2022-07-24 Economy
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Biden Expects Bad Econ News This Week
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[FoxBusiness] The Biden administration is trying to get ahead of another potentially brutal economic report that comes out next week, which is expected to show the U.S. economy shrank again in the spring; potentially signaling a recession.
The Commerce Department is set to release the highly
anticipated second-quarter gross domestic product reading Thursday morning, which is expected to show that growth fell 1.6% in the period.
Tuesday the consumer confidence report comes out; likely to be bad. Tuesday or Wednesday the Fed announces their interest rate move; likely to be 75 basis points. Thursday the 1st official GDP estimate for Q2 comes out; likely to be negative. Of course Biden's team will try to spin this as all the work of evil Republican demons but they've done this several times and its getting old
Fed policymakers approved a 75-basis point interest rate hike in June; the first since 1994h; pushing the federal funds target range to 1.5%-1.75%. Another hike of that magnitude is on the table in July amid signs of stubbornly high inflation, Chairman Jerome Powell told reporters after the meeting, prompting investors to reassess the economic outlook.
Mortgage rates are already approaching 6%, the highest since 2008, while some credit card issuers have ratcheted up their rates to 20%. March to May.
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Posted by Lord Garth 2022-07-24 00:00||
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Posted by Raj 2022-07-24 00:16||
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Posted by Procopius2k 2022-07-24 05:53||
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Posted by NN2N1 2022-07-24 06:24||
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Posted by M. Murcek 2022-07-24 07:02||
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Posted by Besoeker 2022-07-24 07:13||
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Posted by DarthVader 2022-07-24 10:10||
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Posted by NoMoreBS 2022-07-24 12:23||
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Posted by Besoeker 2022-07-24 12:31||
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Posted by swksvolFF 2022-07-24 13:25||
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Posted by Lord Garth 2022-07-24 15:13||
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Posted by borgboy 2022-07-24 16:15||
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Posted by Skidmark 2022-07-24 19:15||
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Posted by KBK 2022-07-24 19:23||
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