Rating agency Fitch downgraded the U.S. government’s longer-term credit rating to AA+ from AAA. This was the second downgrade in the nation’s history. The first came in August 2011 from S&P Global Ratings after a government standoff over the debt ceiling. The agency cited “the expected …
The Federal Reserve announced a major policy revision last week. The revised strategy indicates rates will stay low for a long period of time and will increase slower than in past rate cycles. The report and a subsequent speech by Fed Chair Jay Powell indicate the Fed will allow inflation t …
COVID-19 caused an economic shockwave that we’ll feel for a long time. Nonprofits, from large global networks to the local churches, have been hit hard, too. In a recent survey of 110 nonprofits, 80% of them said revenue had fallen across the board.
The S&P 500 continued to march higher, rising 0.8% last week. Excluding dividends, the index of large-cap U.S. stocks reached a new record. Some investors prefer this measure for determining when bear markets end. By almost any measure, the S&P 500 is no longer in a bear market.
U.S. economic data last week supported the view the U.S. is entering a period of slower economic growth after a sharp recovery in May and June. Mandatory and voluntary social distancing efforts limit how quickly the economy can recover when certain segments, such as restaurants, are still s …
The U.S. economy added 1.8 million jobs in July as hiring momentum in the service sector allowed many workers to reclaim lost jobs or get new ones. The pace of hiring slowed compared to gains of 2.7 million and 4.8 million in May and June. The slowing growth reflects consumer caution as new …
Do you know what it was like to buy a house in 1982? You pulled up your Trans Am to the bank where the picture of President Regan hung on the lobby wall and got your checkbook out of your jean jacket. Then you signed up for a 30-year mortgage with a 17% interest rate!
