Latest News
Elizabeth Warren backs Trump call to eliminate debt ceiling
1734624919 from HILL
Sen. Elizabeth Warren (D-Mass.) on Thursday supported President-elect Trump’s pressure on lawmakers to eliminate the debt ceiling. “I agree with President-elect Trump that Congress should terminate the debt limit and never again govern by hostage taking,” Warren said in a post on the social platform X. Trump said Thursday that he would back getting rid...
The Fed's Impact on Mortgages
1734624096 from BLOOMBERG
US existing home sales data jumped to an eight-month high in November, as house hunters begrudgingly start to accept mortgage rates above 6%. Smriti Popenoe, Dynex Capital Co-CEO, President and Chief Investment Officer joined Bloomberg Open Interest to talk about the landscape for the housing market in the year ahead. (Source: Bloomberg)
U.S. Existing Home Sales Spike To Eight-Month High In November
1734623047 from NASDAQ
(RTTNews) - After reporting a significant rebound by U.S. existing home sales in the previous month, the National Association of Realtors released a report on Thursday showing another substantial increase by existing home sales in the month of November.
Volatility Futures Show Equities Fear Limited to Near Term
1734622278 from BLOOMBERG
The Federal Reserve’s hawkish signaling on Wednesday sent US stocks tumbling and drove a key index of volatility to the highest level since August, but markets are indicating that concern may be limited to the near-term.
BOE's Bailey: Path of Interest Rates 'Is Downwards'
1734622174 from BLOOMBERG
Bank of England Governor Andrew Bailey discusses the outlook for interest rates, inflation and recent UK economic data. He spoke after the Monetary Policy Committee voted 6-3 to hold rates, with three officials seeking an immediate reduction. (Source: Pool)
US Yield Curve Is Steepest Since 2022 After Fed’s Rate-Cut Shift
1734622078 from BLOOMBERG
Longer-dated US Treasuries weakened Thursday, propelling the yield curve to steepen to a level last seen about 30 months following the Federal Reserve’s hawkish interest-rate easing and projections for fewer rate cuts next year.
Fed Cuts Rates, Signals Slower Pace for Future Reductions
1734621821 from GOLDSILVER
The Federal Reserve cut interest rates by 0.25 percentage points to a range of 4.25% to 4.5%, marking its third consecutive rate reduction in 2024. However, Fed Chair Jerome Powell signaled a more cautious approach to future cuts, indicating fewer reductions in 2025. This announcement led to a market reaction, with stock prices falling and Treasury yields surging. The Fed's decision reflects its ongoing efforts to balance economic growth with inflation control.
Trump Effect? US Leading Economic Indicators Positive For First Time Since Feb 2022
1734621518 from ZEROHEDGE
Trump Effect? US Leading Economic Indicators Positive For First Time Since Feb 2022 For the first time since February 2022, US Leading Economic Indicators was positive in November (post-election)... Source: Bloomberg Building Permits and Stock prices were the biggest positive contributors to the main index while ISM New Orders and the Yield Curve were still notable drags... Source: Bloomberg With November’s gain, the LEI no longer signals an impending recession... "Overall, the rise in LEI is a positive sign for future economic activity in the US," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board, adding "The Conference Board currently forecasts US GDP to expand by 2.7% in 2024, but growth to slow to 2.0% in 2025.“ Trump effect? Tyler Durden Thu, 12/19/2024 - 10:18
Gold's Tug-of-War: Fed Policy vs. Economic Uncertainty
1734621369 from GOLDSILVER
Gold prices edged higher Thursday, recovering from recent lows as traders reassessed the Federal Reserve's latest policy stance. The precious metal's rebound comes amid a complex economic landscape, with investors balancing the Fed's hawkish signals against ongoing geopolitical uncertainties and upcoming U.S. economic indicators.
Fed's 'New Phase': Balancing Growth and Inflation Concerns
1734621141 from GOLDSILVER
The Federal Reserve has entered a new phase, with Chair Jerome Powell signaling a renewed focus on inflation despite recent rate cuts. After lowering rates by 1 percentage point, the Fed now aims to move cautiously, citing core inflation still above the 2% target. Policymakers have adjusted their rate projections upward for 2025, indicating a more hawkish stance than previously anticipated.
US Existing Home Sales Surged In November, But...
1734620920 from ZEROHEDGE
US Existing Home Sales Surged In November, But... After a collapse in new home sales in October (and modest rise in pending and existing home sales), analysts expected a further (small) acceleration in existing home sales in November and they were right as sales rose 4.8% MoM (vs +3.0% exp) - the biggest MoM jump since Feb 2024. That lifted sales up 6.14% YoY - the highest since June 2021... Source: Bloomberg That beat lifted the Total Existing Home Sales SAAR to 4.15mm - six month highs, but in context, still languishing near the lowest since the trough in 2010... Source: Bloomberg But don't get all excited quite yet - these are contracts that were generally signed in September, and since then rates have surged higher and yesterday's Fed will not help as mortgage rates top 7% once again... Source: Bloomberg Affordability remains a major hangup. The median sale price of a previously owned home increased 4.7% from a year earlier to $406,100 last month, a record for the month of November. Of course, realtors can't help but get excited... “Home sales momentum is building,” NAR Chief Economist Lawrence Yun said in a prepared statement. But Yun admits that annual home sales are on pace to come in even lower than last year, which was the worst since 1995. First-time buyers made up 30% of purchases in November, but NAR’s annual report showed the share was 24% for all of 2024, the lowest on record. Tyler Durden Thu, 12/19/2024 - 10:08
Trump says US should get rid of debt ceiling
1734620471 from HILL
President-elect Trump said Thursday he would support abolishing the debt ceiling as he pushed the issue to the center of government spending talks with just days to avert a shutdown. Trump told NBC News in an interview that the "smartest thing" lawmakers could do would be to get rid of the debt ceiling. A day...
Economy was even stronger than it looked in the third quarter, GDP shows. Thank consumers.
1734620460 from MWATCH
The shocking strength of the economy helps explain the Federal Reserve Scrooge-like plans for interest rate cuts next year. And the latest update on GDP over the summer offers another reminder.
Crude and Metals Retreat as Fed Signals Slower Rate Cuts
1734619584 from OIL&GAS
… than Expected Inventory Draws Crude oil edged lower this morning … EIA yesterday showed that commercial crude oil inventories (excluding SPR) … barrels. Total US commercial crude oil stocks stand at 421m … over the preceding week. Crude oil imports increased by 0 …
US GDP Revised to 3.1% as Jobless Claims Fall
1734617968 from BLOOMBERG
US gross domestic product increased at a 3.1% annualized rate in the third quarter, the third estimate of the figures from the Bureau of Economic Analysis showed. That compared to a previous projection of 2.8%. Initial jobless claims fell to 22,000. Mike McKee reports on “Bloomberg Surveillance.”
Significant Contribution of Cooperative Banks to Economic Development: Ramesh Tawadkar
1734617639 from BANKING
… recently organized the ‘Ingenious Banking Leadership Summit and Iconic Leaders … the importance of cooperative banks and discussing banking systems and new technologies … . These banks continuously work towards …
Biden sets 60 percent greenhouse gas reduction target
1734616918 from HILL
The Biden administration on Thursday upped America’s commitment to reducing planet-warming emissions under the Paris Climate Agreement weeks before President-elect Trump is set to take office. The White House announced a new nationally determined contribution (NDC) of reducing U.S. emissions 61 percent to 66 percent from 2005 levels by 2035, after previously pledging to reduce...
Dow Jones Futures Rebound After Surprise GDP, Jobless Claims; AI Chip Giant Micron Plunges
1734616405 from investors
Dow Jones futures rebounded Thursday after GDP and weekly unemployment numbers. AI chip giant Micron plunged on earnings. The post Dow Jones Futures Rebound After Surprise GDP, Jobless Claims; AI Chip Giant Micron Plunges appeared first on Investor's Business Daily.
Jobless claims subside after Thanksgiving pop and give off good vibes for U.S. economy
1734616200 from MWATCH
Jobless claims are the early-warning radar for the U.S. economy, and they still show no trouble on the horizon. The number of Americans who applied for unemployment benefits in middle of December fell to a low 220,000.
Jobless Claims Improve, Q3 GDP Revised Higher, But Another Manufacturing Survey Collapses
1734615808 from ZEROHEDGE
Jobless Claims Improve, Q3 GDP Revised Higher, But Another Manufacturing Survey Collapses Quite a mixed bag this morning... On the good side, the final (3rd) read for Q3 GDP, US economic growth was revised up to 3.1% QoQ Annualized (from 2.8%)... ...with personal consumption also revised up to +3.7% (better than the 3.6% exp)... On the not bad side (sorry to break the analogy), jobless claims tumbled back to earth last week - after spiking the prior week... New York and Texas saw the largest drop in initial jobless claims... Continuing claims dipped but holds still around the 1.9 million level (three year highs)... On the bad side, The Philly Fed Manufacturing survey collapsed from -5.5 to -16.4 (dramatically worse than the +2.8 expected and far below even the worst analyst expectation)... Source: Bloomberg Future general activity expectations plunged 26 points to 30.7 in December (after jumping higher the previous two months), with future new orders and future shipments indexes both declined Source: Bloomberg On the ugly side, Prices Paid are surging while Prices Received are falling... that's a disaster for corporate margins... So strong GDP, strong labor force, but manufacturing is shaky.... ...what will Powell do next? Tyler Durden Thu, 12/19/2024 - 08:43
US Dollar keeps fresh two-year high in reach after Fed turned hawkish on 2025
1734615531 from FXStreet
The US Dollar (USD)is under pressure of some profit taking on Thursday, with the DXY Index hovering at around 108.00, after its sizable upward move on Wednesday on the back of the Federal Reserve (Fed) interest-rate decision. The rate cut by 25 basis
Ireland embraced the AI boom. Now its data centers are consuming too much of its energy
1734615334 from FPOST
CLONDALKIN, Ireland (AP) — Dozens of massive data centers humming at the outskirts of Dublin are consuming more electricity than all of the urban homes in Ireland and starting to wear out the warm welcome that brought them here. Now, a country that made itself a computing factory for Amazon, Google, Meta, Microsoft and TikTok […]