The Fed Open Market Committee (FOMC), which sets interest rate policy, is meeting today and tomorrow. It is widely expected that the FOMC will hike its Fed Funds rate by another quarter-point when it releases its policy statement. In fact, the only surprise will be if it doesn’t.
I veer from our usual roster of topics this week to bring you an update on China and its prospects for continued hot economic growth, or lack thereof. China is the second largest economy on the planet, behind the US, and many (if not most) Americans believe that it won’t be too long before China overtakes the US as the largest economy in the world.
A new report from the Federal Reserve Bank of New York last week found that US household debt hit another record high in the 3Q of almost $13 trillion. The largest increases came in student loans, auto debt and credit cards. I’ll share the details with you just below.
The US economy just turned in its second consecutive quarter of 3% growth in Gross Domestic Product, to the surprise of most forecasters and the mainstream media. This despite the negative effects of two major hurricanes hitting the southern US late this summer.
President Trump is finalizing his decision on who will head-up the Federal Reserve when current Fed Chair Janet Yellen’s term is up in February. He also needs to appoint another person to fill the now vacant Fed Vice Chairman spot due to the resignation of Stanley Fischer earlier this month.
While the mainstream media remains obsessed with President Trump’s tweets and other controversial statements, the Commander-in-Chief is quietly packing the federal courts with conservative, originalist judges who are not only very smart but also relatively young.
In my September 7 Blog (be sure to subscribe at garydhalbert.com), I argued that the sky-high US corporate income tax has been a big reason why worker wages have been stagnant for over a decade.
We touch on several bases in today’s letter that are not entirely related. We begin with the 800-pound gorilla in the room – the fact that the US national debt topped $20 trillion last week.
The United States is increasingly being provoked toward a war with North Korea by its seemingly insane young leader Kim Jong-un. Not only has Jong-un acquired nuclear bomb capabilities much faster than US intelligence sources had estimated for years, he has also recently developed intercontinental ballistic missiles (ICBMs) capable of reaching US soil.
For most of this year, I’ve had a sense that the American middle class is increasingly growing, and that wages/incomes are increasing more than the Labor Department reports. I have been saving articles upon articles on this subject and was planning to extract the highlights and summarize them for you in the next week or two in these pages.