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Fed’s preferred gauge shows Inflation Cools to lowest level since 2021

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the staff of the Ridgewood blog

Ridgewood NJ, in October, inflation showed signs of further moderation, as indicated by the Federal Reserve’s preferred price gauge.

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Federal Reserve Consumer Credit Delinquency Rates Increased the Sharpest for Millennials aged 30-39

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the staff of the Ridgewood blog

Ridgewood NJ, the Federal Reserve released the latest data on consumer credit . Consumer credit increased at a seasonally adjusted annual rate of 0.4 percent during the third quarter. Revolving credit increased at an annual rate of 8.6 percent, while nonrevolving credit decreased at an annual rate of 2.4 percent. In September, consumer credit increased at an annual rate of 2.2 percent.

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Underlying Inflation Accelerated to a Four-month High in September

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the staff of the Ridgewood blog

Ridgewood NJ, the Federal Reserve’s preferred measure of underlying inflation saw an uptick to a four-month high in September, and consumer spending also showed an increase, leaving the possibility of another interest rate hike in the near future. The core personal consumption expenditures price index, which excludes volatile food and energy components, rose by 0.3% in September, as reported by the Bureau of Economic Analysis. Inflation-adjusted consumer spending saw a 0.4% increase last month.

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Housing Affordability in the U.S. is at a Record Low

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the staff of the Ridgewood blog

Ridgewood NJ, the average rate for the most common type of mortgage in the US has risen to almost 7.1%, according to data from a survey of lenders made by mortgage financing giant Freddie Mac. The figure—for 30-year fixed-rate loans—is the highest since December 2001 and is up two percentage points over the past year (and more than 4.4 points from the all-time low seen in January 2021).

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Economic Data Continues to Suggest the “Goldilocks scenario”

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the staff of the Ridgewood blog

Ridgewood NJ, on Friday U.S. Bureau of Labor Statistics reported that the US economy added 187,000 jobs in July, below economist estimates of 200,000 and slightly above the downwardly revised 185,000 jobs in June. The unemployment rate dropped to 3.5%, from 3.6% in June and 3.7% in May. Average hourly earnings grew 0.4% month-over-month and 4.4% year-over-year, matching June. The number continue to suggests the “Goldilocks scenario” of a not-too-cold, not-too-hot sweet spot of sustainable growth
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The Federal Reserve Implements Widely-expected 25 basis Point Hike

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the staff of the Ridgewood blog

Washington DC,  the Federal Reserve implemented a widely-expected 25 basis point hike, bringing interest rates to their highest level since 2001. Continuing in its quest to normalize interest rates and bring down inflation .

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Federal Reserve Announces New System for Instant Payments

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the staff of the Ridgewood blog

Ridgewood NJ, the Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.

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Consumer prices Continue to Cool , slowest annual rate since March 2021

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the staff of the Ridgewood blog

Washington DC, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May, the U.S. Bureau of Labor Statistics reported
today. Over the last 12 months, the all items index increased 3.0 percent before seasonal
adjustment.

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FED Sees More Rate Hikes Ahead

Fed Chairman Jerome Powell2

the staff of the Ridgewood blog

Ridgewood NJ, Federal Reserve officials agreed to a pause despite the fact that some officials wanted to raise rates by 0.25% last month because they felt the job market was too strong, the economy was showing signs of more resiliency, and inflation was not coming down fast enough.

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Durable Goods Orders Continue to Rise at a “Surprisingly” Healthy Clip

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the staff of the Ridgewood blog

Washington DC, durable goods orders continued to rise . In May thanks to strong demand for transportation equipment and nondefense aircraft durable goods orders, including appliances, computers, cars and other manufactured goods, rose 1.7% in May from the month prior to a seasonally adjusted $288.2 billion, the Commerce Department said Tuesday.

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Payrolls Rose 339,000 in May, Much Better than Expected

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the staff of the Ridgewood blog

Washington DC ,(8:37am) total nonfarm payroll employment increased by 339,000 in May, and the unemployment rate rose by 0.3 percentage point to 3.7 percent, the U.S. Bureau of Labor Statistics
reported today. Job gains occurred in professional and business services, government,
health care, construction, transportation and warehousing, and social assistance.

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As Expected The Fed Adds a 1/4 of a Point

Fed Chairman Jerome Powell2

the staff of the Ridgewood blog

Washington DC, the US Federal Reserve did what almost everyone expected  it would do, raising interest rates by a quarter percentage point and hinting it could be the final move in its tightening campaign. With a slight tweak to its language, the central bank signaled that the time to step back and watch may have finally arrived.

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The Federal Reserve Hikes Rates a 1/2 Point

Fed Chairman Jerome Powell2

the staff of the Ridgewood blog

Washington DC, the Board of Governors of the Federal Reserve System voted unanimously to approve a 1/2 percentage point increase in the primary credit rate to 4.5 percent, effective December 15, 2022.

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The Federal Reserve Hikes Rates For the Sixth Time

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the staff of the Ridgewood blog

Washington NJ, The Federal Reserve’s latest interest rate hike Wednesday of 0.75 percent is expected to intensify pressure on the housing market while pushing up mortgage rates that already have reached nearly 20-year highs. Its also the fourth consecutive 0.75 percentage point increase and the sixth consecutive one this year for the Fed, a cycle not seen since the inflation-fighting days of the early 1980s.

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