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The Dow Jones Industrial Average tumbled below the key 30,000 level on Thursday as investors worried the Federal Reserve’s more aggressive approach toward inflation would bring the economy into a recession. The Dow had rallied on Wednesday after the Fed announced its largest rate hike since 1994, but reversed those gains and then some on Thursday, tumbling to the lowest level since January 2021.
Quote:
Average long-term U.S. mortgage rates had their biggest one-week jump in 35 years with the Federal Reserve this week raising its key rate by three-quarters of a point in bid to tame high inflation. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis. Wednesday’s rate hike by the Fed was its biggest in a single action since 1994.
The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market. Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association.
Don't worry, though. The Democrats and the Biden regime are focused like lasers on the problems facing the country. After they finish with the January 6th show trial anyway...
The Federal Reserve has to get back $15 TRILLION dollars it printed out of thin air.
This is what the FedReserve and Treasury said last year:
Powell said inflation would not go above 2%
Yellen said it would be temporary and would be over by December 2021
A) The inflation is good for all the people looking to hose the American people
B) Sales of Depends are through the roof ever since their spokesperson and mascot became president, let's go Brandon!
They haven't quite argued inflation is good, yet, but there is a thread asking "what's the big deal" since people are still flying and going out to dinner.
You can't educate liberals; they are immune to facts and reality.
They haven't quite argued inflation is good, yet, but there is a thread asking "what's the big deal" since people are still flying and going out to dinner.
You can't educate liberals; they are immune to facts and reality.
You misunderstood. We aren't saying it isn't a big deal.
That's what you interpreted but that's not what is being said.
What is being said is......inflation is REAL and has been here for months and is serious and why is it taking so long to have a real impact on consumption of goods and services.
So you all don't think the Feds should raise rates?
Me...I think Powell is a wimp. He should have jacked rates up to 5%.
Too much money is floating around
Powell is the man in charge here now...follow him and what he says/does.
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