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Summers Warns of ‘Economic Distress’ As Fed’s Powell Holds Out Hope
Published: Friday, 05 August 2022 20:00 | 
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| Some economists — including former Treasury Secretary Larry Summers — say Powell is being much too optimistic about the Fed’s ability to tame prices without pushing unemployment much higher. The implication: The Fed chief, who has sought to elevate the central bank’s focus on boosting the labor market, may be forced to accept millions of job losses and a significant recession to curb inflation.
Tougher IRS Enforcement Central to Dem Economic Package
Published: Friday, 05 August 2022 20:00 | |
| After more than a decade of mostly losing out, the Internal Revenue Service may finally get the cash infusion it's long wanted in the economic package that Democrats are working furiously to push through Congress before their August break.
Home Sellers Cut Prices as Housing Market Cools: WSJ
Published: Friday, 05 August 2022 20:00 | |
| How higher mortgage rates—and frustration—are changing the playbook for sellers.
Sinema Signs Off On Reconciliation Bill After Dems Agree To Protect Private Equity Billionaires
Published: Friday, 05 August 2022 20:00 | |
| Arizona Senator Kyrsten Sinema - the lone Democrat holdout on the Biden administration's revamped reconciliation bill - has finally signed off on it, after Democrats agreed to preserve the so-called carried interest loophole that allows investment managers (like her former bosses) to shield the majority of their income from higher taxes.
Despite Yestrday's Good ISM Service Numbers the GDPNow Forecast Did Not Change Much
Published: Friday, 05 August 2022 20:00 | |
| Housing will be another big bust this quarter. And durable goods rate to follow housing. Manufacturing rates to be negative. Hopes for the quarter rest solely on consumer spending and falling inflation. But don't count on strong retail sales. Add it all up and you have a third quarter of negative GDP.