The Monday Mix: Oct. 17 – 23, 2022
Top-of-mind economic news as we start the week:
— U.S. industrial production reached its highest level in 14 years in September, according to the Federal Reserve.
— The U.S. federal budget deficit is 50% smaller for fiscal year 2022, the biggest annual drop ever, after two years of massive COVID-related spending.
— A federal district court temporarily blocked student loan forgiveness; 50% of those eligible — some 22 million Americans — applied in first week.
— After six weeks in office, British Prime Minister Liz Truss resigned as her plan for massive tax cuts temporarily sank the pound and U.K. bond prices.
— The U.S. Dept. of Energy will award $2.8 billion to projects aiming to strengthen U.S. production of components used in the battery supply chain for electric vehicles and the electric grid.
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