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Tuesday, June 03, 2008
DAILY FISCAL POLICY REPORT -- June 3, 2008
Economy -- Fed Chief Shifts Focus from Slowdown: In a sign that the round of rate-cutting since last summer may be ending, Fed Chief Ben Bernanke indicated more of a concern with inflation in a speech today than with the economic slowndown that has generate months' of speculation about a possible recession in the U.S. Bernanke Speech.
Economy -- Consumers Raid Nest Eggs to Spend: "After a long binge of borrowing, U.S. consumers face a credit crunch and a sagging economy. To sustain their living standards, many Americans are doing what comes naturally: scrambling to raise more cash... Consumer confidence hit a 28-year low in May, according to the latest Reuters/University of Michigan survey of consumer sentiment." Wall Street Journal ($).
And More Economy -- Empty Nest Syndrome: The number of foreclosed homes owned by lenders continues to rise despite signs that they are increasingly willing to slash prices to sell those properties. Lenders and investors in mortgages owned about 660,000 foreclosed homes in April, up from 493,000 in January and 231,000 in January 2007. Wall Street Journal ($).
Source: CQ Today
Posted by Dana Chasin
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