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☆ Mortgage Interest Rates Today, August 24, 2024 | Rates Low as Powell Signals Fed Cuts
  + stars: | 2024-08-24 | by ( Molly Grace | Sarah Silbert | Mortgage Reporter | ) www.businessinsider.com   time to read: +6 min
Mortgage rates dropped substantially earlier this month and they remain low today. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 5.62%, a four-basis-point decrease from the previous week, according to Freddie Mac data. Mortgage rates have been elevated for most of 2024, but they've been trending down in recent months. Once the Fed cuts rates, mortgage rates should fall even further.
Persons: Jerome Powell, Powell, you'll, Freddie Mac, it's Organizations: Federal Reserve, Traders, Zillow Locations: Jackson Hole, Chevron
☆ A famed economist who called the 2008 recession warns the Fed is behind on rate cuts — and that a downturn is coming despite 'off the charts' investor sentiment
  + stars: | 2024-08-24 | by ( William Edwards | ) www.businessinsider.com   time to read: +5 min
"Incredibly, the Fed raised rates 500 basis points under a false presumption — by over one million — of just how robust the jobs market was," Rosenberg said. AdvertisementIn addition to the yearly revisions, monthly payroll revisions from the Bureau of Labor Statistics have also been poor more recently. Related storiesOne is a model that aims to enhance the yield curve as a recession indicator by taking into account US businesses' ability to repay debts and the Fed's National Financial Conditions Index. A soft-landing outcome, where the Fed avoids sending the economy into recession, is also still the consensus view on Wall Street. With inflation down under 3% and rate cuts almost surely on the way, such a scenario is still seemingly possible.
Persons: —, David Rosenberg, Rosenberg, Merrill Lynch, Pascal Michaillat, Emmanuel Saez, Vane, Chuck Prince, Ian Shepherdson, Shepherdson, payrolls, Jerome Powell, Powell Organizations: Service, Federal Reserve, Rosenberg Research, Business, Bureau of Labor Statistics, Fed, Treasury, Pantheon, Labor Locations: Jackson Hole , Wyoming
☆ Don't get your hopes up about the housing market
  + stars: | 2024-08-24 | by ( Eliza Relman | ) www.businessinsider.com   time to read: +4 min
One of the most painful ways higher interest rates have impacted Americans is through higher housing costs. The combination of high borrowing costs and skyrocketing home prices and rents — caused by a housing shortage — has created an enduring housing affordability crisis. On the one hand, lower borrowing costs would likely make mortgages cheaper for buyers and encourage builders to construct desperately needed new homes. But rate cuts would also spur new home construction, as builders respond to higher demand and lower borrowing costs for acquisition and construction loans. On top of high borrowing costs, builders are struggling with a severe shortage of construction workers and high building material costs.
Persons: —, Jerome Powell, Daryl Fairweather, Wells, underbuilding, Ben Metcalf, Metcalf Organizations: Service, Jackson Hole , Wyoming ., Business, Bank of England, Terner Center, Housing Innovation, UC Berkeley Locations: Jackson Hole , Wyoming
☆ Fed’s Powell Signals an Upcoming Rate Cut in Jackson Hole Remarks
  + stars: | 2024-08-23 | by ( ) www.nytimes.com   time to read: +1 min
The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks. We will do everything we can to support a strong labor market as we make further progress toward price stability. Today, the labor market has cooled considerably from its formerly overheated state. The unemployment rate began to rise over a year ago and is now at 4.3 percent — still low by historical standards, but almost a full percentage point above its level in early 2023. The upside risks to inflation have diminished.
☆ Fed Chair Powell says 'time has come' for interest rate cut
  + stars: | 2024-08-23 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Rob Wile | ) www.nbcnews.com   time to read: +4 min
Federal Reserve Chair Jay Powell said Friday he expects the central bank will cut its key interest rate in the near future in response to slower economic growth and cooling inflation. "The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic. Starting in the spring of 2022, the Fed raised interest rates to a level not seen in nearly two decades as it worked to combat soaring inflation. "Make no mistake, if the labor market shows signs of further cooling, the Fed will cut with conviction," Shah wrote. Lower interest rates will provide some relief to consumer borrowers, but it will not be immediate, according to Greg McBride, chief financial analyst at Bankrate.com.
Persons: Jay Powell, Powell, ” Powell, “, Seema Shah, —, Shah, Greg McBride, McBride Organizations: ”, Dow Jones, Nasdaq, midmorning, Market Committee, Management Locations: Jackson Hole , Wyoming, U.S
☆ Treasury yields mixed as investors brace for Fed Chair Powell’s speech at Jackson Hole
  + stars: | 2024-08-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com   time to read: 1 min
The U.S. 10-year Treasury fell slightly on Friday as investors awaited remarks from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium. At 4:08 a.m. ET, the yield on the 10-year Treasury was down under a basis point to 3.85%, and the yield on the 2-year Treasury rose under a basis point to 4.01%. Yields and prices move in opposite directions. One basis point equals 0.01%.
Persons: Jerome Powell, Jackson Organizations: Treasury, Federal
☆ Watch CNBC’s full interview with DCLA's Sarat Sethi and EP Wealth's Adam Phillips
  + stars: | 2024-08-23 | 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 EmailWatch CNBC’s full interview with DCLA's Sarat Sethi and EP Wealth's Adam PhillipsSarat Sethi, DCLA managing partner and Adam Phillips, EP Wealth Advisors managing director, join 'Power Lunch' to discuss their takeaways from Jackson Hole.
Persons: DCLA's Sarat Sethi, Adam Phillips Sarat Sethi, DCLA, Adam Phillips Organizations: Wealth Locations: Jackson
☆ Americans just got the biggest confirmation yet of an interest rate cut next month — but the job market hangs in the balance
  + stars: | 2024-08-23 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
He offered details on the Fed's thinking as the next Federal Open Market Committee meeting approaches in September, with all eyes on the first interest rate cut since the pandemic began. AdvertisementIt's all but certain that the Fed will cut rates in September. That leaves the big question of how much — not if — the Fed will cut rates, and the upcoming jobs report will likely shed some light on that question. "Today, the labor market has cooled considerably from its formerly overheated state. "But the inflation and labor market data show an evolving situation.
Persons: Jerome Powell, Powell, Jackson, precarity, Austan Goolsbee, we've Organizations: Service, Federal, Business, CME, Bureau of Labor Statistics, Democratic, Chicago Fed
☆ Fed Chair Powell gave a 'marvelous' speech at Jackson Hole, says Georgetown's McCulley
  + stars: | 2024-08-23 | 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 EmailFed Chair Powell gave a 'marvelous' speech at Jackson Hole, says Georgetown's McCulleyPaul McCulley, former PIMCO chief economist and Georgetown adjunct professor, and CNBC's Michael Santoli join 'Squawk on the Street' to discuss Fed chair Powell's speech at Jackson Hole, the market's expectations for rate cuts this year, and more.
Persons: Powell, Jackson, Georgetown's McCulley Paul McCulley, CNBC's Michael Santoli Locations: Georgetown
☆ A September Fed cut will lead to more cuts this year, says PIMCO's Richard Clarida
  + stars: | 2024-08-23 | 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 EmailA September Fed cut will lead to more cuts this year, says PIMCO's Richard ClaridaRichard Clarida, PIMCO global economic advisor, joins 'Closing Bell' to discuss Powell's remarks at Jackson Hole and what it means for the upcoming FOMC meetings.
Persons: PIMCO's Richard Clarida Richard Clarida, Jackson
☆ Watch live: Fed Chair Jerome Powell speaks from Jackson Hole conference
  + stars: | 2024-08-23 | by ( Jeff Cox | ) www.cnbc.com   time to read: +1 min
Federal Reserve Chair Jerome Powell delivers his keynote speech Friday morning at the central bank's annual retreat in Jackson Hole, Wyoming. Powell was widely expected to chart a path forward that includes interest rate reductions as the pace of inflation eases and concerns increase about the durability of the U.S. economic expansion. In previous years, he has used Jackson Hole to lay out significant policy initiatives and intentions. Markets widely expect the Fed to begin lowering rates in September and continue with a series of cuts through at least 2025. Read more:Fed minutes point to 'likely' rate cut coming in SeptemberFed survey shows lows in employment, worries about finding work and dissatisfaction with payPhiladelphia Fed President Harker advocates for interest rate cut in SeptemberSubscribe to CNBC on YouTube.
Persons: Jerome Powell, Powell, Jackson, Read, Harker Organizations: Philadelphia, CNBC, YouTube Locations: Jackson Hole , Wyoming
☆ Fed Chair Powell needs to separate the Fed from the stock market, says MetLife's Drew Matus
  + stars: | 2024-08-23 | 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 EmailFed Chair Powell needs to separate the Fed from the stock market, says MetLife's Drew MatusDrew Matus, MetLife Investment Management chief market strategist, joins 'Squawk Box' to discuss the Fed's inflation fight, what to expect from Fed Chair Powell at the Jackson Hole symposium today, state of the economy, rate path outlook, and more.
Persons: Powell, MetLife's Drew Matus Drew Matus Organizations: MetLife Investment Management
☆ The European Central Bank will almost certainly decide a 25-point interest rate cut in their next decision, OMFIF chair says
  + stars: | 2024-08-23 | 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 EmailThe European Central Bank will almost certainly decide a 25-point interest rate cut in their next decision, OMFIF chair saysDavid Marsh, chairman of OMFIF, discusses the Jackson Hole meeting and economic policy.
Persons: OMFIF, David Marsh, Jackson Organizations: European Central Bank
☆ Stock market today: Dow rises 462 points as stocks rally after Powell says rate cuts are coming
  + stars: | 2024-08-23 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
US stocks surged as Fed chair Jerome Powell signaled imminent interest rate cuts. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data," Powell said. AdvertisementUS stocks rallied on Friday with the Dow Jones Industrial Average gaining more than 450 points after Federal Reserve Chairman Jerome Powell confirmed that interest rate cuts are near. That should pave the way for an interest rate cut at the Fed's FOMC meeting in September. AdvertisementWith interest rate cuts imminent, investors are now asking how big the Fed will cut rates by.
Persons: Jerome Powell, Powell, —, Ryan Detrick Organizations: Jackson, Service, Dow Jones Industrial, Federal, Treasury, Fed Locations: Here's
☆ The Fed cuts have done their job, says EP Wealth's Adam Phillips
  + stars: | 2024-08-23 | 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 EmailThe Fed cuts have done their job, says EP Wealth's Adam PhillipsSarat Sethi, DCLA managing partner and Adam Phillips, EP Wealth Advisors managing director, join 'Power Lunch' to discuss their takeaways from Jackson Hole.
Persons: Adam Phillips Sarat Sethi, DCLA, Adam Phillips Organizations: Wealth Locations: Jackson
☆ Watch CNBC’s full interview with Edward Jones’ Mona Mahajan and Truist’s Keith Lerner
  + stars: | 2024-08-23 | 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 EmailWatch CNBC’s full interview with Edward Jones’ Mona Mahajan and Truist’s Keith LernerEdward Jones’ Mona Mahajan and Truist’s Keith Lerner, join 'Closing Bell' to discuss Jackson Hole and the market reaction.
Persons: Edward Jones ’ Mona Mahajan, Truist’s Keith Lerner Edward Jones ’ Mona Mahajan, Truist’s Keith Lerner, Jackson
☆ A recession is coming in the U.S., and 'a few rate cuts' won't prevent it, says strategist
  + stars: | 2024-08-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com   time to read: +2 min
Evans pointed to signs of the economy slowing down, including what he called the "deteriorating" U.S. labor market. The Fed funds futures market suggests that investors are expecting at least three rate cuts by the end of the year, according to the CME FedWatch Tool. "A few rate cuts are not going to prevent a recession. Average recession is 10 months… It takes something like a year before fed cuts actually start to give a boost to the economy," he said. "The market believes that the fed fund rate at the end of next year will be 3%.
Persons: Garry Evans, Evans, It's, Jerome Powell, isn't Organizations: BCA Research, . Federal, BCA Research's, U.S . Labor Department, Traders Locations: U.S, Jackson
☆ Haefele: with the cash rate coming down, now is a great time to move towards a balanced portfolio
  + stars: | 2024-08-23 | 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 EmailHaefele: with the cash rate coming down, now is a great time to move towards a balanced portfolioMark Haefele, UBS Global Wealth Management, talks about the big event of the week, Fed Chairman Jay Powell speaking in Jackson Hole.
Persons: Mark Haefele, Jay Powell Organizations: UBS Global Wealth Management Locations: Jackson
☆ The economy will remain strong, says Bianco Research president
  + stars: | 2024-08-23 | 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 EmailThe economy will remain strong, says Bianco Research presidentJim Bianco, Bianco Research president, joins 'Money Movers' to discuss Fed Chair Powell's Jackson Hole speech, what the rally in bonds is telling Bianco, and Bianco's worries about inflation.
Persons: Jim Bianco, Jackson, Bianco Organizations: Bianco Research
☆ Rate cuts won't prevent a recession and the economy is deteriorating 'quite rapidly,' investment strategist says
  + stars: | 2024-08-23 | by ( Kelly Cloonan | ) www.businessinsider.com   time to read: +3 min
Read previewMarkets are confident that rate cuts will benefit stocks and the economy, but one strategist says lower borrowing costs won't stave off a recession. Yet, BCA Research chief asset allocation strategist Garry Evans said this week that lower rates can't avert a looming downturn. "There's things that are breaking down quite rapidly now," Evans said, including recent manufacturing data. Related storiesEvans said labor and manufacturing data, plus a range of global data like weak Japanese exports, are showing signs of a tough economic outlook worldwide. AdvertisementEvans said the Fed will likely cut rates in September, but that it won't prevent a pending recession.
Persons: —, Jerome Powell, Jackson, Stocks, Garry Evans, Evans Organizations: Service, Federal, Business, Research, CNBC, Labor Department, Wednesday, Institute for Supply Management
☆ Former Fed Governor Randy Kroszner: The Fed will not start cutting rates by 50 basis points
  + stars: | 2024-08-23 | 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 EmailFormer Fed Governor Randy Kroszner: The Fed will not start cutting rates by 50 basis pointsRandy Kroszner, former Fed governor, joins 'Money Movers' to discuss Fed Chair Powell's speech at Jackson Hole, the labor market conditions required for the Fed to accelerate rate cuts, and much more
Persons: Randy Kroszner, Jackson Organizations: Former, Fed
☆ Friday, August 23, 2024: The Club says this tech stock needs to prove its AI story
  + stars: | 2024-08-23 | by ( ) www.cnbc.com   time to read: 1 min
Friday, August 23, 2024: The Club says this tech stock needs to prove its AI storyJeff Marks discusses the dovish remarks from the Fed at Jackson Hole. He discusses the price target raise for the semi-stock. Finally, he breaks down the stock moves of this cloud-based stock.
Persons: Jeff Marks, Jackson Organizations: Fed
☆ Fed Chair Powell is 'a bit more definitive' on rate cuts than I'd imagined, says Roger Ferguson
  + stars: | 2024-08-23 | 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 EmailFed Chair Powell is 'a bit more definitive' on rate cuts than I'd imagined, says Roger FergusonRoger Ferguson, former Fed vice chair and former TIAA CEO, joins 'Squawk on the Street' to discuss Fed Chair Powell's speech at Jackson Hole, what to expect from the Federal Reserve in upcoming meetings, and where lower rates would impact the economy first.
Persons: Powell, Roger Ferguson Roger Ferguson, Jackson Organizations: Federal Reserve
☆ US stocks test record highs as Powell says 'the time has come for policy to adjust'
  + stars: | 2024-08-23 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
US stocks tested record highs as Fed chairman Jerome Powell delivered his speech at Jackson Hole. "The time has come for policy to adjust," Powell said, confirming imminent interest rate cuts. AdvertisementUS stocks tested record highs on Friday as Federal Reserve chairman Jerome Powell delivered remarks at the Jackson Hole economic symposium. AdvertisementOf note about Powell's Jackson Hole speech, according to Renaissance Macro Research, is that it didn't include the word "gradual." AdvertisementIf Friday's surge higher holds, it could buck the trend of the stock market's reaction to Powell's previous Jackson Hole speeches.
Persons: Jerome Powell, Jackson, Powell, —, Susan Collins, Raphael Bostic, Powell's Jackson, Steve Sosnick, Sosnick Organizations: Service, Federal, Treasury, CNBC, Macro, Interactive Brokers
☆ Fed Chair Powell indicates interest rate cuts ahead: 'The time has come for policy to adjust'
  + stars: | 2024-08-23 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent. "The time has come for policy to adjust," the central bank leader said in his much-awaited keynote address at the Fed's annual retreat in Jackson Hole, Wyoming. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks." The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic," Powell said. He vowed that "we will do everything we can" to make sure the labor market says strong and progress on inflation continues.
Persons: Jerome Powell, Jackson, Powell, Stocks, Paul McCulley Organizations: Traders Locations: Jackson Hole , Wyoming
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