The national average interest rate on the 30-year, fixed-rate mortgage in the U.S. reached 7.09 percent last week, the Federal Home Loan Mortgage Corp. reported, up from 6.96 percent the week before to reach its highest since April 2002.
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JULY RETAIL SALES BETTER THAN EXPECTED?
In July, U.S. consumers spent 0.7 percent more dollars compared to June and 3.2 percent more than a year earlier, the commerce department reported. Retail sales on items other than energy and food were up 1.0 percent from the month before.
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DEBT BOMB: HIGHER INTEREST RATES LEAVE U.S. GOVERNMENT NO GOOD OPTIONS
During the 14 years that the U.S. Federal Reserve held interest rates low, the U.S. government borrowed freely to haul the economy out of the Great Recession, continue to fight the Afghan war, and bail out businesses and consumers during the COVID War.
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YIELD ON 10-YEAR T-NOTE REACHES 15-YEAR HIGH, RATTLING INVESTORS
On 17 August, the benchmark 10-year treasury note closed at 4.307 percent, which was its highest close since 2007. The 30-year treasury bond was paying 4.411 percent on the same day.
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TOP NATO OFFICIAL BACKTRACKS AFTER FLOATING IDEA THAT UKRAINE COULD CEDE LAND FOR ALLIANCE MEMBERSHIP
A top NATO official was forced to apologize last week after he floated the idea that Ukraine may be able to join the Alliance if it agrees to cede land to Russia to end the war.
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CONGRESSIONAL UKRAINE CAUCUS CO-CHAIR CALLS FOR U.S. TO PRESSURE ZELENSKY TO SEEK PEACE
Rep. Andy Harris, R-Md., told constituents at a town hall last week that it was time that the U.S. acknowledges that the Ukraine War is lost and it may be time to force Ukrainian President Volodymyr Zelensky to negotiate for peace.
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THREE BLIND MICE: BIDEN MEETS WITH SOUTH KOREAN, JAPANESE LEADERS TO UNITE AGAINST CHINA
The Biden administration continued its effort to surround China and provoke tensions in the Asia-Pacific last weekend during a summit at Camp David with South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida.
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U.S. TRIES TO BULLY MEXICO INTO BUYING ITS FRANKENSTEIN CORN
The U.S. last week requested a dispute settlement panel to step in during its legal fight with Mexico that involves corn sales and can result in a rare trade war between neighbors.
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HARDLY NEWS: SUDAN’S CIVIL WAR SPIRALS OUT OF CONTROL, MILLIONS FACE FAMINE RISK
African-Americans’ lives may matter, but nobody cares about African lives.
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TOP CHINESE DEFENSE OFFICIAL VISITS BELARUS, SHOWS PREVIEW OF WHAT WWIII WILL LOOK LIKE
China’s top defense official visited Belarus last week and praised the countries’ “truly fraternal relations” as the Ukraine War continues to set the stage for WWIII becoming official.