Posted on 05/07/2022 8:08:18 AM PDT by Browns Ultra Fan
The Biden Administration and The Federal Reserve together should be called “The Cooler Kings” in that their policies are putting a Big Chill on the mortgage market and equities.
Mortgage rates are skyrocketing thanks to the Federal Reserve.
The 30-year fixed-rate mortgage averaged 5.27% for the week ending May 5, according to data released by Freddie Mac FMCC, -1.62% on Thursday. That’s up 17 basis points from the previous week — one basis point is equal to one hundredth of a percentage point, or 1% of 1%.
House price growth to wage growth is below the all-time high, but remains above housing bubble levels of 2005-2007.
The Refinitiv Venture Capital Index is down 53% since November ’21 as The Fed cranks up interest rates.
Well, at least commodities are soaring under “The Cooler Kings.” Pretty much everything else is sucking wind.
Home prices are actually falling in some cities, like Toledo Ohio, Detroit Michigan, Rochester NY, and Pittsburgh PA. Even La-La Land (Los Angeles CA) is seeing a drop in median listing price since 2021 of -5.0%.
The question, of course, is whether The Federal Reserve will back off its plans to aggressively raise interest rates in lieu of crashing stock market, venture capital, and possibly home prices.
This is Scorcher VI: Global Meltdown.
Note: the cooler king refers to the super cool Steve McQueen character from the film “The Great Escape.” Biden and Powell are anything but cool, but they are having a deep freeze effect on markets.
(Excerpt) Read more at confoundedinterest.net ...
“Let’s see if Klaus Schwab and The Deep State screw over the middle class OR stop with midterm elections coming.”
They’re going to lose anyway, so they may as well grab as much as they can, while they can.
Brandon’s gonna make us pay for not feeding his god Moleck.
All those problem started the day Biden took office the #1 issue is shutting down the oil pipe lines and end drilling all the dots prove it when connected his stooge crew keep adding more fuel to the fire the cost of rigging is endless even the swamp members now pay the price with the cost of things.
Will they stop hell no bust the country and start anew socialism or nothing.
Xi taps foot and waits
In 1980, to overcome Jimmy Carter’s inlation, the Fed raised interest rates to over 18%. The economy today is dependent on easy money and very low rates, so raising interest rates high enough to stop Biden’s inflation would crater the economy. Instead, the Fed will only raise rates high enough to guarantee years of stagflation.
+1 👍
Dims have a pinko-plan, and it’s to weaken and destroy the US economy, and then create “fundamental change” that Zero, and now Bidung have been promising. It is planned. Their ineptitude is planned.
The only thing that could save us or slow it down, is a Republican sweep in November. Even then, the RINOcracy will likely doom us, just slower.
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