inflation

Mortgage rates fall as recession fears rattle housing market: Freddie Mac

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Mortgage rates declined this week, continuing a volatile streak as the market digests the onset of an economic recession that will have implications for the US housing sector. A 30-year fixed-rate mortgage averaged 5.30% through Thursday, according to the latest data from Freddie Mac. The rate dipped from the previous week, when it sat at …

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Federal Reserve hikes interest rates for the fourth time this year

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The Federal Reserve took an aggressive step on Wednesday to combat soaring inflation with the announcement of another larger than usual, three-quarters of a percentage point interest rate hike. The increase comes as central banking officials face a tough balancing act: bringing down rising prices amid growing concerns of an economic downturn. The latest increase …

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Economist Nouriel Roubini calls predictions for shallow recession ‘delusional’

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Economist Nouriel Roubini, who correctly predicted the 2008 financial crisis claim, believes the US is heading towards a deep recession and said thoseing the downturn will be mild are “delusional.” “There are many reasons why we are going to have a severe recession and a severe debt and financial crisis,” Roubini said on Bloomberg TV …

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Congress should raise taxes to fight inflation ‘right now’

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Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday. Summers, a frequent critic of the federal response to inflation, argued that lawmakers should consider raising taxes as another means of cooling the economy — with a focus on corporations …

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US housing market could be headed for ‘meltdown’: economist

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The US housing market could be on the verge of a “meltdown,” an economist warned following this week’s release of data a collapse in home builder confidence in July. US home builder confidence plummeted 12 points to 55 in July, according to the latest data from the National Association of Home Builders/Wells Fargo Housing Market …

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