Inflation slowed to an annual pace of 8.3% in August, down from 8.5% the prior month.
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As the spread between fixed and adjustable rate mortgages has increased, the share of conventional mortgages with an adjustable rate reached 8.5% in August.
A combination of factors, including an agreement to allow exports through the Black Sea, a good harvest year and a strong U.S. dollar have contributed to the decrease in food prices.
Spending on TV ads by cryptocurrency firms fell this summer amid a decline in bitcoin and other crypto prices.
The average price of regular gas has fallen to $4 a gallon, its lowest level since March.
According to a report by the NY Fed, mortgages, credit cards, and HELOCs constitute a higher percentage of debt for older individuals, whereas student and auto loans make up a larger share of debt for those aged 18-29 years old.
The percent has more than tripled since the beginning of the year; current percentage running well ahead of the same period last year.
Markets expect at least a 75 bps hike at the next FOMC meeting, which takes place July 26-27. More than half of respondents expect the Fed will need to increase rates an additional 100 bps over the next year to tame inflation.
The spread between the two-year and 10-year notes dipped negative last Monday for the first time since April. Historically, protracted inversions of the yield curve have preceded U.S. recessions.
U.S. banks extended $179 billion in farm loans in 2021, of which $99.6 billion came from farm banks that specialize in the ag space.