Article

2022-07-24 Economy

[FoxBusiness] The Biden administration is trying to get ahead of another potentially brutal economic report that comes out next week, which is expected to show the U.S. economy shrank again in the spring; potentially signaling a recession.

The Commerce Department is set to release the highly
anticipated second-quarter gross domestic product reading Thursday morning, which is expected to show that growth fell 1.6% in the period.
Tuesday the consumer confidence report comes out; likely to be bad. Tuesday or Wednesday the Fed announces their interest rate move; likely to be 75 basis points. Thursday the 1st official GDP estimate for Q2 comes out; likely to be negative. Of course Biden's team will try to spin this as all the work of evil Republican demons but they've done this several times and its getting old
Fed policymakers approved a 75-basis point interest rate hike in June; the first since 1994h; pushing the federal funds target range to 1.5%-1.75%. Another hike of that magnitude is on the table in July amid signs of stubbornly high inflation, Chairman Jerome Powell told reporters after the meeting, prompting investors to reassess the economic outlook.

Mortgage rates are already approaching 6%, the highest since 2008, while some credit card issuers have ratcheted up their rates to 20%. March to May.

Posted by Lord Garth 2022-07-24 00:00|| || Front Page|| [11142 views ] Top

#1 Yeah right - like it's just 'Biden' expecting bad economic news this week...

Posted by Raj 2022-07-24 00:16|| 2022-07-24 00:16|| Front Page Top

#2 Choke the energy market underlying your economy and you can expect 'bad luck' to continue. Self inflicted wound. That they fail to understand that or that they do and continue to pursue those policies are basis in a true representative republic for the government to be removed in any legitimate election.

Posted by Procopius2k 2022-07-24 05:53|| 2022-07-24 05:53|| Front Page Top

#3
Biden Handlers figured out how to steal the election. At the least they could have done, would have been to people with half a brain in key positions.

Or was it their part of their overall agenda plan to hose the USA economy to begin with?

Posted by NN2N1 2022-07-24 06:24|| 2022-07-24 06:24|| Front Page Top

#4 I think everyone already knows how the administration will respond: "The beatings will continue until morale improves..."

Posted by M. Murcek 2022-07-24 07:02|| 2022-07-24 07:02|| Front Page Top

#5 Week, month, year....all according to the plan.

Posted by Besoeker 2022-07-24 07:13|| 2022-07-24 07:13|| Front Page Top

#6 You will own nothing and be happy

Posted by DarthVader 2022-07-24 10:10|| 2022-07-24 10:10|| Front Page Top

#7 "Consumer confidence numbers (which currently stink) hit on Tuesday. A Federal Reserve meeting and decision on interest rates, coupled with a press conference from Fed Chair Jerome Powell, follows up on Wednesday.

The first reading on second quarter economic growth drops on Thursday. And the latest numbers on our vexing run of historically high consumer price inflation close out the monster run of data on Friday. In a note to clients today, analysts at Deutsche Bank suggested the flood of information will “leave you breathless.” "

https://pjmedia.com/news-and-politics/rick-moran/2022/07/23/biden-administration-bracing-for-a-tsunami-of-bad-economic-news-next-week-n1615339

Posted by NoMoreBS 2022-07-24 12:23|| 2022-07-24 12:23|| Front Page Top

#8 Swiss shrinkflation.

Posted by Besoeker 2022-07-24 12:31|| 2022-07-24 12:31|| Front Page Top

#9 Kind of like KC Royals blaming their season on Slugger.

Posted by swksvolFF 2022-07-24 13:25|| 2022-07-24 13:25|| Front Page Top

#10 Sec of Treasury Yellen on Meet The Press started to spin the 'its not a recession, recession' line today.

https://www.breitbart.com/clips/2022/07/24/yellen-u-s-economy-is-not-in-a-recession/

Since people can see their bank accounts on line and look at grocery and gasoline bills in real time, this spinning isn't so effective as Yellen thinks.

Btw, what a disgrace she has turned out to be. A respectable academic and scholar, now an unprincipled hack.

Posted by Lord Garth 2022-07-24 15:13|| 2022-07-24 15:13|| Front Page Top

#11 RE #9: this Royals fan lol!

Posted by borgboy 2022-07-24 16:15|| 2022-07-24 16:15|| Front Page Top

#12 Hope the news breaks him.

Posted by Skidmark 2022-07-24 19:15|| 2022-07-24 19:15|| Front Page Top

#13 "Jill tells me the price of pudding is up a bit, lately."

Posted by KBK 2022-07-24 19:23|| 2022-07-24 19:23|| Front Page Top

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