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☆ Exxon Mobil CEO urges COP28 to focus on reducing emissions — not phasing out fossil fuels
▼ + stars: | 2023-12-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

There's also an ongoing debate about whether an agreement should center on "abated" fossil fuels, which are trapped and stocked with carbon capture and storage technologies, or "unabated" fossil fuels, which are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases. "We cannot save a burning planet with a firehose of fossil fuels," Guterres said. "The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not everyone is on board with calls to phase out fossil fuels, however. An Exxon Mobil gas station in Washington, DC, US, on Tuesday, Nov. 28, 203.

Persons: Darren Woods, There's, Steve Sedgwick, Woods, U.N, António Guterres, Guterres, Phaseout, David Paul Morris, Exxon Mobil's Woods, Tengku Muhammad Taufik, I'm Organizations: UNITED, EMIRATES, Exxon Mobil, United Arab Emirates, United Arab, Exxon Mobil Corp, Economic Cooperation, APEC, Bloomberg, Getty Images Bloomberg, Getty, Exxon, Big Oil, Petronas, Natural Resources, Mobil Locations: Dubai, COP28, Russia, United Arab Emirates, Asia, San Francisco , California, San Francisco, China, UAE, Washington , DC

☆ Salesforce Keeps Growth Dreams Alive Enough
▼ + stars: | 2023-11-30 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Salesforce CEO Marc Benioff speaks during the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco on Nov. 16. Photo: David Paul Morris/Bloomberg NewsThere was a time—and not very long ago—that Salesforce would have scoffed at 11% growth. That was then. The cloud software giant’s fiscal third-quarter ended October was the third consecutive period showing revenue growing at that pace year over year. The company also used Wednesday’s report to affirm Wall Street’s projection for 10% growth in the current quarter ending in January—9.8% if not rounding.

Persons: Marc Benioff, David Paul Morris Organizations: Economic Cooperation, Bloomberg Locations: Asia, San Francisco, —

☆ A year after ChatGPT’s release, the AI revolution is just beginning
▼ + stars: | 2023-11-30 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +11 min

Seemingly overnight, the user-friendly generative AI technology enraptured the globe. It also promised to revolutionize the future of white-collar work — so long as it didn’t cause an AI apocalypse in the process. ‘The world woke up to the AI revolution’And one year since ChatGPT’s public release, the fervor around AI is still at a fever pitch. And AI’s long-prophesied impacts to the labor market is also beginning to emerge, both inside and outside the tech industry. “Many, many, many jobs that are currently done by humans, AI will be able to do,” said Clune, the AI researcher at the University of British Columbia.

Persons: New York CNN —, Sam Altman, ChatGPT, ” Jeff Clune, hasn’t, ” Clune, ”, OpenAI’s, Jakub Porzycki, Suresh Venkatasubramanian, ” Venkatasubramanian, “ It’s, it’s, Venkatasubramanian, Clune, we’re, ChatGPT’s, OpenAI, David Paul Morris, “, CNN’s Kara Swisher, Altman, —, ” Altman Organizations: New, New York CNN, Big Tech, Tech, University of British, CNN, ChatGPT’s, Brown University, Economic Cooperation, Bloomberg, Getty, Microsoft — Locations: New York, University of British Columbia, Krakow, Poland, OpenAI, Asia, San Francisco , California

☆ Don’t read too much into those Black Friday and Cyber Monday spending totals
▼ + stars: | 2023-11-28 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

“It shows the psychological mind frame of consumers,” said Mickey Chadha, vice president of corporate finance at Moody’s Investors Services, referring to holiday spending data. This year, dollar sales growth for the holidays in the United States is forecast to slow to 3.3% from 6% last year. It means the spending growth it reported was “driven by net-new demand, not simply higher prices,” Adobe said. The experts CNN spoke to were all in agreement: Holiday spending data — no matter how good or bad — doesn’t represent the state of the entire US economy. A report she coauthored with Chadha predicts holiday sales will grow “a fairly modest 1% to 3%” this year.

Persons: ”, Mickey Chadha, Aditya Bhave, David Paul Morris, That’s, Tamara Charm, Charm, ” Adobe, Chedly Louis, Chadha, Michael Zdinak, he’s, Bhave, that’s Organizations: New, New York CNN, Moody’s Investors Services, Adobe Analytics, Adobe, P Global Market Intelligence, Bank of America, Bloomberg, Getty, Consumer, Consumers, McKinsey, CNN, Moody’s Investors Locations: New York, United States, That’s

☆ Meta Designed Products to Capitalize on Teen Vulnerabilities, States Allege
▼ + stars: | 2023-11-25 | by ( Jeff Horwitz | ) www.wsj.com time to read: +1 min

Meta says it didn’t design its products to be addictive for teens. Photo: David Paul Morris/Bloomberg NewsMeta Platforms sought to design its social-media products in ways to take advantage of known weaknesses of young users’ brains, according to newly unredacted legal filings citing internal company documents. An internal 2020 Meta presentation shows that the company sought to engineer its products to capitalize on the parts of youth psychology that render teens “predisposed to impulse, peer pressure, and potentially harmful risky behavior,” the filings show. References to the documents were initially redacted in the suit, which was filed in late October by members of a coalition of 41 states and the District of Columbia, alleging that Meta has intentionally built Facebook and Instagram with addictive features that harm young users. Meta approved the filing of an unredacted version on Wednesday.

Persons: Meta, David Paul Morris Organizations: Bloomberg, Meta, District of Columbia

☆ GM’s Driverless Taxis Need to Slow Down
▼ + stars: | 2023-11-21 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

A Cruise autonomous taxi in San Francisco, California, earlier this year. Photo: David Paul Morris/Bloomberg NewsStep on the accelerator with driverless vehicles and you scare off regulators and the public, but hit the brakes and you lose financial backers. It won’t be an easy balance for Cruise to strike as it looks for a route out of today’s crisis. The autonomous-taxi venture 80%-owned by General Motors has lost both its co-founders since Sunday, including Chief Executive Officer Kyle Vogt . The resignations, which capped a tumultuous few weeks since the suspension of Cruise’s autonomous-driving permit by the California Department of Motor Vehicles, might make it easier to convince regulators that the business can make a fresh start.

Persons: David Paul Morris, Cruise, Kyle Vogt Organizations: Bloomberg, General Motors, California Department of Motor Vehicles Locations: San Francisco , California

☆ Unions are the strongest in decades. Nearly a million Americans got double-digit raises as a result
▼ + stars: | 2023-11-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

New York CNN —Nearly 900,000 Americans sitting down to Thanksgiving dinner this week will have unions – and the double-digit pay increases they won – to thank. The strike lasted more than six weeks before the union won contracts it was seeking from all three unionized US automakers. The unions won significant pay increases and job protections they were seeking. And even with some of the contracts that pass, some union members offer significant opposition, believing they could have negotiated for even more. The union won a contract approved by 86% of membership who voted on ratification.

Persons: “, ”, Wheaton, Emily Elconin, David Paul Morris, Stellantis, Kate Andrias, Mike Blake, It’s, Greg Regan, ” Regan, Heidi Shierholz, union’s, Cornell’s Wheaton, That’s, EPI’s Organizations: New, New York CNN, CNN, Cornell University’s School of Industrial and Labor Relations, United Auto Workers, General Motors, Ford, Kaiser Permanente, Ford Motor Co, Michigan Assembly, Bloomberg, Getty, Writers Guild, SAG, Teamsters, UPS, Culinary, Los, Pilots, American, United, Southwest, The, Professional, American Airlines, FedEx, United Airlines, San Francisco International Airport, Detroit, MGM Entertainment, UAW, Big, GM, Labor, Columbia Law, Motors, Workers, AFL, Economic Policy Institute, Labor Department, Union, Toyota, Honda, Hyundai, Starbucks, Starbucks Workers United, ” Locations: New York, Buffalo, Kaiser, Michigan, Wayne , Michigan, DisneyWorld, Los Angeles, Vegas

☆ OpenAI Says Sam Altman Is Out as CEO: ‘Board No Longer Has Confidence’
▼ + stars: | 2023-11-20 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

OpenAI Says Sam Altman Is Out as CEO: ‘Board No Longer Has Confidence’OpenAI said co-founder Sam Altman is leaving as chief executive. Mira Murati, chief technology officer at the artificial-intelligence company, will serve as interim CEO. Photo: David Paul Morris/Bloomberg News

Persons: OpenAI, Sam Altman, Mira Murati, David Paul Morris Organizations: Bloomberg

OpenAI said co-founder Sam Altman is leaving as chief executive. Mira Murati, chief technology officer at the artificial-intelligence company, will serve as interim CEO. Photo: David Paul Morris/Bloomberg NewsOpenAI ’s investors are making efforts to bring back Sam Altman , the chief executive officer who was ousted Friday, the latest development in a fast-moving chain of events at the artificial-intelligence company behind ChatGPT. Altman is thinking about returning but has told investors that if he does return, he wants a new board and governance structure, people familiar with the matter said. He has separately discussed starting a company that would bring on former OpenAI employees, including several who quit in protest over his ouster.

Persons: OpenAI, Sam Altman, Mira Murati, David Paul Morris, Altman Organizations: Bloomberg, ChatGPT

☆ Joe Biden Turns 81 Years Old
▼ + stars: | 2023-11-18 | by ( The Editorial Board | ) www.wsj.com time to read: +1 min

President Joe Biden during an Asia-Pacific Economic Cooperation (APEC) leaders retreat, San Francisco, Nov. 17. Photo: David Paul Morris/Bloomberg NewsIf President Biden’s birthday Monday is anything like his last one, he’ll eat a cake quietly with family and hope nobody else notices. Mr. Biden’s granddaughter was wed on the South Lawn. Regardless, voters have managed to notice that Mr. Biden is showing his years. And who says Mr. Biden hasn’t united the country?

Persons: Joe Biden, David Paul Morris, Biden’s, Biden, Biden hasn’t, muttered sotto Organizations: Economic Cooperation, Bloomberg, CNN Locations: Asia, San Francisco

☆ Target Gave Investors an Early Christmas Gift
▼ + stars: | 2023-11-15 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Target’s comparable sales fell less in its most recent quarter than analysts had expected. Photo: David Paul Morris/Bloomberg NewsTarget didn’t quite hit the bull’s-eye, but it’s no longer missing it by a mile. The retailer said on Wednesday that comparable sales fell 4.9% in its quarter ended Oct. 28 compared with a year earlier—better than the 5.2% decline that Wall Street analysts polled by Visible Alpha were expecting. The stock surged 18% in early trading.

Persons: David Paul Morris Organizations: Bloomberg, Target, Street, Alpha

Chinese leader Xi Jinping arrived in San Francisco on Tuesday ahead of a high-stakes meeting with President Biden at the APEC summit. It will be the first time Biden and Xi will speak since the U.S. shot down a suspected Chinese surveillance balloon in February. Photo: David Paul Morris/Bloomberg NewsSAN FRANCISCO—President Biden and Chinese leader Xi Jinping are going into a high-stakes summit Wednesday with a long list of contentious issues between the world’s two leading powers—and narrow room to find compromise. The two countries are close to finalizing agreements to restore communications between their militaries and cooperate in choking off fentanyl trafficking, U.S. officials said. U.S. and Chinese officials also have discussed a potential agreement for China, which has made no major order for Boeing jets since 2017, to resume purchases of the 737 Max.

Persons: Xi Jinping, Biden, Xi, David Paul Morris, President Biden, Max Organizations: APEC, Bloomberg, FRANCISCO, Boeing Locations: San Francisco, U.S, China

☆ Aristocrat Leisure Raises Dividend After FY Profit Jumps 53%
▼ + stars: | 2023-11-15 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

Aristocrat Leisure reported a net profit for the 12 months through September of A$1.45 billion. Photo: David Paul Morris/Bloomberg NewsSYDNEY—Australian gaming company Aristocrat Leisure lifted its annual profit 53% and raised its final dividend following a strong performance in its slot-machine business. The ASX-listed company on Wednesday reported a net profit for the 12 months through September of 1.45 billion Australian dollars (US$924.8 million), compared with A$948.5 million a year earlier. Revenue rose 13% to A$6.30 billion.

Persons: David Paul Morris Organizations: Leisure, Bloomberg News SYDNEY —, Revenue Locations: Bloomberg News SYDNEY — Australian

☆ Russia relishes divisions between China and the U.S., pouring cold water on Xi-Biden talks
▼ + stars: | 2023-11-15 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

Russian President Vladimir Putin speaks during his press conference at the Konstantin Palace on July 29, 2023 in Saint Petersburg, Russia. Russian media have already reveled in pouring cold water on the Asia-Pacific Economic Cooperation (APEC) summit where Xi and Biden are due to meet Wednesday. Russian President Vladimir Putin was not invited due to U.S. sanctions so Deputy Prime Minister Alexei Overchuk is representing Russia at the summit. A range of Russian newspapers including Kommersant, Izvestia, Argumenty i Fakty, Nezavisimaya Gazeta and Komsomolskaya Pravda did not feature any news on the APEC summit or Xi-Biden talks. China's President Xi Jinping and U.S. President Joe Biden at the G20 Summit in Nusa Dua on the Indonesian island of Bali on Nov. 14, 2022.

Persons: Vladimir Putin, Konstantin, Xi Jinping, Joe Biden, Xi, Biden, Katherine Tai, Tai, David Paul Morris, Xi's, Alexei Overchuk, Dmitry Peskov, Kamala Harris, Kent Nishimura, Komsomolskaya, Putin, — Xi, Sergei Guneyev, Ian Bremmer, Saul Loeb Organizations: Getty, U.S, Economic Cooperation, Novosti, APEC, U.S . Trade, Russian Federation, San Francisco International Airport, American, Bloomberg, Getty Images Bloomberg, Israel, Kremlin, SAN FRANCISCO, Merchant Exchange Club, Tass, Kommersant, Izvestia, Gazeta, Komsomolskaya Pravda, Sputnik, AFP, West, Analysts, Eurasia Group, China's, Afp Locations: Saint Petersburg, Russia, Russian, San Francisco, China, Beijing, Washington, Moscow, Asia, United States, San Francisco , California, Ukraine, Pacific, U.S, CALIFORNIA, Taiwan, Nusa Dua, Indonesian, Bali

☆ Here’s the inflation breakdown for October 2023 — in one chart
▼ + stars: | 2023-11-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The Fed aims for a 2% annual inflation rate over the long term. Gasoline prices fell in OctoberWhat's happening under the surfaceEnergy prices can whipsaw inflation readings due to their volatility. That's why economists like to look at a measure that strips out these prices when assessing underlying inflation trends. This pared-down measure — known as the "core" CPI — fell to an annual rate of 4% in October from 4.1% in September. Housing inflation declined in October, to 6.7% relative to a year earlier, and has fallen from a peak over 8% in March 2023, according to BLS data.

Persons: Joe Biden, David Paul Morris, Sarah House, Mark Zandi, Zandi, It's Organizations: Bloomberg, Getty Images Bloomberg, Getty, Wells, Wells Fargo Economics, U.S . Bureau of Labor Statistics, Moody's, CPI, BLS Locations: Hercules , California, U.S, Wells Fargo, American, Russia, Ukraine

☆ Austan Goolsbee Says Fed Will Need to Monitor Risks of Overshooting on Rates
▼ + stars: | 2023-11-09 | by ( Nick Timiraos | ) www.wsj.com time to read: 1 min

Austan Goolsbee, Chicago Fed president, says how long to hold rates at the current level could be shaped by whether external shocks hit the economy. Photo: David Paul Morris/Bloomberg NewsA Federal Reserve official said the central bank will need to pay close attention to the effects of higher longer-term bond yields to make sure they don’t slow the economy more than expected over the coming year. Austan Goolsbee , president of the Federal Reserve Bank of Chicago, said in an interview Wednesday the recent run-up of longer-term borrowing costs could become more important as the central bank shifts its focus from how high to raise interest rates and toward how long to hold them near a 22-year high.

Persons: Austan Goolsbee, David Paul Morris Organizations: Chicago Fed, Bloomberg, Federal Reserve, Federal Reserve Bank of Chicago

☆ Citrix Owner Becomes Latest U.S. Company to Retreat From China
▼ + stars: | 2023-11-08 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

Cloud Software Group, which owns enterprise-software provider Citrix, is ceasing all new commercial transactions in China. Photo: David Paul Morris/Bloomberg NewsHONG KONG— Cloud Software Group , which owns enterprise-software brand Citrix, is ceasing business transactions in China, becoming the latest U.S. company to pull back from China. In an email to clients and partners on Monday seen by The Wall Street Journal, Cloud Software Group said it has made the decision to cease all new commercial transactions in China, including Hong Kong, on Dec. 3. It cited rising costs in the market.

Persons: David Paul Morris Organizations: Cloud Software Group, Citrix, Bloomberg News HONG, Wall Street Locations: China, Bloomberg News HONG KONG, U.S, Hong Kong

☆ CNBC Daily Open: Goolsbee’s ‘golden path’ is still visible
▼ + stars: | 2023-11-08 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

David Paul Morris | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineLast month's sudden surge in Treasury yields and oil prices — both of which tend to suppress investors' appetite for stocks — looks to be ending. As Treasury yields serve as the benchmark for interest rates on loans and cash investments, sinking yields generally benefit rate-sensitive companies more. Chicago Federal Reserve President Austan Goolsbee told CNBC, "Because of some of the strangeness of this moment, there is the possibility of the golden path ... that we got inflation down without a recession."

Persons: Goolsbee, David Paul Morris, they're, WTI's, that's, Alastair Pinder, Austan Goolsbee, — Organizations: Federal Reserve Bank of Chicago, Bloomberg, Getty, CNBC, West Texas Intermediate, Brent, Treasury, Big Tech, Amazon, Nasdaq, Dow Jones, Dow, U.S . Federal, HSBC, Chicago Federal Locations: Moran , Wyoming, That's, Israel

☆ Here's why shares of Apple are ready for their 'next leg up'
▼ + stars: | 2023-11-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

"I think Apple is about to have the next leg up," Jim said earlier Tuesday, citing both the headset launch and upbeat data out of China. The U.S. and China comprised the two biggest app store markets for the company, at 58% of total app revenue. Most notably, in September, The Wall Street Journal reported that Beijing had banned government employees from using iPhones and other foreign-branded devices at work — fueling a massive selloff of Apple stock. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Tim Cook, chief executive officer of Apple Inc., holds an iPhone 15 Pro Max during an event at Apple Park campus in Cupertino, California, US, on Tuesday, Sept. 12, 2023.

Persons: Jim Cramer, Jim, Jim Cramer's, Tim Cook, Max, David Paul Morris Organizations: Apple, Bank of America, Street Journal, " Bank of America, Huawei, Big Tech, CNBC, Apple Inc, Bloomberg, Getty Locations: China, U.S, Beijing, India, Cupertino , California

☆ Stanford University Student Hurt in Possible Hate Crime
▼ + stars: | 2023-11-05 | by ( Ginger Adams Otis | ) www.wsj.com time to read: 1 min

Persons: David Paul Morris Organizations: Stanford University, Bloomberg, Stanford’s Department of Public Safety Locations: Israel, Arab, California

☆ Possible Hate Crime Reported at Stanford University
▼ + stars: | 2023-11-05 | by ( Ginger Adams Otis | ) www.wsj.com time to read: 1 min

At Stanford University, campus police added to patrols and security after Hamas’s Oct. 7 attack on Israel. Photo: David Paul Morris/Bloomberg NewsAn Arab Muslim student at Stanford University said he was hurt in a campus hit-and-run and California authorities are investigating it as a potential hate crime, according to the university. The student said he was crossing a street on foot Friday afternoon when the incident occurred, Stanford’s Department of Public Safety said. According to the university, which identified the victim as an Arab Muslim, the student told authorities that the driver made eye contact before accelerating and striking him. He said the driver shouted an obscenity at him, then left the area, the university said.

Persons: David Paul Morris Organizations: Stanford University, Bloomberg, Stanford’s Department of Public Safety Locations: Israel, Arab, California

☆ Mark Zuckerberg Undergoes Surgery for Knee Injury
▼ + stars: | 2023-11-03 | by ( Salvador Rodriguez | ) www.wsj.com time to read: 1 min

Meta Platforms CEO Mark Zuckerberg has spoken often about his passion for mixed martial arts. Photo: David Paul Morris/Bloomberg NewsMeta Platforms Chief Executive Mark Zuckerberg said Friday he underwent surgery due to a knee injury sustained while training in mixed martial arts. Zuckerberg, who has spoken often about his passion for MMA, said in an Instagram post that he was training for a competitive fight early next year and that he intends to continue after his recovery. The injury was a tear in one of his anterior cruciate ligaments.

Persons: Mark Zuckerberg, David Paul Morris, Zuckerberg Organizations: Bloomberg, Meta

☆ CNBC Daily Open: A perfect day for markets and a falling Apple
▼ + stars: | 2023-11-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

In this article AAPL Follow your favorite stocks CREATE FREE ACCOUNTTim Cook, chief executive officer of Apple Inc., holds an iPhone 15 Pro Max during an event at Apple Park campus in Cupertino, California, US, on Tuesday, Sept. 12, 2023. David Paul Morris | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineIt was an astounding day for markets, with everything falling into place as perfectly as investors could have hoped for. Labor costs actually fell for a three-month period ending September — compared with an expected increase — while unemployment claims ticked up.

Persons: Tim Cook, Max, David Paul Morris, Stocks, there's, it's Organizations: Apple Inc, Apple, Bloomberg, Getty, CNBC, Treasury, U.S, Labor, Dow Jones, Nasdaq Locations: Cupertino , California, U.S

☆ Jim Cramer blasts warnings from a competitor, says buy cybersecurity leader Palo Alto Networks
▼ + stars: | 2023-11-03 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Despite doom-and-gloom from a competitor around cybersecurity spending, Jim Cramer said Friday that it's the perfect time to buy industry leader Palo Alto Networks (PANW), considering the onslaught of recent high-profile hacks and breaches. PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance In fact, companies need the services of cybersecurity specialists, Palo Alto, more than ever nowadays. On Oct. 20 , identity management company Okta (OKTA) said its support systems were hacked. Cramer said Palo Alto Networks stands to benefit. Signage outside Palo Alto Networks headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.

Persons: Jim Cramer, Fortinet, —, Jim, there's, Estee Lauder, we've, Tracey Thomas Travis, Linda Rendle, Cramer, Needham, Jim Cramer's, David Paul Morris Organizations: Palo Alto Networks, Palo, Boeing, Palo Alto, CNBC, Bloomberg, Getty Locations: Palo Alto, Fortinet, Alto, Palo, Las Vegas, cybersecurity, Santa Clara , California, U.S

☆ The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free
▼ + stars: | 2023-10-30 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

The offers to refinance the mortgage on your home later often aren’t as attractive as they initially seem. Photo: David Paul Morris/Bloomberg NewsLenders have a proposition for home buyers who can’t stomach an 8% mortgage rate: Buy now, and refinance later for free. Lenders are making these offers because the market for mortgages cratered as the Federal Reserve raised interest rates to two-decade highs to tame inflation. The average rate on a 30-year fixed-rate mortgage is 7.79%, according to Freddie Mac .

Persons: David Paul Morris, refinance, Freddie Mac Organizations: Bloomberg, Federal Reserve

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