Biden Finally Opposes US Steel Takeover, Arms Producer's Profits Surge 400%, Inflation Ticks Up As US Deficits Hits $828 Billion In 2024

Key Events and News for the Week Ended March 15, 2024

US core inflation increased 0.4% in February, beating expectations for the second month in a row. The main drivers of the increase in February were used cars, air travel and clothes.

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Due to the increase in core inflation, the Fed is likely to move very slowly and hold rates unchanged until the second half of the year.

Following the news release, FedWatch tool prices in a 99% and an 85.4% chance of rates remaining unchanged through the end of May.

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Mortgage rates decreased this week. 30-year fixed-rate mortgages averaged 6.74%, down from 6.88% last week; while 15-year fixed-rate mortgages averaged 6.16%, down from 6.22% a week prior.

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U.S. budget gap hit $828 billion in the first 5 months (federal fiscal year starts in October). The government’s interest costs totaled $433 billion, an increase of 41% compared to the same period last year. The deficit for February surged to $296 billion.

U.S. rent saw the biggest increase of 2.2%, or $1,981, year over year as “would-be buyers” resort to renting due to elevated interest rates. Once the Federal Reserve lowers interest rates, an increase in potential home buyers should drive rents down.

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Treasury Secretary Janet Yellen finally admitted that she (and by default, the Fed) had been wrong about inflation being “transitory”. I discussed Yellen’s comments in a recent video available on YouTube and Rumble.

Janet Yellen finally admitted, ‘I Regret Saying [Inflation] Was Transitory’:

Janet Yellen said not to expect a month over month decrease in inflation, “it won’t be a smooth path but the trend is favorable”:

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A massive banking crisis is around the corner. A blank-cheque company, run by Wall Street veterans, with unlimited private funding at its disposal, is requesting FDIC approval to buy failed US-based banks. Those small to mid-size banks that have not failed just yet, but that will according to Federal Reserve Chair Jerome Powell. I discussed the details in a recent video available on YouTube and Rumble.

“Sovereign” governments get paid to incorporate foreign policy interests into their domestic laws, “cash-for-government reforms” is a program run by the EU that provides financial “aide” to developing countries.