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Average 30-year mortgage rates ticked up above 6.50% for the first time in more than a week, according to Zillow data. Once the Fed starts cutting rates, mortgage rates should ease. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.11% last week, according to Freddie Mac data.

Persons: Federal Reserve Bank of Cleveland Loretta Mester, Mester, you'll, Freddie Mac, it's Organizations: Federal Reserve Bank of Cleveland, Investors, Zillow, Federal Reserve Locations: Chevron

WASHINGTON (AP) — From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. Why, with inflation nearly conquered and interest rates at a 22-year high, isn't now the time to cut? High rates could also compound the struggles of banks that are saddled with bad commercial real estate loans, which would be harder to refinance at higher rates. “We need the government to address the interest rates ... and understand that they’ve accomplished their goal of lowering inflation," Kelleher said. If so, that might not just delay the Fed's rate cuts, but result in fewer of them.

Persons: isn't, ”, Steven Blitz, “ They’re, ” Loretta Mester, Mester, “, David Kelleher's Chrysler, Kelleher, ” Kelleher, Powell, ” Powell, we’re, Andrea Kugler, Eric Swanson Organizations: WASHINGTON, Federal Reserve, GlobalData, Lombard, Federal Reserve Bank of Cleveland, Jeep, Fed, University of California Locations: Wall, Philadelphia, Irvine

☆ Current policy rate lets Fed be 'nimble' with incoming data, Mester says
▼ + stars: | 2023-11-29 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Loretta Mester, president of the Federal Reserve Bank of Cleveland, speaks during an interview in Manhattan, New York, U.S., August 15, 2017. The central bank's rate policy will need to be "nimble" and "I believe the current level of the (federal) funds rate positions us well to do that." Mester, who will retire from the regional Fed bank next June, spoke two weeks ahead of the Fed's Dec. 12-13 policy meeting. That gathering is widely expected to result in no change in the current 5.25%-5.50% policy rate range. She noted that Fed rate hikes have tightened financial conditions and moderated demand at a time when supply chains have been healing.

Persons: Loretta Mester, Shannon Stapleton, Mester, Mester's, Michael S, Paul Simao Organizations: Federal Reserve Bank of Cleveland, REUTERS, Cleveland Federal, Fed, Financial, FOMC, Thomson Locations: Manhattan , New York, U.S, Chicago

☆ Analysis: The US presidential election is next year. Here’s what that could mean for stocks
▼ + stars: | 2023-11-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The US presidential election is less than a year away. Wall Street has a laundry list of uncertainties that it worries could threaten the current stock rally, including the upcoming presidential election. But history shows that stocks typically gain during the fourth year of presidential terms. The S&P 500 has gained 6.2% on average during the fourth year of presidential terms since 1932, according to Yardeni Research. That’s below the 13.5% gain the index has averaged during the third year of presidential terms since 1931.

Persons: ’, There’s, Darrell Crate, ”, Goldman Sachs, Joe Abbott, Abbott, Loretta Mester, Bryan Mena, Elisabeth Buchwald, Hawkish, Mester, Heidi Gartland, “, ” Gartland, Read, Niron, Peter Valdes, Niron Magnetics, Jonathan Rowntree Organizations: CNN Business, Bell, New York CNN, Federal Reserve, The New York Fed, Management, Investors, Research, Yardeni Research, “, CNN, Cleveland Fed, Reserve Bank, Cleveland, Regional, Bank, General Motors, China General Motors Locations: New York, East, Russia, Ukraine, Wisconsin, China, Minnesota

☆ Fed's Mester says Fed at or near peak for interest rate target
▼ + stars: | 2023-10-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Mester noted Fed forecasts released at the September meeting eyed another increase in what is currently a federal funds target rate range of between 5.25% and 5.5% by the end of the year, and then to hold rates steady at high levels for an extended period. “This is consistent with my own reading of economic conditions, the outlook, and the risks to the outlook,” she said. Mester, who does not have a vote on the Federal Open Market Committee this year, also noted that the outlook for policy can change. In her remarks, Mester said inflation pressures are coming down but remain too high. Mester also said that if the recent surge in bond yields is sustained it should help moderate demand, which aligns with Fed goals.

Persons: Loretta Mester, ” Mester, Mester, ”, Michael S, Andrea Ricci Organizations: Federal Reserve Bank, Cleveland, Federal, Fed, Thomson

☆ Fed's Mester: Strong jobs data do not change underlying view on hiring
▼ + stars: | 2023-10-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

"With this one report, [the data] continues to say it's a strong labor market, but it is getting a little bit less tight than we saw before," Mester said in an interview on CNN International. Mester spoke to the television channel following the release of the September jobs report, which showed the U.S. added a bigger-than-expected 336,000 jobs last month and upwardly revised the prior month's job gain, with a steady 3.8% unemployment rate. The strength of the jobs data renewed bond market worries about additional Fed rate hikes which had receded among many investors. Several economists noted the softening earnings data in the report, evidence that inflation pressures continued to ebb, reducing pressure on the Fed to hike rates further. "What we've seen in the economy so far is that it's been a very resilient economy," Mester said, adding "economic growth has been strikingly strong and yet we're still making progress on inflation."

Persons: Loretta J, Mester, Jim Urquhart, Loretta Mester, it's, Michael S, Diane Craft, David Gregorio Our Organizations: Federal Reserve Bank of Cleveland, Jackson, REUTERS, Federal Reserve Bank, Cleveland, CNN International, Fed, Derby, Thomson Locations: Jackson , Wyoming, U.S

The collective impact of higher rates across the economy could also weaken the government's own finances. With borrowing rates high and inflation still relatively elevated, consumers, who drive about 70% of economic growth, are expected to spend more cautiously. “Those tighter, higher rates will have an impact on the economy.”Financial analysts point to several reasons for the rapid increase in lending rates. Overseas buyers have reduced their purchases, thereby forcing rates higher to attract buyers. “All of that is driving these fears of higher rates, and no one knows when it’s going to stop,” said Gennadiy Goldberg, head of US rates strategy at TD Securities.

Persons: Kevin McCarthy, Goldman Sachs, Goldman, Freddie Mac, Loretta Mester, ” Mester, it’s, ”, Gennadiy Goldberg, Benson Durham, Piper Sandler, Durham, Jerome Powell, ‘, we’re, ’ ”, Nancy Vanden Houten, David Page Organizations: WASHINGTON, United Auto Workers, Representatives, Republican, Treasury, Federal Reserve Bank of Cleveland, ”, Fed, Treasury Department, TD Securities, Oxford Economics, AXA Locations: U.S, ’ ” Durham, London

WASHINGTON (AP) — U.S. job openings unexpectedly rose in August, another sign the U.S. labor market remains strong despite higher interest rates — perhaps too strong for the inflation fighters at the Federal Reserve. American employers posted 9.6 million job openings in August, up from 8.9 million in July and the first uptick in three months, the Labor Department said Tuesday. ""Yes, the job market is still retaining a lot of heat,'' he said, "but it hasn't gone back on the boil.'' The Federal Reserve wants to see the red-hot U.S. job market cool off, reducing pressure on businesses to raise pay, which can feed into higher prices. The Fed chose not to raise rates at its last meeting Sept. 19-20.

Persons: Economists, —, Nick Bunker, hasn't, Jerome Powell, Dow Jones, Rubeela Farooqi, Loretta Mester, “, ” Mester, Christopher Rugaber Organizations: WASHINGTON, —, Federal Reserve, Labor Department, Federal, Fed, Federal Reserve Bank of Cleveland, AP

☆ Rupee likely to open weaker pressured by surging U.S. yields
▼ + stars: | 2023-10-03 | by ( Jaspreet Kalra | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 3 (Reuters) - The Indian rupee is likely to open weaker on Tuesday as U.S. treasury yields rose to fresh multi-year highs after the United States averted a partial government shutdown. Non-deliverable forwards indicate the rupee will open at around 83.25 to the U.S. dollar compared with a close of 83.04 in Friday's session. Buoyed by higher U.S. yields, the dollar index also climbed to 107.13 in Asia, its highest level since November 2022. While the rupee has come close to testing its record low levels in recent weeks, likely dollar sales from the RBI have managed to keep some of the weakness at bay. The rupee could see an intraday fall to a fresh record low if the dollar index continues to strengthen, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities.

Persons: Loretta Mester, Dilip Parmar, Jaspreet Kalra, Sonia Cheema Organizations: U.S, . Federal Reserve, Reserve Bank, Cleveland, Reserve Bank of India, Brent, HDFC Securities, Thomson Locations: MUMBAI, United States, Asia

☆ Fed's Mester says one more U.S. rate hike may be needed
▼ + stars: | 2023-10-02 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

FILE PHOTO: Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson/File PhotoNEW YORK (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said Monday that the U.S. central bank most likely isn’t done raising interest rates amid ongoing inflation pressures. The Fed has raised rates aggressively over the last year and a half to help cool inflation. Ebbing price pressures allowed officials to keep the federal funds target rate range at between 5.25% and 5.5% in September. Mester said the economy has proved to be stronger than expected at the start of the summer.

Persons: Loretta Mester, Lucas Jackson, ” Mester, Mester’s, Michael Barr, Michelle Bowman, “, ”, Mester Organizations: Cleveland Fed, REUTERS, Federal Reserve Bank, Cleveland Locations: U.S, New York, Cleveland

☆ Morning Bid: A sticky inflation situation
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +5 min

With a relentless set of rate hikes, the Federal Reserve has managed to drive consumer price increases down to 3%, from last June's 9.1%. The Atlanta Fed compiles an index of core sticky consumer prices - goods or services for which the cost changes far more slowly. Reuters GraphicsLine chart with data from the Bureau of Economic Analysis and Federal Reserve shows PCE inflation slowed to 3% year-on-year in June, while core PCE inflation also eased to 4.2%. Chart shows economists polled by Reuters expecting the U.S. consumer price index to have increased 0.2% in July 2023 from the previous month, the same pace as June 2023. * Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks at a webinar, 1500 EDT/1900 GMT.

Persons: Brendan McDermid, Amanda Cooper, they're, Mary Daly, Raphael Bostic, Tomasz Janowski Organizations: New York Stock Exchange, REUTERS, Federal Reserve, American Automobile Association, Federal Reserve Bank, Cleveland, Atlanta Fed, Reuters Graphics, Reuters, Federal Reserve Bank of San Francisco, Yahoo Finance, Federal Reserve Bank of Atlanta, Thomson Locations: New York City, U.S, Manheim

☆ US small businesses feel better about the economy, but still can’t find enough skilled workers
▼ + stars: | 2023-08-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

As inflation continued to slow last month, optimism improved among the more than 1,300 small businesses surveyed, though it remains subdued compared to pre-pandemic times. Of owners hiring or trying to hire, 92% reported few or no qualified applicants for their available jobs, also unchanged from the prior month. “With small business owners’ views about future sales growth and business conditions dismal, owners want to hire and make money now from solid consumer spending,” said Bill Dunkelberg, the NFIB’s chief economist, in a release. Despite the economy holding steady, optimism among small businesses isn’t back to where it was before the pandemic. Even though businesses are still grappling with difficulties in hiring, cooling inflation has taken some of the edge off.

Persons: ”, Bill Dunkelberg, they’ve Organizations: DC CNN, National Federation of Independent Business, Federal Reserve, Gross, Federal Reserve Bank of Cleveland, Labor Department, Wall Street Locations: Washington

PinnedInflation data released on Wednesday showed a pronounced cooling and offered some of the most hopeful news since the Federal Reserve began trying to tame rapid price increases 16 months ago. Officials have signaled in recent weeks that they are likely to raise interest rates at their July 25-26 meeting. For one thing, the cost of housing as measured by the Consumer Price Index — which relies on rent prices — is coming down sharply. The Fed officially targets 2 percent inflation on average over time, though it defines that goal using a separate inflation measure, the Personal Consumption Expenditures index. Interest rates increases work partly by slowing the job market and cooling wage increases, so the Fed’s fight against inflation and the strength of the labor market are closely tied.

Persons: ”, Laura Rosner, Warburton, it’s, . Rosner, Airfares, “, Beth Weaver, Loretta Mester, ” Julia Pollak Organizations: Federal Reserve, Federal, Consumer, Buick GMC, Fed, Federal Reserve Bank of Cleveland, ZipRecruiter Locations: Erie, Pa

PinnedInflation data released on Wednesday showed a pronounced cooling and offered some of the most hopeful news since the Federal Reserve began trying to tame rapid price increases 16 months ago. But Federal Reserve officials are still trying to assess whether the cool down is likely to be quick and complete. Officials have signaled in recent weeks that they are likely to raise interest rates at their July 25-26 meeting. For one thing, the cost of housing as measured by the Consumer Price Index — which relies on rent prices — is coming down sharply. Interest rates increases work partly by slowing the job market and cooling wage increases, so the Fed’s fight against inflation and the strength of the labor market are closely tied.

☆ Oil steady as demand woes from weak economic data offset by OPEC+ cuts
▼ + stars: | 2023-07-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, July 10 (Reuters) - Oil prices were little changed on Monday in choppy trading as demand woes after weak economic data from top consumers the United States and China were offset by expected crude supply cuts from Saudi Arabia and Russia. "Oil traders may be cautious ahead of the U.S. CPI (Consumer Price Index) and China's slew of economic data later this week," CMC Markets analyst Tina Teng said of inflation data due on Wednesday. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. However, crude prices could rebound after producer group OPEC+ announced plans to reduce supply further, Teng added. Money managers stepped up net long positions in oil futures and options contracts in the latest weekly data.

Persons: Brent, Tina Teng, Loretta Mester, Teng, Ole Hansen, Hansen, Arathy Somasekhar, Noah Browning, Florence Tan, Emily Chow, Alexander Smith, David Goodman, Peter Graff Organizations: . West Texas, U.S . CPI, Consumer, CMC, U.S . Federal Reserve, Federal Reserve Bank, Cleveland, OPEC, International Energy Agency, Saxo Bank, Money, Thomson Locations: United States, China, Saudi Arabia, Russia, ., Saudi, WTI, Brent

☆ Fed's Mester: More hikes needed to bring inflation back down to target
▼ + stars: | 2023-07-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

“The economy has shown more underlying strength than anticipated earlier this year, and inflation has remained stubbornly high, with progress on core inflation stalling,” Mester said in a virtual speech before a University of California, San Diego forum. Mester, who is not a voting member of the rate-setting Federal Open Market Committee this year, did not offer a time table for action. In her remarks, Mester said Fed actions were working to restore balance in the economy. But she also noted that inflation and the job market remain out of whack relative to where they need to be to cool price pressures. “Core measure indicates that inflation is stubbornly high and broad-based,” Mester said.

Persons: Loretta Mester, ” Mester, Mester, Jerome Powell, John Williams, ”, Michael S, Andrea Ricci Organizations: Federal Reserve Bank, Cleveland, University of California, Fed, New York Fed, Thomson Locations: San Diego

☆ Against the Odds, the U.S. Economy Chugs Along, as Fears Linger
▼ + stars: | 2023-07-07 | by ( Talmon Joseph Smith | More About Talmon Joseph Smith | ) www.nytimes.com time to read: +1 min

But the dampening effect of higher rates has confronted the robust income and spending of many households and the staying power of businesses — both buttressed by emergency pandemic support from Congress and the Fed. Though families, business managers and investors alike have had to contend with the frustrating realities of inflation and economic uncertainty, growth has continued, almost defiantly. Some economists think it might be possible to wrestle inflation down fully without causing a big jump in unemployment. “The environment of ‘pick the data point that supports your narrative’ persists,” said Oren Klachkin, lead U.S. economist at Oxford Economics. “I still think a recession is more likely than not.”

Persons: Ellen Zentner, Morgan Stanley, ”, Oren Klachkin, “ Organizations: Federal Reserve Bank of Cleveland, Oxford Economics

☆ Rent has finally stopped rising. It's great news for tenants and the economy.
▼ + stars: | 2023-06-25 | by ( Alcynna Lloyd | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

US rental growth is now below pre-COVID norms, giving renters more options. Rental growth in the US is now below pre-COVID norms, Jay Parsons, the SVP, chief economist and head of industry principals at RealPage, told Insider. Throughout the pandemic, soaring rental prices — brought on by population growth and heightened demand — have helped to drive inflation to historic levels. With lower inflation, renters can have increased confidence in a more stable rental economy while giving renters more options. "I think over the next year and a half, we're gonna see very limited rent growth," Parsons said.

Persons: —, Jay Parsons, Parsons, Zillow, we're Organizations: Service, Bureau of Labor Statistics, Federal Reserve Bank of Cleveland's, CPI, Federal Reserve Locations: metros

☆ Fed's Mester says no 'compelling' reason to wait for fresh rate hike -FT
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

May 31 (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester sees no "compelling" reason to wait to implement another interest rate hike, Financial Times reported on Wednesday. "I don't really see a compelling reason to pause," Mester told FT in an interview. "I would see more of a compelling case for bringing the rates up and then holding for a while until you get less uncertain about where the economy is going." Reporting by Anirudh Saligrama in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Loretta Mester, Mester, Anirudh, Tom Hogue Organizations: Federal Reserve Bank, Cleveland, Financial, Thomson Locations: Bengaluru

☆ Fed's Mester says not yet at point where it can 'hold' rates
▼ + stars: | 2023-05-16 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

NEW YORK, May 16 (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday that she does not think the U.S. central bank is at a point yet where it can hold interest rates steady for a period of time, given how stubborn inflation is. However, four U.S. central bankers on Monday signaled they see interest rates staying high and, if anything, going higher, given inflation that may be slow to improve and an economy showing only tentative signs of weakness. "When we get the policy to that rate, I think we're going to be holding for a while in order to make sure that the interest rate is coming back down. So I don't put it in terms of a pause, I put it in terms of a hold. At this point, given the data we've gotten so far, I would say no."

☆ Dollar mired near two-month low; Kiwi gains on RBNZ surprise
▼ + stars: | 2023-04-05 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The kiwi rallied 1% to touch a two-month high of $0.6383 after the decision. The dollar index , which measures the currency against six peers, eased to a fresh two-month low of 101.43, after dropping 0.5% overnight. Markets were pricing in a 43% chance of Fed not raising interest rates a day earlier. "And the Fed may have to perhaps do more and keep rates high for longer." The yield on 10-year Treasury notes was up 1.3 basis points to 3.350%, having slipped 9 basis points overnight.

☆ Morning Bid: Jolted markets fret about economy, Fed rate path
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

The JOLTS report on Tuesday showed that U.S. job openings dropped to their lowest level in nearly two years in February, with traders wagering that the Fed is just about done with its interest rate hikes. And yet, Federal Reserve Bank of Cleveland President Loretta Mester said that the U.S. central bank likely has more interest rate rises ahead amid signs the recent banking sector troubles have been contained. A surprise 50 basis point hike from New Zealand's central bank shocked the Asian market, with kiwi-dollar scaling a two-month peak. Twenty-two of 24 economists in a Reuters poll had forecast the Reserve Bank of New Zealand would raise rates by just 25 basis points. A Reuters poll of foreign exchange strategists showed that the U.S. dollar will weaken against most major currencies this year as the interest rate gap with its peers stops widening.

☆ Dollar struggles on weak data; Kiwi surges on RBNZ surprise
▼ + stars: | 2023-04-05 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The kiwi rallied 1% to touch a two-month high of $0.6383 after the decision. Elsewhere, data overnight showed U.S. job openings dropped to their lowest level in nearly two years in February, suggesting that labour market conditions were finally easing. The dollar index , which measures the currency against six peers, eased to a fresh two-month low of 101.43, after dropping 0.5% overnight. In the U.S. bond market, the two-year Treasury yield, which typically moves in step with interest rate expectations, was up 2.6 basis points at 3.860%, after sliding 14 basis points on Tuesday. The yield on 10-year Treasury notes was up 1.8 basis points to 3.355%, having slipped 9 basis points overnight.

☆ Fed's Mester says rate target will need to go over 5%
▼ + stars: | 2023-04-05 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

April 4 (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday that the U.S. central bank likely has more interest rate rises ahead amid signs the recent banking sector troubles have been contained. The decision was haunted by banking sector troubles that led policymakers to say that a tightening in financial conditions would likely weigh on economic activity. "I was very comfortable with moving ahead” with the rate rise, given that authorities had taken steps to manage risks coming from banking sector troubles, Mester said in remarks following her speech. At the policy meeting, officials also penciled in a single additional rate rise for this year, as the Fed continues to boost the cost of short-term borrowing in a bid to lower inflation. Mester expressed confidence that banking sector woes should ultimately prove contained.

☆ Gold at over one-year peak as weak U.S. data buoys demand
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged higher on Wednesday to touch their highest levels since March 2022 after weak U.S. economic data spurred safe-haven demand and expectations that the Federal Reserve might loosen its monetary policy trajectory. Spot gold was up 0.1% at $2,022.09 per ounce, as of 0355 GMT. Gold prices rallied 2% to cross $2,000 per ounce on Tuesday after another round of weaker U.S. economic data pointed to a slowing economy. Data showed U.S. job openings in February dropped to the lowest level in nearly two years, suggesting the labor market was cooling. Gold is traditionally considered a hedge against inflation and economic uncertainties, but higher interest rates dim the appeal for non-yielding bullion.

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