Columbus mortgages – Columbus Chamber http://columbus-chamber.org/ Sat, 25 Sep 2021 22:10:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://columbus-chamber.org/wp-content/uploads/2021/05/cropped-icon-32x32.png Columbus mortgages – Columbus Chamber http://columbus-chamber.org/ 32 32 Georgia homeless camp in danger of being abolished; residents weigh the options https://columbus-chamber.org/georgia-homeless-camp-in-danger-of-being-abolished-residents-weigh-the-options/ https://columbus-chamber.org/georgia-homeless-camp-in-danger-of-being-abolished-residents-weigh-the-options/#respond Sat, 25 Sep 2021 15:10:45 +0000 https://columbus-chamber.org/georgia-homeless-camp-in-danger-of-being-abolished-residents-weigh-the-options/ Flora Harlow, who has stayed in permanent accommodation for the past few years, poses by her tent on Thursday, September 9, 2021 in Athens, Georgia. Harlow and others live in a small settlement known colloquially as “Cooterville”. a wooded area under the CSX railway line off Willow Street which is expected to be cleared by […]]]>

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Flora Harlow, who has stayed in permanent accommodation for the past few years, poses by her tent on Thursday, September 9, 2021 in Athens, Georgia. Harlow and others live in a small settlement known colloquially as “Cooterville”. a wooded area under the CSX railway line off Willow Street which is expected to be cleared by November 12 (Kayla Renie / Athens Banner-Herald via AP)

PA

Flora Harlow has grown used to change.

In recent years she has been in and out of permanent accommodation, sometimes working while being homeless. Today, she lives with others in a small camp known colloquially as “Cooterville” by some.

The tight-knit community nestled in the trees off Willow Street and under the CSX railroad tracks has evolved over the years, according to Harlow.

But the encampment is expected to be cleared by November 12, and although a new government-approved encampment may be operational soon after, some remain skeptical of its benefits. And many have yet to find a better alternative.

Harlow, who goes by name Flo, said she was sure some members of the homeless community would choose to move into the sanctioned settlement.

“But for the people who kind of depend on this place, that might not be good,” she said.

Cooterville has become a town-like space for those who live there. When one person stops to announce that a church is distributing food and non-alcoholic drinks at Bigger Vision, another camper reminds others that they are planning to cook dinner that evening and that all were welcome. .

As Harlow sits alongside a fallen tree, Tink, a camper’s dog, gets up to join in the conversation. Everyone knows Tink, seeing her as just as much of the extended family as any other camper.

“She demands attention,” Harlow joked.

Since its founding, Cooterville has grown to encompass a largely self-regulating community. Harlow said around 8 or 9 people live in the camp permanently today, but the number has sometimes increased to 15.

“Before we let someone in, we’ll all talk about it and agree or disagree,” she said. “You can’t just come in and do what you want when you want. “

The camp is also a space for those who may not live there permanently, but who have forged close ties with those who live there. And people who have moved into apartments sometimes come back to see everyone else, according to Harlow.

“Everyone needs a place to come here,” she said. “If they don’t feel safe, they come here.

An iron rule is that those caught stealing are quickly kicked out of the camp, she said. They also ban those who fight because it attracts attention.

While the encampment is referred to as Cooterville by some, Harlow said the real Cooterville was actually higher up the hill, away from the main road. The man who originally built it over a decade ago was named Cooter and infamously had raccoons as pets, she said.

The camp was eventually pushed further down the hill due to the theft of campers on CSX property, Harlow said. Since being pushed closer to the road, the encampment has attracted more attention, and not everything has been good.

A spokesperson for CSX Transportation said the company had received several complaints about the camp from local landowners. A September 5 deadline was initially imposed on campers to relocate, but it was pushed back to November.

The delay came after city police informed CSX that a government-sanctioned encampment was underway and could be an alternative, according to City Manager Blaine Williams.

“From what I understand, I was not part of the conversations, it is that CSX has agreed to extend this deadline to try to bring it closer to the moment when the sanctioned homeless camp will be operational,” he said. -he declares.

The city is currently looking for an organization to run the encampment, which will determine what it will eventually look like. But Williams said CSX worked with police and local authorities to welcome campers to the property.

“By their right, they could ask the police to deport them,” he said. “So I want to thank CSX for trying to work with the community on this.”

In Cooterville, many are wondering what this camp will look like and who will be involved. Some expressed a feeling of having been left in the dark about the whole process, unsure whether they would even get a place in the camp.

Campers each have their own personal journey that has led them to Cooterville. And for some, they said their time there led to skepticism when it comes to receiving help.

For Harlow, the trip to Athens came after she moved in and started caring for her mother who suffered from Alzheimer’s disease and dementia several years ago. When her mother died, she discovered that her stepfather had taken out additional mortgages on the house, which was eventually foreclosed.

In the street, she met her uncle who had previously lived homeless in Athens.

“He was the one who taught me how to get by here,” Harlow said. “He passed away a few months after my mother. I went from staying with her and taking care of her, to coming here and her trying to teach me to be homeless.

Over a year ago, she was working in a Family Dollar near the camp. Harlow said a store manager was willing to work with her because she worked hard, but when he finally left the store a new manager kicked her out after finding out about her life situation.

“The first sentence she said to me was, ‘In Madison County, the homeless don’t even come to my parking lot,’” she recalls. “I was fired in less than a week.

After the camp was moved closer to the road earlier in the year, campers said people started throwing trash at them.

“We have people driving up and dropping off their garbage at the foot of our camp,” Harlow said. “They’re just going to stop and drop stuff … I mean just garbage, and that makes us look bad.”

Barrett Smith, who does not live in the camp but spends time there often, shares similar feelings.

“People throw their garbage at us under the guise of donations,” he said. “The streets are littered with trash, but I try to come here on the weekends and clean up some of the trash.”

Smith was a bar in Athens for a decade working at places like the Manhattan Cafe and the Flicker Theater & Bar. But when the pandemic struck, he found himself out of a job and quickly falling behind on rent.

“My last shift was on St. Patrick’s Day last year,” Smith recalls.

After rebounding in the southeast, it returned to Athens in April. He said since his return he has seen the homeless population explode.

“Before COVID, you didn’t see tents like this,” he said.

Smith said that while he was not enthusiastic about the government-sanctioned encampment, it was a step in the right direction. But many people with trauma may choose to take to the streets because it’s an easier way to live, he said.

“With a life of abuse, it’s a little easier to navigate this area,” Smith said.

However, Smith and others have all shared that there are real dangers in being homeless, especially at night.

“It’s shocking some of the things that are happening,” he said.

And when the body of a woman known to those in the camp was found in North Oconee River, rumors began to spread about what could have happened. He highlighted the real danger of living without permanent housing.

Harlow said there are serious attacks on women and men that often go unreported. But despite the danger, for some, the sense of community provided by the camp was a help.

Around the camp, Harlow is known as a mother figure. Make sure people take their medications while trying to maintain a stable living environment. She is often assisted by Kat Ryan-Butts, a camper who has been in Cooterville since 2019.

“Me and Flo are like the queens,” Ryan-Butts said. “I call us queens because everyone comes to us to solve problems.”

As the deadline approaches, many are trying to figure out what this will mean for them.

Oscar Sutton, who has lived in Cooterville for a few months, said he had no plans to move to the government-sanctioned encampment. He said he was worried about clustering so many random people from the homeless community.

“It’s going to be chaos,” he said. “I’m not going to do it. If I have to stay here, I’ll just find a place to stay, but I won’t.

After finding his tent and his belongings burnt down one day, he emigrated to Cooterville where a friend already lived.

“The only place I knew I could come and install something was next to him,” Sutton said.

He said people generally got along in Cooterville and while he understood that people had to leave the property, he would choose his own solution.

Sutton said he has since applied to work at the town’s chicken factory and hopes to land the job before the deadline.

“If I get there, my whole situation will change,” he said. “I’m going back to an apartment.

With the uncertainty of who is running the camp, what it will look like or if they will enter, others are also looking for alternatives.

Harlow currently has no plans to move to the government-sanctioned encampment, but said she was grateful the deadline was pushed back. Days before September 5, her partner, Robbie Pierce, suffered an ulcer rupture and was hospitalized.

She said she was grateful for the extra time as without Pierce she was worried about having to secure and move their belongings on her own.

Pierce has since recovered and is looking for a new living space alongside Harlow. He said they were even in talks to eventually live on the property of an associate they know, where they won’t immediately be threatened with firing.

“Me and Flo will be fine,” Pierce said. “Some of the others, but I just don’t know. “


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End of mixed actions on Wall Street, S&P 500 manages weekly gain https://columbus-chamber.org/end-of-mixed-actions-on-wall-street-sp-500-manages-weekly-gain/ https://columbus-chamber.org/end-of-mixed-actions-on-wall-street-sp-500-manages-weekly-gain/#respond Sat, 25 Sep 2021 08:07:59 +0000 https://columbus-chamber.org/end-of-mixed-actions-on-wall-street-sp-500-manages-weekly-gain/ A currency trader gestures near the screen showing the exchange rate between the US dollar and the South Korean won at a foreign exchange trading floor in Seoul, South Korea on Friday, September 24, 2021. The stocks Asians were mixed on Friday amid concerns over the struggling Chinese real estate developer Evergrande and the pandemic. […]]]>

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A currency trader gestures near the screen showing the exchange rate between the US dollar and the South Korean won at a foreign exchange trading floor in Seoul, South Korea on Friday, September 24, 2021. The stocks Asians were mixed on Friday amid concerns over the struggling Chinese real estate developer Evergrande and the pandemic. (AP Photo / Lee Jin-man)

PA

Wall Street closed a choppy trading week on Friday with a mixed finish for major stock indexes, although the S&P 500 made its first weekly gain in three weeks.

The benchmark index rose 0.1% after spending much of the day swinging between small gains and losses. The Dow Jones Industrial Average also posted a gain of 0.1%, while the Nasdaq composite and the Russell 2000 index of small-company stocks fell.

Slightly more S&P 500 stocks rose than they fell, with communications companies and banks accounting for much of the rise. Health care and real estate stocks posted some of the biggest losses. The index finished with a gain of 0.5% for the week.

This modest performance follows a two-day rally that erased a slump earlier in the week. Investors faced similar turmoil throughout September as they attempt to assess how the economy will continue to recover.

“Today the market was sort of catching its breath from the sharp decline in the first two days of the week and strong gains in the second two days of the week,” said Sam Stovall, chief investment strategist at CFRA.

The S&P 500 rose 6.50 points to 4,455.48 and is now 1.9% off its all-time high it hit on September 2. The Dow added 33.18 points to 34,798. The Nasdaq lost 4.54 points, or less than 0.1%, to 15,047.70, while the Russell 2000 lost 10.97 points, or 0, 5%, at 2,248.07.

Markets had a tough September and investors could be more restless as they face a mix of concerns, including COVID-19 and its lingering impact on the economy, as well as a slow market recovery employment.

Traders received clarification from the Federal Reserve this week. After its two-day policy meeting closed on Wednesday, the central bank said it would likely start slashing the pace of its monthly bond purchases soon, but not until November, if the economy continues to improve. The Fed and other central banks bought bonds throughout the pandemic to help keep long-term interest rates low.

Bond yields have risen in recent days after the Fed’s announcement. The yield on the 10-year Treasury bill rose to 1.46% on Friday against 1.41% the day before. The yield, which influences interest rates on mortgages and other consumer loans, was 1.31% Monday night.

“It could just be that we had lower yields on Monday and Tuesday in a flight to safety that is now being unwound,” Stovall said. “At the same time, bond investors have been told, if you will, by the Fed that the cut is imminent.”

Energy prices rose further on Friday. The benchmark US crude oil price rose 0.9% and ended up 2.9% for the week. The trend has helped drive energy stocks higher. Cabot Oil & Gas increased 2.8%.

Nike was the last company to warn investors of supply chain issues that hurt revenue. Its stock fell 6.3% for the biggest decline in the S&P 500. A wide range of industries are facing supply chain issues and investors are worried about rising costs for businesses and consumers. consumers. Analysts have warned that the next round of corporate earnings could be in jeopardy due to the issues.

Concerns over struggling Chinese real estate developer Evergrande are also weighing on sentiment. Some Chinese banks on Friday revealed what they were owed by Evergrande, seeking to allay fears of financial turmoil as it grapples with debt of less than $ 310 billion. Evergrande said it negotiated details of an interest payment due Thursday to banks and other bondholders in China, but gave no details. The company has yet to say whether it will make a payment of $ 83.5 million that was due Thursday on an overseas bond.

European markets fell and Asian markets were mostly down, although the Japanese Nikkei 225 rose 2.1%.

Cryptocurrencies plummeted after China’s central bank declared all transactions involving virtual currencies illegal as it stepped up a campaign to block the use of unofficial digital currency. Bitcoin fell 4.8% to $ 42,525.48, according to Coindesk. Chipmaker Nvidia, which makes the processors needed for crypto-mining, fell 1.8%.


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15 Inexpensive American Cities With The Most Young People | Lifestyles https://columbus-chamber.org/15-inexpensive-american-cities-with-the-most-young-people-lifestyles/ https://columbus-chamber.org/15-inexpensive-american-cities-with-the-most-young-people-lifestyles/#respond Thu, 23 Sep 2021 21:30:00 +0000 https://columbus-chamber.org/15-inexpensive-american-cities-with-the-most-young-people-lifestyles/ The effects of these changes will have lasting consequences across the country. According to a Brookings Institute analysis, it is predicted that all states and metropolitan areas will continue to experience population growth over the age of 55. This will lead to higher health care costs and lower tax revenues, among other challenges. However, for […]]]>

The effects of these changes will have lasting consequences across the country. According to a Brookings Institute analysis, it is predicted that all states and metropolitan areas will continue to experience population growth over the age of 55. This will lead to higher health care costs and lower tax revenues, among other challenges. However, for younger age groups – with nationally declining population shares – it will largely be migration that will determine which places experience gains or losses. And according to the National Association of Realtors, affordability is more important for those under 30 than it is for any other age group.

Recent census data shows consistency with these trends, namely that places with lower than average cost of living tend to attract more young people. At the state level, Utah and Texas have the largest youth populations, where 48.2% and 42.8% of the population are under the age of 30, respectively. These two states have a cost of living that is 3.5% lower than the average. Texas, in particular, stands out as one of the top states for total population growth, net migration, and its youthful population growth over the past 10 years. These trends only accelerated during the pandemic, prompting more individuals, families and businesses to move to Texas from high-cost states like California in search of lower taxes. , more affordable housing and fewer government restrictions.


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US long-term mortgage rates rise slightly; 30 years at 2.88% https://columbus-chamber.org/us-long-term-mortgage-rates-rise-slightly-30-years-at-2-88/ https://columbus-chamber.org/us-long-term-mortgage-rates-rise-slightly-30-years-at-2-88/#respond Thu, 23 Sep 2021 18:18:00 +0000 https://columbus-chamber.org/us-long-term-mortgage-rates-rise-slightly-30-years-at-2-88/ WASHINGTON (AP) – Average long-term mortgage rates edged up this week, continuing a trend of a few months to little movement. They remained below 3%. Mortgage buyer Freddie Mac reported Thursday that the average rate on a 30-year mortgage rose slightly to 2.88% from 2.86% last week. This is very close to where the benchmark […]]]>

WASHINGTON (AP) – Average long-term mortgage rates edged up this week, continuing a trend of a few months to little movement. They remained below 3%.

Mortgage buyer Freddie Mac reported Thursday that the average rate on a 30-year mortgage rose slightly to 2.88% from 2.86% last week. This is very close to where the benchmark rate was at this time last year, 2.90%. It peaked this year at 3.18% in April.

The rate on a 15-year loan, a popular option for homeowners refinancing their mortgages, rose to 2.15%, from 2.12% last week.

Amid concerns that the highly contagious delta variant could block economic recovery after the pandemic, the Federal Reserve on Wednesday indicated its belief that the economy had recovered sufficiently from the recession that it could soon begin to shrink. the emergency aid she provided after the crisis. the virus broke in. Fed Chairman Jerome Powell said the central bank planned to announce as early as November that it would start withdrawing the extraordinary support it unleashed 18 months ago.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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Stocks win as Evergrande says he’ll pay interest https://columbus-chamber.org/stocks-win-as-evergrande-says-hell-pay-interest/ https://columbus-chamber.org/stocks-win-as-evergrande-says-hell-pay-interest/#respond Thu, 23 Sep 2021 03:02:53 +0000 https://columbus-chamber.org/stocks-win-as-evergrande-says-hell-pay-interest/ People walk past the electronic board of a securities firm in Tokyo on Wednesday, September 22, 2021. Asian stocks were mostly down Wednesday after major indices ended mixed on Wall Street. (AP Photo / Koji Sasahara) Koji Sasahara PA Global equities and US futures rose on Wednesday after Chinese developer Evergrande announced plans to make […]]]>

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People walk past the electronic board of a securities firm in Tokyo on Wednesday, September 22, 2021. Asian stocks were mostly down Wednesday after major indices ended mixed on Wall Street. (AP Photo / Koji Sasahara)

PA

Global equities and US futures rose on Wednesday after Chinese developer Evergrande announced plans to make an interest payment on its debt that is due on Thursday.

Shares rose in Paris, Frankfurt and Shanghai but fell in Tokyo.

Markets have been rocked by Evergrande’s struggle to cope with debt payments and uncertainty over what the Chinese government could do to limit the impact of a possible default.

Evergrande, one of China’s largest private sector conglomerates, said it will make a payment on Thursday on a 4 billion yuan ($ 620 million) bond denominated in Chinese yuan.

A statement from the company did not say whether this involved a change in payment. The bond has an interest rate of 5.8%, which would make the normal amount owed at 232 million yuan ($ 36 million) for one year.

Evergrande gave no information on any future payments, including a US dollar-denominated bond in March.

“Although banks have yet to declare Evergrande in technical default, Beijing’s silence adds to market nervousness,” Mizuho Bank’s Venkateswaran Lavanya said in a comment.

The German DAX gained 0.6% to 15,444.30 and the CAC 40 in Paris gained 1.2% to 6,630.19. The FTSE 100 in London jumped 0.9% to 7,042.98. US futures were also higher, with the Dow Industrials contract rising 0.6%. The future of the S&P 500 gained 0.4%.

The 10-year Treasury yield remained stable at 1.33%, against 1.32% on Tuesday night.

In Asia, Tokyo fell, but other major regional benchmarks were mostly higher, reducing initial losses.

The Bank of Japan kept its ultra-support monetary policy unchanged, as expected.

The Tokyo Nikkei 225 Index lost 0.7% to 29,639.40, while the Shanghai Composite Index gained 0.4% to 3,628.49. The Australian S & P / ASX 200 gained 0.3% to 7,296.90. Shares fell 2% in Taiwan and also fell in Singapore. But benchmarks have increased in India, Indonesia and Malaysia.

The markets in South Korea and Hong Kong were closed for holidays.

The Federal Reserve is expected to send out its clearest signal yet this week that it will begin to curb its ultra-low interest rate policies later this year, the first step towards unwinding the extraordinary support it has provided. to the economy since the pandemic hit 18 months ago.

Wednesday’s Fed policy meeting could lay the groundwork for an announcement of a November pullback.

On Tuesday, nerves appeared to stabilize after a massive sell-off on Monday.

The S&P 500 was down 0.1% and the Dow Jones Industrial Average was down 0.1% as well.

The Nasdaq composite rose 0.2% and small business stocks also managed gains. The Russell 2000 Index rose 0.2%.

In other exchanges, the US benchmark crude oil gained $ 1.04 to $ 71.53 per barrel in electronic trading on the New York Mercantile Exchange. He won 35 cents to $ 70.49 on Tuesday.

Brent crude oil, the standard for international prices, added 98 cents to $ 75.34 a barrel.

The US dollar climbed to 109.42 Japanese yen from 109.23 yen on Tuesday night. The euro strengthened to $ 1.1732 from $ 1.1726.


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The Fed predicts a potential rate hike as early as next year https://columbus-chamber.org/the-fed-predicts-a-potential-rate-hike-as-early-as-next-year/ https://columbus-chamber.org/the-fed-predicts-a-potential-rate-hike-as-early-as-next-year/#respond Wed, 22 Sep 2021 18:51:20 +0000 https://columbus-chamber.org/the-fed-predicts-a-potential-rate-hike-as-early-as-next-year/ WASHINGTON The Federal Reserve signaled on Wednesday that it could start raising its benchmark interest rate sometime next year, sooner than it expected three months ago and a sign that it feared that high inflationary pressures would persist. In a statement, the Fed also said it would likely start slowing the pace of its monthly […]]]>

The Federal Reserve signaled on Wednesday that it could start raising its benchmark interest rate sometime next year, sooner than it expected three months ago and a sign that it feared that high inflationary pressures would persist.

In a statement, the Fed also said it would likely start slowing the pace of its monthly bond purchases “soon” if the economy continues to improve. The bond purchases were aimed at lowering long-term loan rates in order to encourage borrowing and spending. Speaking at a press conference, President Jerome Powell said the Fed could announce a decline in bond purchases as soon as its next meeting in November.

Taken together, the Fed’s plans reflect its belief that the economy has recovered sufficiently from the pandemic recession that it can soon begin to recall the extraordinary support it provided after the coronavirus crippled the economy. 18 months ago. While the economy has steadily strengthened, inflation has also accelerated to a three-decade high, increasing pressure on the Fed to pull out.

Equity and bond traders appeared happy with the Fed’s policy statement on Wednesday, at least initially. Shortly after its issuance, the Dow Jones Industrial Average’s gain for the day fell from 1% to 1.5%. And the yield on the 10-year Treasury bill fell from 1.32% to 1.30%.

The economy has recovered faster than many economists expected, although growth has slowed recently as COVID-19 cases have increased and labor and supply shortages have increased. hampered manufacturing, construction and some other sectors. The US economy has returned to its pre-pandemic size and the unemployment rate has fallen from 14.8% shortly after the pandemic to 5.2%.

At the same time, inflation surged as resurgence in consumer spending and disruption in supply chains combined to create shortages in semiconductors, cars, furniture and electronics. Consumer prices, according to the Fed’s preferred measure, rose 3.6% in July from a year ago – the biggest such increase since 1991.

In its updated quarterly projections, Fed officials now plan to hike their short-term policy rate once in 2022, three times in 2023 – one more than they expected in June – and three times. in 2024. This benchmark rate, which influences many consumers and business loans, has been stuck at near zero since March 2020, when the pandemic erupted.

Before starting to raise rates, however, the Fed expects to start cutting or cutting back on its monthly bond purchases. The central bank had signaled last year that it would likely start cutting its $ 120 billion a month treasury bill and mortgage bond purchases once the economy made “further substantial progress” towards the Fed’s targets of maximum employment and average annual inflation of 2%. .

“If progress continues broadly as planned, the Committee believes that a moderation in the pace of asset purchases may soon be warranted,” the Fed said in a statement released after its two-day meeting ended Wednesday.

Inflation has risen enough to meet the Fed’s test for substantial progress. And Powell said at his press conference that in his opinion, the job had “almost fulfilled” that test as well.

Overall, the decline in Fed bond purchases and its possible rate hikes, whenever they happen, will mean some borrowers will have to pay more for mortgages, credit cards, and business loans. .

The Fed has not hinted at how fast it will cut back on buying. But it is expected to significantly reduce its purchases of treasury bills by $ 10 billion per month and $ 5 billion of mortgage-backed securities.

The tricky task for the Powell Fed is to explain how it will soon begin to withdraw economic support while reassuring investors, consumers and business leaders that it will not act so fast it will derail recovery from recession. Powell has repeatedly expressed his belief that the current high level of inflation will subside as the economy normalizes – and partly for this reason, said the central bank is not yet close to raising prices. interest rate.

But changes in the Fed’s interest rate projections suggest the central bank is gradually moving closer to it. In March, the 18 officials who make up its policy-making committee predicted that they would not hike rates at all until 2023. In June, the committee revised its forecast to two rate hikes in 2023. And now he sees a rate hike soon like next year.

In its latest forecast, policymakers also say they expect the economy to grow slower this year, to 5.9%, down from its June projection of 7%. It forecasts 4.2% inflation by the end of this year, but raised its inflation projection next year to just 2.2%, from 2.1%.

Powell is also grappling with a major ethical issue surrounding the investments and transactions of some regional Fed bank chairmen. Robert Kaplan, chairman of the Federal Reserve Bank of Dallas, revealed in financial reports that he traded millions of dollars in individual stocks like Amazon, Chevron, Facebook and Google in 2020 as the Fed took extraordinary action to stimulate the economy.

Eric Rosengren, Chairman of the Boston Fed, last year invested in real estate investment trusts that held mortgage-backed bonds of the type that the Fed buys as part of its efforts to cut lending rates . And Powell himself owns municipal bonds, which the Fed bought last year for the first time to support this market.

A spokesperson said last week that the Fed was taking a “fresh and complete look” at its rules regarding the financial holdings of its officials. The investments were allowed under current Fed rules, and Rosengren and Kaplan have agreed to sell their holdings and reinvest the proceeds in index funds and cash.

Asked about the subject at his press conference, Powell said, “We have to make changes, and we are going to do it accordingly. It will be a thorough and comprehensive review. We will put all the facts together and look for ways to further tighten our rules and standards. “

The Fed’s expected policy changes are following similar steps by other central banks in the developed world as growth and inflation accelerate in many countries. The European Central Bank said earlier this month it would cut its bond purchases, although it has yet to say it will end it. The central banks of Canada and Australia also cut their bond purchases.


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EXPLANATION: the fight against the debt of Chinese manufacturers shakes investors https://columbus-chamber.org/explanation-the-fight-against-the-debt-of-chinese-manufacturers-shakes-investors/ https://columbus-chamber.org/explanation-the-fight-against-the-debt-of-chinese-manufacturers-shakes-investors/#respond Tue, 21 Sep 2021 10:26:01 +0000 https://columbus-chamber.org/explanation-the-fight-against-the-debt-of-chinese-manufacturers-shakes-investors/ BEIJING Global investors are anxiously watching one of China’s largest real estate developers struggle to avoid defaulting on tens of billions of dollars in debt, fueling fears of possible wider shockwaves to the financial system. Chinese regulators have yet to say what they might do with the Evergrande group. Economists expect Beijing to step in […]]]>

Global investors are anxiously watching one of China’s largest real estate developers struggle to avoid defaulting on tens of billions of dollars in debt, fueling fears of possible wider shockwaves to the financial system.

Chinese regulators have yet to say what they might do with the Evergrande group. Economists expect Beijing to step in if Evergrande and lenders fail to agree on how to handle its debts. But any formal resolution is expected to result in losses for banks and bondholders.

Government “does not want to be seen as engineering a bailout” but is likely to organize debt restructuring to “reduce systemic risk and contain economic disruption,” said Tommy Wu of Oxford Economics in a report.

Evergrande is the biggest casualty to date of the ruling Communist Party’s efforts to curb soaring debt levels that Beijing sees as a possible threat to the economy.

Investors are watching how the developer, headquartered in the southern city of Shenzhen, near Hong Kong, handles an interest payment due Thursday on one of its bonds.

A look at Evergrande and the anxiety about his debt problems:

– WHAT IS EVERGRANDE?

Evergrande Group, founded in 1996, is one of the largest Chinese manufacturers of apartments, office towers and shopping centers and one of its largest private sector conglomerates.

The company claims to have more than 200,000 employees and support 3.8 million jobs in construction and other industries. Evergrande claims to have 1,300 projects in 280 cities and assets worth 2,300 billion yuan ($ 350 billion).

Evergrande founder Xu Jiayin was China’s richest entrepreneur in 2017 with a net worth of $ 43 billion, according to the Hurun Report, which tracks China’s rich. He tumbled down the list as internet industries boomed, but still ranked as China’s richest real estate developer last year. He also topped Hurun’s list of philanthropists in 2020, donating around 2.8 billion yuan ($ 420 million).

Evergrande has branched out into electric vehicles, theme park development, health clinics, mineral water and other businesses.

– WHAT IS THE IMPACT SO FAR?

Evergrande shares traded in Hong Kong have fallen 85% since early 2021. Its bonds are trading at an equally steep discount.

Xu built Evergrande on borrowed money, perhaps even more than his rivals in an industry that relies on debt. As of June 30, Evergrande reported 2,000 billion yuan ($ 310 billion) in past due debt owed to bondholders, banks, construction contractors and other creditors.

Of this debt, 240 billion yuan ($ 37.3 billion) was due in one year, down 28.5% from the end of 2020, but nearly triple the 86.8 billion yuan (13.5 billion dollars) of Evergrande’s cash, according to a company financial report.

In early 2021, Evergrande predicted that its total annual transaction volume would exceed 2,000 billion yuan ($ 310 billion). It said first-half profit of $ 1.4 billion, but says sales are weakening because news of its cash shortage makes potential buyers nervous.

-WHY NOW?

Evergrande has been caught off guard by new limits placed by regulators on real estate-related borrowing as part of the Communist Party’s marathon campaign to reduce reliance on debt.

Economists warn that China’s growing debt has been a potential threat for more than a decade. The ruling party has made reducing these financial risks a priority since 2018. But total corporate, government and household borrowing reached nearly 300% of economic output last year, up from 270% in 2018. This is unusually high for a middle income country.

News reports indicate that Evergrande borrowed wherever it could, including demanding employees of its construction contractors to buy back its debt.

In 2017, the state-owned China Citic Bank of Shenzhen agreed to lend 40 billion yuan ($ 6.2 billion) for an Evergrande project only after its executives agreed to invest at least 3 million yuan (465 000 dollars) each, according to the economic news magazine Caixin.

—HOW DOES THIS FIT IN THE PARTY’S PLANS TO REDEEM THE CHINESE ECONOMY?

The Communist Party has cracked down on debt as it tries to foster self-sustaining economic growth based on domestic consumption rather than trade and debt-backed investment.

This enabled the first default on Chinese corporate debt since the 1949 revolution in 2014, as part of efforts to force borrowers and lenders to be more disciplined. Until then, the government had intervened to bail out insolvent borrowers to avoid scaring financial markets. Beijing has gradually allowed more defaults, but none by such a large debtor as Evergrande.

– AND THE OTHER REAL ESTATE DEVELOPERS?

Other large developers such as Vanke Co., state-owned Poly Group, and Wanda Group have not reported similar issues. But hundreds of small developers have shut down since regulators in 2017 began tightening control over fundraising tactics like selling apartments before construction begins.

However, Chinese residential real estate is considered low risk to the financial system, as most apartments are paid for in cash and not with mortgages. This makes a wave of defaults like those in the United States after the 2008 crisis unlikely and more manageable for banks.

“Considering how bloated Chinese real estate developers are, there could be a whole wave of defaults around the corner,” but Beijing has resources “to prevent a full-blown Chinese credit crunch,” he said. said Simon MacAdam of Capital Economics in a report. “For all its flaws, it is one of the advantages of having a tightly controlled financial system over a more liberal system.”

—RISK OUTSIDE OF CHINA?

Some commentators suggest Evergrande could become China’s ‘Lehman moment’, referring to the failure of Wall Street bank Lehman Brothers, a precursor to the 2008 crisis. But economists say the risk of a Wider contagion of financial markets is low.

“A managed default or even a messy collapse of Evergrande would have little global impact beyond some market turmoil,” said MacAdam of Capital Economics.

Evergrande has $ 18 billion in foreign currency bonds outstanding, but much of it is held by Chinese banks and other institutions. Unlike Lehman, whose assets were financial instruments whose prices can fluctuate wildly, Evergrande has 1.4 trillion yuan ($ 215 billion) of land and partially completed projects with relatively stable prices.

In the unlikely event of outright default, the Chinese banking system has an annual profit of 1.9 trillion yuan and reserves of 5.4 trillion yuan against bad debts, “which could easily absorb the loss.” Macquarie Group Larry Hu and Xinyu Ji said in a statement. report.

– WHAT’S NEXT?

Investors are waiting to see what Chinese regulators might do, but analysts say they appear to be focusing on protecting homebuyers by ensuring apartments already paid for are completed.

The government has pumped money into other insolvent Chinese companies, but economists say Beijing seems determined to avoid doing this with Evergrande.

In August, Huarong Asset Management Co., Ltd., the largest of a group of companies formed to help resolve bad debts held by state-owned banks, was bailed out with a capital injection of companies from State after losing 102.9 billion yuan ($ 15.9 billion) last year.

In a letter to employees on Tuesday, Xu expressed confidence that the company would survive.

“Evergrande will surely emerge from the darkest moment as soon as possible,” Xu said in the letter marking the traditional Mid-Autumn Festival.


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Offerpad expands to Kansas City, St. Louis https://columbus-chamber.org/offerpad-expands-to-kansas-city-st-louis/ https://columbus-chamber.org/offerpad-expands-to-kansas-city-st-louis/#respond Mon, 20 Sep 2021 14:07:53 +0000 https://columbus-chamber.org/offerpad-expands-to-kansas-city-st-louis/ Kansas City and St. Louis, Missouri, are the most recent markets available for Offerpad, a technology platform for buying and selling residential real estate. Offerpad’s Real Estate Solutions Center is now available in 20 markets and nearly 1,500 cities and towns across the country following today’s launch of its two new Midwest markets. “Kansas City […]]]>

Kansas City and St. Louis, Missouri, are the most recent markets available for Offerpad, a technology platform for buying and selling residential real estate.

Offerpad’s Real Estate Solutions Center is now available in 20 markets and nearly 1,500 cities and towns across the country following today’s launch of its two new Midwest markets.

“Kansas City and St. Louis mark our first entry into new markets as a publicly traded company that is transforming the way people buy and sell homes,” said Brian Bair, CEO and President of Offerpad. “With each new market, we’re giving more buyers and sellers a simpler, more convenient on-demand real estate experience that puts them in control. “

The company’s operations in Kansas City are led by Managing Director Brian O’Banion, who has 15 years of real estate experience.

“Offerpad brings something very unique to our neighbors here,” said O’Banion. “We enable people to buy and sell homes with unprecedented freedom, convenience and control. “

Through its exclusive online real estate solutions center at offerpad.com, Offerpad offers home buyers and sellers several options for real estate transactions.

Through Offerpad EXPRESS, the company’s flagship iBuying solution, homeowners can receive a certain cash offer within 24 hours and choose their own closing date without annoying visits or open houses and a free local move to their home. next house.

With Offerpad FLEX listing services, sellers can maximize the value of their home by testing the open market with access to the company’s national marketing resources, a dedicated local real estate expert, and free concierge services, all with the certainty of a cash relief offer in their pocket.

Buying a home with Offerpad is also easy, working with a dedicated Offerpad solutions expert and an extensive inventory of homes in each of its markets, as well as mortgages and finance available through Offerpad Home Loans for a home buying solution. unique house.

By selling and buying together, people can save thousands of dollars by bundling the real estate services they need with Offerpad Bundle Rewards.

Offerpad plans to complete its market expansion in 2021 with the upcoming opening of its fourth Midwestern market in Columbus, Ohio. The company made its debut in the Midwest with the launch of Indianapolis in July 2021.


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Today in History – KTAR.com https://columbus-chamber.org/today-in-history-ktar-com/ https://columbus-chamber.org/today-in-history-ktar-com/#respond Sun, 19 Sep 2021 04:00:00 +0000 https://columbus-chamber.org/today-in-history-ktar-com/ Today in history Today is Sunday, September 19, the 262nd day of 2021. There are 103 days left in the year. Today’s highlight in history: On September 19, 1796, President George Washington’s farewell speech was published. In it, the first US chief executive advised: “Observe good faith and justice to all nations. Cultivate peace and […]]]>

Today in history

Today is Sunday, September 19, the 262nd day of 2021. There are 103 days left in the year.

Today’s highlight in history:

On September 19, 1796, President George Washington’s farewell speech was published. In it, the first US chief executive advised: “Observe good faith and justice to all nations. Cultivate peace and harmony with all.

To this date :

In 1777, the first battle of Saratoga took place during the War of Independence; although British forces succeeded in driving out American troops, the Americans won a second battle the following month.

In 1881, the 20th President of the United States, James A. Garfield, died two and a half months after being shot by Charles Guiteau; Chester Alan Arthur became president.

In 1945, Nazi radio propagandist William Joyce, known as “Lord Haw-Haw”, was convicted of treason and sentenced to death by a British court.

In 1957, the United States conducted its first contained underground nuclear test, named “Rainier”, in the Nevada desert.

In 1984, Britain and China reached a draft agreement on the transfer of Hong Kong from British rule to Chinese rule by 1997.

In 1985, the Mexico City area was struck by a devastating earthquake that killed at least 9,500 people.

In 1986, federal health officials announced that the investigational drug AZT would be made available to thousands of AIDS patients.

In 1995, the New York Times and the Washington Post published Unabomber Ted Kaczynski’s (kah-ZIHN’-skee) manifesto, which was found to be instrumental in identifying and capturing him.

In 1996, IBM announced that it would extend health benefits to the partners of its gay employees.

In 2001, the Pentagon ordered dozens of advanced planes in the Persian Gulf region as the time for military retaliation against the deadly 9/11 terrorist attacks drew near.

In 2004, Hu Jintao (hoo jin-tow) became the undisputed leader of China with the departure of former President Jiang Zemin (jahng zuh-MEEN ‘) from his highest military post.

In 2008, struggling to avert financial catastrophe, the Bush administration presented a sweeping bailout calling for a takeover of half a trillion dollars or more of worthless mortgages and other bad debt held by shaky institutions. Relieved investors drove stocks up on Wall Street and around the world.

Ten years ago: In a White House speech, a combative president, Barack Obama, demanded that the richest Americans pay higher taxes to help cut more than $ 3 trillion in growing deficits in the United States. Mariano Rivera set a major league record with his 602nd save, ending the New York Yankees 6-4 victory over the Minnesota Twins. Dolores Hope, who was married to Bob Hope for 69 years and sometimes sang on her shows for American troops and on her television specials, has died in Los Angeles at the age of 102.

Five years ago: President Barack Obama and Iraqi Prime Minister Haider al-Abadi (HY’-dahr ahl ah-BAH’-dee), meeting on the sidelines of a United Nations summit, warned the Islamic State group that they planned to retake the city of Mosul within a few months. World leaders gathered at the United Nations endorsed a declaration aimed at providing a more coordinated and humane response to the refugee crisis that was straining resources and fueling divisions around the world. Angelina Jolie Pitt has filed for divorce from Brad Pitt, citing irreconcilable differences.

A year ago: President Donald Trump urged the Republican-led Senate to consider his next appointment “without delay” to fill the vacant Supreme Court post created by the death of Justice Ruth Bader Ginsburg in just six weeks before the elections. A law enforcement official said authorities intercepted an envelope addressed to the White House that contained the castor poison. (A Canadian woman was later arrested while attempting to enter the United States near Buffalo, New York, and charged with uttering threats against President Donald Trump while sending the package; she pleaded not guilty. Protesters have taken to the streets of London, Tel Aviv and other cities to protest restrictions on coronaviruses, even with infection rates on the rise in many places and the global death toll approaching million.

Today’s Birthdays: Author Roger Angell is 101 years old. Actress Rosemary Harris is 94 years old. Actor David McCallum is 88 years old. Singer-songwriter Paul Williams is 81 years old. Singer Bill Medley is 81 years old. Singer Sylvia Tyson (Ian and Sylvia) is 81 years old. R&B singer Freda Payne is 79 years old. Retired professional golfer Jane Blalock is 76 years old. Singer David Bromberg is 76 years old. Actor Randolph Mantooth is 76 years old. Singer and rock musician Lol Creme (10cc) is 74 years old. Former NFL running back Larry Brown is 74. Actor Jeremy Irons is 73 years old. Actor Twiggy Lawson is 72 years old. TV personality Joan Lunden is 71 years old. Singer-producer Daniel Lanois (lan-WAH ‘) is 70 years old. Actor Scott Colomby is 69 years old. Musician-producer Nile Rodgers is 69 years old. Singer-actor Rex Smith is 66 years old. Rock singer Lita Ford is 63 years old. Actor Kevin Hooks is 63 years old. Actress Carolyn McCormick is 62. Celebrity chef Mario Batali is 61 years old. Actor-comedian Cheri Oteri is 59 years old. Country singer Jeff Bates is 58 years old. Country singer Trisha Yearwood is 57 years old. O’Brien is 55 years old. Celebrity chef Michael Symon is 52 years old. Actor Victor Williams is 51 years old. Sanaa Lathan (suh-NAH ‘LAY’-thun) is 50 years old. Actor Stephanie J. Block is 49 years old. Rock singer A. Jay Popoff (Lit) is 48 years old. “Tonight Show” host Jimmy Fallon is 47 years old. TV personality Carter Oosterhouse is 45. TV host Alison Sweeney is 45 years old. Folk-rock singer-musicians Sara and Tegan (TEE’-gan) Quin are 41 years old. Actor Columbus Short is 39 years old. Rapper Eamon is 38 years old. Actor Kevin Zegers is 37 years old. Actress Danielle Panabaker is 34 years old. Actress Katrina Bowden is 33 years old.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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today in history | New https://columbus-chamber.org/today-in-history-new/ https://columbus-chamber.org/today-in-history-new/#respond Sun, 19 Sep 2021 04:00:00 +0000 https://columbus-chamber.org/today-in-history-new/ In 1796, President George Washington’s farewell speech was published. In it, the first US chief executive advised: “Observe good faith and justice to all nations. Cultivate peace and harmony with all. In 1777, the first battle of Saratoga took place during the War of Independence; although British forces succeeded in driving out American troops, the […]]]>

In 1796, President George Washington’s farewell speech was published. In it, the first US chief executive advised: “Observe good faith and justice to all nations. Cultivate peace and harmony with all.

In 1777, the first battle of Saratoga took place during the War of Independence; although British forces succeeded in driving out American troops, the Americans won a second battle the following month.

In 1881, the 20th President of the United States, James A. Garfield, died two and a half months after being shot by Charles Guiteau; Chester Alan Arthur became president.

In 1985, the Mexico City area was struck by a devastating earthquake that killed at least 9,500 people.

In 1986, federal health officials announced that the investigational drug AZT would be made available to thousands of AIDS patients.

In 2001, the Pentagon ordered dozens of advanced planes in the Persian Gulf region as the time for military retaliation against the deadly 9/11 terrorist attacks drew near.

In 2004, Hu Jintao became China’s clear leader with the departure of former President Jiang Zemin from his top military post.

In 2008, struggling to avert financial catastrophe, the Bush administration presented a sweeping bailout calling for a takeover of half a trillion dollars or more of worthless mortgages and other bad debt held by shaky institutions. Relieved investors drove stocks up on Wall Street and around the world.

Today’s birthdays:

Author Roger Angell is 101 years old. Actor David McCallum is 88 years old. Singer-songwriter Paul Williams is 81 years old. Retired professional golfer Jane Blalock is 76 years old. Actor Jeremy Irons is 73 years old. TV personality Joan Lunden is 71 years old. Rock singer Lita Ford is 63 years old. Mario Batali is 61 years old. Country singer Trisha Yearwood is 57 years old. News anchor Soledad O’Brien is 55 years old. Actor Columbus Short is 39 years old. Rapper Eamon is 38 years old. Actor Kevin Zegers is 37 years old. Actress Danielle Panabaker is 34 years old. Actress Katrina Bowden is 33 years old.

Associated Press

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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