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About Keith Molyneaux

Posts by Keith Molyneaux…

British Pound Plunges to Near Dollar Parity Amid UK Turmoil

Britain’s new government announced a sweeping series of tax cuts and stimulus policies today, outlining what it hopes will be a path to economic growth despite high inflation. Unfortunately, UK traders and economists are not convinced, with many warning that the plan may further fuel inflation and cause the nation’s debt to balloon. In the […]

Key Economic Indicator Drops for Sixth Consecutive Month

A comprehensive gauge that measures the direction of the US economy fell again in August for the sixth straight month, fueling fears that the economy is heading for a recession. The Conference Board’s Leading Economic Index for the United States fell 0.3% last month, following a drop of 0.5% in July. Economists polled by Reuters […]

America Gained 2.5 Million New Millionaires Last Year

The ranks of the world’s millionaires grew at a rapid pace last year, as strong gains in the stock market and surging home prices built wealth. There were 5.2 million newly minted millionaires across the globe last year, and nearly half, 2.5 million, came from the U.S., according to Credit Suisse’s latest annual wealth report. […]

Existing Home Sales Fell Nearly 20% in August

Sales of existing homes declined for the seventh consecutive month in August as surging mortgage rates and high prices continued to push prospective buyers out of the market. Sales were down 19.9% from a year earlier, according to data from the National Association of Realtors. The month’s sales were the weakest since May 2020, when […]

Mortgage Rates Top 6% for the First Time Since the 2008 Financial Crisis

Mortgage rates broke above 6% this week, reaching their highest level since 2008, straining affordability for buyers and raising alarm bells about a slowdown in the housing market. The average rate on a 30-year fixed mortgage climbed to 6.02% this week, more than double the 2.86% rate homebuyers saw a year ago, according to mortgage […]