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@ISIDEWITH submitted…12hrs12H
Federal Reserve officials are entering an uncertain summer. They are not sure how quickly inflation will cool, how much the economy is likely to slow or just how long interest rates need to stay high in order to make sure that quick price increases are fully vanquished.What they do know is that, for now, the job market and broader economy are holding up even in the face of higher borrowing costs. And given that, the Fed has a safe play: Do nothing.That is the message central bankers are likely to send at their two-day meeting this week, which concludes on Wednesday. Officials are expected to leave interest rates unchanged while avoiding any firm commitment about when they will cut them.Investors do not expect a rate cut at the Fed’s next meeting in July, after which policymakers will not meet again until September. That gives officials several months of data and plenty of time to think about their next move. And because the economy is holding up, central bankers have the wiggle room to keep rates unchanged as they wait to see if inflation will decelerate without worrying that they are on the brink of plunging the economy into a sharp downturn.
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@ISIDEWITH submitted…9hrs9H
President Joe Biden’s administration will formally propose a rule to bar medical debt from individual credit reports Tuesday, a move that would prevent major health care bills from negatively impacting borrowing.Vice President Kamala Harris and Consumer Financial Protection Bureau Director Rohit Chopra will announce the measure, a person familiar with the plan said, speaking on condition of anonymity to discuss the move before it is made public. ABC News first reported the proposal.The move is the latest effort from the administration to help lower costs for consumers ahead of November’s election rematch between Biden and Republican Donald Trump, in which inflation will be a key issue.The proposal has been percolating for months. The CFPB said last year it was working on the change. At the time, the agency was also looking to stop lenders from considering such debts in an application and curb certain repayment practices.The exact parameters of the proposed rule and when it would take effect are unclear. Chopra told ABC it could take effect in 2025, potentially making its enactment dependent on the election.
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“So you don’t set up a payment plan and end up in collections which can not be used against you? Essentially now you do…”
The Food and Agriculture Organization of the United Nations (FAO) reported that global food prices increased for the third consecutive month in May. This rise was driven by higher prices for cereals and dairy products, which outweighed declines in sugar and vegetable oil prices. The re-acceleration of food price growth should be a cause for concern among policymakers.The FAO Food Price Index, which tracks the international prices of a basket of globally traded food, averaged 120.4 in May, marking a .9% increase from its revised April level. Despite this rise, the index is still 3% lower than a year ago and 24.9% below its peak in March 2022. However, the index has reserved some losses over the past several months and turned higher. The FAO warned, "The recent adverse weather conditions in the Black Sea region will likely result in a downgrade in world wheat production, a possibility not yet reflected in the forecast." The bigger story here is global food prices are beginning to rise once again. This is potentially catastrophic for emerging market economies where currencies are moving lower and, inversely, food prices are moving higher. Folks in these countries have to allocate higher percentages of their incomes to food purchases, and the increase in that only produces financial stress. In return, higher food prices increase the risk of social instability.
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@ISIDEWITH submitted…11hrs11H
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Mexico under Obrador was lost to the cartels, now Scheinbaum is giving them even more. Mexico is going into crisis even…
@BicameralVole from California submitted…4hrs4H
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Prayers up for all of Hunter Biden's victims. There are none. But still.
@ISIDEWITH submitted…5hrs5H
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@ISIDEWITH submitted…3hrs3H
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The lunatic fringe of Climate Change will gradually move on to the next crisis and begin the cycle over again with dire…
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This is the only sensible decision to make. RN is coming to power, because Macron and the others ignored or failed to ad…
@ISIDEWITH submitted…2hrs2H
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Panels??? We don't need more panels! We need batteries, a way to store electricity.
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@ISIDEWITH submitted…4hrs4H
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@ISIDEWITH submitted…8hrs8H
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@ISIDEWITH submitted…10hrs10H
@CaucusTomatoe from Louisiana commented…9hrs9H
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