Forecasts released by the Fed show policymakers expect U.S. growth to slow only o.2 percent this year, notes Grumpy Editor.
However, they see growth picking up 1.2 percent in 2023, but predict the unemployment rate will rise to 4.4 percent.
"Higher interest rates, slower growth and a softening labor market are all painful for the public that we serve but they're not as painful as failing to restore price stability and then having to come back and do it down the road again,” says Fed chairman Jerome H. Powell.
Many analysts are forecasting a recession next year but remain hopeful it will be relatively mild.
IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE…
HOLLYWOOD SIGN GETTING PAINTED. The Hollywood sign (originally Hollywoodland), on a hill north of Hollywood, is getting a fresh coat of paint on its 45-foot-high letters just ahead of its 100th anniversary. The sign is now an American cultural landmark and culturalicon.
BANK DEPOSITS DECLINE. Second quarter deposits in U.S. banks declined by a record $370 billion in the second quarter. It’s the first decline since 2018.
HOMEBUYERS FACE PAYMENT SHOCK. Average interest rate on a 30-year fixed mortgage edges up to 6.7 percent. That is an increase of 3.3 percent from the start of the year. While home prices have eased over the last couple of months, they are still up 13.1 percent from a year ago
TARGET PLANS MAJOR HIRING. Target plans to hire up to 100,000 seasonal workers for its U.S. stores and warehouses. This with inflation pushing consumers to limit spending.
AUTUMN PUTS SOME IN BETTER MOOD. Latest Rasmussen Reports survey finds 49 percent of adults say arrival of fall puts them in a better mood, 10 percent say they are in a worse mood, while 37 percent say change of seasons has no impact.
EX-FBI DIRECTOR WRITING CRIME FICTION. Former FBI Director James Comey is into Writing Crime Fiction. His first novel, "Central Park West," features an assistant U.S. Attorney looking into ties between the Mafia and the murder of a local politician. The book is scheduled for release next spring.
DOG STEALER NABBED. An Irvine, California man is facing grand theft charges after surveillance footage showed him taking a dog out of a parked car. A small dog, named Mookie, was stolen in a parking lot. Footage shows a man walking up to the car’s rear passenger side, seemingly talk to the dog and then take the dog through an open window within 40 seconds.
