This is week 56 of our listing job cuts. Today, the Dow went into the red for the year plunging 430 points. Why?
Category: 3 October 2023
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WORLD TRADE FALLS TO THREE-YEAR LOW
International trade volumes were down 2.4 percent in June, year on year, and another 3.2 percent in July, according to the World Trade Monitor maintained by the Netherlands Bureau for Economic Policy Analysis.
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JPMORGAN CHASE SETTLES EPSTEIN SUIT FOR $75 MILLION
JPMorgan Chase, the largest U.S. bank by assets, agreed to pay $75 million to the government of the U.S. Virgin Islands. The agreement is part of a string of suits by people and organizations claiming to have been victims, in one way or another, of the jet-setting sex trafficker Jeffrey Epstein.
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U.S. HOUSING MARKET A “DISASTER”
The U.S. housing market has been “a slow-building disaster,” Glen Kelman, CEO of real estate website Redfin, said in a CNBC interview last week.
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RALLY IN HOME CONSTRUCTION STALLS
Last spring’s boom in home construction has finally been stomped by high interest rates.
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RISING INTEREST RATES SINK MORTGAGE MARKET
The highest mortgage interest rates in 23 years have sunk demand for new mortgage loans to their lowest in 27 years.
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FED’S HIGH INTEREST RATES RIPPLE THROUGH THE ECONOMY
Americans shopping for car loans are finding those debts carry interest rates more than twice what they were two years ago. Those same high interest rates are pricing potential home buyers out of the market. (See “Rising Interest Rates Sink Mortgage Market” and “Rally in Home Construction Stalls” in this issue.)
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FED’S INTEREST RATE STRATEGY PUTS LEVERAGED LOANS AT RISK
Many companies with special needs for cash or less-than-perfect credit profiles borrowed when interest rates were low to keep their financial houses in order. Now that the U.S. Federal Reserve has not only raised rates but also has vowed to keep them aloft for as much as another year or more, those companies are increasingly at risk.
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INVESTORS FINALLY BELIEVE FED’S TOUGH STANCE ON RATES
The U.S. Federal Reserve’s message that it will not cut interest rates any time soon has finally convinced investors.
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ZELENSKY SHOULD HAVE STAYED HOME
Most Americans do not understand how the United Nations functions, or does not function as the case might be, preferring to think of it as some kind of debating society where the 193 member nations representing the world community can vent over issues that they rarely have control over.