CBO issues surprise re: SNAP changes | Xi involved in crackdown on statistical fraud
The Congressional Budget Office estimates the debt-limit bill would reduce budget deficits by $1.5 trillion over the next 10 years, and reduce discretionary spending by a projected $1.3 trillion from 2024 to 2033. JPMorgan's annual Global China Summit is going ahead in Shanghai, and the bank's CEO Jamie Dimon told Bloomberg TV that they would be in China through the good times and the bad, reiterating a commitment to do business in the country even as political tensions with the U.S. rise."Over time there'll be less trade," Dimon said."It'll take years for this thing to take place, but it won't be a decoupling and the world will go on.
U.S. equities yesterday: The Dow ended down 50.56 points, 0.15%, at 33,042.78. The Nasdaq rose 41.74 points, 0.32%, at 13,017.43. The S&P 500 edged up 0.07 point, 0.00%, at 4,205.52. The Indian economy expanded 6.1% year-on-year in Q1 2023, higher than an upwardly revised 4.5% in Q4 2022 and well above market forecasts of 5%. The expansion was mainly boosted by private consumption, services exports and manufacturing amid easing input cost pressures. Also, services have emerged as a major driver, comprising more than half of GDP.
The Conference Board's closely watched index of consumer confidence fell to a six-month low this month, declining to 102.3 from a revised 103.7 reading in April. But economists had expected the index, which can be a signal for the direction of the US economy, to dip even lower than that. The survey was conducted prior to Biden and McCarthy announcing their debt-ceiling deal.
Upshot: As noted by Michael Fratantoni, the chief economist at the Mortgage Bankers Association, while refinance demand is primarily driven by the level of interest rates, the volume of purchase continues to be restricted by the scarcity of homes on the market. He warns that the fiscal challenges ahead for the U.S. are potentially worse than those projected by the Congressional Budget Office . The CBO forecasted a U.S. budget deficit of 7.3% of GDP in fiscal year 2033, but Summers believes it could be as high as 11% under different assumptions. As a result, he predicts significant increases in revenue will be necessary, likely through higher taxes.
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