What’s really going on between the West and the “rest” nowadays? President Biden has made it a big deal of “democracy vs. autocracy” (Democracy vs autocracy: Biden’s “inflection point”). But to me, it’s far more profound than that – It’s actually “colonialism vs. communism”, with communism prevailing!
A summary of headlines we are reading today:
These and other headlines and news summaries moving the markets today are included below.
A summary of headlines we are reading today:
These and other headlines and news summaries moving the markets today are included below.
...Moderate Risks of excessive rainfall/flash flooding continue across parts of the Four Corners states into Thursday along with potential severe weather through this evening... ...Showers and storms that could be severe will move across the Northeast through tonight and into tomorrow... ...Record-breaking warmth will continue across the south-central U.S. into Friday...
Existing-home sales declined for the seventh consecutive month. Total existing-home sales contracted 0.4% month-over-month in August 2022. Year-over-year, sales declined 19.9%. Sales are now at levels seen in 2012/2013. The median existing-home price for all housing types in August was up 7.7% year-over-year.
The Federal Reserve raised the federal funds rate by 75 bps to 3%-3.25% today, the third straight three-quarter point increase and pushing borrowing costs to the highest since 2008. The FOMC statement said in part:
Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run … and anticipates that ongoing increases in the target range will be appropriate.
At the same time, the Federal Reserve Board / FOMC released their economic projections which shows a significantly worsening economy since their June 2022 projections. However, there was no forecasted recession in these projections.
These and other headlines and news summaries moving the markets today are included below.
...Scattered to numerous flash floods likely through at least Thursday across parts of the Southwest, central Great Basin, and central Rockies... ...Severe thunderstorms possible from northern Utah to southern Idaho and over the Lower Great Lakes on Wednesday... ...Record breaking heat to become less widespread throughout the south-central United States on Wednesday and confine to the Deep South on Thursday...
It’s time to talk about France, especially after talking about the U.K. (What is the United Kingdom, anyway?).
Privately‐owned housing units authorized by building permits in August 2022 were 10.0% below July and 14.4% below August 2021. Privately-owned housing starts in August were up 12.2% month-over-month and down 0.1% year-over-year. Privately‐owned housing completions in August were down 5.4% month-over-month but are up 3.1% year-over-year. The new home construction sector remains near or above the pre-pandemic levels.
Mortgage Delinquencies Inch Up From May but Remain Near Record Low in June. For the month of June 2022, 2.9% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.5 percentage point decrease compared to 4.4% in June 2021.
These and other headlines and news summaries moving the markets today are included below.
...Record breaking heat anticipated over the Central and Southern U.S through midweek; strong Canadian cold front to bring relief over the Plains... ...Increasing shower and thunderstorm coverage over the Pacific Northwest and Four Corners Region could cause isolated-scattered flash flooding...
In another sign that the slowdown in the housing market continues, builder sentiment fell for the ninth straight month in September as the combination of elevated interest rates, persistent building material supply chain disruptions and high home prices continue to take a toll on affordability. Builder confidence in the market for newly built single-family homes fell three points in September to 46, the lowest level since May 2014 with the exception of the spring of 2020.
In a still-tight labor market, 85% of companies are actively hiring, up from 81% in the spring of this year. Despite the need for workers, 53% of companies expect a recession and 31% are taking actions to prepare for a slowdown, according to new survey results from global outplacement and executive leadership coaching firm Challenger, Gray & Christmas, Inc.
These and other headlines and news summaries moving the markets today are included below.
