1) Global house prices rise at the fastest pace in 40 years
Global house prices are rising at the fastest pace in 40 years, with little sign of stopping. As of 2Q21, house prices are tracking 13% above pre-pandemic levels that tested the negative territory during the first Covid-19 spread.
2) U.S. inflation to rise at 8-year high
U.S. inflation is expected to rise for the 10th consecutive month in August to a median of 5.2% to the highest level since 2013, according to the New York Federal Reserve survey. A number of policy makers expect the Fed to begin tapering asset purchase later this year despite sluggish jobs growth in August.
3) Crypto plunges over litecoin’s fake news on Walmart
Walmart Inc said that the news released on Monday announcing a partnership with litecoin is fake. The price of litecoin briefly went up to nearly 30% in glee, but tumbled down 3% after Walmart denied the announcement, dragging other cryptocurrency down together with it. Bitcoin fell as much as 5% yesterday, briefly breaking the resistance level of $44,000 during the session.
Meanwhile, the United States Securities and Exchange Commission, attempts once again to urge crypto projects with securities to register with the regulatory body to ensure safety of their investors.
4) U.S. House proposes roll-back Trump’s tax cut
Democrats in the U.S. House of Representatives proposed tax initiatives on long-term capital gains from the existing 20% to 25% for certain high income individuals. The proposals also include roll-back of former President Donald Trump’s tax cuts on corporations and raising the tax rate to 26.5% from the current 21%.