The U.S. economy grew at a robust 2.9% annual pace in the final quarter of last year, according to the first report of fourth quarter GDP. However, economists aren’t expecting the strength to continue as rising interest rates weigh on growth and threaten to incite a recession.
It may be time to add podcasts to the list of trends that peaked in 2020 and are now returning to Earth. A multitude of media empires were created by podcasters such as Joe Rogan as audio giants like Spotify poured money into the industry. However, data from Edison Research shows the boom may be over.
The Consumer Electronics Show (CES), the world's largest technology trade show, offers a glimpse into products coming down the pipeline. This year, the ever-expanding field of products showcased everything from color-changing cars to an oven that prevents food from burning. In the latest data from the U.S. Patent and Trademark Office, 2020 and 2021 saw the most patents granted ever—with over 350,000 new patents being granted each of those years.
In 2022, investors faced one of the most difficult markets in decades as the Federal Reserve’s efforts to combat the worst inflation since the 1970’s sent stocks and bonds reeling. Just how bad was it? Jim Reid, head of thematic research at Deutsche Bank, shows that 2022 experienced the worst combined total return for both stocks and bonds at least back to 1872, as far back as comparable records reach.
It is clear that the Federal Reserve is intent on bringing inflation under control with its series of rate hikes. However, what most people probably don’t realize is the rapidity with which the Federal Reserve has acted already. The Federal Reserve has hiked interest rates higher and faster than at any in the modern era.
As inflation and shortages of key components pushed the average price of a new car to all-time highs (if you could even get one), it is logical that prices on used cars would follow suit – and they did. However, the bloom is off that rose and wholesale prices of used vehicles reached their lowest level in more than a year last month as interest rate hikes raised borrowing costs and fears of an imminent recession continue to spread.