Prices had been increasing for 3.5 years before finally falling last month. This is a significant change as it suggests that the cost of living has finally decreased since it had been rising for a prolonged period. It is unlikely that prices will remain at the lower level, however, and it is possible that they may start increasing again.
The Federal Reserve will likely take a cautious approach as it prepares its final interest rate decision of 2023. Over the course of the year, it is likely that the Fed will remain focused on providing monetary accommodation to support the economy. This could include potentially maintaining its current near-zero federal funds target range and […]
Mortgage demand in the U.S. fell to a 27-year low in March, despite record-low interest rates. According to the Mortgage Bankers Association, mortgage applications dropped 2.2% from a week earlier, with purchase applications falling a record 3.2%. The last time mortgage applications were this low was in 1993, when mortgage interest rates were much higher. […]
Credit card balances spiked in the third quarter to a record $1.08 trillion. Here’s how we got here.
The rise in credit card debt is due, in part, to a combination of lower consumer spending and increased borrowing. The coronavirus pandemic caused a massive economic downturn that led to fewer spending opportunities for consumers, with many businesses being forced to close. At the same time, the stimulus packages from the federal and state […]