SWIFT is an acronym which stands for Society for Worldwide Interbank Financial Telecommunications. In essence, SWIFT is not a financial institution itself, but rather a global messaging system that connects international financial institutions.
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As Americans grow weary of rampant inflation, Freddie Mac released data that shows the current interest rate on a thirty-year mortgage is reaching four percent.
Orlando, Florida's Disney World Resort is considered one of the happiest places on earth, and it's definitely a tourist favorite. School groups and families have always patronized the amusement park, but, with the addition of Universal Studios, now Disney World offers fun for children of all ages - including fans of the Marvel Universe and the Star Wars saga.
In the largest annual debt increase since before the 2008 Great Recession, household debt has grown by a whopping $1 trillion in 2021. Inflation, particularly where vehicles and housing costs are concerned, are the chief driver of this growth, according to a report released by the Federal Reserve Bank of New York.
Inflation is gripping all sectors of the economy from fuel to groceries to energy, and now, wholesalers are reporting that prices have surged up 9.7 percent during the month of January. This was announced on Tuesday; prior to the announcement, most economists had expected a jump of .5 percent.
Wage gains are wiped out due to the ever-rising cost of food and fuel. The latest finance report for January shows that the consumer price index rose to 7.5 percent, setting a new forty-year high record once again.
On Monday, GasBuddy released data showing that the national average price for a gallon of gas is $3.42. Compared to just one month ago, gas is up by 12.3 cents; in the last year, gas has risen 97.5 cents, says GasBuddy's latest data.
Last week, Fed chair Jerome Powell said after a two-day meeting of the central bank, that an interest rate hike - or multiple hikes - could be expected during 2022.
During the fourth quarter of 2021, the economy of the United States accelerated at a pace great than expected. This gave the country its best year in growth, economically, in four decades. That is, until the highly transmissible Omicron variant of the COVID-19 virus became a factor, straining an already struggling global supply chain and slowing consumer spending.
Inflation sits at a forty-year high, but, yesterday, Jerome Powell, Federal Reserve Chairman, indicated that interest rates could go up "soon." This would be the first rate hike in three years.