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☆ As home sellers, buyers wait on a Fed cut, here's how mortgage rates have impacted the spring housing market
▼ + stars: | 2024-04-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

People looking to buy or sell a home this spring are paying close attention to mortgage rates. The average 30-year, fixed-rate mortgage rose to 7.17% for the week ending April 25, according to Freddie Mac data via the Federal Reserve. It remains unclear when the Federal Reserve might make its first rate cut. "I believe our first rate cut is penciled in for July," said Matthew Walsh, assistant director and economist at Moody's Analytics. "We might not see rates fall in any meaningful way until [the] later half of this year," he said.

Persons: Freddie Mac, Matthew Walsh, Walsh Organizations: Federal Reserve, Moody's Analytics, Finance

☆ Boeing taps debt market to raise $10 billion: Reuters
▼ + stars: | 2024-04-29 | by ( ) www.cnbc.com time to read: +2 min

The Boeing logo is displayed on a Boeing building on January 8, 2024 in El Segundo, California. Boeing on Monday tapped debt markets to raise $10 billion, after the U.S. planemaker burned $3.93 billion in free cash during the first quarter following slowing production of its best-selling jet, sources familiar with the matter said. Moody's said the rating reflects Boeing's still-strong business profile, which continues to mitigate ongoing weak performance in commercial aircraft, although headwinds surrounding the division could persist through 2026. Boeing will use the bond proceeds to increase its liquidity ahead of maturities on its existing debt load, including $4.3 billion in 2025, S&P wrote on Monday. The deal's bookrunners leading the bond sale include Bank of America , Citi, JPMorgan and Wells Fargo , according to the deal's term sheet.

Persons: Moody's, bookrunners, Wells, Brian West Organizations: Boeing, U.S, Bank of America, Citi, JPMorgan Locations: El Segundo , California, maturities, Wells Fargo

☆ Former Moody's top lawyer pleads guilty in tax case
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +1 min

Moody's Corporation logo is photographed on the firm's headquarters in Lower Manhattan, NY. A former longtime general counsel to Moody's has pleaded guilty to willfully failing to file federal income tax returns, federal prosecutors in New Jersey said Friday. Goggins pleaded guilty on Thursday before a federal magistrate judge in Newark, New Jersey, prosecutors said. "Mr. Goggins deeply regrets and accepts full responsibility for failing to file certain personal income tax returns," Christopher Ferguson, a lawyer for Goggins, said in a statement. Goggins retired from Moody's in September after more than two decades and was replaced as general counsel by Richard Steele.

Persons: Moody's, John Goggins, Goggins, Christopher Ferguson, Richard Steele, Ferguson Organizations: Moody's, New, New Jersey U.S Locations: Lower Manhattan, NY, New Jersey, Newark , New Jersey, Moody's

☆ 'Not that concerned' about inflation getting back to Fed's 2% target, says Moody's Mark Zandi
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Not that concerned' about inflation getting back to Fed's 2% target, says Moody's Mark ZandiMark Zandi, Moody's Analytics chief economist, joins 'Squawk on the Street' to discuss if the economy's performing 'too well', how Zandi expects inflation to play out, and more.

Persons: Mark Zandi Mark Zandi

☆ Israel downgraded by another big credit ratings agency as Middle East tensions escalate
▼ + stars: | 2024-04-19 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

S&P Global cut its rating for Israel on Thursday as tensions in the Middle East escalate. Moody's, another ratings agency, downgraded Israel for the first time in February. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementS&P Global downgraded Israel on Thursday, warning that escalating tensions in the Middle East could affect its ability to repay debt. The ratings agency cut Israel's sovereign credit score from "AA-" to "A+" while maintaining a negative overall outlook.

Persons: Moody's, — Organizations: Israel, Service, P Global, Business Locations: Israel, Iran

☆ Wall Street pushes out rate-cut expectations, sees risk they don't start until March 2025
▼ + stars: | 2024-04-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

If there was any doubt before, Federal Reserve Chair Jerome Powell has pretty much cemented the likelihood that there won't be interest rate reductions anytime soon. Now, Wall Street is wondering if the central bank will cut at all this year. "My sense is they need two, probably three consecutive months of inflation numbers that are consistent with that 2% target. Market pricing for rate cuts has been highly volatile in recent weeks as Wall Street has chased fluctuating Fed rhetoric. As for a second rate cut, there was a tilt toward one in December, but that remains an open question.

Persons: Jerome Powell, Powell, there's, They've, Mark Zandi, Zandi Organizations: Financial, Moody's, Fed Locations: Washington , U.S

☆ Detroit put up a $400,000 Hollywood-style sign that residents think is so ugly they are making diss tracks about it
▼ + stars: | 2024-04-14 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Detroit spent $400,000 on a new Hollywood-style sign as it hosts the NFL Draft. Detroit views the NFL Draft as a chance to showcase its recovery after years of financial trouble. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Detroit rapper Gmac Cash asks in his new single, "Detroit Sign." Related storyCash, a local Detroit rapper, has several songs about landmark attractions in the city, usually with a comedic spin.

Persons: —, Gmac Cash, Jessica Parker, Parker, Cash, Jimmy Kimmel, Mike Duggan, Duggan Organizations: Detroit, NFL, Service, Detroit Free Press, Times, Fairmount Sign Company, Free Press, Fairmont, Business Locations: Detroit, TikTok, Moody's, America

☆ China has strong fundamentals and should remain a focus for businesses, Singapore trade minister says
▼ + stars: | 2024-04-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Businesses should continue to focus on China and explore opportunities to expand their presence in the world's second-largest economy, Singapore Minister for Trade and Industry Gan Kim Yong said Friday. China had briefly entered deflation territory late last year, and is still struggling with a debt-laden real estate sector. However, "if you take a deeper look, when I engaged the businesses and the people on the ground, I think the sense it gives me is that China's fundamentals are strong," Gan said on CNBC's "Squawk Box Asia." The country's investments in infrastructure will also put it in a good position to recover in the longer term, Gan added. "So I think in the meantime, in the immediate future, they will see headwinds, but I think in the longer term, the fundamentals remain strong."

Persons: Industry Gan Kim Yong, China, Fitch, Gan Organizations: Singapore Minister, Trade, Industry, Moody's Locations: China, Singapore

☆ Jim Cramer's top 10 things to watch in Wednesday's inflation-driven stock market decline
▼ + stars: | 2024-04-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +2 min

Morgan Stanley raises Nvidia price target to $1,000 per share from $795. Goldman Sachs' semiconductor readthroughs from Google's conference: Arm positive, Nvidia mild positive, Advanced Micro Devices mild negative, Intel mild negative. Barclays raises Club name Ford price target to $16 per share from $15. Other price target raises on Club names on Wall Street: Danaher , DuPont and Wynn Resorts . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Dow, Thomas Kurian, Morgan Stanley, Goldman Sachs, Jefferies, Ed Bastian, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Core CPI, Taiwan Semiconductor Manufacturing Company, Nvidia, Google, Club, Broadcom, Gaudi, Barclays, Ford, DuPont, Wynn Resorts, Jim Cramer's Charitable, CNBC Locations: Fitch, China

☆ Fitch's negative outlook for China is more bad news for its stalling economy
▼ + stars: | 2024-04-10 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Read previewFitch Ratings has cut its outlook for China, adding to the gloom surrounding the world's second-largest economy. It cut its outlook from "stable" to "negative," but maintained its overall rating at "A+." The move comes after Moody's Investor Services, another major credit-rating agency, also downgraded its outlook for China to "negative" in December. As a result Fitch expects economic growth to fall to 4.5% for 2024. The ratings agency said policymakers will probably have no choice but to borrow to address its economic woes.

Persons: —, Fitch, Fitch's Organizations: Service, Business, Moody's Investor Services, Analysts, St Louis Federal Reserve, CSI Locations: China, Beijing

☆ Here’s the inflation breakdown for March 2024 — in one chart
▼ + stars: | 2024-04-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

"The big rock in the way here is the cost of shelter," Zandi said. In fact, underlying inflation after stripping out shelter costs is already back to target, Zandi said. watch nowThe increase is largely attributable to higher oil prices. "For most Americans, the thing that bothers them the most about inflation is high food prices." Americans' buying patterns also simultaneously shifted away from services — like entertainment and travel — toward physical goods since they stayed at home more, driving up demand and fueling decades-high goods inflation.

Persons: Eric Thayer, That's, Mark Zandi, Zandi, It's, Hamrick, They're, Sarah House Organizations: Bloomberg, Getty, U.S . Labor Department, Moody's, of Labor Statistics, U.S, Energy Information Administration, BLS, Wells, Wells Fargo Economics Locations: U.S, Wells Fargo

☆ Miami shows how a new kind of gentrification is coming to US cities
▼ + stars: | 2024-04-09 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Miami has one of the hottest real estate markets in the country. Real estate developers are promoting new housing in drier parts of the city as an escape from regular flooding, researchers have found. And Miami is far from alone — coastal flooding, extreme heat, and other climate impacts are affecting cities across the country. And Miami residents are spending a larger share of their income on housing these days. The rent-to-income ratio in Miami has risen from 35.9% in 2019 to 37.0% at the end of last year, according to Moody's.

Persons: Moody's, Pedro, — Organizations: Service, Business, Liberty, Dade, McKinsey & Company, Miami Locations: Miami, South Florida, Little Haiti, Liberty City, — Miami, Florida, Dade County

☆ Biden says U.S. economy is world's best. Trump calls it a 'cesspool.' Data is clear.
▼ + stars: | 2024-04-04 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

President Joe Biden is fighting to convince inflation-weary voters that the U.S. economy is healthy. "America has the best economy in the world," he told NBC's Today Show on Monday, laying out an argument that is central to his reelection campaign. "The U.S. economy is leading the way for the global economy. It's driving the global economic train," Moody's Chief Economist Mark Zandi told CNBC. Besides sticky high prices that are projected to cool in the coming year, Zandi said that the fundamentals of the current U.S. economy are nearly ideal: "The economy is picture perfect.

Persons: Joe Biden, NBC's, Donald Trump, Trump, Mark Zandi, Dow Jones, Zandi Organizations: Flex, International Monetary Fund, IMF, CNBC Locations: U.S, West Columbia, South Carolina, America, United States, Georgia

☆ UBS is bullish on investment-grade corporate bonds. Here's why
▼ + stars: | 2024-04-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Yields may be down from last year's highs, but there is still plenty for income investors to like about investment-grade corporate bonds, according to UBS. The effective yield on the ICE BofA U.S. Corporate Bond Index , which tracks the performance of U.S. dollar-denominated investment-grade corporate debt, is currently hovering around 5.5%. "This measures IG's return over duration-matched Treasuries, meaning that it's been advantageous to own IG over U.S. government bonds," he added. Inside the investment grade market, UBS prefers the financial sector over nonfinancial issuers, and favors short- and intermediate-term duration. Meanwhile, the spread pickup from A-rated bonds to BBB-rated bonds is historically tight, on average.

Persons: Barry McAlinden, McAlinden, Fitch Organizations: UBS, ICE, Corporate, ., Treasury, Poor's

☆ Inflation will be key to Fed's decision on rate cuts: Moody's Mark Zandi
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation will be key to Fed's decision on rate cuts: Moody's Mark ZandiMark Zandi, Moody's Analytics chief economist, and Ted Rossman, senior industry analyst at Bankrate, and CNBC's Steve Liesman join 'The Exchange' to break down Jerome Powell's Wednesday remarks and more.

Persons: Mark Zandi Mark Zandi, Ted Rossman, Steve Liesman, Jerome Powell's

☆ Euro zone inflation unexpectedly slows to 2.4% in March, with core print also below forecast
▼ + stars: | 2024-04-03 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Inflation in the 20-nation euro zone eased to 2.4% in March, according to flash figures published on Wednesday, boosting expectations for interest rate cuts to begin in the summer. Economists polled by Reuters had forecast the rate would hold steady against the previous month at 2.6%. The core rate of inflation, excluding energy, food, alcohol and tobacco, cooled from 3.1% to 2.9%, also coming in below expectations. Markets expect the euro zone's central bank will begin lowering borrowing costs in June — a position reflected in the recent messaging of ECB decision-makers. "Inflation has declined despite a jump in energy inflation, and a boost from an early Easter.

Persons: European Central Bank —, Price, Robert Holzmann, Carsten Brzeski, Kamil Kovar, Kovar Organizations: Reuters, European Central Bank, ECB, ING, Moody's Locations: Rome, Italy, France, Spain, Germany, Austrian

☆ Bumper corporate profits helped prevent mass layoffs and a recession, says leading economist
▼ + stars: | 2024-04-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

After-tax profits hit a record high of $2.8 trillion in the fourth quarter, per the Commerce Department. "The gangbuster gain in profits helps explain why businesses have been able and willing to hold the line on layoffs, which was key to avoiding recession," he said. Advertisement"It also helps explain the record stock market, and the resulting positive wealth effects and resilient consumer spending." Related storiesAs for stocks, they're generally valued at a multiple to company profits so they've hit record highs too. That has made stockholders feel wealthier and more comfortable spending, Zandi said.

Persons: —, Mark Zandi, That's, Zandi Organizations: Service, Corporate America, Corporations, Commerce Department, Business, Federal Reserve, Companies

☆ Here are Tuesday's biggest analyst calls: Nvidia, Meta, Boeing, Eli Lilly, Disney, Coca-Cola, Grindr & more
▼ + stars: | 2024-04-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Tuesday's biggest calls on Wall Street: Oppenheimer reiterates Nvidia as outperform Oppenheimer said it's sticking with its outperform rating on shares of Nvidia. Citi reiterates Eli Lilly as buy Citi said the biopharma company is "riding the GLP-1 rocket." Citi downgrades Clorox to neutral from buy Citi said that the bullish thesis for the stock has largely played out for now. Citi upgrades Estee Lauder to buy from neutral Citi said it sees a "topline inflection point" for the stock. Barclays upgrades Array Technologies to overweight from equal weight Barclays said it sees share gains for the solar company.

Persons: Oppenheimer, McCormick, Argus, Needham, it's, Nelson Peltz, Melius, Horton, Citi, Eli Lilly, Estee Lauder, ARRY, JMP, Piper Sandler, Piper, Nio, CFRA, Goldman Sachs, Goldman, Blackstone, Petco Organizations: Nvidia, JPMorgan, Disney, Boeing, Citi, Coca, MTH, RBC, GE Vernova, General Electric, Bank of America, Meta, Travel, Barclays, Eaton, MI, Olema Pharmaceuticals, UBS, Bank of, of America Locations: underperform, LEN, DHI, Asia, Eaton, 4Q23

☆ Detroit is getting ready to host the NFL draft a decade after going bankrupt
▼ + stars: | 2024-03-31 | by ( George Glover | ) www.businessinsider.com time to read: +7 min

Detroit is set to host the NFL draft next month, a decade after it went bankrupt. Mayor Mike Duggan told BI that he hopes the event will reintroduce the city to the rest of the US. AdvertisementThe new DetroitApril's NFL draft — one of the biggest weekends on the sporting calendar — is set to bring eyeballs back to Detroit. AdvertisementDowntown Detroit will host the 2024 NFL draft. "No matter where you went in southeastern Michigan, everyone was smiling and talking to each other about the Lions," Duggan added.

Persons: Mike Duggan, —, Duggan, Axios, Joshua Lott, Bill Pugliano, it'll, we've, Kirby Lee, Dan Gilbert, who's, Jared Goff, Dan Campbell, Gilbert, Kyusung Gong, it's Organizations: Detroit, NFL, Lions, Service, Ford, GM, Detroit Free Press, Reuters, Economic, KC, Sports, Vegas and Kansas City, Getty, Cleveland Cavaliers NBA, Tampa Bay Buccaneers, Los Angeles Rams, San Francisco 49ers, The Lions, NCAA College Locations: Detroit, Midwest, Korean, Michigan, America, Motor City, Reuters Detroit, Detroit ., Kansas City, Vegas and Kansas

☆ Federal regulators are wielding a classic Warren Buffett concept to go after Apple — his biggest stock bet
▼ + stars: | 2024-03-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Federal regulators used the word "moat" eight times in their civil antitrust complain to describe the defenses that Apple sets up to keep competitors at bay. AdvertisementCastles and moatsBuffett popularized the concept of a company having a "moat" around it that protects it from rivals. The dynamics of capitalism guarantee that competitors will repeatedly assault any business 'castle' that is earning high returns. AdvertisementThe Department of Justice has added insult to injury by not only targeting Buffett's biggest stock bet, but also wielding the investor's moat metaphor against him, at least indirectly.

Persons: —, cheekily, Warren Buffett, Buffett, Berkshire Hathaway, you've, Elon Musk, he's, Charlie Munger, Apple, He's, Tim Cook, they're Organizations: Service, Justice, Apple, Business, Berkshire, Coke, Gillette, Costco, Cola, American, Regulators, of Justice Locations: Berkshire, Apple, Buffett's, Berkshire's

☆ Economist discusses Baltimore bridge collapse
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBaltimore bridge collapse won't be 'straw that broke the camel's back' in global shipping: EconomistHarry Murphy Cruise, associate economist at Moody's Analytics, says, however, that it comes at a "really fragile time" in global shipping.

Persons: Harry Murphy Cruise Organizations: Moody's Locations: Baltimore

☆ The wealth of the 1% just hit a record $44 trillion
▼ + stars: | 2024-03-28 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter. The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve. Economists say the rising stock market is giving an added boost to consumer spending through what is known as the "wealth effect." "Of course, this highlights a vulnerability of the economy if the stock market were to falter.

Persons: Robert Frank, Mark Zandi, Zandi, Liz Ann Sonders, Charles Schwab, – Sonders Organizations: Federal Reserve, Moody's, Stocks, Conference Board Locations: U.S

☆ The marine insurance industry is bracing for huge claims from the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Huge insurance claims are expected after the Dali collided with a major bridge on Tuesday. The claims could be on par with the $1.5 billion from the Costa Concordia disaster, an expert told Insurance Business. AdvertisementThe marine insurance industry is bracing for huge claims from Tuesday's Baltimore bridge disaster. AdvertisementThe marine insurance and reinsurance markets are likely to foot most of the bills, S&P Global reported on Tuesday. The Baltimore bridge itself is insured by insurance giant Chubb, per Insurance Insider.

Persons: Dali, —, Francis Scott Key, John Miklus, Miklus, Costa Concordia's, You've, Cintia Nazima, Chubb, SCOR Organizations: Business, Insurance, Service, American Institute of Marine Underwriters, Costa Concordia, Maryland Transportation Authority, Wall, P Global, Britannia Locations: Costa Concordia, Tuesday's Baltimore, Costa, Italy, Baltimore, Dali's Baltimore, Britannia, London, Suez

☆ Baltimore bridge collapse poses little threat to U.S. economic growth, experts say
▼ + stars: | 2024-03-26 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Auto companies like BMW and Volkswagen will likely be hit hardest at first, he added, given their heavy reliance on the Baltimore port. Regional economyFor the city of Baltimore, though, the economic impacts of the bridge collapse will hit harder and last longer. The Baltimore port directly employs over 15,000 workers and indirectly supports nearly 140,000 jobs via other port activities, according to Maryland Gov. Baltimore port employees could be temporarily furloughed, or see disruption in their work hours amid the shutdown. "The bridge collapse is the latest challenge for Northeast U.S. supply chains," said S&P Global Head of Supply Chain Research Chris Rogers.

Persons: Francis Scott Key, Roberto Schmidt, Baltimore's Francis Scott Key, Joseph Brusuelas, DALI, Joe Biden, Brusuelas, Mark Zandi, Wes Moore, Zandi, Research Chris Rogers, It's, we've Organizations: AFP, Getty, RSM, Auto, BMW, Volkswagen, Depot, IKEA, shipper FedEx, CNBC, Maryland Gov, Afp, Northeast, Supply, Research, Others Locations: Baltimore , Maryland, Singapore, Baltimore, of Baltimore, Port, United States, of LA, Northeast U.S, Sea, Panama

☆ Home price growth is back at pre-pandemic levels. Here's what that means for buyers and sellers
▼ + stars: | 2024-03-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

"We're back to that trend, despite these higher mortgage rates," she said. However, the market today is vastly different from the market two to eight years ago, experts say. The average home is still unaffordable for most potential buyers while inventory has slightly improved but not enough to meet demand. "The sentiment we're getting from our agents is that neither sellers nor buyers are satisfied with this market," Fairweather said. And buyers are disappointed in rising prices and rising mortgage rates."

Persons: Daryl Fairweather, Matthew Walsh, It's, Fairweather, Sellers Organizations: Finance, Moody's Locations: U.S

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