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Economic woes dominate Americans’ worries on Super Tuesday
Lonski Group founder and president John Lonski joins ‘Maria Bartirom’s Wall Street’ to discuss BlackRock’s chief investment strategist warning of inflation rebound.
Voters are headed to the polls on the biggest primary election day of the 2024 cycle with one issue in particular at the top of their minds: the state of the U.S. economy.
About one-third of Americans think that economic problems are the most important issue facing the country today, according to a monthly poll published by Gallup. That includes 12% of voters who are worried about the economy in general, and 11% who identified the high cost of living and ongoing inflation crisis as the top problem in the country.
Another 3% expressed concern about the steep federal budget deficit, while 2% said taxes.
HIGH INFLATION IS STILL SQUEEZING AMERICANS’ BUDGETS
Customers shop at a supermarket in Foster City, California, on Sept. 13, 2023. (Li Jianguo/Xinhua via Getty Images / Getty Images)
By comparison, 28% of Americans said that immigration is the No. 1 problem, while 20% said the top issue is the government and poor leadership. Another 6% identified poverty and homelessness as the biggest problems.
The findings come ahead of Super Tuesday, the day in the presidential primary cycle when the most states vote. More than one-third of Republican delegates are up for grabs in the 15 states that are voting on Tuesday. About a third of Democratic delegates will also be decided, with nominating contests in 14 states plus American Samoa.
Former President Donald Trump, the GOP front-runner, is widely expected to dominate the races as he goes up against the last standing Republican challenger, former South Carolina Gov. Nikki Haley. President Biden, as the incumbent and only major candidate for the Democrats, is also likely to sweep the races.
WHY ARE GROCERIES STILL SO EXPENSIVE?
The 2024 presidential election is widely expected to come to another head-to-head match between Trump and Biden – and the economy could be a deciding factor for many voters.
The White House has lauded a mostly steady yearlong decline in inflation, but most economists agree that is due to the Federal Reserve’s aggressive interest rate hike campaign and the resolution of supply chain disruptions, not the president’s economic agenda.
President Joe Biden during an event at the Old Post Office in Chicago, Illinois, on June 28, 2023. (Taylor Glascock/Bloomberg via Getty Images / Getty Images)
While inflation has fallen considerably from a peak of 9.1% notched during June 2022, it remains well above the Federal Reserve’s 2% goal. And when compared with January 2021, shortly before the inflation crisis began, prices are up a stunning 17.6%.
Many families have yet to see material relief. Food prices are up 33.7% from the start of 2021, while shelter costs are up 18.7%, according to FOX Business calculations. Energy prices, meanwhile, are up 32.8%.
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Chronically high prices are forcing Americans to spend about $1,019 more per month than they did three years ago, before the inflation crisis began, according to a recent estimate from Moody’s Analytics.
As they spend more on everyday goods, Americans are burning through their savings, and are increasingly turning to credit cards to cover those basic expenses.
The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily affected by price fluctuations.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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