Taylor Tompkins, Economics Editor for Investopedia, provides regular updates on economic developments affecting the US. Today, key discussions revolve around Treasury Secretary Janet Yellen’s address to the Senate concerning the national financial situation. Richmond Federal Reserve President Tom Barkin expressed concerns about the impact of COVID-19 and inflation. He suggests that these events warrant caution with interest rate cuts, aligning with the Federal Open Market Committee’s stance. Interest rates remain at unparalleled highs due to the robust economy, though a rate cut is unlikely in the March meeting. Barkin, much like his fellow speakers, is monitoring various economic indicators, with a focus on wage growth, housing inventory levels, and potential globalization issues influencing inflation.

Freddie Mac mortgage rates remain around the mid-6% range, posing a challenge for potential home buyers. Current homeowners are unlikely to sell due to existing low-interest rates. However, improvements in the home-building environment could alleviate the issue. The wholesale trade also observes growth, defying economists’ predictions with a 0.4% increase in December. Finally, the job market remains buoyant despite higher interest rates, with new unemployment claims reflecting pre-pandemic levels.

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