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☆ Focusing on the supply side has really helped lower inflation: WH economic adviser Heather Boushey
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFocusing on the supply side has really helped lower inflation: WH economic adviser Heather BousheyHeather Boushey, White House Council of Economic Advisers member, joins 'Squawk Box' to discuss the state of the U.S. economy, inflation outlook, and more.

Persons: Heather Boushey Heather Boushey Organizations: White House Council, Economic Advisers Locations: U.S

☆ Argentina's Milei to meet Biden aide after lunch with Bill Clinton
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 27 (Reuters) - Argentina's President-elect Javier Milei will meet with a top security aide to U.S. President Joe Biden in Washington, the White House confirmed on Monday, after the far-right libertarian lunched with former U.S. President Bill Clinton in New York. Upon arriving in the United States, Milei first visited the tomb of a well-known orthodox Jewish rabbi before having lunch with Clinton, according to a statement from the president-elect's office. On Tuesday, Milei will meet with U.S. National Security Adviser Jake Sullivan, while his economic advisers are scheduled to meet with senior U.S. finance officials to discuss the president-elect's economic priorities. Argentina is the IMF's largest debtor nation as it struggles to tame inflation approaching 150%. Milei will take office on Dec. 10 at a time when over two-fifths of Argentina's population is in poverty and a recession looms for South America's second-largest economy.

Persons: Javier Milei, Joe Biden, Bill Clinton, Milei, Luis Caputo, Karina Milei, Clinton, Jake Sullivan, Donald Trump, Jarrett Renshaw, David Lawder, Jorge Otoala, Brendan O'Boyle, David Alire Garcia, Simon Cameron, Moore Organizations: White House, U.S, Democrat, Argentine, U.S . National, International Monetary Fund, Reuters, Thomson Locations: Washington, New York, Milei, New Jersey, United States, Argentina, Buenos Aires

☆ Biden criticizes US companies for keeping raised prices high 'even as inflation has come down'
▼ + stars: | 2023-11-28 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

President Biden criticized companies that have failed to bring prices down even as inflation eases. The White House has blamed inflation on issues like supply chain disruptions and Russia's invasion of Ukraine. The president also said companies that are taking advantage of inflation to boost profits are "price gouging." The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. The supply chain group is co-chaired by Lael Brainard, the White House National Economic Council director, and Jake Sullivan, the White House national security adviser.

Persons: Biden, —, Joe Biden, we've, Democrat Biden, Lael Brainard, Jake Sullivan Organizations: Service, Monday, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White, National Economic Council, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: Ukraine, United States, U.S

☆ Biden will convene his new supply chain council and announce 30 steps to strengthen U.S. logistics
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden listens during a meeting with his administration's Supply Chain Disruptions Task Force and private sector CEOs in the South Court Auditorium of the White House December 22, 2021 in Washington, DC. "We're determined to keep working to bring down prices for American consumers and ensure the resilience of our supply chains for the future," said Lael Brainard, director of the White House National Economic Council and a co-chair of the new supply chain council. The announcement comes after supply chain problems fueled higher inflation as the United States recovered from the coronavirus pandemic in 2021. The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. Besides Brainard, the council will be co-chaired by Jake Sullivan, the White House national security adviser.

Persons: Joe Biden, We're, Lael Brainard, Biden, Brainard, Jake Sullivan Organizations: Force, White, National Economic Council, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: Washington , DC, United States, U.S

WASHINGTON (AP) — President Joe Biden on Monday will convene the first meeting of his supply chain resilience council, using the event to announce 30 actions to improve access to medicine and needed economic data and other programs tied to the production and shipment of goods. “We’re determined to keep working to bring down prices for American consumers and ensure the resilience of our supply chains for the future,” said Lael Brainard, director of the White House National Economic Council and a co-chair of the new supply chain council. The announcement comes after supply chain problems fueled higher inflation as the United States recovered from the coronavirus pandemic in 2021. The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. Political Cartoons View All 1265 ImagesBesides Brainard, the council will be co-chaired by Jake Sullivan, the White House national security adviser.

Persons: Joe Biden, “ We’re, ”, Lael Brainard, Biden, Brainard, Jake Sullivan Organizations: WASHINGTON, White, National Economic Council, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: United States, U.S

[1/3] An employee hiring sign is seen in a window of a business in Arlington, Virginia, U.S., April 7, 2023. So far, he said at a Boston Fed labor market conference earlier this month, measures like the employment-to-population ratio largely have not behaved differently for key racial groups, for women versus men, or among those with different education levels. Research has since tended to suggest that there may be untapped pools of labor that only become available when the job market is tight - an argument for keeping monetary policy looser than not. The labor market recovery so far has been "remarkably equitable," she said. Pandemic-era programs threw a safety net under many families, and the tight job market that has since developed helped many get a foothold, Rouse said.

Persons: Elizabeth Frantz, William M, Rodgers III, Rodgers, Torsten Slok, Jerome Powell, quartile, Chris Wheat, Cecilia Rouse, Joe Biden, Rouse, what's, we're, Howard Schneider, Dan Burns, Paul Simao Organizations: REUTERS, Rights, Institute for Economic Equity, St, Louis Federal Reserve, Boston Fed, Blacks, Apollo Global Management, JPMorgan Chase Institute, Workers, Reuters Graphics, of Economic Advisers, Brookings Institution, Thomson Locations: Arlington , Virginia, U.S, joblessness

☆ Argentina investors on edge as Milei decides who to put in economic hot seat
▼ + stars: | 2023-11-20 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +4 min

"Who is appointed...as central bank president and economy minister, and the details of an urgent economic stabilization plan without a majority in Congress, will be the key for asset prices in the days ahead." The Economy Ministry is always a hot seat, with Argentina a nine-time debt defaulter caught in a decades-long boom-and-bust cycle. Milei will take office on Dec. 10 after beating ruling Peronist coalition Economy Minister Sergio Massa. "Milei said that he is going to reorganize the central bank instead of imploding it or shutting it down. The new economy minister will have to negotiate a new programme with the IMF "relatively quickly" to avoid entering arrears with the fund, Morgan Stanley said on Monday.

Persons: Milei, Macri, Javier Milei, Milei's, embolden Milei, Armando Armenta, defaulter, Sergio Massa, Hans Humes, Humes, Carlos Rodriguez, Roque Fernandez, Dario Epstein, Emilio Ocampo, Mauricio Macri, Juan Manuel Pazos, Pazos, Morgan Stanley, Morgan Stanley ´, Massa, Jorgelina, Adam Jourdan, Kirsten Donovan Organizations: Monetary, Ministry, Peronist, Economy, Greylock Capital Management, Reuters, Thomson Locations: BUENOS AIRES, South, AllianceBernstein, New York, Argentina, Argentine, Buenos Aires, Washington, refinance, Santiago del Estero, Formosa, Rosario

☆ A 'sea change' may be coming for investment advice about 401(k)-to-IRA rollovers, one expert says
▼ + stars: | 2023-11-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesWhy Labor Department wants to raise protectionsIn 2020, about 5.7 million Americans rolled a total $618 billion into IRAs, according to most recent IRS data. IRAs held about $11.5 trillion in 2022, almost double the $6.6 trillion in 401(k) plans, according to the Investment Company Institute. Here's the problem, in the eyes of the Labor Department: 401(k) investors have certain protections that don't generally extend to IRA investments or the advice to move money to IRAs. "ERISA fiduciary duties are the highest fiduciary duties under U.S. law," said Josh Lichtenstein, partner at law firm Ropes & Gray. That advice typically generates compensation like a commission for the broker or agent, and the Labor Department is concerned those incentives may bias recommendations for certain investments that pay them more but aren't in an investor's best interests.

Persons: IRAs, Josh Lichtenstein, Pew, Julie A, Su, Tom Williams, David Levine Organizations: Bloomberg, Getty, Labor Department, Investment Company Institute, ICI, Gray, Investors, Pew, Trusts, Labor, Health, Education, Washington , D.C, CQ, Inc, The Labor Department, White House Council, Economic Advisers, Groom Law Locations: rollovers, IRAs, Washington ,

☆ Reuters NEXT White House's Bernstein upbeat on economy despite Mideast war, shutdown threat
▼ + stars: | 2023-11-08 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +3 min

"On the headwind side, certainly being in a higher rate environment is something we have to be mindful of. Bernstein said the U.S. economy was outperforming virtually all its competitors and urged Congress to pass the necessary appropriations bills to keep the government running. We've got a very strong backdrop to a U.S. economy that's outperforming virtually all our competitors," he said. Asked about recent negative polls reflecting concern about President Joe Biden's handling of the economy, Bernstein said Americans had to reset their price expectations given an increase in their buying power. Bernstein said the Biden administration had taken a series of steps to ease prices while maintaining a strong labor market.

Persons: Jared Bernstein, Amanda Andrade, Rhoades, Washington, Bernstein, We've, Joe Biden's, Biden, Jeff Mason, Eric Beech, Andrea Shalal, Dan Burns, Richard Chang Organizations: of Economic Advisers, Banking, Housing, Urban Affairs, Capitol, REUTERS, U.S . Council, Economic, Reuters NEXT, Thomson Locations: Washington , U.S, Israel, Gaza, U.S, New York, joblessness

☆ ‘Morning in America’ Eludes Biden, Despite Economic Gains
▼ + stars: | 2023-11-07 | by ( Jim Tankersley | More About Jim Tankersley | ) www.nytimes.com time to read: +1 min

Mr. Reagan’s appeals worked in part because Americans had just endured more than a decade of persistently high prices and high interest rates. Economists and historians generally agree that voters came to see the progress under Mr. Reagan as relief from a long, difficult period. Voter psychology is very different under Mr. Biden. Those mortgage rates Mr. Reagan trumpeted? The difference is that under Mr. Reagan, rates fell, and under Mr. Biden, they’ve gone up.

Persons: Reagan, Reagan’s, Biden, Biden’s, they’ve, ”, Francesco D’Acunto, D’Acunto Organizations: Georgetown University’s McDonough School of Business, White House Council, Economic Locations: America

☆ Powell knows inflation is down 'but still way above where he wants it to be': Fmr. CEA Chair Furman
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPowell knows inflation is down 'but still way above where he wants it to be': Fmr. CEA Chair FurmanJason Furman, Former Council of Economic Advisers Chair, 'Closing Bell Overtime' to talk today's FOMC meeting and the central banks decision to leave rates unchanged.

Persons: Powell, Furman Jason Furman Organizations: CEA, Furman, of Economic

☆ CEA Chair Jared Bernstein talks the White House pushing back on junk fees tied to retirement savings
▼ + stars: | 2023-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEA Chair Jared Bernstein talks the White House pushing back on junk fees tied to retirement savingsJared Bernstein, Council of Economic Advisers Chairman, joins 'Closing Bell Overtime' to talk regulatory push back in junk fees for retirement savers.

Persons: Jared Bernstein Organizations: Economic

☆ US oil production just hit an all-time high. 'Millions of people will die,' if this trend continues, a Stanford climate scientist said.
▼ + stars: | 2023-10-17 | by ( Seth Borenstein | Associated Press | ) www.businessinsider.com time to read: +6 min

US oil production reached an all-time high last week at 13.2 million barrels per day. If this trend continues, "millions of people will die," Stanford climate scientist Rob Jackson said. And it conflicts with oft-repeated Republican talking points of a Biden "war on American energy." Weekly domestic oil production has doubled from the first week in October 2012 to now. US oil production reached an all time high recently.

Persons: Biden, Rob Jackson, Bill Hare, Hare, John Sterman, Jackson, Samantha Gross, Gross, Stanford's Jackson, Joe Biden, Susan Walsh Biden's, Jared Bernstein, Bernstein, They've, Joshua Boak Organizations: Service, United, Biden, U.S . Department of Energy's Energy, Administration, United Nations, United Arab Emirates, Exxon, Mobil, Cote d'Ivorie, Climate Interactive, Stanford University, Carbon, White, Brookings Institution, Energy, EIA, AP, American Energy, Republican, House Energy, Commerce, White House Council, Economic Advisers, Wildlife Locations: Stanford, United States, Norway, Australia, United Kingdom, Canada, France, Shell, Guyana, Cote, Saudi Arabia, Alaska, Washington ,

United States domestic oil production hit an all-time high last week, contrasting with efforts to slice heat-trapping carbon emissions by the Biden administration and world leaders. Weekly domestic oil production has doubled from the first week in October 2012 to now. White House officials have long considered increased oil production inside the United States as a bridge to help soften the transition to renewable energy sources. She said U.S. oil is less carbon-intensive than other oil, an argument the UAE’s oil company also makes. “Demand drives production — we need to change the whole system to reduce oil demand.”“Replacing oil in power production is a lot easier than replacing oil in transportation,” Gross said in an email.

Persons: Biden, Bill Hare, Hare, ”, John Sterman, Rob Jackson, “, ” Jackson, Samantha Gross, ” Gross, ” Stanford’s Jackson, ” Jared Bernstein, ” Bernstein, “ They’ve, They’ve, Joshua Boak, ___ Read, Seth Borenstein Organizations: Biden, U.S . Department of Energy’s Energy, Administration, United Nations, United Arab Emirates, Exxon, Mobil, Cote d’Ivorie, Interactive, ” Stanford University, Carbon, White, Brookings Institution, Energy, EIA, Republican, House Energy, Commerce, American Energy, White House Council, Economic Advisers, Wildlife, Associated Press, Washington , D.C, Twitter, AP Locations: U.S, Norway, Australia, United Kingdom, Canada, France, Shell, Guyana, Cote, United States, Saudi Arabia, Alaska, Washington ,

In both cases the outcome would push the Fed from that "golden path" onto a far more familiar one: An economy buckling as borrowing costs rise and confidence wanes. "I don't think it is unavoidable" that joblessness will have to rise significantly for inflation to return to target, Dallas Fed President Lorie Logan said on Monday. But the most important thing is that we stay focused on restoring price stability, and I think that will require some rebalancing in the labor market." Her look at past periods of inflation and disinflation makes her think the labor market may still need a shock for the Fed to succeed. "As nice as it is to see a really strong labor market, when you are trying to get inflation down, that's not your friend."

Persons: Lorie Logan, Philip Jefferson, Austan Goolsbee, Jefferson, Christina Romer, Romer, Goolsbee, that's, Howard Schneider, Ann Saphir, Dan Burns, Paul Simao Organizations: DALLAS, Federal, National Association for Business Economics, Dallas, Chicago Fed, Treasury, University of California, White House's Council, Economic Advisers, Fed, Thomson Locations: U.S, Dallas, Israel, Palestinian, Berkeley

☆ White House announces new efforts to crack down on 'tens of billions' in junk fees
▼ + stars: | 2023-10-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The White House on Wednesday will announce new initiatives to rein in tens of billions worth of surcharges tied to goods and services, or "junk" fees, in partnership with two of the nation's leading consumer-protection agencies. "When people request basic information about their accounts, big banks cannot charge them massive fees or trap them in endless customer service loops," Chopra told reporters on Tuesday. "Charging a competitive price for a legitimate service makes sense but charging junk fees for basic customer responsiveness doesn't. Both the FTC and the CFPB have taken preliminary actions toward cracking down on junk fees over the past few months. Earlier this year, the CFPB released a rule proposal on excessive credit card fees, while the FTC began targeting unfair practices in ticketing and other fees in late 2022.

Persons: Joe Biden, WASHINGTON —, surcharges, Lael Brainard, Lina Khan, Rohit Chopra, Khan, Chopra, Wells Organizations: WASHINGTON, National Economic Council, Federal Trade, Consumer Financial, Bank of America, Regions Bank, Information, Regulatory Affairs, NEC, of Economic Advisers, FTC Locations: Israel, Washington , DC

☆ The idea Bidenomics isn't working is 'completely belied by statistics': CEA Chair Jared Bernstein
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe idea Bidenomics isn't working is 'completely belied by statistics': CEA Chair Jared BernsteinJared Bernstein, chairman of President Biden’s Council of Economic Advisers, joins 'Squawk Box' to discuss the funding deal signed by President Biden to avoid a government shutdown, the state of the U.S. economy, and more.

Persons: Jared Bernstein Jared Bernstein, Biden Organizations: Biden’s, Economic Advisers Locations: U.S

☆ Biden's top economist says the key to ending the housing crisis is giving cities and developers monetary incentives to build more affordable homes
▼ + stars: | 2023-10-01 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Biden's top economist says high housing costs are a big part of economic pessimism in the US. A severe housing shortage is the main culprit for steep housing costs. In May, Biden unveiled a "Housing Supply Action Plan," which includes efforts to incentivize denser development and more affordable housing construction. The second way Biden is working to lower housing costs is helping developers with costs by expanding tax credits. The low-income housing tax credit subsidizes purchasing, building, and renovating affordable housing — and it's broadly popular among a variety of interests.

Persons: Jared Bernstein, —, We've, Bernstein, Biden Organizations: US, Council, Economic, Service, of Economic Advisers, Institute, Biden Locations: Washington, Congress

☆ Craft beer, marriages and air travel: The collateral damage of a government shutdown
▼ + stars: | 2023-09-29 | by ( Alex Seitz-Wald | ) www.cnbc.com time to read: +14 min

Staff, meanwhile, have been forced to put their real jobs on hold to prepare for the looming shutdown. National parksThe National Park Service plans to close its parks and furlough park rangers if the government shuts down on Sunday. During the 2018-2019 shutdown, the parks themselves remained accessible, but without most services. Some presidential libraries would remain open as long as they have sufficient funds, but others would close and research services would be reduced. A shutdown would result in a "data blackout" of critical economic statistics that influence markets and businesses around the globe.

Persons: Donald Trump, that's, Biden, Joshua, Armando L, Sanchez, Pete Buttigieg, they're, White, Treasury Department furloughed, shutdowns Organizations: Yosemite, Fresno Bee, Tribune, Service, Getty, White House Council, Economic Advisers, Management, Staff, National Park Service, Park Service, Department of Interior, NBC, Congressional Research Service, National Zoo, U.S . Holocaust, Museum, National, Science, National Science Foundation, National Institutes of Health, Centers for Disease Control, Prevention, FBI Agents Association, FBI, Air, Transportation Security, LaGuardia, TSA, O'Hare International, State Department, Consular, Education Department, AmeriCorps, Agriculture Department, Assistance, Women, Small Business Administration, Federal Housing Administration, Social, Consumer, Food and Drug Administration, Consumer Product Safety, Environmental Protection Agency, Occupational Safety, Health Administration, Labor, —, Social Security, Medicare, Treasury Department, Foreign Assets Control, Russia Locations: El Capitan, Yosemite Valley, Washington, Civil, U.S, Europe, Southeast Asia, New Mexico, shutdowns, New York, Chicago, Russia, Iran, Ukraine

☆ CEA Chair Jared Bernstein: A government shutdown is a 'completely unnecessary risk'
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEA Chair Jared Bernstein: A government shutdown is a 'completely unnecessary risk'Jared Bernstein, Council of Economic Advisers chairman, joins 'Closing Bell Overtime' to talk a possible government shutdown, President Biden joining striking UAW members today and more.

Persons: Jared Bernstein, Biden Organizations: Economic, UAW

☆ I worked in the White House as an unpaid intern. The job was intense and fascinating — here's what my day looked like.
▼ + stars: | 2023-09-26 | by ( Aria Yang | ) www.businessinsider.com time to read: +10 min

Julian Sarafian is a 29-year-old former White House intern from Sacramento, California. AdvertisementAdvertisementThis as-told-to essay is based on a conversation with Julian Sarafian, a 29-year-old former White House intern from Sacramento, California. It's a 10 to 15 minute walk to the White House grounds, and I even walked there on cold and snowy days. It's the side where visitors often gather to take photos of the White House, so it was neat walking in like a VIP. They were accompanied by the White House groundskeeper and were often spotted around the grounds.

Persons: Julian Sarafian, Barack Obama, Joe Biden, —, Barack Obama's, Obama, Jason Furman, I'd, It's, wasn't, Sarafian, interning, Sunny, Yang Organizations: White, Service, UC Berkeley, UC Washington Program, of Economic Advisors, FBI, of Economic, of Economic Advisers, DC, UC Washington, Secret, Harvard Law School Locations: Sacramento , California, Washington ,, Dupont, Washington

☆ Fed's higher for longer decision is due to unemployment data, not inflation: Fmr. CEA Chair Furman
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's higher for longer decision is due to unemployment data, not inflation: Fmr. CEA Chair FurmanJason Furman, Former Council of Economic Advisers Chair and Krishna Guha, Evercore ISI Vice Chairman, join 'Closing Bell Overtime' to talk the Fed's decision to leave interest rates unchanged this month.

Persons: Furman Jason Furman, Krishna Guha, Evercore Organizations: CEA, Furman, of Economic

☆ 5 million kids fell into poverty last year after Congress cut off Biden's monthly checks to parents
▼ + stars: | 2023-09-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

That's after Congress ended monthly checks to parents as part of the expanded child tax credit. The poverty rate for all people also increased from where it stood in 2021. Refundable tax credits like payments from the expanded child tax credit helped keep millions of Americans out of poverty in 2021. The SPM child poverty rate of those under 18 soared from the record low, starting with data from 2009, of 5.2% in 2021 to 12.4% in 2022. "The child poverty rate in 2022 would have been about 8.4 percent rather than 12.4 percent."

Persons: That's, —, Melissa Boteach, Institute's Elise Gould, Ismael Cid, Martinez, Biden Organizations: Service, Census Bureau, Child Tax, CTC, National Women's Law, Social Security, SNAP, Economic Advisers, CEA, Budget Locations: That's, Wall, Silicon

☆ Mortgage rate tipping point: Homeowners say roughly 5% is the magic number to move
▼ + stars: | 2023-09-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Higher interest rates created a 'golden handcuff' effectSince it's unlikely rates will drop anytime soon, this has created a so-called golden handcuff effect. Similar to the financial incentives employers may offer to discourage employees from leaving a company, homeowners are now bound by their low mortgage rate. They don't want to move now and give up that low rate to buy at a higher rate. Between 1978 and 1981, mortgage rates similarly doubled from around 9% to more than 18%, compelling more homeowners to hold on to their homes. However, "mortgage rates weren't at record lows in the late 70s before they started to skyrocket in the early 80s, nor did home prices increase as rapidly," Channel said.

Persons: Nicole Bachaud, Bachaud, John Burns, Tomas Philipson, Bob, Terri Wood, Bob Wood Bob Wood, Terri, It's, Wood, he'd, Greg McBride, Jacob Channel Organizations: Finance, John Burns Research & Consulting, University of Chicago, White House Council, Economic Advisers, CNBC Locations: Mobile , Alabama, Tennessee, LendingTree

☆ An inaccurate narrative to declare Bidenomics not working: CEA Chair Jared Bernstein
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAn inaccurate narrative to declare Bidenomics not working: CEA Chair Jared BernsteinJared Bernstein, Council of Economic Advisers chairman, joins 'Squawk Box' to discuss Bernstein's message from the White House administration, the current budget deficit, and much more.

Persons: Bidenomics, Jared Bernstein Jared Bernstein Organizations: Economic, White

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