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After running a $1.3 trillion deficit in fiscal 2022, the US government took up right where it left off to start fiscal 2023 — running a big budget deficit. The October budget deficit came in at $87.8 billion despite another month of healthy government receipts, according to the latest Treasury statement.
The October CPI data came in a bit cooler than expected, but the market reaction was hot and furious. Peter Schiff broke down the CPI data and the market reaction to it in his podcast. Despite the spin, Peter said the Fed isn’t making any progress in fighting inflation.
Three key takeaways: For weeks, the Bitcoin market has looked propped up by the whales, especially after the recent FTX disaster. Bitcoin hodlers should strongly consider moving into gold, silver, or at least Ether. Full disclosure, I have a complicated relationship with Crypto.
The Federal Government ran a deficit of $88B in October which is down significantly from the deficit last month that was a record for September due to the student loan forgiveness program. The deficit is also down compared to last October which was -$165B.
They say perception is reality. Based on the October CPI data, the perception is inflation has peaked. But what’s the reality? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the CPI data along with the markets’ reaction to it and wonders if the inflation victory dance is a little […]
The perception is that CPI cooled significantly in October, but the data doesn’t quite bear this out. The latest seasonally adjusted inflation rate for September came in at 0.44%. The YoY rate was 7.7%, or 7.8% when adjusting for Household Ops. which has not been consistently reported over the last year. The increase was actually […]
There are plenty of signs that the economy is teetering on the brink as the Federal Reserve ratchets up interest rates. The air is coming out of the housing bubble, PMI has tanked, more Americans are living paycheck to paycheck, and debt is spiraling upward. Those claiming the economy remains strong have one peg to […]
With prices rising and real wages falling, many Americans are struggling to make ends meet. They are increasingly turning to credit cards and other debt to fill the gap. But that creates other problems. Debt has to be repaid and a growing number of Americans are struggling to keep up with payments. Auto loan delinquencies […]
American consumers continue to dig deeper into debt as they try to cope with rising prices using credit cards. Americans added another $25 billion to their record levels of debt in September, according to the latest data from the Federal Reserve.
Gold rallied by over $50 an ounce last Friday and the rally has extended into this week with the yellow metal moving back above $1,700 an ounce. In his podcast, Peter Schiff explained why he thinks that gold has bottomed and this is a significant reversal.
