This week from the @valeofinancial Twitter feed

Unemployment

• The Unemployment Problem – Who is Being Counted? (Part 1 of 2) Valeo Blog
• The Unemployment Problem – This Time is Different (Part 2 of 2) Valeo Blog
• June nonfarm payroll employment +18k on expectation of +80k. May revised down to +25k from +54k Bureau of Labor Statistics

Housing

• Conforming mortgage loan ceiling to drop on 9/30 for most expensive markets. $417K still the jumbo threshold for most. FHFA
• How Rising Interest Rates Affect Home Prices The Atlantic
• Global house-prices interactive chart The Economist

Financial Planning

• Momentum builds to place IRAs under fiduciary umbrella Fiduciary News
• Russell Survey: Topics of conversation driven by advisors and their clients Data Diary
• New Rules to Make It Easier to Get Credit Scores Wall Street Journal

United States Budget

• A wonky budget proposal tweaks inflation – it slows growth in SS, raises taxes, & is worth $200+ billion Planet Money

National and Local Economies

• The economic recovery began 2 years ago. Charts of how this recovery compares to other recoveries. Wall Street Journal
• A City’s Wrenching Budget Choices New York Times
• US debt ceiling: Is Minnesota’s govt shutdown a taste of things to come for the whole of America? The Economist

Central Banks – Global Edition

• After 2.5+years of Fed Funds target rate @ 0-0.25%. What is the fed funds futures market predicting the rate to be for the remainder of the year? Cleveland Fed
• ECB raises rates 25bp to 1.5%. One more like this coming before the end of the year. Via Moody’s
• China Raises Rates to Counter Fastest Inflation Since 2008 Bloomberg
• A look at interest rate activity of the world’s central banks CME Group

Focus in Europe Shifts from Greece to Portugal

• Moody’s downgrades Portugal on… Greece fears FT Alphaville
• Portugal debt downgraded to junk.. Yields on 2-year Portuguese debt are up 21% today. Big ouch. The Economist