Low, middle and high-income households share more in inflation
... that exercise is easy to do as described in our issue brief. What you find is that the spending patterns of low, middle and high-income households look quite similar. All households spend almost 15% of their budgets on food and beverages, 38% -- 42% on housing and 16% -- 20% on transportation. Other categories also look quite similar, see Table 3 As a check on our methodology, it is not surprising that the inflation experienced by the three groups looks very similar to Table 3 As a result of the similarity ...
Updated: 09/28/2022
Liz Truss' tax plan sends U.K. into chaos
... hard to hear. The market reaction to Truss ' plan sent government borrowing costs going up, likely to be met with higher inflation and interest rates, which could in turn lead to more expensive credit cards and mortgages, even threatening a subprime housing crisis if people can't make repayments. The nose-diving pound will make everyday products more expensive in Britain as importers face spiralling costs. The mini budget wasn't accompanied by spending cuts, or a traditional independent cost estimate ...
Updated: 09/28/2022
Mortgage rates could hit 7% amid inflation, housing shortage
... to Bank of America strategists. According to an analyst note obtained by FOX Business , the bank's economists predicted that borrowing costs will continue to rise because of the Federal Reserve's Federal Reserve's war on inflation and a worsening housing shortage. The Fed has sent the housing market into a recession with the most aggressive interest rate hikes in decades, but mortgage rates have always marched higher. The average rate for the week ending Sept. 22 was 6.29%, after the most recent ...
Updated: 09/28/2022
Mortgage rates are more expensive than ever, broker warns
One real estate broker warned that potential buyers are more likely to back out of pending deals because of the 30 year fixed mortgage rate doubling from one year ago and the housing market facing less affordability. One real estate broker warns that potential buyers are more likely to back out of pending deals because of the 30 year fixed mortgage rate doubling from one year ago and the housing market facing less affordability....
Updated: 09/28/2022
Protest marijuana research group urges Schumer to advance bill
... associated with the Prohibition group Smart Approaches to Marijuana SAM are urging Senate Majority Leader Chuck Schumer D-NY to advance a bill that would expand scientific cannabis research as quickly as possible, according to Marijuana Moment. The U.S. House of Representatives passed a revised version of the bipartisan Medical Marijuana and Cannabidiol Research Expansion Act in July from Reps. Earl Blumenauer D-OR and Andy Harris R-MD in a 325 -- 95 vote. The Senate hasn't taken any action on it ...
Updated: 09/28/2022
Bank of England’s decision to buy unlimited government gilts comes as market chaos
... about why it had been forced, noting that dysfunction in the gilt market would pose a threat to financial stability if left unchecked. This is undoubtedly correct. The risk was that the negative reaction to Kwasi Kwarteng's mini budget would lead to a housing market crash and make it harder for pension funds and insurance companies to meet their liabilities. Paul Dales , chief UK economist at Capital Economics , said that this is not necessarily the end of the market mayhem. The fact that it needed ...
Updated: 09/28/2022
Biden administration proposes rule to include all fees in airline ticket prices
... fees in airline ticket prices displayed to customers, as part of a wider federal effort to help consumers cope with rising inflation. The Department of Transportation DOT said President Biden will announce the initiative Monday afternoon at a White House Competition Council meeting. The Council is a response to rising prices that Republicans say are caused by excessive government spending and drastic COVID 19 lockdowns. The Biden administration blames hidden fees practices that plague customers ...
Updated: 09/28/2022
US stock market in for a terrible October ahead of midterms, says former White House chief
... KEVIN HASSETT: If you look at economic history, it tends to be the times when the markets are happiest, and policy is the most sensible because it's only sound ideas that can get enough votes from both sides to go through. If Republicans took over the House within a few days of that, that would be about when the stock market would bottom. October is going to be very scary. Markets can be a lot of a lot of volatility because people are worried that it's going to go this way or that way. If there's a ...
Updated: 09/28/2022
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