, Tunisia, Morocco, and Swaziland rank highest in the index.
Massachusetts experienced a decline in job growth last month with a loss of 2,800 jobs, primarily in the government sector, while the unemployment rate remained unchanged at 2.6 percent.
Russia is considering expanding the list of Indian suppliers for buffalo meat, seafood, and other livestock products, as well as exploring the development of the Northern Sea Route as an alternative transportation route for goods to Asian markets.
The doomsday prepping industry is experiencing rapid growth, with the global survival tools market expected to reach $2.46 billion by 2030, driven by a societal shift towards self-preservation and disaster preparedness in response to uncertainties such as natural disasters and geopolitical tensions.
Canadian Prime Minister Justin Trudeau criticized the Indian government for expelling Canadian diplomats, accusing them of violating international laws and expressing concern for the well-being of Canadians of Indian descent.
Wall Street's main indexes dropped as U.S. Treasury yields rose and the Middle East conflict escalated, with investors concerned about inflation and economic slowdown.
American Express reported a 13 percent increase in revenues, driven by high card spending by consumers, but also raised its provisions for credit losses amid concerns about potential failure to pay credit card bills.
The Bank of Canada is expected to announce that it will hold interest rates, with no further rate hikes expected for the remainder of the year, according to experts. Homeowners with variable-rate mortgages or home equity lines of credit should be cautiously optimistic, while those considering fixed-rate mortgages should consider submitting a rate hold this week. The real estate market has been affected by the higher rates, as shown by a decrease in home prices and an increase in listings.
The Bank of Canada is expected to hold interest rates at 5.00% for at least six months, with economists predicting a reduction in the second quarter of 2024 due to a slowing economy and signs of strain from previous rate hikes.
The mental health crisis is causing an $8 billion annual economic loss in Northern Virginia, with worker mental health issues quadrupling since 2019 and over half of all workers now reporting anxiety or depression, resulting in a decline in productivity and negative impacts on the local economy, according to a report by the Community Foundation for Northern Virginia.
The failure of UK inflation to decrease despite rate hikes suggests that raising interest rates may not be an effective solution to tackle cost-push inflation caused by rising production costs rather than excessive demand, and coordination between central banks to lower rates may be a more appropriate approach.
The UK's shortage of skilled tradespeople could result in £98 billion in economic growth being lost by 2030, with a current shortfall of 166,000 tradespeople and projected gap of up to 250,000, according to research by Kingfisher and Cebr; addressing this issue requires better promotion of trade careers in schools, incentives for businesses to take on apprentices, and financial support for trade apprenticeships.
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Federal Reserve policy makers should establish a longer-term vision for interest-rate policy instead of reacting aggressively to each data point, according to Mohamed El-Erian, chief economic adviser at Allianz SE. He warns that over-tightening monetary policy to reach the inflation target of 2% too quickly could cause damage to the economy. El-Erian hopes that the Fed keeps its benchmark interest rate unchanged for the rest of the year for the sake of economic stability.
"Funflation" refers to the phenomenon where consumers continue to spend money on experiences and entertainment despite inflation, leading to a boost in the live entertainment industry, while other industries like electronics see lagging sales.
In September, Russian banks' profits declined due to a slowdown in consumer lending caused by high interest rates, leading to concerns about the impact of further rate increases in the future.
US Federal Reserve policymakers believe that the recent rise in bond yields is not solely due to market expectations of further rate hikes but is also influenced by factors such as the return of the "term premium," which could reduce the need for additional rate hikes.
Governments are increasingly turning to protectionism and intervention to solve economic problems, but the question remains if liberal markets have truly failed and if greater government controls will create a safer, fairer, and greener world.
Citi Research analysts predict a hard landing and a recession in the first half of 2024 due to tightening credit conditions and rising unemployment rates, with the possibility of the Federal Reserve hiking rates in December.
The Pakistan Stock Exchange (PSX) reached its highest level since May 2017, crossing the 50,700 barrier, as positive cues from the macroeconomic side drove investor confidence and belief that interest rates will not increase.
The induction of new countries, particularly oil-exporting nations, into the BRICS alliance and their potential demand for the US and Europe to pay for oil in local currencies could decrease the demand for the US dollar and lead to its depreciation, impacting the purchasing power of the dollar and rewriting trade policies. However, it is unlikely that BRICS would be able to successfully demand this, as it could result in the loss of bilateral trade deals with the West and negatively impact their GDP and economy.
The top 10 African countries with the most booming financial markets, according to the Absa Africa Financial Markets report, include South Africa, Mauritius, and Nigeria.
Federal Reserve Chair Jerome Powell has expressed concerns about high inflation and emphasized the careful approach the Fed is taking, leaving the possibility of future interest rate hikes open despite signaling a potential pause in November. The Fed is also considering the impact of increasing Treasury yields on its policies.
Existing home sales fell to levels not seen since the Great Recession while prices remained high amid the highest mortgage rates in 23 years, signaling a slowdown in the housing market.
China will implement export permits for certain graphite products, including high-purity synthetic graphite and natural flake graphite, in an effort to protect national security, potentially impacting the global supply and causing prices to rise.