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After spiking close to 8% last month, 30-year mortgage rates have finally trended down a bit. Once the Fed starts cutting, mortgage rates should fall more substantially. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Fed, Mortgage, Association, Sky Locations: Chevron

☆ Firmer dollar weighs on gold as spotlight shifts to Powell's speech
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: +2 min

Spot gold was down 0.2% at $1,965.50 per ounce by 0535 GMT after hitting its lowest since Oct. 24 on Tuesday. The dollar extended gains against its rivals, making greenback-priced gold more expensive for other currency holders. So, there's not much of driving catalysts for gold this week," said Ilya Spivak, head of global macro at Tastylive. Investors now look forward to comments from Fed Chair Jerome Powell, who is set to speak on Wednesday and Thursday. Palladium dropped 2.5% to $1,029.12, after hitting its lowest since October 2018 at $1,016.06 earlier in the session.

Persons: Ilya Spivak, Jerome Powell, Powell, Spivak Organizations: Federal Reserve, Economic, of New Locations: U.S, ., of New York, FOMC

☆ S&P 500 notches eighth straight win as US markets close mixed
▼ + stars: | 2023-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

The S&P 500 wobbled through the day but managed to hold on to its longest winning streak in nearly two years. The index closed the day up 0.1%, marking its eighth day of consecutive gains. The market’s mixed messages come as a slew of Federal Reserve policymakers spoke this week. Third-quarter earnings season is beginning to wind down, with 88% of S&P 500 companies having reported already. Video game developer Roblox saw its shares pop 11.8% after the company announced a strong earnings report with more in-game sales.

Persons: Dow, Jerome Powell, ”, David Morrison, Rivian, WBD, Robinhood, Roblox, Walt Disney Organizations: New, New York CNN, Nasdaq, Fed, Treasury, International Monetary Fund, “ Traders, Trade Nation . Energy, Warner Bros, CNN, AMC Locations: New York, Washington ,, Europe, China

☆ Dollar licks its wounds ahead of Fed Chair Powell's remarks
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: +3 min

The British pound , which earlier in the week hit a seven-week top against the dollar, was last some distance away at $1.2286. Focus now turns to a speech by Fed Chair Powell later on Wednesday. The euro fell 0.07% to $1.0691, further weighed by a darkening growth outlook in the euro zone. "The mixed outlook for consumer and investment spending leaves the euro zone very close to recession," said Wells Fargo economist Nick Bennenbroek. "Regardless of whether the euro zone falls into recession, we see enough growth headwinds to suggest that the European Central Bank's monetary tightening is done."

Persons: Jerome Powell, Matt Simpson, We're, Powell, Simpson, Wells, Nick Bennenbroek, Luci Ellis Organizations: Federal Reserve, U.S, U.S ., Central, Australian, Reserve Bank of Australia, New Zealand

Average 30-year mortgage rates reached 23-year highs in October, and although they're still relatively high, they're starting to trend downward. This is good news for mortgage rates — generally, when the federal funds rate goes up, mortgage rates tend to follow suit. As inflation comes down and the Fed is able to stop hiking rates, mortgage rates should start to recede. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 7.03% last week, according to Freddie Mac data.

Persons: they're, Jerome Powell, you'll, Freddie Mac Organizations: Federal Reserve, Zillow Locations: Chevron

☆ India rupee to rally after data reaffirms Fed done with rate hikes
▼ + stars: | 2023-11-06 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Nov 6 (Reuters) - The Indian rupee is expected to rise at open on Monday after softer-than-expected U.S. jobs data reinforced expectations that the Federal Reserve will not hike interest rates further. Non-deliverable forwards indicate the rupee will open at around 83.08-83.12 to the U.S. dollar compared with 83.2850 in the previous session. Asian currencies extended last week's advance after the dollar index slumped on Friday following data that indicated that the U.S. labor market was cooling. "Last week’s Fed meeting and latest data flow suggest the rate hike cycle is most likely over. "It's to be fully expected that the rupee will underperform in times when the dollar is under stress," the forex trader said.

Persons: Nimesh Vora, Mrigank Organizations: Federal Reserve, U.S, Reuters, Treasury, Fed, DBS Research, Korean, Malaysian, Reserve Bank of, Brent, Thomson Locations: MUMBAI

[1/2] Dollar, Euro and Pound banknotes are seen in this picture illustration taken April 28, 2017. The euro was last up 0.27% at $1.06515, and thanks to gains earlier in the week was heading for a weekly gain of 0.8%, which would be its most since July. Sterling likewise was up 0.2% on the day at $1.2228, and set for a 0.86% weekly gain, also its most since July. Both the Aussie and the New Zealand dollars are up 1.7% for the week, their best weekly performance since again mid-July. The dollar is heading for a weekly gain of 0.25% on the franc and was last at 0.9041 francs.

Persons: Dado Ruvic, Sterling, Jerome Powell, We've, BOE, Yusuke Miyairi, Detroit's, Kazuo Ueda, Ankur Banerjee, Rae Wee, Gerry Doyle, Kim Coghill, David Evans Organizations: REUTERS, Rights, U.S . Treasury Department, Federal, Fed, Treasury, Nomura, Analysts, United Auto Workers, UAW, Bank of England, Bank of Japan, Reuters, New, Swiss, Thomson Locations: Rights SINGAPORE, LONDON, U.S, New Zealand, Singapore

Traders work on the floor of the New York Stock Exchange (NYSE) on November 2 in New York City. Spencer Platt/Getty ImagesUS stocks closed higher on Thursday as investors bet that the Federal Reserve’s current round of economically painful rate hikes might be over. The S&P 500 was 1.9% higher and the Nasdaq Composite was up 1.8%. Both the S&P 500 and Dow are on track to notch their largest weekly gains this year and the Dow closed its best day since June. Treasury yields, which topped 5% just last month, have also come down precipitously.

Persons: Spencer Platt, Jerome Powell Organizations: New York Stock Exchange, Getty, Federal, Dow, Nasdaq, Treasury Locations: New York City

☆ Analysis: November is typically the best month for stocks. So far, it’s looking promising
▼ + stars: | 2023-11-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The S&P 500 on Thursday climbed 1.9% to log its best one-day gain since April. The S&P 500 has gained an average 6.7% from November to April since 1990, according to CFRA data. “We remain comfortable with our long-standing 3,900 year-end target for the S&P 500,” he wrote in a note on October 29. The S&P 500 closed Thursday at about 4,318. “The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” the company said in a short statement.

Persons: Jerome Powell’s, ”, George Smith, Mike Wilson, Morgan Stanley, Liam Reilly, Oliver Darcy, “, Read, Hanna Ziady, Andrew Bailey Organizations: CNN Business, Bell, New York CNN, Investors, Dow Jones, Dow, Federal, Treasury, LPL, Disney, Hulu Disney, Comcast, Bank of England, of England, ” Bank of England Locations: New York, Hulu, Israel

☆ Dollar eases as traders bet Fed done with rate hikes
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +3 min

United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington. The index is on course to clock a 0.3% drop for the week, just its third week of losses since July. The European Central Bank last week snapped a streak of 10 straight rate increases, with the discussion shifting to how long the rates would stay high. The Japanese yen was 150.41 per dollar, keeping traders nervy and looking for signs of intervention from Japanese authorities. The Australian dollar eased 0.19% to $0.642, while the New Zealand dollar fell 0.24% to $0.588.

Persons: Tapas Strickland, Flavio Carpenzano, Isabel Schnabel, Kazuo Ueda, Sterling Organizations: Engraving, U.S . Federal, NAB, Investor, Analysts, Fed, ECB, Investment, Capital Group, European Central Bank, Bank of Japan, Reuters, Bank of England, New Zealand Locations: United, Washington, U.S

☆ Gold set for first weekly drop in four, U.S. jobs data in focus
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +1 min

Gold was headed for its first weekly loss in nearly a month on Friday as the safe-haven rally cooled, while traders largely kept to the sidelines ahead of the U.S. non-farm payrolls data due later in the day. "Gold prices have slipped back due to a reduction in the geopolitical risk premium as the markets get used to the idea of a long slog between Israel and Hamas," said Michael Hewson, chief market analyst at CMC Markets. "Money is coming out of gold and the U.S. dollar and moving back into risky assets." Investors focus now shifts to U.S. non-farm payrolls data, due at 1230 GMT, which is expected to show that employers added 180,000 jobs last month. The jobs report needs to deliver some surprisingly weak figures to weigh further on Treasury yields and push gold prices above the $2,000-per-ounce mark, City Index senior analyst Matt Simpson said.

Persons: Gold, Michael Hewson, Stocks, Matt Simpson Organizations: U.S ., Hamas, CMC Markets, Federal Reserve, Index Locations: Moscow, Russia, Israel

☆ The Dow soars more than 560 points as markets bet the Fed is done with rate hikes
▼ + stars: | 2023-11-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —US stocks soared higher again on Thursday as investors bet that the Federal Reserve’s current round of economically painful rate hikes might be over. Both the S&P 500 and Dow are on track to notch their largest weekly gains this year and the Dow closed its best day since June. Tech stocks pulled markets higher Thursday, with shares of Tesla up nearly 6.3% and shares of Nvidia up about 2.8%. While all 11 sectors of the S&P 500 were trading higher on Thursday, there were some notable outliers. Shares of Airbnb were down 3.3% after the company beat on third-quarter revenue earnings but lowered its forward guidance.

Persons: Jerome Powell, ”, Louis Navellier Organizations: New, New York CNN, Federal, Dow, Nasdaq, Treasury, Navellier, Associates, Labor, Labor Department, Apple, Tech, Nvidia, Meta, Facebook Locations: New York

☆ The Fed and war in the Middle East are the 2 things that could push the US economy into a recession, 'Dr. Doom' economist Nouriel Roubini says
▼ + stars: | 2023-11-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US economy still faces two risks that could push it into a recession, Nouriel Roubini warned. AdvertisementAdvertisementThe US is facing two risks that could push the economy into a recession, according to economist Nouriel Roubini. That will cause the Fed to push interest rates higher, a move that could overtighten financial conditions and push the US into a recession, Roubini warned. Meanwhile, bond yields could plunge as investors flock to safe-haven assets like US Treasurys, Roubini warned. Other economists have also warned of recession risks, despite the resilience of the economy and the stock market so far this year.

Persons: Roubini, Doom, —, Nouriel Roubini Organizations: Service, Fox Business, Fed, Societe Generale Locations: Israel, Iran

☆ Dollar tracks Treasury yields lower as Fed stays on hold
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell broadly on Thursday, tracking a slide in U.S. Treasury yields as markets grew more convinced the Federal Reserve was done with its aggressive monetary policy tightening cycle after it left rates unchanged. However, Fed Chair Jerome Powell acknowledged that a recent market-driven rise in Treasury bond yields, home mortgage rates and other financing costs could have their own impact on the economy as long as they persist. The dollar edged broadly lower alongside U.S. Treasury yields which touched multi-week lows in early Asia trade. "This could take some time to develop and is one reason we are likely to see higher rates for longer." The move lower in the dollar brought some respite for the yen, though it remained on the weaker side of 150 per dollar.

Persons: Jerome Powell, Wells, Jay Bryson, Lon Erickson, Tom Kenny Organizations: Treasury, Federal, Fed, New, U.S, Traders, Thornburg Investment Management, Bank of Japan's, ANZ, Bank of Locations: U.S, Wall, Asia, New Zealand, Wells Fargo

But the deceleration of inflation has slowed, and solid economic growth could keep inflation elevated or even send it higher. As a result, Powell and other Fed officials aren't yet willing to take a final rate hike off the table. The surge in Treasury yields has caused the average 30-year fixed mortgage rate to reach nearly 8%. Market analysts say an array of factors have combined to force up Treasury yields. As a result, higher Treasury rates may be needed to attract more buyers.

Persons: Jerome Powell, Powell, Michael Arone, “, ” Powell, Christopher Waller Organizations: WASHINGTON, Federal, State Street Global Advisors, “, Fed, Treasury, Wall Locations: Wall

☆ European markets set to open higher ahead of Fed rate decision
▼ + stars: | 2023-11-01 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open, with investors awaiting the next interest rate decision from the U.S. Federal Reserve on Wednesday. Central bankers are largely expected to hold rates steady, with fed funds futures pricing suggesting a more than 97% probability that rates will remain at current levels, according to the CME FedWatch Tool. European markets traded higher Tuesday after data showed euro zone inflation fell to a two-year low of 2.9% in October, preliminary data showed Tuesday. Meanwhile, statistics agency Eurostat said the euro zone economy contracted by 0.1% in the third quarter, below a forecast of stagnation. The readings come after the European Central Bank paused its record run of 10 consecutive interest rate hikes when it met last week.

Organizations: U.S . Federal Reserve, Reuters, Eurostat, European Central Bank

☆ Morning Bid: Yen hangs under intervention cloud
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. As Europe wakes up, the yen is not far off the one-year low of 151.74 hit this week and the three-decade low of 151.94 touched last year, which triggered an intervention by Tokyo at the time. The broad yen sell-off on Tuesday came a day after the BOJ watered down its 1% yield cap on the 10-year bond. How hard the BOJ defends the so-called 1% reference will be the key question traders ask in coming days. With little on Europe's economic calendar, investors are likely to keep the focus on the Fed and yen.

Persons: Florence Lo, Ankur Banerjee, Masato Kanda, ramping, Jerome Powell, Powell, Sam Holmes Organizations: REUTERS, Ankur, Fed, Reuters Graphics Reuters, Reuters, PMI, Nationwide, GSK, Thomson Locations: Tokyo, United States

Average 30-year mortgage rates reached 23-year highs in October, and they remain elevated today. As inflation comes down and the Fed is able to stop hiking rates, mortgage rates should start to recede. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 7.03% last week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.

Persons: It's, Fannie Mae, they're, you'll, Freddie Mac Organizations: Federal, Zillow, Federal Reserve Locations: Chevron

Market analysts say an array of factors have combined to force up Treasury yields. As a result, higher Treasury rates may be needed to attract more buyers. That suggests that Treasury yields may stay unusually high even if the Fed keeps its own benchmark rate on hold. Many business and consumer loan rates might, in turn, also stay high, helping keep a lid on economic growth and inflation. Wall Street traders foresee a 98% probability that the Fed will leave interest rates unchanged Wednesday, according to the CME FedWatch Tool.

Persons: Jerome Powell, Powell, ” Powell, “, Goldman Sachs, reacceleration, ”, Alan Blinder, Blinder, ” Blinder Organizations: WASHINGTON, Federal, Fed, Treasury, Wall, Goldman, Princeton University, Associated Press, American Academy of Political, Social Science Locations: Wall, COVID, Washington

☆ Stock futures fall slightly as Fed decision looms: Live updates
▼ + stars: | 2023-10-31 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Stock futures were slightly lower Tuesday evening as Wall Street geared up for the Federal Reserve's latest policy decision on interest rates after closing out a terrible month. Futures tied to the Dow Jones Industrial Average were 50 points lower, or down 0.15%. S&P 500 futures and Nasdaq 100 futures each shed about 0.2%. The Dow and the S&P 500 ended the month lower by 1.4% and 2.2%, respectively, marking the first three-month losing streak for both indexes since March 2020. Although November is a historically strong month for markets, investors are keeping an eye on a peak in bond yields.

Persons: Jerome Powell, Peter Boockvar, Stocks, Dow Organizations: Federal, Dow Jones, Nasdaq, China Holdings, Devices, Treasury Locations: Washington

☆ The Fed probably won't cut interest rates just yet — but its next move is expected to be good for Americans
▼ + stars: | 2023-10-31 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

It's expected to pause interest rate hikes. On Wednesday, the Federal Open Market Committee is expected to announce its next interest rate decision, and a hike probably isn't in the cards. In September, the Fed paused interest rate hikes as it continued to receive promising data on the country's economic recovery. Powell has not indicated whether a interest rate cut will come this year to get consumers further relief. AdvertisementAdvertisementEven if interest rate cuts are not on the horizon anytime soon, administration officials are confident Americans will not face a recession as they enter 2024.

Persons: It's, —, Nick Bunker, Bunker, Jerome Powell, Powell, we've, Greg McBride, we're, McBride, Janet Yellen, Joelle Gamble, Gamble Organizations: Federal, Service, Fed, North America, New York Federal, Bloomberg, White, National Economic Council Locations: Israel, Ukraine

☆ US paychecks grew faster than expected in the third quarter
▼ + stars: | 2023-10-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Total compensation paid to US workers grew at a faster pace than expected last quarter, pointing to ongoing momentum in the job market. That’s a faster pace than the 1% gain registered in the second quarter. Wage growth advanced at a robust 1.2% pace in the July-through-September period, accelerating from the prior three-month period’s 1% rise, contributing to a pickup in overall compensation growth. From a year earlier, wages and benefits grew 4.3% in the third quarter, a slower pace than the second quarter’s 4.5% annual gain and the first quarter’s 5% rate. An analysis from jobs site ZipRecruiter showed that consumer prices rose faster than wages from the first quarter of 2020 through this year’s second quarter: Consumer prices grew 17.2%, versus compensation growth of 13.6%.

Persons: ” Julia Pollak, ZipRecruiter, ” Pollak, “, ” Organizations: DC CNN —, Labor Department, Federal Reserve, CNN Locations: Washington, That’s

☆ Dollar holds near 150 yen as c.bank policy, data deluge awaited
▼ + stars: | 2023-10-30 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Euro, Hong Kong dollar, U.S. dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration shot January 21, 2016. A PMI data deluge, inflation figures in the euro zone and U.S. nonfarm payrolls also add to the mix of the event-packed week. "I think for the FOMC and the Bank of England, they will be pretty low key with them leaving interest rates on hold. The BOJ meeting will be the most interesting one (given) heightened speculation over a policy tweak at this meeting." The yen was last 0.1% lower at 149.75 per dollar, getting a slight reprieve after having struck a one-year trough of 150.78 per dollar last week.

Persons: Jason Lee, nonfarm payrolls, Carol Kong, Israel, Chris Weston, Christian Scherrmann, Rae Wee, Muralikumar Organizations: Hong, REUTERS, Rights, Bank of, U.S . Federal Reserve, Bank of England, Commonwealth Bank of Australia, New Zealand, Aussie, Fed, Thomson Locations: Hong Kong, Rights SINGAPORE, Bank of Japan, Gaza's, Palestinian, U.S

☆ Dow closes up more than 510 points to kick off a busy week for the US economy
▼ + stars: | 2023-10-30 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

Apple shares rose 1.2% on Monday ahead of its quarterly results due after Thursday’s close, which will be closely watched after the carnage in tech stocks last week. Other Big Tech stocks also rallied Monday. Alphabet shares rose 1.9%, Meta Platforms added 2%, Microsoft gained 2.3% and Amazon increased 3.9%. McDonald’s shares also rose 1.7% on Monday after the fast-food chain beat top- and bottom-line expectations. Traders largely expect that the Fed won’t hike rates for the rest of the year, according to the CME FedWatch Tool.

Persons: New York CNN — Stocks, Dow, Jerome Powell, Thursday’s, Eli Lilly, stoking, ”, Tom Graff Organizations: New, New York CNN —, Federal, Nasdaq, Big Tech, Traders, Treasury Department, Treasury, Apple, Microsoft, Anheuser, Busch, Stellantis, CVS, Kraft Heinz, Pfizer, Starbucks, Investors Locations: New York

☆ Stock futures are little changed after major averages rebound to start the week: Live updates
▼ + stars: | 2023-10-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were flat Monday night after the major averages climbed in a relief rally. S&P 500 futures ticked down by 0.04%, and Nasdaq 100 futures inched lower by 0.06%. During Monday's trading session, the S&P 500 managed to climb out of correction territory and close 1.2% higher for its best day since late August. The Nasdaq Composite added about 1.2%, while the Dow jumped roughly 1.6% in its best day since early June. The Dow and the S&P 500 are down 1.7% and 2.8% in October, respectively, in their third consecutive negative month.

Persons: Dow, Anastasia Amoroso, Amoroso, Powell Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Traders, Caterpillar, Pfizer, Caesars Entertainment, Devices, Tech, Apple

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