The Fed Raised Interest Rates by .75%
On Wednesday, the Fed raised interest rates by .75%
On Thursday, GDP estimate for the 2nd quarter declined by 0.9%, its second consecutive quarterly decline.
The CFNAI Unchanged in June 2022
The Chicago Fed National activity Index (CFNAI) was unchanged at -0.19 in June. Two of the four broad categories of indicators used to construct the index made negative contributions in June. The index’s 3 month moving average, CFNAI-MA3, moved down to -0.04 in June from +0.09 in May. The report was released July 25.
What do the numbers mean? A zero value for the monthly index has been associated with the national economy expanding at its historical trend (average) rate of growth; negative values with below-average growth (in standard deviation units); and positive values with above-average growth. Periods of economic expansion have historically been associated with values of the CFNAI-MA3 above –0.70 and the CFNAI Diffusion Index above –0.35.
Conversely, periods of economic contraction have historically been associated with values of the CFNAI-MA3 below –0.70 and the CFNAI Diffusion Index below –0.35. An increasing likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +0.70 more than two years into an economic expansion. Similarly, a substantial likelihood of a period of sustained increasing inflation has historically been associated with values of the CFNAI-MA3 above +1.00 more than two years into an economic expansion.
New Home Sales Fell in June
New home sales fell 8.1 percent in June to a 590,000-unit pace, and sales for the prior month were revised lower by 54,000 units to a 642,000-unit pace. The slowdown in sales has led to an increase in new home inventories which has prompted home builders to reduce prices.
US Raw Steel Production Up from Previous Week
In the week ending July 23, US raw steel production was 1,754,000 net tons at an ACUR of 79.6 percent, up 0.9 percent from the previous week.
US Drill Rigs Running Up from Previous Week
There were 758 drill rigs running in the US last week, up 2 from the previous week and up 267 rigs from one year ago. Canadian drillers added 4 rigs to 195, up 4 rigs from the previous week, up 46 rigs from one year ago.
Texas Factory Activity Continue at Modest Pace
The Federal Reserve Bank of Dallas released its July 2022 Texas Manufacturing Outlook Survey results and reports Texas factory activity continued at a modest pace, according to executives responding to the survey.
Yes, our southern border continues to allow masses of people to enter illegally and jump on the government (our tax money) dole. If that does not piss you off, I don’t know what will. The ramifications of this are inestimable and very bad for the USA.
Yes, the free people of Ukraine continue to fight to preserve their national sovereignty and their FREEDOM!
“Chips” and “Inflation Reduction” Bills Passed
In addition to the $280 billion “Chips” bill, the senate has passed a $739 billion “Inflation Reduction Act” which will do little to reduce inflation but gives nearly $400 billion to “green” programs, $60 some billion to keep Obamacare afloat and they are proposing a 15% minimum corporate income tax rate. All this bullshit in the screwed up economy they have created. It is truly disgusting
“MAKE AMERICA GREAT AGAIN”
“KEEP AMERICA GREAT”
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.
By the way, if you wish to comment on my rants or offer any other insights you may have, you are encouraged to email me.
TEDDY ROOSEVELT ON IMMIGRANTS IN AMERICA…1907
In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person’s becoming in every facet an American and nothing but an American. There can be no divided allegiance here. Any man who says he is an American, but something else also, isn’t an American at all. We have room for but one flag, the American flag…We have room for but one language here and that is the English language…and we have room for but one sole loyalty and that is a loyalty to the American people.”