Economic indicators

The bottom 50% of U.S. households, generally those with a net worth of $166,000 or less before the pandemic, are in the strongest relative financial position in a generation, according to the Realtime Inequality tracker.

Federal Reserve chair Jerome Powell said the central bank will remain aggressive in fighting inflation despite promising economic data.

Wealthier Americans cut their credit card spending for a third straight month in July as inflation and market volatility weighed on sentiment, according to a study by Bank of America Institute. 

An account of the debate at the Federal Reserve's July policy meeting, set to be published after two weeks of whiplash on Wall Street, will probably offer clues as to what would push the central bank to go big with tightening yet again in September.

An alternative metric might have led the Federal Reserve to take earlier action against rising prices.

The three-month London interbank offered rate for dollars climbed to a nearly 14-year high as traders brace for steady interest rate hikes from the Federal Reserve, backing away from speculation the central bank will ease up as the economy shows signs of cooling. 

The American Bankers Association’s credit conditions index fell sharply, as economists foresaw dampening loan demand. The weaker outlook lines up with major bank CEOs’ increased worries over a possible recession.

An American Bankers Association panel of experts predicted much slower economic growth, but agreed that the U.S. economy will avoid a recession over the next couple of years.

After lying low for a couple of years, wealthy consumers are poised to unleash nearly a quarter-trillion dollars in a card-spending binge that only a COVID-19 resurgence could derail, according to Visa's chief economist, Wayne Best.

The U.S. Department of Agriculture expects farm profits to drop by 8% this year due to multiple factors, creating credit quality questions for ag banks.