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- Daily Scoop 22-6-15
Daily Scoop 22-6-15
👋 Your Wednesday Scoops - Ford's huge recall & Tesla's many crashes
Today's Scoop:Inflated
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Big Picture
Policymakers are raising interest rates more quickly.
Mortgage rates are soaring.
Consumers are spending less as prices surge.
The Market:
⬆️
+1.5%
S&P 500: 3,789.99
1Mo:
-5%
| 1Yr:
-10%
| 5Yr:
+56%
Markets bounced from their lows today after policymakers reassured investors of their commitment to bring down inflation.
The Federal Reserve raised baseline interest rates
by 0.75%, a more significant hike than their last meeting and the largest single raise in 28 years. Policymakers believe the jobs market is strong enough to withstand the removal of the pandemic-era emergency economic support measures. The Fed is moving rates faster back to normal conditions to calm demand driving inflation.
The Fed's efforts are already playing out in the housing market.
Mortgage rates have surged
in the last few weeks. The Balance reported the average 30-year mortgage rate hit 6.51% this week. Higher mortgage costs and record home prices have led to
declining home sales
for the past six months.
Consumer spending declined
for the first time in five months in May. Higher prices have started impacting shoppers.
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🤓 Inside Scoop...
The
Federal Reserve
, aka the
Central Bank
, aka
The Fed
, is in charge of our whole money system. When the economy is struggling, the Fed lowers baseline
interest rates
to make it cheaper for consumers and businesses to borrow and spend. The Fed also pumps more money into the system by buying bonds with new dollars that it essentially speaks into existence. The additional cash keeps the pipes flowing as the borrowing and spending heat up, stimulating economic activity. Once the economy's strong enough to stand on its own, the Fed starts to raise interest rates and pull back some of that money to ensure the economy doesn't overheat.
Inflation
is the Fed's heat gauge. So everyone's watching whether the Fed can dial back the stimulus measures quickly enough to slow inflation and cool the economy but not so quickly that it completely freezes growth.
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