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☆ DR Congo: Americans involved in foiled deadly coup, military says
▼ + stars: | 2024-05-20 | by ( Nimi Princewill | ) edition.cnn.com time to read: +3 min

CNN —American citizens were involved in an attempted coup d’état that left at least three people dead on Sunday in the Democratic Republic of Congo, a military spokesperson told CNN Monday. Malanga was killed in a gun battle between the armed putschists and the presidential guards, Ekenge said. Videos widely shared on social media, but not verified by CNN, showed a man with a bloody face being surrounded by Congolese military personnel. Sunday’s incident was the second coup attempt by the now deceased Malanga, a former Congolese military veteran, Ekenge told CNN. The African Union condemned Sunday’s coup attempt in the DRC and welcomed the “control of the situation” by the country’s security forces.

Persons: d’état, Vital Kamerhe, Christian Malanga, General Sylvain Ekenge, Malanga, Ekenge, “, ” Ekenge, Marcel, Benjamin Reuben Zalman, Polun, Patrick Ducey, Taylor Thomson, “ Patrick Ducey, Lucy Tamlyn, ”, Felix Tshisekedi, Kamerhe’s, Sunday’s Organizations: CNN, Democratic, Palais, Nation, Congolese, United Congolese Party, Reuters, World Bank, Central, African Union Locations: Democratic Republic of Congo, DRC, Congolese, Kinshasa, Africa, Gabon

☆ Fed officials are now considering fewer rate cuts this year
▼ + stars: | 2024-03-26 | by ( Elisabeth Buchwald | Bryan Mena | ) edition.cnn.com time to read: +7 min

That’s because some Federal Reserve officials are reconsidering forecasts they made three months ago that called for three rate cuts this year. The stakes are high because there are consequences if the Fed cuts rates soon or if it leaves rates where they’ve been for the past eight months. First rate cut hinges on inflation dataIn February, Bostic told CNN that the first rate cut could come “sometime in the summertime.” That’s also Wall Street’s current expectation. He hasn’t specified — and is unlikely to signal — the number of rate cuts he believes are appropriate for this year. He has cheered inflation’s descent and said further improvement could open the door to rate cuts — if that actually bears out.

Persons: they’ve, Raphael Bostic, ” Bostic, Bostic, That’s, Powell hasn’t, Price, Nam, ” David Page, Powell, Rather, Jerome Powell, Chip Somodevilla, Lisa Cook, Austan Goolsbee, ”, we’ve, we’re, Goolsbee, Christopher Waller Organizations: CNN, Federal Reserve, Atlanta Fed, Index, AXA, Federal, ”, Harvard University, Chicago, Yahoo Finance, Fed, San Francisco Fed Locations: New York

☆ Key takeaways from the latest jobs report
▼ + stars: | 2024-03-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

“The economy remains strong, held up by a robust labor market,” wrote Christopher Rupkey, chief economist with FwdBonds, in a note Friday. Still, Friday’s jobs report also showed that the whopping gains initially recorded for January and December were revised down by a combined 167,000 jobs. January’s job gains now sit at an estimated 229,000 (down from the blowout 353,000); and December’s job growth at 290,000 (down from 333,000). In February, that included construction (up 23,000 jobs); transportation and warehousing (up 19,700 jobs); and retail (up 18,700 jobs). Friday’s jobs report showed that wage growth is indeed slowing.

Persons: ”, Christopher Rupkey, FwdBonds, “, ” Robert Frick, —, ” Diane Swonk, Swonk, February’s, ” Frick, Julissa Carielo, ” Swonk, Gus Faucher, Lydia Boussour, EY, Boussour, Janet Yellen, CNN’s Kate Bolduan, they’re, ” Yellen, Price, CNN’s Bryan Mena Organizations: New, New York CNN, of Labor Statistics, Navy Federal Credit Union, CNN, KPMG US, Health, Baby Boomers, Transportation Security Administration, DreamOn, Inc, Boomers, Fed, Labor, Federal, PNC Financial Services, “ Fed Locations: New York, San Antonio , Texas, Texas

☆ Gold just jumped to a record high. Here’s why
▼ + stars: | 2024-03-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Gold rose Tuesday after notching a record high the prior day, as investors continue to bet the Federal Reserve will cut rates in the back half of the year. The yellow metal was up about 0.4% on Tuesday morning, stabilizing somewhat after settling at an all-time high of $2,126.30 a troy ounce on Monday. However, some investors also believe gold to be a hedge against inflation, wagering that it will hold its value even if it begins to surge. The Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, rose 2.4% for the 12 months ended in January. The milestones for both bitcoin and gold come as stocks continue to rally powerfully.

Persons: That’s, Jerome Organizations: New, New York CNN, Federal Reserve, Commerce Department, Investors, Fed, Nasdaq Locations: New York, December’s

☆ The Fed’s favored inflation gauge eases to slowest pace in more than two years
▼ + stars: | 2024-02-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

New York CNN —Rising prices continued to loom large in January, but new data released Thursday showed that inflation is still on a downward — albeit bumpy — path toward the Federal Reserve’s 2% target. The Personal Consumption Expenditures price index was up 2.4% for the 12 months that ended in January, a slowdown from December’s 2.6% increase, according to Commerce Department data released Thursday. The closely watched core PCE index that excludes energy and food edged down to 2.8%. While the latest read on the Fed’s preferred inflation gauge showed progress toward the central bank’s target, Thursday’s data also highlighted the choppiness of this yearslong battle to rein in spiking prices: Prices rose in January from December at their fastest clip in months. On a monthly basis, the PCE price index rose 0.3% and core jumped 0.4%.

Organizations: New, New York CNN, Federal, Commerce Department Locations: New York

☆ Nasdaq and S&P 500 soar to record highs as markets appear unsinkable
▼ + stars: | 2024-02-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —The tech-heavy Nasdaq composite index and S&P 500 broke records Thursday afternoon. The S&P 500, meanwhile, gained 0.5% to close at a new high of 5,096.27. The Dow Jones Industrial Average ended the day slightly higher, up 47 points, or 0.1%. The S&P 500 was up 5.2% for the month, the Dow was 2.2% higher and the Nasdaq gained 6.1%. All S&P 500 subsectors ended the month in positive territory.

Persons: Austan Goolsbee, ”, “, subsectors, Bitcoin, bitcoin Organizations: New, New York CNN, Nasdaq, Federal Reserve, Dow Jones, Commerce Department, Fed, Investors, Chicago Fed, Council, Foreign Relations, Dow, Deutsche Bank, Nvidia Locations: New York

☆ Getting the chance to play at The Masters isn’t easy. Just ask LIV Golf’s Joaquin Niemann
▼ + stars: | 2024-02-22 | by ( Jack Bantock | ) edition.cnn.com time to read: +9 min

It’s the final two sets of criteria that are most pertinent for Niemann and LIV Golf players. Though exact criteria differs between the four major championships, all incorporate world ranking points as a viable qualifier. Why is that an issue for some LIV Golf players? Mike Ehrmann/Getty ImagesHow are LIV Golf players making it to the majors? Meanwhile LIV Golf players without such past glories to stamp their tickets to major championships are, like Niemann, crossing the globe in pursuit of alternative routes in.

Persons: LIV, LIV Golf’s Joaquin Niemann, Tiger Woods, Jon Rahm, Ross Kinnaird, Nick Dunlap –, –, Niemann, It’s, Greg Norman, Gary Davidson, Peter Dawson, LIV Golf, ” Dawson, OWGR, Tom Dulat, “ It’s, it’s, ” Niemann, “, ”, don’t, Mike Ehrmann, Japan’s Ryo Hisatsune, Fred Ridley, Brooks Koepka, Phil Mickelson, Rahm, Mike Blake, Reuters Rahm, Koepka, Cameron Smith, Adrian Meronk, Tyrell Hatton, Bryson DeChambeau, Patrick Reed, DeChambeau, Reed, Dean Burmester, David Puig jetted, Burmester, December’s Organizations: CNN, PGA, Augusta National, PGA Championship, British, Amateur, American Express, LIV Golf, LIV, OWGR, Hero Dubai, CBS, Golf, Augusta, Reuters, 152nd, Puig, Malaysian, Royal Locations: Augusta, Asia, Pacific, America, Saudi, Dubai, Chilean, South Africa, Malaysia, Johannesburg, Kuala Lumpur, Scotland

Retail sales fell by 0.8% last month, far worse than expected, as consumers pulled back from their holiday spending and amid rising inflation and higher credit costs, the Census Bureau reported on Thursday. While overall retail trade sales declined, nonstore retailers were up 6.4 percent from last year. And consumers continued to spend on eating out, with food services and drinking places up 6.3% from a year ago. In January, retail sales rose by 2.34% from a year ago, according to the NRF/CNBC Retail Monitor powered by credit card tracking firm Affinity Solutions, but sales were down by 0.16% from December’s strong performance. “Notably, consumers are feeling strained by higher prices at the grocery store and beyond,” Patel said.

Persons: Jeffrey Roach, ”, Jonathan Silver, Piyush Patel, “, ” Patel, – Organizations: Census, Federal, LPL, CNBC Retail Monitor, Affinity Solutions, Affinity, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

☆ Wall Street learns an important lesson. Don’t fight the Fed
▼ + stars: | 2024-02-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

That sudden volatility highlights something that we often write about in Before the Bell: the major mismatch between policymaker and investor expectations for interest rate cuts this year. Federal Reserve officials, including Chair Jerome Powell, have repeatedly said they envision at most three rate cuts in 2024. Wall Street, meanwhile, has ignored those warnings and has opted to practice unflinching optimism instead. It’s not the first time they’ve had to learn an important lesson: Don’t fight the Fed. Bad for the markets, good for the Fed: Markets clearly don’t often take kindly to higher-for-longer interest rates, which can negatively impact earnings and stock prices.

Persons: New York CNN —, Jerome Powell, Dow, It’s, they’ve, Don’t, –, ”, Quincy Krosby, Arnim Holzer, José Torres, Chris Zaccarelli, doesn’t, ” Carl Icahn, Carl Icahn, Icahn, Chris Isidore, JetBlue’s, Samantha Delouya, Lyft, Erin Brewer Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, of Labor Statistics, BLS, Treasury, LPL, Fed, Interactive Brokers, CPI, Independent, Alliance, JetBlue, Spirit Airlines, Analysts Locations: New York, December’s, “, ”

☆ Inflation comes in hotter than expected
▼ + stars: | 2024-02-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

The consumer price index increased 3.1% year over year in January, higher than the forecast of 2.9%. The CPI rose 0.3% month over month in January. January’s year-over-year rise in the CPI was expected to be 2.9%, which would have been a massive slowdown from December’s 3.4%. CPI increased by 0.3% month over month in January. Additionally, New York Fed Survey of Consumer Expectations data shows the one-year ahead median expected inflation rate had largely been cooling but stayed at 3.0% in January.

Persons: That's, —, That’s, Mark Hamrick Organizations: Service, Bureau of Labor Statistics, CPI, University of Michigan, Consumers, , New York Fed Survey, Consumer Locations: January’s, ,

☆ Rate cuts likely won’t happen until the summer, Atlanta Fed chief says
▼ + stars: | 2024-02-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Looking past a March cutSince the Fed’s first policy meeting this year, officials have worked together to temper market expectations on the timing of interest rate cuts. Bostic’s views on when it makes sense to start cutting rates are further out than the mid-year expectations most Fed officials have expressed, which is in line with current market expectations. In total, Fed officials anticipate three rate cuts this year, according to their latest Summary of Economic Projections, published at the end of last year. Economists expect the annual overall inflation rate measured by the Consumer Price Index to fall to 2.9% from December’s headline reading, according to FactSet consensus estimates. Fed officials like himself, he said, “live the economy too.”“I have to go to the grocery store like everybody else.

Persons: Don’t, Raphael Bostic, ”, Bostic, he’s, they’ve “, Jerome Powell, “ It’s, ” Bostic, “ I’ve, “ Organizations: New, New York CNN, Federal Reserve, Atlanta Fed, Federal, CNN, CBS, Consumer Locations: New York, Alabama, Florida, Georgia, Louisiana , Mississippi, Tennessee

☆ Good news for the Fed: Revised inflation data confirms last year’s progress
▼ + stars: | 2024-02-09 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

That left Fed officials bracing for the latest batch of revised CPI data, released Friday morning, which some feared could take away the inflation progress they observed last year. Instead, officials got some good news: December’s monthly inflation wasn’t as bad as initially reported, according to newly revised figures from the BLS. And for other months last year, initial data was either unchanged or revised by no more than one-tenth of a percentage point up or down. Recent data revisions have complicated the Fed’s monetary policy decisionsFed officials have been complaining about data revisions to key economic reports lately. But if revised data indicates that job gains didn’t actually slow that much in a month, cutting rates could move the inflation rate further from their target.

Persons: Christopher Waller, Waller, Friday’s, Kieran Clancy, ” Clancy, “, ” “, ” Organizations: New, New York CNN, Federal Reserve, Bureau of Labor Statistics, BLS, ”, Pantheon Locations: New York

Credit expanded by just 0.4% in the month, according to the Federal Reserve’s monthly credit report released Wednesday. And it still leaves consumers with record levels of credit card debt. Of that, credit card balances grew by $212 billion to $1.13 trillion, while mortgage balances rose by $112 billion to $12.25 trillion. “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed. Average card balances rose by 10% from a year ago to $6,360, a record.

Persons: ”, Wilbert van der, TransUnion, Michele Raneri, Scott Haymore, “ Deleveraging, Wells Fargo Organizations: Federal, Federal Reserve Bank of New, Auto, New York Fed, millennials, TransUnion, TD Bank Locations: Federal Reserve Bank of New York, Wells Fargo

The year opened with a bang as employers added 353,000 jobs in January, far exceeding the most optimistic of forecasts. Revisions also raised the November job number to 182,000 and also added 117,000 more jobs to December. “The labor market is certainly cooling,” Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management, said ahead of the report. “I think the labor market by many measures is at or nearing normal, but not totally back to normal,” Powell told reporters. But it is hard to contain the enthusiasm that a strong jobs report along with moderating inflation is good for most Americans.

Persons: “, ”, Becky Frankiewicz, isn’t, ” “ We’re, December’s downwardly, ” Brent Schutte, seasonality, Amy Glaser, Glaser, Chris Todd, ” Todd, Jerome Powell, ” Powell, “ It’s, Julia Pollak, ” Schutte Organizations: ADP, Northwestern Mutual Wealth Management, Adecco, BLS, Federal Reserve, Federal

Consumers are happy, the stock market is near record highs, inflation is moderating and the labor market is defying all forecasts. Apparently, very little as the latest reading on consumer sentiment from the University of Michigan confirmed on Friday. The final consumer sentiment survey for January posted a 13% increase to 79, almost a 10-point surge from December’s 69.7 reading, echoing earlier estimates. “This morning’s strong jobs report diminished the chances of the Fed cutting in March,” said Jeffrey Roach, chief economist at LPL Financial. This means businesses are in a good position despite the macro headwinds and uncertainty about growth expectations.”

Persons: “, ”, Joanne Hsu, ” Hsu, –, David Royal, Jeffrey Roach Organizations: University of Michigan, Federal Reserve, Labor Department, Federal Reserve Bank, Atlanta’s, LPL

☆ Premarket stocks: The Fed isn’t vexing markets. Here’s what might
▼ + stars: | 2024-01-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

But with practically all of Wall Street in agreement that no changes will be made, investors are focused on Fed Chair Jerome Powell’s afternoon press conference where he’ll answer questions about his outlook for monetary policy. Conflict in the Middle East and the Red Sea in particular “poses a risk to global trade,” said EY Senior Economist Lydia Boussour on Tuesday. That’s a huge blow to trade: As much as 15% of global trade and 25%-30% of global container shipments transit through the waterway. “For now, we don’t expect the situation in the Red Sea to substantially alter the outlook for global inflation and global monetary policy this year,” said Boussour. The company reported earnings per share of $2.93, beating Wall Street expectations of $2.79.

Persons: Jerome Powell’s, Powell isn’t, we’ve, ” Johns, Laurence Ball, Kevin Gordon, Charles Schwab, Gordon, ”, There’s, Jay Powell, CNN’s Arlette Saenz, Joe Biden, “, Brent, EY, Lydia Boussour, “ We’ve, Satya Nadella Organizations: CNN Business, Bell, New York CNN, Federal Reserve, ” Johns Hopkins, “, Commerce Department, West Texas Intermediate, International Monetary, Microsoft, Revenue Locations: New York, East, Europe, China, Jordan, Gaza, Suez, Iran

The firm’s monthly survey showed 107,000 jobs were added, well below the 145,000 estimate. “Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” said Nela Richardson, chief economist at ADP. The ADP report comes two days ahead of the Labor Department’s monthly jobs report for January, with consensus estimates for about a 180,000 gain in payrolls after December’s better-than-expected 216,000 increase. “The January jobs report will likely show that the labor market started the year on a solid note,” said Lydia Boussour, EY senior economist. The strong job market and U.S. economic growth in the fourth quarter led the International Monetary Fund to boost its projections of global economic growth this year.

Persons: ”, Nela Richardson, December’s, Lydia Boussour, EY, “, Jerome Powell, José Torres Organizations: ADP, Labor, Federal Reserve, Observers, Interactive, International Monetary Fund, IMF Locations: U.S, payrolls, hawkish, –

Microsoft, Alphabet (Google), Meta, Amazon and Apple are all due to report this week. A few hours after the Treasury announces, the Fed will also conclude its two-day meeting, the first of 2024, and issue a statement on interest rates. “They are determined to avoid making the same mistake twice.”The week ends with Friday’s monthly jobs number for January. Rounding out the week will be a report on consumer sentiment from the University of Michigan. The final reading for January is expected to show consumers feeling happier about the state of the economy and inflation.

Persons: ”, Richard de Chazal, William Blair, Jerome Powell, “, Powell, Bill Adams, ” Adams Organizations: Microsoft, Federal Reserve, Conference Board, Consumers, Labor Department, Treasury, Reserve, Comerica Bank, Fed, University of Michigan

☆ This week will make it clearer if the Fed will cut interest rates in March
▼ + stars: | 2024-01-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

Washington, DC CNN —A slew of economic news this week will make it much clearer if the Federal Reserve will cut interest rates in March. The Labor Department is due to release four crucial assessments of America’s job market, gauging labor demand, wage growth, productivity and hiring. Wages and the Fed on Wednesday: The day after, the Labor Department releases its Employment Cost Index for the fourth quarter, a comprehensive measure of employers’ labor costs. The US Labor Department releases December data on job openings, quits, hires and layoffs. The US Labor Department releases its Employment Cost Index for the fourth quarter.

Persons: that’s, ”, Christian Scherrmann, Jerome Powell, ” Michael Feroli, “, ” Feroli, Powell, Alicia Wallace, Joe Brusuelas, Jerome Powell’s Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Labor Department, DWS, Labor, Survey, Fed, Employers, PCE, Federal, Commerce Department, RSM, Whirlpool, Microsoft, UBS, HCA Healthcare, General Motors, Cleveland Cliffs, Mondelez International, JetBlue Airways, Global, US Labor Department, Board, National Bureau of Statistics, Novo Nordisk, Mastercard, Novartis, Boeing, ADP, Nasdaq, Nomura Holdings, Apple, Shell, Honeywell, Deutsche Bank, Clorox, Quest Diagnostics, United States Steel, Bank of England, P Global, Institute for Supply Management, Exxon Mobil, AbbVie, Regeneron Pharmaceuticals, University of Michigan Locations: Washington, Marathon, Cleveland, Chevron

The overall personal consumption expenditures price index rose 2% for the month, as did the core index that omits food and energy costs. On an annual basis, the overall index remained unchanged at 2.6% while the core fell to 2.9% from 3.2% in November. The rise in the core index was the slowest since the spring of 2021. The core index is often cited by Fed officials as their barometer for inflation. “The meeting statement is likely to drop the hawkish bias from its forward guidance, but stop short of signaling rate cuts.

Persons: ”, Robert Frick, “, Lydia Boussour, Jerome Powell, Jeremy Schwartz, Ruchir Sharma Organizations: Federal, Economic, Fed, Navy Federal Credit Union, Federal Reserve, Reserve, Nomura Securities, Nomura, Aichi Amemiya

☆ US retail sales rose at a faster pace in December
▼ + stars: | 2024-01-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Spending at US retailers rose 0.6% in December from the prior month, the Commerce Department reported Wednesday. That was a faster pace than November’s 0.3% gain, also beating economists’ expectations. Retail sales are adjusted for seasonal swings, but not inflation. Sales at department stores jumped 3% in December, the most of any category. Spending at car dealerships, clothing stores and online also increased at a solid pace last month.

Organizations: DC CNN, Commerce Department Locations: Washington

☆ Renters are being hit harder by inflation than homeowners are
▼ + stars: | 2024-01-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Renters and homeowners experience inflation differently; and right now, renters are taking a much more painful hit. While shelter inflation has come down over the past few months, in December, the shelter index was still 6.2% higher year over year. Inflation divide between renters and homeownersTwo things are driving the divide between how homeowners and renters experience inflation. And 64% of homeowners have a mortgage rate of 4% or lower — more than two and a half percentage points lower than prevailing rates. Even if the typical mortgage payment is higher than a typical monthly rent payment, renters’ incomes tend to be lower than homeowners.

Persons: “, Lisa Sturtevant, Danielle Hale, Realtor.com, ”, Hale Organizations: DC CNN, Bright MLS, Bank of America Institute, BLS, “ Locations: Washington

☆ CPI: America’s final inflation report for 2023 just came in
▼ + stars: | 2024-01-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

Economists were expecting the annual overall inflation rate to tick higher, to 3.2% from the 3.1% headline reading the month before, according to FactSet consensus estimates. Despite the acceleration, the annual rate of consumer-level inflation is down considerably from December 2022’s rate of 6.5%; additionally, a closely watched measure of underlying inflation slowed further. In December, core goods prices were flat, an apparent stalling out after six months of declines. Rising shelter costs have kept core services elevated. The central bank has a target inflation rate of 2%, as measured by the Personal Consumption Expenditures price index, which has its latest reading due out later this month.

Persons: “, ” Wendy Edelberg, ” “, ’, Brian Coulton, Fitch, ” Scott Anderson, Jerome Powell, Joe Brusuelas, ” Organizations: New, New York CNN, of Labor Statistics, BLS, The Hamilton Project, Brookings, CNN, Federal, BMO, CPI, PCE, RSM Locations: New York, November’s

☆ Mortgage rates inch up for the second week in a row, landing at 6.66%
▼ + stars: | 2024-01-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked up this week for the second week in a row, but remain more than a full percentage point lower than their high last year. The 30-year fixed-rate mortgage averaged 6.66% in the week ending January 11, up from 6.62% the previous week, according to data from Freddie Mac released Thursday. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Lower mortgage rates expected to bring new inventoryWhile mortgage rates trending lower is welcome news for homebuyers, those in the market are still dealing with the double whammy of low inventory and high home prices that continue to rise. But, she added, the pace of mortgage rates declining is likely to be slower going forward than the dramatic nine-week drop at the end of 2023.

Persons: Freddie Mac, who’ve, ”, Sam Khater, Freddie Mac’s, That’s, Jiayi Xu, Xu Organizations: DC CNN —, “, Federal, Treasury Locations: Washington

☆ Fed Chair Powell: Too early to say when to expect rate cuts
▼ + stars: | 2023-12-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

While Powell and other officials say they’re not even thinking about cutting rates just yet, some investors expect cuts to begin around the middle of next year. With Treasury yields sliding in recent weeks, so have mortgage rates, and rate cuts next year would help that along. Inflation, spending and mortgagesConsumer spending and inflation both eased in October, the Commerce Department reported Thursday. What Fed officials are sayingFed officials have broadly acknowledged that economic conditions are setting the stage for inflation to continue its descent. While some Fed officials have expressed optimism, others remain unconvinced that the Fed’s job is done.

Persons: Jerome Powell, ” Powell, ”, Powell, they’re, Freddie Mac, Christopher Waller, John Williams, “ We’ve, Michelle Bowman, “ Organizations: DC CNN — Investors, Federal, Spelman College, Treasury, Fed, December’s Fed, Commerce Department, ”, Washington . New York Fed, New York Fed Locations: Washington, Atlanta, September’s, America, doldrums, Washington . New, Salt Lake City

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