In The News Today

Posted at 1:58 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

Boom?

Mortgage Demand Falls To The Lowest Level In 22 Years Amid Rising Rates And Slowing Home Sales

Mortgage rates are back on the upswing, after a brief decline in May, and the housing market is still suffering from a lack of listings. As a result, mortgage demand continues to drop.

Total mortgage application volume fell 6.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand hit the lowest level in 22 years.

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Bill Holter’s Commentary

Because they are not part of the “club” …

Pam & Russ Martens: Credit Unions And Banking Groups Warn Of “Devastating Consequences” Of A US Central Bank Digital Currency

One has to wonder why the Federal Reserve, which is effectively owned by the nation’s banks in that they own each of the regional Federal Reserve banks whose presidents govern at the Fed, would want to compete in such a destructive way with its own member banks by sucking bank deposits away from individual banks. It raises a serious question about what is behind the drive to a CBDC …

Credit union and banking trade groups have released a joint letter to the chair and ranking member of the House Financial Services Committee, warning of “devastating consequences” if the Federal Reserve moves forward with a Central Bank Digital Currency (CBDC). The letter was sent on May 25, one day before the Committee convened a hearing on “Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency.” That hearing took testimony from only one witness, Lael Brainard, the Vice Chair of the Federal Reserve.

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