Day: August 1, 2018
Here’s what changed in the new Fed statement
This is a comparison of Wednesday’s FOMC statement with the one issued after the Fed’s previous policymaking meeting on July 31. Text removed from the July statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. Black text appears …
Atlanta Fed predicts 5% jump in economic growth for third quarter
Economic growth is expected to continue at a rapid pace in the third quarter, according to a preliminary forecast from the Atlanta Fed. The central bank district estimates that GDP will increase 5 percent for the July-to-September period, according to an update posted Wednesday. If the forecast is accurate, it will come on top of …
Atlanta Fed predicts 5% jump in economic growth for third quarterRead More
US: Manufacturing Activity Decelerates in July
After two consecutive months of increases, the Institute for Supply Management (ISM) manufacturing index pulled back by 2.1 percentage points to a still heady 58.1 in July. This was below market expectations for a smaller decline to 59.4. The move reflected declines in new orders (-3.3 to 60.2) and production (-3.8 to 58.5). Respondents indicated …
BoE Set to Raise Rates, But Can the Pound Rally?
The Bank of England (BoE) is widely anticipated to raise its benchmark interest rate via a 7-2 vote on Thursday, at 1100 GMT. Such a move is practically fully priced in already and thus, price action in sterling will depend largely on the signals the Bank sends regarding the prospect of more rate increases before …
Study: Neighborhoods with these words in the name have the highest property values
Looking for a nice new home? You might want to buy a place in a neighborhood with a name that references water. Porch, a platform that connects people with home improvement professionals, analyzed the words in neighborhood names that have the highest property values in the U.S. and found that language that indicated a waterfront …
Study: Neighborhoods with these words in the name have the highest property valuesRead More
Construction spending posts biggest drop in over a year; factory activity slows
U.S. construction spending recorded its biggest drop in more than a year in June as investment in both private and public projects fell, but spending for the prior months was revised sharply higher. The Commerce Department said on Wednesday that construction spending fell 1.1 percent, the largest decline since April 2017. Data for May was …
Construction spending posts biggest drop in over a year; factory activity slowsRead More
Housing demand sees biggest drop in more than 2 years
The long list of housing headwinds is finally taking its toll on potential buyers. Housing demand fell 9.6 percent in June, compared with June 2017, according to a monthly index from Redfin. That is the largest decline since April 2016. Red-hot home prices, rising mortgage interest rates, very few listings at the entry level and …
Housing demand sees biggest drop in more than 2 yearsRead More
Dollar Pares Gain Despite Strong ADP Employment, FOMC Unlikely to Inspire
Dollar pares back some of today’s gain in early US session. The better than expected ADP employment data provides no lift to the greenback. Focus will be turning to ISM manufacturing and FOMC rate decision. Nonetheless, as at the time of writing, Dollar is still the second strongest one for today, just next to Sterling. …
Dollar Pares Gain Despite Strong ADP Employment, FOMC Unlikely to InspireRead More
Former hedge fund manager Novogratz’s crypto bank makes stock market debut despite bitcoin bear market
Cryptocurrency-focused merchant bank Galaxy Digital will start trading on a Canadian stock exchange on Wednesday despite cooling investor interest and falling prices this year. Former Goldman Sachs macro trader Michael Novogratz launched the company in November, a month before bitcoin hit its all-time high near $20,000. The firm took a $134 million hit in the …
Eurozone Mid-Year Economic Outlook
Executive Summary Real GDP growth in the Eurozone slowed modestly in Q2, at 2.1 percent year over year. That said, the manufacturing sector and consumer spending were likely bright spots, and a tight labor market along with slowly rising incomes should support economic growth in the coming quarters. While GDP growth has remained solid, inflation …
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