Within recent years the American housing market has experienced various changes that have made finding an affordable home an increasingly difficult process for current buyers. A major issue plaguing the market for all is scarcity. The number of homes available for purchase is down a staggering 18% from just a year ago.
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U.S. interest rates have hit their highest point since 2007, right before the start of the Great Recession currently sitting at 5.33% (St. Louis FED) and American consumers have been feeling the brunt of it. The spiking cost of everyday goods, record-high mortgage rates, and high fluctuating oil prices have caused the consumer to feel immense financial pain over the past two years.
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Over the last several weeks, we have seen the demand for workers cool, and job creation ease, as the labor market trends have been reverting to pre-pandemic levels. This shift marks yet another turn in the U.S. labor market, which has seen unprecedented volatility in the wake of the COVID-19 pandemic.
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The recent collapse of Silicon Valley Bank, one of the top 20 largest American commercial banks, sent shockwaves throughout the banking industry. Trust in the American banking system was shaken across the board, raising questions regarding who was at fault for the collapse. Majority have directed the blame towards two parties: The Federal Reserve, and the executives at SVB.
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Since the invasion of Ukraine, tensions between Russian and Western powers have been steadily building. In an attempt to evade financial restrictions from the West, Russia has turned to its new alternative currency: the Chinese yuan.
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On Valentine’s Day, the Fed announced that the current Vice Chair of the Federal Reserve Board, Lael Brainard, would be stepping down from the central bank and heading President Biden’s National Economic Council.
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A country who attracted manufacturers for its low wages and technological innovations is set to becoming one of the fastest growing economies in the world. Recent reforms and geopolitical transformations, along with a young population, led to India’s economy surpassing the United Kingdom to become the 5th largest economy in the world.
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Gautam Adani, the chairman of the Adani Group, has been in the headlines recently. Mainly for its proposed Carmichael coal mine in Queensland, Australia, with a 60 million tons per annum yield and a 189-kilometer railway line. This project has faced much opposition from environmental groups and the local communities due to concerns regarding its impact on the Great Barrier Reef, its contribution to global warming, and other issues it could bring to the surrounding communities.
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An already red-hot Electric Vehicle (EV) market was given another nudge of momentum when the U.S. Treasury recently updated their standards for what qualifies for a tax credit… These are specifically potent as EV makers focus more resources on developing different types of electric cars. Gone are the days of the one ton, shoebox SMART cars as SUVs, crossovers, vans, and pick up trucks litter the market.
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On October 18th, the Internal Revenue Service (IRS) announced the annual inflation adjustments for the 2023 tax year. Many key tax provisions, including the income thresholds for the federal tax brackets, will increase by about 7% to account for the high inflation Americans have seen throughout 2022.
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