Ep. 63 - The Weekend Review: Fiscal Irresponsibility

Welcome to your weekly economic news bytes! In this episode, we walk you through hot topics like the FedNow, as a start. We also break down the Fiscal Responsibility Act of 2023, a new “compromise” that suspends the debt ceiling for two years. Plus, we talk about how this affects student loan debt payments being reinstated on October 30th, 2023. Round that off with recent economic data being released—PCE data from the Federal Reserve, FHFA, and manufacturing indexes—to discuss what it means for short-term interest rates and the job market. 

Take advantage of this information as we jump into our new segment! Tune in to this Weekend Review to get the lowdown on the latest economic news.

[00:01 - 04:36] What you need to know about the FedNow and the US Patriot Act

[04:37 - 11:07] Compromise reached on debt ceiling: Fiscal Responsibility Act of 2023— fancy words for kicking the can down the road

[11:08 - 15:55] Economic news of the week: consumer spending, credit card debt, manufacturing indexes, and much more

[15:56 - 23:52] Job openings report shows an increase despite Federal Reserve's attempts to constrict the labor market

Quotes:

"Rarely do we see, in a five-day window, this much economic data shoved in." - Quinton Harris

"The Fiscal Responsibility Act of 2023: Downright hilarious, name title only, but the reality is… the budget only goes up. It doesn't come down." - Quinton Harris

"Student loan debt payment starts back on October 30th, 2023. Do you think people have budgeted for this new payment after three years?" - Quinton Harris

"We're very close to being at that $1 trillion just in credit card number. And it's suggesting that there's a potential issue there." - Quinton Harris

"We need a bad jobs report to indicate job market constriction, which is what the Federal Reserve wants to see." - Quinton Harris

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