US Millionaire Count Tops Global List, Reaching 23.8 Million

 

The United States boasts the world's largest millionaire population, reaching 23.8 million in 2024, a 1.5% increase fueled by a strong stock market and stable dollar, according to UBS. China follows with 6.3 million millionaires. While the first half of 2025 saw market volatility due to trade tensions and...

Russia's Economy on Brink of Recession

 

Russia's economy is teetering on the brink of recession, according to Economy Minister Maxim Reshetnikov. While initially outperforming predictions due to high defense spending and increased wages, long-term threats remain, including inflation and a lack of foreign investment. Reshetnikov stated that the country's future economic trajectory depends...

GOP Spending Bill Won't Fix US Debt Crisis, Goldman Sachs Says

 

Goldman Sachs economists dispute President Trump's claim that the GOP spending bill will solve the U.S.'s unsustainable debt. While the bill might slightly lower the deficit excluding interest, rising borrowing costs leave the total deficit largely unchanged. The $36 trillion national debt, exceeding 120% of GDP, necessitates either...

Switzerland Cuts Rates to Zero Amid Franc Surge

 

The Swiss National Bank (SNB) unexpectedly cut interest rates to zero, its first time at this level, in a bid to counter the surging Swiss franc's appreciation amid global trade tensions and lagging inflation. While a minority anticipated a larger cut, the franc strengthened following the announcement. SNB chair...

Powell Warns of Inflation, Stagflation Risk from Tariffs

 

Fed Chair Jerome Powell warned of rising inflation due to tariffs, despite recent positive economic data. While the impact of tariffs is delayed, Powell anticipates increased inflation and slower economic growth in the coming months, raising concerns about potential stagflation. Positive job growth and consumer sentiment data have so...

Asia Markets Plunge Amid US Rate Decision, Iran Tensions

 

Asia-Pacific markets tumbled Thursday, led by Hong Kong's Hang Seng index dropping over 2%, following the U.S. Federal Reserve's decision to hold interest rates steady. Investor sentiment was further dampened by the Israel-Iran conflict. Meanwhile, President Trump convened national security advisors for a second day to discuss potential...

Fed Raises Inflation Forecast Amid Trade Wars and Geopolitical Risks

 

The Federal Reserve raised its inflation forecast for 2025 to 3%, citing uncertainty from President Trump's trade policies and geopolitical risks. The core personal consumption expenditures price index is expected to rise to 3.1%, up from a previous forecast of 2.8%. GDP growth is projected to slow to...

Social Security faces 2034 funding crisis

 

Social Security's combined trust funds are projected to be depleted by 2034, a year earlier than previously anticipated, leaving it unable to fully pay benefits to millions. This is due to factors including increased benefits for certain workers and slower-than-expected fertility rate recovery. Medicare's hospital insurance trust fund...

Dollar Plummets Amidst Investor Rejection of Trump Policies

 

The US dollar has fallen over 10% against major currencies since President Trump took office, a decline unseen since the 2010 financial crisis. This drop reflects investor concerns about Trump's economic policies, including tariffs, tax cuts increasing deficits, pressure on the Federal Reserve, and aggressive legal tactics. Global...

Fed Holds Rates Amid Tariff Uncertainty

 

The U.S. economy shows mixed signals, with low unemployment and fading inflation, but President Trump's tariffs pose uncertainty. The Federal Reserve is expected to keep interest rates unchanged at 4.4% this week, though future cuts are anticipated. While Trump pressures the Fed to reduce rates to lower government...