The gold market did not see much of a reaction after CPI inflation cooled slightly more than expected on Thursday, followed by a mildly hotter-than-expected PPI inflation report this morning. U.S. CPI annual inflation rose 3.2%, up from 3% in June, while PPI inflation for July came in at up 0.3% from June.
Right on the heels of seeing a Fitch downgrade of the creditworthiness of the U. S. last week, Moody’s has downgraded ten small to medium banks across the country, citing “financial strain” and “strains that could erode their profitability.” Six more banks are under review, and another eleven have been shifted from “stable” to negative.
The housing and commercial real estate markets are also wobbling and coming closer to tipping over with each Fed rate hike. Moody’s predicts a “mild recession” and particularly downgraded banks this week due to CRE troubles that may come home to roost at the banks. Americans have also raked in a record $17.05 trillion in debt during Q1 of 2023 alone, while falling deeper into debt with no plans for financial management. Credit card debt is at an all-time high, and the cost of borrowing continues to rise. The average credit card interest rate offered in the U.S. over the last three months of 2022 stood at 21.6%, according to WalletHub, a jump from about 18% a year prior.
Both China and Russia have been working on an alternative to SWIFT, as well as institutions to challenge the U.S.-dominated IMF and World Bank. Nonetheless, this does not mean the immediate demise of the U.S. dollar as the world’s reserve currency, as there is no obvious successor.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Herkunft: KitcoNewsNOW - 🏆 13. / 78 Weiterlesen »