Economic Insights: August 2024 — Dr. Marci Rossell | Ep. 89

Welcome to another installment of Economic Insights, brought to you by the Miami Real Estate Podcast! This month, our correspondent Jessica Edgerton from Leading Real Estate Companies of the World®️ brings us the latest analysis from their Chief Economist, Dr. Marci Rossell. Tune in as Jessica shares Dr. Rossell's top 5 takeaways for August 2024. Japan’s Economic Shockwaves: The Bank of Japan's surprise rate hike created global market volatility, particularly affecting the "carry trade" strategy. Despite this, Dr. Rossell believes it is unlikely to trigger a global or U.S. recession. U.S. Federal Reserve Rate Cut Expectations: With inflation at 2.9% — the lowest since 2021 — a rate cut is expected in September, and another after the November election. Mortgage rates could stabilize around 5.5%. Mortgage Rate Fluctuations: Mortgage rates have increased slightly, but as they approach 5.5%, refinancing risks diminish, potentially bringing stability by year-end. No Evidence of U.S. Economic Slowdown: Despite high prices, consumer spending and job growth remain strong, with GDP growth projected at 2.9%. Dr. Rossell sees no signs of a U.S. recession. Global Economic Outlook: Japan's economic changes have affected countries with overvalued currencies, but as the U.S. Federal Reserve lowers rates, emerging markets like Mexico and Brazil could benefit from increased investment.   Guest: Dr. Marci Rossell Host: Jessica Edgerton Producer: Omar De Windt, Veronica Paris   This episode is brought to you by Cervera Real Estate, one of Miami’s largest independently owned brokerages. With 10 offices across South Florida and more than 50 years of experience, Cervera continues to redefine Miami real estate. If you’re ready to be recognized for your talent and want the full backing of the Cervera platform to fuel your growth, email www.Cervera.com.