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People are evenly split one whether a recession will hit in the next 12 months. There are more Americans expecting an economic downturn now than there were just before the start of the Great Recession. A Gallup poll released Friday painted a gloomy picture: people are becoming increasingly pessimistic about the economy and bracing for a recession.
The Federal Reserve cut interest rates Wednesday, yet rates in the mortgage market still rose. Mortgage rates rose on a weekly basis for the second week in a row, potentially threatening to put a damper on home sales just as the real-estate market's outlook was brightening. The 30- year fixed-rate mortgage averaged 3.73% during the week ending Sept. 19, rising 13 basis points from the previous week, Freddie Mac (FMCC) reported Thursday.
Brazil's government will free up 12.5 billion reais for discretionary spending, the Economy Ministry said in its latest bi-monthly spending and revenue report on Friday, as it seeks to ease the pressure on departmental budgets following deep spending freezes this year.
The following are forecasts for next week's U.S. data from a survey compiled by The Wall Street Journal. DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS Monday 0945 Markit Flash Mfg PMI Sep N/A 50.3* 0945 Markit Flash Services PMI Sep N/A 50.7* Tuesday 0900 S&P/Case-Shiller 20- City Jul N/A +2.1% HPI Y/Y 1000 Consumer Confidence Sep 132.7 135.1 1000 Richmond Fed Svy Sep N/A 1 Wednesday 1000 New Homes Sales Aug 659 K 635 K-- percent change Aug +3.8% -12.8% Thursday 0830 Jobless Claims Sep...
Boston Federal Reserve President Eric Rosengren on Friday said he might temper his opposition to interest rate cuts if he starts to see weakness in consumer spending. If you think the consumer is going to hold up its pretty hard to have a bad outcome, Rosengren said in answer to a question following a speech outlining his opposition to Wednesday's rate cut by the Federal Reserve.
The growth in the net worth of American households slowed in the spring. Household net worth grew 1.64% in the second quarter to $113.5 trillion. That was a slower pace than the 4.99% growth rate in the first quarter.
Federal Reserve Bank of Boston President Eric Rosengren said cutting rates now may boost the risk of financial instability, which in turn could make the next downturn more severe when it comes. There are "risks of tailwinds and costs to monetary policy being too accommodative," Mr. Rosengren said in the text of a speech to be delivered Friday at an event at New York University.
Nigeria's central bank held its benchmark interest rate at 13.5%, its governor Godwin Emefiele said on Friday. Most analysts polled by Reuters had predicted the central bank would ease in September, though Emefiele has previously said the bank would maintain its tight monetary stance in 2019. Africa's largest economy and top crude oil exporter emerged from its first recession in 25 years in 2017.
Critical information for the U.S. trading day. We're going to hear from a busy lineup of Federal Reserve officials on Friday, and they may shed more light on why the bank was so divided on this week's interest rate cut. Our call of the day, from Oaktree Capital's billionaire co-chairman Howard Marks, also weighs in on the Fed as he says the economy doesn't really need the rate cuts it's been doling out.
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