Monthly Archives: July 2022

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A recession could arrive by year-end as it looks more unlikely the Fed will stick a soft economic landing, BofA says

The Federal Reserve, led by Jerome Powell, raised interest rates earlier this month. Samuel Corum/Getty Images The Federal Reserve’s ability to stick a soft landing in the economy appears more unlikely, according to Bank of America.The bank highlighted Powell’s commitment to getting inflation back to the 2% range, which will require a lot more financial…

The economy shrank in the first half of 2022 — but the US isn’t even close to entering an actual recession

A customer shops in a Kroger grocery store on July 15, 2022 in Houston, Texas. U.S. retail sales rose 1.0% in June according to the Commerce Department. Brandon Bell/Getty Images The US economy shrank in the first six months of 2022, but it’s most likely still healthy. Back-to-back quarterly contractions signal a technical recession, but…

Refinancing a mortgage is often costly, but you could save money by shopping around

Refinancing can help you achieve certain financial goals, such as spending less money on your mortgage each month or making value-boosting upgrades to your home. MoMo Productions/Getty Images Plan to pay between 3% to 6% of your principal in closing costs when you refinance. Mortgage closing costs can include an application, appraisal, and origination fees,…

Oil prices rally as a rise in fuel demand tames recession concerns

Russian oil export revenues have surged in 2022. Vladimirovic/Getty Images Oil prices jumped more than 2% early Thursday as a rebound in fuel demand tamed recession fears.  West Texas Intermediate gained as much as 2.38%, while Brent, the international benchmark, moved roughly 2.13% higher. US gasoline demand jumped 8.5% last week from the prior week,…

Solar stocks jump as Senator Joe Manchin reaches a deal with Democrats that includes climate spending

Sen. Joe Manchin (D-WV). Anna Moneymaker/Getty Images Solar stocks were higher Thursday as senator Joe Manchin reached a deal with Democrats on climate spending. The agreement includes $369 billion in climate and energy spending aimed at cutting US carbon emissions 40% by 2030. Shares of SunRun and SunPower both jumped as much as 13% while…

US stocks edge up even as a 2nd straight GDP contraction stokes recession worries

Fed Chair Jerome Powell. ANDREW CABALLERO-REYNOLDS/Getty Images Stocks rose Thursday even as GDP data revealed the US economy contracted for the second straight quarter.  The economic data added to the mounting fears of a recession and followed the Fed’s  rate hike Wednesday.  Meta reported an earnings miss after-hours Wednesday, and its CEO warned of an…