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The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation.

The size of their returns during the past decade belie their negative yields so far this year.

The firm's merger with a special purpose acquisition corporation is expected to be completed this quarter, according to financial filings.

Surging interest rates have pushed refinance applications down by over 70% in a year, while ARMs have doubled their share in three months.

Sen. Pat Toomey, R-Pa., has made reforming the Federal Reserve Banks a priority for his final months in office. With Elizabeth Warren and others expressing overlapping concerns, changes may be within reach.

But the amount relative to housing costs actually decreased from the previous year.

Recent affordability and interest rate trends led to “clear evidence” of discouragement among potential consumers in the purchase market in the first three months of 2022, according to the National Association of Home Builders.

The Treasury’s latest tax collection may preview how the shrinking of the Federal Reserve’s $9 trillion balance sheet, or quantitative tightening, will unfold for the markets and global liquidity.

Federal Reserve Chair Jerome Powell outlined his most aggressive approach to taming inflation to date, potentially endorsing two or more half percentage-point interest-rate increases while describing the labor market as overheated.

The unexpectedly swift increase may dampen some of the home-buying demand seen in the past year.