Economy

What possible changes to Joe Biden's team could mean for the economy

What possible changes to Joe Biden’s team could mean for the economy

Biden’s economic team is going to be different in 2023. But how different is the question. On Tuesday evening, Axios reported that White House officials are considering the possible departures of three top economic officials after the November election — Treasury Secretary Janet Yellen; Brian Deese, director of the National Economic Council; and Cecilia Rouse, …

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A U.S. housing slump is here that could lead to a 20% drop in house prices and Fed interest rate cuts by 2023, chief economist says

A U.S. housing slump is here that could lead to a 20% drop in house prices and Fed interest rate cuts by 2023, chief economist says

A recession in the US market has already arrived as mortgage rates soar, according to ING chief economist James Knightley. Demand for mortgages has fallen 30% since the start of the year and sales transactions are starting to slow. “A slowdown in the housing market will weaken US growth, but it’s also important to remember …

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CEO says he 'prayed for inflation' because it's an excuse to raise prices

CEO says he ‘prayed for inflation’ because it’s an excuse to raise prices

The CEO of Iron Mountain Inc. told Wall Street analysts at an investor event Sept. 20 that high levels of inflation in recent years have helped the company boost its margins — and for that reason it has long “do my inflation dance praying for inflation”. .” The comment is an unusually frank admission of …

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UK market rout stokes contagion fears around the world

UK market rout stokes contagion fears around the world

NEW YORK/LONDON, Sept 28 (Reuters) – The scale and speed of the sale of British assets has rattled global markets, raising concerns about contagion as chaos in a major developed economy adds to the already malaise generated by the sharp rise in interest rates in the United States and elsewhere. After Friday’s UK mini-budget, which …

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Pound crashes as new UK PM bets on tax cuts for the rich

Pound crashes as new UK PM bets on tax cuts for the rich

LONDON — If anyone thought Britain needed a period of calm after Boris Johnson’s tumultuous prime minister, no one told his successor. The country was already facing an ugly menu of challenges. But the solution proposed by new Prime Minister Liz Truss quickly threw the economy into chaos, threatening both immediate and lasting consequences for …

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Advice |  7 ways a recession could be good for you financially

Advice | 7 ways a recession could be good for you financially

In his first inaugural address in March 1933, President Franklin D. Roosevelt said, “Then, first, let me state my firm belief that the only thing we need fear is fear itself. It was the Great Depression. The unemployment rate was over 25%. An estimated 12 million people were unemployed, about a quarter of the civilian …

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Timber prices plunge as higher rates hit housing

Timber prices plunge as higher rates hit housing

Text size Homebuilders are seeing more cancellations following the sharp rise in mortgage interest rates. Justin Sullivan/Getty Images Timber prices have fallen more than 60% since the start of the year, but don’t count on a recovery soon. Rising interest rates and inflation will continue to dampen demand for single-family homes. “Homebuilders have faced a …

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Bank Launches Emergency Market Response After Kwarteng Mini-Budget

The Bank of England has taken emergency action to calm the turmoil in financial markets amid the collapse of the pound and rising government borrowing costs triggered by the Kwasi Kwarteng mini-budget . Threadneedle Street said it was taking urgent action to buy long-term UK government bonds, starting immediately in a bid to stabilize the …

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One-way economy class flights from Moscow to Dubai cost nearly $5,000 as Russians flee call for action

One-way economy class flights from Moscow to Dubai cost nearly $5,000 as Russians flee call for action

The airline industry has been crippled by a perfect storm of challenges in recent weeks, ranging from labor shortages and supply disruptions to rising fuel prices. Sopa Pictures | Light flare | Getty Images DUBAI, United Arab Emirates — One-way economy class flights from Moscow to Dubai cost up to $5,000 and many sold out …

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The Fed will take rates higher than expected;  more pain to come - Reuters poll

The Fed will take rates higher than expected; more pain to come – Reuters poll

By Indradip Ghosh BENGALURU (Reuters) – The Federal Reserve will raise its key interest rate to a much higher high than expected two weeks ago and risks are skewed towards an even higher terminal rate, according to economists polled by Reuters. The change in expectations came after the Fed raised rates by 75 basis points …

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