The expansion of the BRICS alliance, with the addition of new members and their increasing use of local currencies and non-dollar oil trade, is accelerating the de-dollarization process and posing a significant threat to the stability of the petrodollar, which could have major implications for the dominance of the US dollar, according to Andy Schectman, President and Owner of Miles Franklin Precious Metals.
The government-to-government oil import plan has helped stabilize the macroeconomic environment, easing forex volatilities, and ensuring a steady supply of petroleum products in Kenya.
Homebuyers can secure even lower mortgage rates by applying for an adjustable-rate mortgage, buying mortgage points, or shopping around for lenders.
The S&P 500 reached a new all-time high as consumer sentiment in the US rose sharply, indicating that the economic despair may be easing and boosting confidence in Biden's economic recovery program.
Despite positive economic indicators such as low unemployment rates and increased wages, many Americans are unhappy about the current state of the economy due to high housing costs, rampant inflation, difficulty adjusting to economic changes, high expectations, and negative media coverage.
The number of scripted TV shows dropped by 24% in 2023 compared to the previous two years, influenced by strikes, a decline in original content, and a decrease in series orders, with streaming services being the most affected; however, the decrease in options available for viewing is more due to the proliferation of streaming platforms rather than the quantity of shows themselves, signaling a shift in the TV industry.
Sales of previously occupied U.S. homes plummeted in 2023 to a nearly 30-year low due to high mortgage rates and record-high prices, making homeownership unaffordable for many Americans.
Many investors are hesitating to lock into long-term interest rates at 5% despite indicators pointing towards a drop, as they hope for even higher rates or prefer to stay in high-yield savings or money market accounts that are currently earning good interest.
China's economy is facing stagnation and disappointment as its unsustainable economic model, reliant on low consumer spending and heavy investing, reaches its breaking point. The country's underperformance mirrors Japan's experiences after its asset-price bubble burst in the 1980s, and China may face challenges such as unemployment, GDP decline, and political strife. President Xi Jinping's arbitrary interventions, along with the lack of efficient economic management, exacerbate the situation. The concerned economist warns against underestimating the potential consequences and urges against gloating over China's economic stumble, as it could have global implications.
The number of people falling behind on credit card bills increased in 49 out of 50 states last year, with Oregon experiencing the largest rise in delinquencies, while inflation and high interest rates have contributed to the nation's record credit card debt of $1.08 trillion.
The first trillionaire may emerge in the next decade according to Oxfam, who also report that ending poverty may take another 229 years, as the wealth gap continues to widen with the world's five richest people having more than doubled their wealth since 2020.
Bank of America predicts that the Federal Reserve will cut interest rates eight times in the next two years to support the US economy, according to CEO Brian Moynihan, with four rate cuts expected in both 2024 and 2025, to bring the benchmark rate down to 3.25%-3.5%.
Four major U.S. banks, including Regions Financial and Fifth Third Bancorp, have warned of lower net interest income due to high deposit costs and other challenges in 2024.
Germany's finance minister has acknowledged that the country's competitiveness has been affected by years of crisis, and calls for structural reforms to regain its economic lead, while also emphasizing the need for Europe to strengthen its economy and defense spending in preparation for a possible second term of Donald Trump.
Chicago Fed President Austin Goolsbee suggests that decreasing inflation could lead to the Federal Reserve considering interest rate cuts, emphasizing that the timing and extent of rate cuts depend on the data and the economy's needs.
Bank credit levels in the US have fallen for three consecutive quarters, marking the second sustained contraction in more than 50 years, raising concerns about a potential recession as Wall Street experts continue to project a pessimistic outlook for the economy.
The Chicago Federal Reserve President, Austan Goolsbee, declined to provide a specific timeline, but suggested that interest rate cuts could be expected this year if progress on inflation continues, as inflation has slowed down to around 3% from a peak of 9.1% in 2022, and the Federal Reserve aims to restore inflation to pre-pandemic levels of 2% per year.
Retailers in Great Britain experienced a significant decline in sales during the Christmas season as cash-strapped consumers reduced their shopping, resulting in the largest monthly sales decrease since 2021 due to the cost of living crisis and consumers choosing between necessities and presents.
The US 10-year Treasury yield has been below the 3-month yield since November 2022, a rare yield inversion that has preceded each recession since 1982 with no false signals, indicating a potential economic slowdown in 2024.
The Buffalo Niagara region has a lower cost of living compared to the national average, making paychecks go further and benefiting both individuals and companies.
The first trillionaire could emerge within the next decade, as the wealth of the world's five richest individuals, including Elon Musk, Jeff Bezos, and Warren Buffett, has more than doubled since 2020, according to a report by Oxfam International.
Millennials in the United States are facing financial hardships and are reevaluating the traditional path to success, as factors such as high prices, an unaffordable housing market, rising debt, and stagnant wages have taken a toll on their economic prospects.
Millennial homeowners are questioning the value of their degrees in achieving the "American Dream."
Renting is more affordable than owning a home in almost 90% of U.S. counties, despite rising rents that consume over one-third of wages in many areas.
Despite economic reforms under President Bola Ahmed Tinubu, Nigeria's record inflation, sliding currency, and weak financial system are causing investors to remain cautious and prompting some companies to reduce their presence or pull out of the country.
China's cooling economy and Taiwan's decreasing investment in the country are reducing China's economic leverage over Taiwan, prompting Taiwanese businesses to invest elsewhere and diversify economic partnerships.
A new report reveals that high corporate profits are a major cause of ongoing inflation, as companies continue to keep prices high even as their costs decrease.
The percentage of Americans considered to be "suffering" is at a high level, exceeding rates seen during the Great Recession and the COVID-19 pandemic, according to a survey by the Gallup National Health and Well-Being Index. Democrats had the highest rate of "thriving" in 2023, while Republicans and independents experienced declines in their thriving rates. The reasons behind this pessimism are unclear but have implications for political incumbents.
China has maintained its position as the world's top manufacturing hub for 14 consecutive years, with its manufacturing enterprises experiencing growth in value-added output in 2023, particularly in advantageous industries such as new energy vehicles and software industry, according to the Ministry of Industry and Information Technology.
Retail sales in the UK experienced their sharpest drop since the Covid lockdown, with a 3.2% decrease in December, amid declining demand for goods and food leading up to Christmas.
Markets' optimism about interest rate cuts is unwarranted as inflation is still above the Federal Reserve's target, according to an asset manager.
A group of billionaires and millionaires, known as Proud to Pay More, has sent an open letter to world leaders at the World Economic Forum in Davos, demanding higher taxes on the super-rich to address rising social inequality; however, implementing such measures is challenging due to political resistance and the ability of wealthy individuals and companies to relocate to countries with more favorable tax legislation.
Inflation rates rose to 4.0% last month, shocking economists, while low-income households continue to struggle with high bills and food prices, but forecasts suggest improvement later in 2024; the article provides an overview of the state financial support available to low-income families in February, including benefit payment dates and various support schemes for winter and cold weather.
Blackstone CEO Stephen Schwarzman believes that inflation is already near 2%, lower than the consumer price index suggests, and if the Fed relies solely on official numbers, interest rates could stay high for longer than necessary.
One in six Japanese companies have become "zombie" firms, unable to pay off debt from their profits alone, which puts them at risk if the central bank raises interest rates as expected.
Kenya is implementing tax measures backed by the IMF that are expected to generate an additional Sh806 billion over the next three years, despite challenges posed by inflation and economic slowdown.
U.S. shrimpers are struggling to compete with cheap foreign imports, particularly from Asia, as prices plummet and many shrimpers are being forced out of business.
The International Monetary Fund (IMF) has advised Australia to cut government spending or raise taxes to help the Reserve Bank of Australia (RBA) combat inflation, as it predicts the RBA cash rate will remain high due to slow disinflation; the IMF also warned against a premature loosening of monetary policy and the negative impact it could have on highly indebted households.
The average long-term U.S. mortgage rate has dropped to its lowest level since May, providing welcome news for homebuyers amidst rising home prices and limited inventory.
U.S. credit card debt has surpassed $1 trillion, with increasing numbers of people unable to pay off their full balances and facing high interest payments, driven by rising online sales and economic factors such as inflation. Lower-income borrowers, millennials, and individuals with other types of debt are particularly affected, but options such as balance transfers, negotiating lower interest rates, and credit counseling services can help alleviate the debt.
Californians spend an average of $297 per week on groceries, which is nearly $30 more than the national average, with households of seven or more people spending an average of $413.86 per week; the Riverside-San Bernardino-Ontario area in Southern California spends the most on groceries among California metros, while Miami, Florida spends the most nationwide at $327.89 per week.
China's top city economies have set their 2024 GDP growth targets above 5%, indicating their ambition to accelerate economic growth and elevate the country's economy to a higher level despite challenges such as a property slump, debt burden, declining population, and external headwinds.
Washington has the fourth-highest average weekly grocery bill among the 48 contiguous U.S. states, with households spending an average of $287.67 per week, according to Census data analysis by HelpAdvisor. Seattle also ranked in the top 10 of major metro areas in weekly grocery bill costs.
Nonprofit organization Internews President and CEO Jeanne Bourgault suggested a strategy to demonetize and diminish ad revenue for conservative sources by creating exclusion and inclusion lists to guide advertisers on where to spend their money during the “Defending Truth” panel at the World Economic Forum’s Davos conference.
A U.S. economist believes that the current healthy economy is unlikely to bring inflation back to 2% without some pain and that the financial markets have priced in too many rate cuts. The economist also highlights the potential risks of escalating conflicts in the Middle East and the upcoming presidential election.
Former Bank of Canada governor Mark Carney warned that global supply shocks are becoming more persistent, necessitating adaptations by central bankers to control inflation. Carney highlighted the ongoing geopolitical tensions and changing economic context as factors that require constant vigilance from central bankers.
The Labor Department's revision of employment data suggests that job gains in the US last year were overestimated by about 13%, which undermines Wall Street's optimism for economic growth and stock gains in 2024.
Millions of workers may receive smaller year-end bonuses as high inflation continues to squeeze employers, with the average bonus paid by US firms declining by 21% compared to the previous year, according to data from Gusto. Bonuses fell across every industry in 2023, although the tech sector experienced a smaller decline of 3.8%, suggesting optimism about business prospects. Industries such as transportation, retail, bars and restaurants, and health care saw notable declines in bonus payouts, potentially indicating an easing of labor challenges. Furthermore, the report suggests that the labor market is gradually normalizing after a period of rapid growth.
China's economy may be in worse shape than expected due to falling stock values and slowing growth, with some economists estimating that the true growth figure for last year is closer to 3%, putting pressure on Beijing to borrow more to sustain momentum. China's export decline and doubts about its growth target also raise concerns about its economic strategy, which needs to shift towards domestic consumption. However, China's excess capacity and surplus production could help keep a lid on prices for its trading partners, especially those most open to trading with China. China's Belt and Road Initiative will assume greater importance in building ties with the developing world.
Analysts at Fannie Mae expect the average 30-year mortgage rate to end the year below 6%, driven by increased demand for U.S. government bonds amid a slowing economy; however, home sales rates are projected to stay below long-term levels due to housing affordability challenges, despite the forecasted thawing of the existing sales market through increased refinancings.