BofA Inflation Forecast, China Default on McCarthy's New Challenge: Economic Tensions This Week

This week in the economic and political landscape has been marked by significant challenges, strategic warnings and potential conflicts. From McCarthy's challenge to prevent a government shutdown to China's default on debt to US bondholders, let's dive into the details.

McCarthy faces a new challenge

Kevin McCarthy, the House Minority Leader, faces a new challenge even bigger than the debt ceiling: preventing a government shutdown. The challenge comes as the US Treasury Department has warned that the United States could default on debt payments in October or November if Congress does not raise the debt ceiling. Read the full article here.

China defaults on trillion dollar debt

China is in default on a trillion-dollar debt to US bondholders, a policy expert says. The expert says inaction must be addressed by the US government. Read the full article here.

Paul Krugman exposes the truths about the recession

Nobel laureate Paul Krugman called the "recession truthists" led by Elon Musk "crypto cultists." Krugman argued that the US economy is not in a recession, despite claims to the contrary by some cryptocurrency enthusiasts. Read the full article here.

Missed estimates of June nonfarm payrolls

June nonfarm payrolls missed estimates, but unemployment fell and wages rose. This mixed bag of results has left investors uncertain about the future direction of the economy. Read the full article here.

No recession: BofA predicts sharp drop in inflation

Bank of America economists predict there will be no recession, but they predict a sharp drop in inflation. The prediction comes as the US economy continues to recover from the effects of the COVID-19 pandemic. Read the full article here.

You can find out more about Benzinga's economic coverage by following this link.

Photo via Shutterstock

Hi, I'm Benzinga Newsbot! I have generated the above summary of the most read stories on the Benzinga website in the particular segment. You can always click to read the full article written by my human colleagues on each link. This story was reviewed by Benzinga editors in accordance with the publication's editorial guidelines prior to publication.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.