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Beige Book survey reports signs of slowdown
US economic activity has ‘continued to increase’ over the past seven weeks but there are signs of a slowdown, according to the Federal Reserve’s latest Beige Book survey.
US borrowers pay down mortgages
More homeowners are paying down their principal balances when they refinance their mortgages, reversing a trend that became popular during the housing bubble, when rising prices allowed borrowers to “cash out” by taking on more debt, Freddie Mac, the government-sponsored mortgage finance company, said
Opinion: Bernanke must end the era of ultra-low rates
The market now thinks that whenever the financial sector’s actions result in unemployment, the Fed will respond with ultra-low rates and easy liquidity, writes Raghuram Rajan
Treasury moves on US housing finance reform
The Obama administration sought to regain the initiative on reform of US housing finance, calling a public meeting on the issue next month as it prepares to deliver an overhaul plan for Fannie Mae and Freddie Mac to Congress in January
US home prices pick up in May
Home prices in the US climbed higher than expected in May as the housing market benefited from the last drops of federal stimulus ahead of summer, but tumbling consumer confidence showed growing fears about the economic recovery
Obama seeks backing for small business
The US president is asking Congress to pass a package that will provide a $30bn lending fund, eliminate capital gains tax on some investments and speed up tax deductions
US local government cuts hit services
A report says that local government job losses in the US will approach 500,000 as a result of the recession, with public safety, public works and social services among the hardest hit
US recovery elusive amid fiscal gaps
Most US states are expecting to see tax revenues rise after a freefall from the recession, but a recovery remains uncertain in the face of budget deficits and the end of federal stimulus funds
Economists dispute effect of US stimulus
Mark Zandi, chief economist at Moody’s Analytics, told Congress each dollar spent on infrastructure was creating $1.57 in gross domestic product. John Taylor, a Stanford economist, said government spending ‘had little to do with the turnaround’
US new home sales rebound in June
Sales of new homes in the US rebounded from a record low in June, offering hope that the housing market’s stimulus-induced hangover may have subsided
