Giving a bit of unsolicited advice, the
The United States, a country who once
A gauge of U.S. consumer spending rose in July at its fastest pace in seven months, a sign of quicker economic growth that could strengthen the case for the U.S. Federal Reserve winding down a major economic stimulus program.
U.S. economic growth unexpectedly accelerated in the second quarter, economic news that could bring the Federal Reserve a step closer to cutting back its monetary stimulus. The news comes on the heels of a report that found that 4 in 5 Americans have been experiencing some level of poverty, and white populations suffering more than ever.
The markets posted big gains on Tuesday as traders heralded strong U.S. economic data. Home prices in 20 major U.S. metropolitan areas climbed 2.5% in April from March, on a non-seasonally adjusted basis, topping expectations of a 1.1% gain. Prices were up 12.1% from the year prior, beating forecasts of a 10.6% jump.
U.S. stock-index futures are extending a steep selloff that started in Asia on the back of worries about credit conditions in China and lingering concerns about the Fed’s plans to slow its bond buying. Dow futures are down 136 points, or 0.92%, while S&P 500 futures are off 1% in choppy trading. Treasury bonds are taking heavy losses as well, with the yield on the 10-year jumping 0.06 percentage point to 2.606%.
UPDATE: The latest economic news just keeps getting worse. While President Obama is off playing with his social-democracy friends in Europe and abroad, the country is is political and financial turmoil.
The Dow Jones Industrial Average is in free fall, down 350 points. The economy simply cannot handle easin gof QE3. Every single stock in the Dow is in the red.
Daniel J. Mitchell, columnist and economic scholar at the CATO Institute, was in Vienna for the annual European Resource Bank meeting. During a speech about the economic reform in Chile, specifically the system of personal retirement accounts, Mr. Pinera shared a chart that “conclusively shows why good economic policy makes a difference,” as Mitchell put it.