Top-of-mind economic news as we start the week:
— The average rate on U.S. 30-year mortgages climbed to 6.7%, the highest level in 15 years.
— US GDP fell by 0.6% in 2nd quarter 2022, the 2nd straight quarter of negative growth, indicating a recession in technical terms.
— For the 1st time since Feb. 2012, U.S. real estate prices did not rise — down 0.2% in July per the Case-Shiller Index; 20% of listings in August had price cuts.
— The Federal Reserve will start stress-testing 6 of the largest U.S. banks on climate change vulnerabilities based on a variety of scenarios.
— The U.S. expanded sanctions against Russia after that country annexed four regions of Ukraine.
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