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☆ Buying a home is expensive. What about ordering one for delivery?
▼ + stars: | 2024-11-11 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Manufactured housing, sometimes called mobile homes, are homes made in a factory rather than constructed on site, and they have been surging in popularity this year amid America’s housing crisis. Instead, they’re turning to the internet for lower-cost options, whether a pop-up foldable house kit, a tiny home or a traditional mobile home. Amazon is not the first major retailer to sell manufactured homes. More than 100 years ago, American retailer Sears, Roebuck and Co began selling kit homes from its catalog, with some for under $1,000. A 2023 Urban Institute paper argued that mobile homes were “uniquely vulnerable” to natural disasters compared to other housing.

Persons: Julie Johnson, homeownership, SSRS, George Rose, Donald Trump, Sears, Marc Norman, ” Norman, Katie Currid, “, Norman, Johnson, ” Johnson, Rebecca Blackwell, Johnson’s, Julie Johnson's, Patrick Harker, ” Harker, ”, ” CNN’s Chris Isidore Organizations: CNN, Facebook, National Association of Realtors, Getty, Census Bureau, Sears, Roebuck, Schack Institute of Real, New York University, Daily News, Urban, Hurricane, Federal Reserve Bank of Philadelphia, “ Locations: North Carolina, America, Boulder City, Boulder City , Nevada, Staunton , Virginia, Staunton, Mobile, Hurricane Milton, Englewood , Florida

☆ With misinformation swirling in Hurricane Helene’s wake, officials urge residents to ‘stop this conspiracy theory junk’
▼ + stars: | 2024-10-04 | by ( Michael Williams | ) edition.cnn.com time to read: +8 min

Presenting no evidence, Trump claimed earlier this week that the Biden administration, along with North Carolina’s Democratic Gov. Those rumors prompted many state and local officials – including other Republicans – to push back. North Carolina Lt. Gov. The few that aren’t are owned by states other than North Carolina.” That statement is directly contradicted by an earlier tweet from the North Carolina National Guard, which reported it had conducted 57 air missions and rescued more than 400 people. “I think what makes it particularly frustrating is clearly, in these times, social media could be an invaluable source of reliable information.”

Persons: Hurricane Helene, ”, David Harker, Harker, Donald Trump, Elon Musk, Helene, Trump, Biden, Roy Cooper, Musk, ” Trump, –, Sen, Kevin Corbin, “, ” Corbin, Cooper, that’s, Deanne Criswell, Bill Lee, ” Lee, Mark Robinson, Robinson, Todd Hunt, Ron DeSantis, Ardis Watkins, Marjorie Taylor Greene, Greene, it’s, ” Harker Organizations: CNN — Local, Humanities, East Tennessee State University, North Carolina’s Democratic Gov, Federal Emergency Management Agency, FEMA, Facebook, Tennessee Emergency Management Agency, National Guard, Tennessee Gov, Republican, Gov, North Carolina National Guard, “, Soldiers, Florida Gov, State Employees Association of North, Local, CNN, East Tennessee State Locations: United States, North Carolina, Tennessee, “ Florida, State Employees Association of North Carolina, North Georgia

☆ The job market held up in May. But the Fed may have already decided to pause
▼ + stars: | 2023-06-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —The US labor market picked up momentum in May, once again defying expectations of a slowdown. Many economists, including those at the Fed, still expect a recession later in the year. The labor market and signs of future disinflationThe May jobs report mostly showed that the labor market held up. Some top economists have argued that the strong labor market has had a minor, albeit growing, impact on inflation. Hawkish Fed officials still think the Fed’s job isn’t done.

Persons: That’s, Joe Biden’s, ”, Philip Jefferson, Patrick Harker, “, ” Harker, It’s, ” Julia Pollak, ZipRecruiter’s, you’ve, you’d, Dave Gilbertson, hasn’t, Ben Bernanke, ” Jack Macdowell, Louis President James Bullard, Bullard, Louis Fed’s, Louis, Jerome Powell, there’s, Ian Shepherdson, Eugenio Alemán, Raymond James Organizations: DC CNN, Federal, Fed, Federal Reserve Bank of Philadelphia, National Association for Business Economics, CNN, Employers, of Labor Statistics, BLS, UKG, The Palisades Group, Hawkish Fed, Federal Reserve Bank of St, Louis Fed, Pantheon Locations: Washington, Washington ,

☆ Fed's Harker sees more central bank action to quash inflation pressures
▼ + stars: | 2023-04-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

NEW YORK, April 20 (Reuters) - Federal Reserve Bank of Philadelphia President Patrick Harker said Thursday the U.S. central bank will have to do more on the policy front to get still high inflation pressures back down to the 2% target. Fed forecasts from late March projected one more increase after that before holding steady for the year, in a view affirmed by a number of recent policy makers’ comments. In his speech, Harker said the economy remains strong and inflation is coming down, albeit slowly. Harker said the current 3.5% unemployment rate should move up to around 4.4% this year, in a period where growth will be tepid. The bank president also said that last month’s financial sector woes will also weigh on the economy.

☆ Premarket stocks: Why Goldman Sachs isn't too worried about a recession
▼ + stars: | 2023-01-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

In their 2023 outlook, Goldman analysts noted that disagreement about the economic forecast abounds within their own circles. Bill Dudley, a former Goldman Sachs partner and president of the New York Fed, puts the chance of recession this year at about 70%. Goldman analysts say that even with a sour economy, they predict the 2023 investment return on the S&P 500 will most likely be between 9-12%. The Fed’s days of three-quarter-point rate hikes are behind us, said Philadelphia Federal Reserve President Patrick Harker in a blog post Friday. Better-than-expected price data shows that the Fed’s aggressive and economically painful rate hikes are successfully slowing the economy and fighting inflation, he said.

☆ Fed's Harker ready to downshift to 25 basis-point interest rate hikes
▼ + stars: | 2023-01-12 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

“In my view, hikes of 25 basis points will be appropriate going forward.”Once the Fed gets to a stopping place for rate increases, Harker said it will likely have to hold there for a while. Harker, in his speech, was upbeat about the economy’s ability to navigate the Fed’s action. Harker also said he believes the surge in price pressures has started to run its course. “In the rearview mirror, I expect, are the eye-popping inflation readings of 2022,” the official said. Harker added the Fed should reach its inflation goal in 2025.

☆ Fed's Harker says time coming where Fed can slow rate hikes
▼ + stars: | 2022-11-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

“In the upcoming months, in light of the cumulative tightening we have achieved, I expect we will slow the pace of our rate hikes as we approach a sufficiently restrictive stance,” Harker said in a speech text. But he added that moving from what had been 75 basis point increases to something like a half percentage point rise would still be significant action. Harker added, “at some point next year, I expect we will hold at a restrictive rate for a while to let monetary policy do its work” as more expensive borrowing costs impact the economy. The rate-setting Federal Open Market Committee has increased the cost of short-term borrowing very rapidly this year, moving from a near zero short-term rate target to between 3.75% and 4% following last week’s 75 basis point rate rise. Harker, who doesn’t hold a vote on the FOMC this year but will in 2023, laid out what it will take for him to call for a shift in monetary policy.

☆ Fed's Harker says high inflation calls for more rate hikes
▼ + stars: | 2022-10-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Against the current federal funds rate target of between 3% and 3.25%, “given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above 4% by the end of the year,” Harker said. But the point is approaching where the central bank will be able to step back and see how the impact of its rate rise cycle is affecting the economy, the official said. Harker warned in his speech that while inflation surged very quickly, lowering it will take time, which creates uncertainty for monetary policy. That means “labor markets will stay quite healthy” as the Fed works to lower inflation, Harker said. Against the current 6.2% year-over-year increase in the August personal consumption expenditures price index -- the Fed’s preferred inflation measure -- Harker sees inflation at 6% this year, around 4% next year and 2.5% by 2024.

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