Headlines discussed at LNWM’s Monday morning briefing:
— By year-end, the Federal Reserve plans to start cutting back on its massive bond buying ($120 billion a month) but will leave its key interest rate near zero.
— Median US house prices were 18% higher in July 2021 vs. July 2020, with slightly more inventory in the market; 25% of purchases were all cash.
— US household income rose 1.1% in July, boosted by Child Tax Credit; personal savings rate rose to 9.8% with US households having accumulated $2.5 trillion in extra savings since start of pandemic.
— UN Sustainable Development Goals (SDGs) are being increasingly used as benchmark for ESG performance: Moody’s new ESG database evaluates 5,000 publicly traded companies on SDG criteria.
— South Korea became the 1st Asian country to raise its key interest rate (from 0.5% to 0.75%), to curb rising household debt and soaring real estate prices.
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