British house prices experienced their fastest annual increase since November 2022 in November, according to data from mortgage lender Nationwide. This rise indicates resilience in the property sector, despite the challenges posed by higher borrowing costs.
Federal Reserve Chair Jerome Powell faced intense questioning about President-elect Donald Trump's potential economic agenda during a recent news conference. While Powell deflected inquiries, experts warn that Trump's ambitious policies, including tax cuts and tariffs, could complicate the Fed's monetary policy and lead to increased inflation, challenging the central bank's independence. As the economic landscape shifts, the Fed may need to adjust its rate-cutting strategy in response to the new administration's actions.
Social Security benefits may face a 21% cut by 2033 if the trust fund isn't addressed, potentially doubling the elderly poverty rate and reducing median senior income by nearly 14%. While Congress is urged to act, executive measures could mitigate the impact by capping benefits for higher earners, ensuring no retiree falls into poverty. If the fund depletes, legal challenges may arise regarding promised benefits.
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