'Bond King' Bill Gross predicts American consumers will run out of cash later this year, paving the way for a recession
American consumers are propping up the economy by spending their pandemic savings, but they're likely to run out of cash later this year, Bill Gross has warned. on Monday. His point was that government spending and tax rates, along with interest rates and money supply, affect economic growth and inflation.
The Federal Reserve has reacted by lifting interest rates to north of 5% since last spring, and penciling in further hikes. Annualized inflation has dropped from a peak of 9.1% last June to 4% in May, but remains well above the Fed's target rate of 2%. The so-called"Bond King" — who cofounded fixed-income titan PIMCO and managed its flagship bond fund — is far from the only market commentator to predict a cash crunch.in April last year that consumers benefited from stimulus checks, forgivable loans, cash-out refinancing offers, and indirect fiscal support during the pandemic.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Gross family goes down memory lane during visit to Dothan for Ozone State TournamentJake Gross acknowledges he was a little more pumped up than normal to play this past Friday night as his Auburn Orange all-stars baseball team competed in its Ozone State
Read more »
Dave Portnoy responds to Sonja Morgan’s ‘gross’ motel sex propositionThe Barstool Sports founder had choice words for the “Real Housewives of New York City” alum following her public declaration Monday.
Read more »
People Are Sharing The Worst Cooking Faux Pas, And It's So, So Gross'I worked with a woman who routinely gave me microwave recipes. These were straight up entire dinners with raw meat.'
Read more »
$4,500 Bill To Unlock Extra Battery Capacity Has People Taking Sides Between Tesla And Customer | CarscoopsThe customer bought a used Model S P60 and then found out that he had additional battery capacity that he was locked out of using car auto cars
Read more »
San Antonio should join Houston in suit challenging ‘Death Star’ billOpinion: Other than time and legal fees, the City of San Antonio has little to lose in fighting back against the state's bullying of cities.
Read more »
Israeli protests reignite as Netanyahu pushes new justice billIsrael's business hub Tel Aviv saw the biggest anti-government protest in weeks on Saturday against a renewed push by Prime Minister Benjamin Netanyahu's hard-right coalition to overhaul the justice system.
Read more »