Broke On: Tuesday, 30 July 2024
The Federal Reserve is expected to make the first interest rate reduction since 2020 on September 30, 2024, following a year of economic growth and cooling inflation. This development could lead to lower mortgage rates for homeowners and buyers, potentially refinancing or securing more affordable housing. The Fed's decision will impact markets as investors rotate from tech shares to other sectors in anticipation of broader interest rate trends.
Broke On: Tuesday, 30 July 2024
US consumer confidence showed mixed signs of improvement in July 2024, with Americans expressing optimism and concerns about current economic conditions. Despite a slight increase in overall confidence, consumers were less positive about labor and business conditions due to inflation worries and economic uncertainty. Lower-income consumers, who spend a significant portion of their income on basic needs, are particularly vulnerable to price increases and contribute to overall economic uncertainty.
Broke On: Sunday, 28 July 2024
Vice President Kamala Harris' presidential campaign has garnered over $200 million in Democratic funding and generated organic excitement among liberal creators, positioning her as a strong contender against former President Trump.
Broke On: Monday, 29 July 2024
The Federal Reserve is anticipated to signal an interest rate cut in September amid rising unemployment and a dip in annual inflation. Despite the benchmark short-term rate remaining at a 23-year high, economists predict hints of a potential rate cut during the Fed's policy meeting. The impact of an interest rate cut on borrowing costs could boost the economy, though a single reduction may not make a significant difference.
Broke On: Tuesday, 30 July 2024
Despite having the highest income and wealth inequality globally, Burundi contrasts with Monaco's near-complete equality. The UBS Global Wealth Report reveals that half of the world's wealth is held by just 1.5% of global adults, with millionaires numbering over 21 million in the US and expected to grow to 25.4 million by 2028. Japan is predicted to surpass China as the second country with the most millionaires, while Taiwan's microchip industry drives global wealth growth due to AI technology.
Broke On: Monday, 29 July 2024
In July 2024, the star T Corona Borealis (T CrB) in the constellation Corona Borealis will become a nova, brightening up to over 1000 times its normal state and becoming visible to the naked eye. This rare event occurs when a white dwarf pulls hydrogen gas from its M-type companion, leading to a thermonuclear explosion that fuses hydrogen into helium. Amateur astronomers have been documenting this event and will contribute valuable research on binary star systems and nova explosions.
Broke On: Sunday, 28 July 2024
Italian Prime Minister Giorgia Meloni signed a three-year economic cooperation pact with Chinese Premier Li Qiang during her first official visit to Beijing in July 2024. The deal aims to strengthen collaboration in trade, investment, education, environmental protection and food security. Meloni withdrew Italy from China's Belt and Road Initiative the previous year due to unfulfilled economic expectations but intends to negotiate a separate deal. Critics question the fairness of trade relations between Italy and China as the Italian trade deficit with China grew to over €40 billion last year.
Broke On: Thursday, 25 July 2024
Anticipated Federal Reserve rate cuts in 2024 could lead to lower borrowing costs, impacting mortgage and HELOC rates, as well as credit card debt. Experts suggest securing CD rates for longer terms to offset potential money market fund yield decreases.
Broke On: Thursday, 25 July 2024
Runway, a multi-billion dollar AI tech company, faced controversy over its text-to-video generator Gen-3's training on unauthorized YouTube videos from major entertainment companies and individual creators like Netflix, Disney, Nintendo, Rockstar Games, MKBHD and Linus Tech Tips. An anonymous employee admitted to downloading videos using proxies for training without permission. Google's policies prohibit unauthorized use of its content for AI training purposes with potential legal action and reputation damage.
Broke On: Tuesday, 23 July 2024
Amidst a volatile global economy, the Nikkei 225 and Topix in Japan, Kospi in South Korea, and S&P/ASX 200 in Australia experienced fluctuations. Toyota showed optimism with a share buyback plan. The US markets also saw declines due to mixed tech earnings reports and expected Fed rate cuts. Amidst uncertainty, the tech sector remains a focus for investors seeking growth.