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Fed signals bond-buying taper coming soon, rate hike next year
koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
With some Texas businesses bucking the return-to-work trend, point of risk and opportunity presides
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Sen Manchin Urges Fed To Immediately Reassess Monetary Policy Amid Inflation
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The Federal Reserve admitted Wednesday that inflation could increase quicker and for longer than the central bank has projected in recent months.
Inflation could turn out to be “higher and more persistent” than previously expected if supply constraints continue to plague many economic sectors as they are now, Federal Reserve Board Chairman Jerome Powell said during a press conference Wednesday. Fed officials including Powell have repeatedly stated that consumer price increases would be “transitory,” lasting 6-9 months, according to Forbes.
“Inflation has increased notably and will likely remain elevated in coming months before moderating,” Powell said during the press conference.
I was reading the usual pundits talking about massive increases in housing coming onto the market, then I saw today’s existing home sales numbers from the National Association of Realtors.
US existing home sales were up 1.38% in June from May, but up 22.85% YoY.
But the scary numbers were median price of existing home sales YoY printing at +23.4% while EHS inventory increased to the highest level … in 2021 but 2021 is sill lower than anytime since 2000. Maybe July’s numbers will show that incredible spike.
Existing home sales were largely in the South, then Midwest, then West and finally the Northeast.
But look at distribution of EHS prices. Houses in the $100K-$250K range (green line) are rapidly vanishing while houses in the $500K-$750K (pink line) are rapidly increasing.