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☆ Fed Leaves Interest Rates Unchanged After Latest Meeting
▼ + stars: | 2023-09-20 | by ( The New York Times | ) www.nytimes.com time to read: 1 min

has significantly tightened the stance of monetary policy. We’ve raised our policy interest rate by 5 ¼ percentage points and have continued to reduce our securities holdings at a brisk pace. We’ve covered a lot of ground and the full effects of our tightening have yet to be felt. Today, we decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings. We are committed to achieving and sustaining a stance of monetary policy that is sufficiently restrictive to bring inflation down to our 2 percent goal over time.

Persons: We’ve

☆ Fed declines to hike, but points to rates staying higher for longer
▼ + stars: | 2023-09-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Markets had fully priced in no move at this meeting, which kept the fed funds rate in a targeted range between 5.25%-5.5%, the highest in some 22 years. That would put the funds rate around 5.1%. The projection for the fed funds rate also moved higher for 2025, with the median outlook at 3.9%, compared with 3.4% previously. Over the longer term, FOMC members pointed to a funds rate of 2.9% in 2026. "Chair Powell and the Fed sent an unambiguously hawkish higher-for-longer message at today's FOMC meeting," wrote Citigroup economist Andrew Hollenhorst.

Persons: Jerome Powell, Powell, we'll, Adriana Kugler, Andrew Hollenhorst Organizations: Federal Reserve, Markets, Nasdaq, Fed, Citigroup Locations: oscillated

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSept 13 (Reuters) - Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds. But U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute (API) figures on Wednesday. Crude stocks rose by about 1.2 million barrels in the week ended Sept. 8, against analysts estimate of a draw of about 1.9 million barrels. Gasoline inventories rose by about 4.2 million barrels, while distillate inventories rose by about 2.6 million barrels.

Persons: Agustin Marcarian, Satoru Yoshida, Yoshida, Izvestia, Nikolai Shulginov, Brent, Yuka Obayashi, Muyu Xu, Stephen Coates, Jamie Freed, Miral Organizations: REUTERS, Brent, U.S, West Texas, OPEC, U.S . Energy, Rakuten Securities, Libya, of, Petroleum, Energy, American Petroleum Institute, Federal Reserves, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Libya, China, Saudi Arabia, Russia, OPEC

☆ Stocks fall, dollar and yields up after US services data
▼ + stars: | 2023-09-06 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Weighing heavily on Wall Street stock indexes, shares of Apple (AAPL.O) fell 3.6% after the Wall Street Journal reported, citing people familiar with the matter, that China had banned officials at central government agencies from using iPhones and other foreign-branded devices for work. Some investors said the data may add to signs that interest rates could remain elevated for longer. The Nasdaq ended more than 1% lower, leading declines on Wall Street. In other data, manufacturing activity in Germany, Britain and the euro zone declined, while their service sectors fell into contraction territory.

Persons: Brendan McDermid, Susan Collins, Jeffrey Roach, Caroline Valetkevitch, Gertrude Chavez, Dreyfuss, Nell Mackenzie, Kane Wu, Edmund Klamann, Sam Holmes, Will Dunham, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, U.S, Apple, Treasury, Wall, Wall Street Journal, Institute for Supply Management, U.S . Federal, Fed Bank of Boston, Nasdaq, . Technology, Dow Jones, LPL, Brent, Thomson Locations: New York City, U.S, China, Germany, Britain, New York, London

☆ US services sector picked up in August, along with prices
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jeenah Moon Acquire Licensing RightsSept 6 (Reuters) - The U.S. services sector unexpectedly gained steam in August, with new orders firming and businesses paying higher prices for inputs -- potential signs of still-elevated inflation pressures. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. Still, Fed policymakers view the services sector as key to bringing inflation down to their 2% target, and Wednesday's ISM report does little to bolster the view that any slowdown is underway. A measure of new orders received by services businesses rose to 57.5 last month from 55.0 in July. A gauge of prices paid by services businesses for inputs increased to 58.9 in August from 56.8 in July.

Persons: Christopher Waller, Ann Saphir, Chizu Organizations: REUTERS, Institute for Supply Management, Reuters, Federal Reserve, Labor Department, PMI, Thomson Locations: New York City, U.S

☆ Don't look now, but oil has formed a 'golden cross' chart pattern
▼ + stars: | 2023-09-05 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

A golden cross is when the 50-day moving average breaks above the 200-day moving average. Some chart analysts think the 200-day moving average needs to be ascending for it to count as a "golden cross." "On August 24th a golden cross occurred. One way for investors to gain exposure to the move in oil prices is through exchange-traded funds that buy oil futures contracts, such as the United States Oil Fund (USO) . There are also leveraged funds such as the Ultra Bloomberg Crude Oil ETF (UCO) that are riskier bets but could generate big returns if the oil market rally does continue.

Persons: Paul Ciana, Ciana, Chris Verrone, Verrone, — CNBC's Michael Bloom Organizations: Bank of America, Texas, Energy, Saudi Press Agency, United States Oil Fund, Ultra Bloomberg, Oil Locations: Saudi Arabia

☆ The Best Deals From Ulta’s 21 Days of Beauty Sale
▼ + stars: | 2023-09-01 | by ( Madeline Diamond | ) www.wsj.com time to read: +2 min

If so, you’ll probably want to take a look at Ulta’s 21 Days of Beauty sale. The event, which runs from Aug. 27 to Sept. 16, includes new discounts on makeup, skincare, fragrance and bath products each day. Body butterOsea is known for its luxe skincare and body products, including this rich body butter. Buy Side favoritesWhile you’re shopping Ulta’s sale items, consider stocking up on these vetted favorites. Mineral sunscreenWe featured this lightweight sunscreen from First Aid Beauty in our roundup of the best mineral sunscreens.

Persons: Madeline Diamond, you’ll, Ulta, Monsieur Big, It’s, shea, it’s, there’s Locations: L’Oréal

☆ Soft data drags back dollar ahead of Jackson Hole
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: +2 min

The dollar nursed a sharp pullback against Asian currencies on Thursday, after softer-than-expected global economic data muddied the interest rate outlook and pushed down U.S. yields ahead of the Federal Reserve's Jackson Hole symposium. The New Zealand dollar also leapt overnight, as did the yen , which crossed below 145 to the dollar for the first time in more than a week tracking a sharp move lower in U.S. Treasury yields. The dollar index , which measures the greenback against a basket of six major currencies remains higher for the month, but dipped about 0.2% overnight. PMI data was soft globally, which tempered gains for the euro and sent sterling on a wide-ranging round trip before it steadied around $1.2717. China's yuan, which has been supported by state-bank buying in recent sessions, was steady at 7.2864 in thin offshore trade.

Persons: Jackson, PMIs, Carol Kong, Jerome Powell's, Steve Englander Organizations: Federal, Commonwealth Bank of Australia, New Zealand, Treasury, PMI Locations: U.S, Asia, China

☆ Dollar eases before Jackson Hole, yen rises amid intervention jitters
▼ + stars: | 2023-08-22 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. China's yuan briefly popped to a one-week high as the central bank again tried to bolster the currency by setting a much stronger-than-anticipated daily mid-point, but those gains fizzled out quickly. Money markets currently lay a bit less than 50/50 odds for another 25 basis point Fed hike by November, before the central bank shifts to rate cuts next year. Traders are wary of intervention after levels around 146 spurred the first yen buying by Japanese officials in a generation last September. On Thursday, the dollar reached 146.565 yen for the first time since Nov. 10.

Persons: Dado Ruvic, Jerome Powell, Kazuo Ueda, Richard Franulovich, Powell, Kristina Clifton, Kevin Buckland, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, Federal, Bank of Japan, U.S ., Westpac, Treasury, Traders, Sterling, Commonwealth Bank of Australia, Thomson Locations: Bank, Jackson Hole , Wyoming, China's, Beijing, China

☆ Dollar hovers near highs as U.S. yields surge; PBOC bolsters yuan
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, 100 U.S. dollar notes and 100 yuan notes are displayed. Money markets currently lay a bit less than 50/50 odds for another 25 basis point Fed hike by November, before the central bank shifts to rate cuts next year. The offshore yuan was little changed at 7.2872, after firming about 0.1% after the fixing. The Australian dollar , which often trades as a proxy to China, was also little changed at $0.6413 after initially strengthening slightly following the fixing. The Aussie has grinded higher in recent sessions after dropping to a 9 1/2-month low of $0.6365 on Thursday.

Persons: Richard Franulovich, Jerome Powell's, Franulovich, Powell, Kristina Clifton Organizations: U.S, U.S ., Westpac, Treasury, Commonwealth Bank of Australia Locations: Jackson Hole , Wyoming, China's, Beijing, China

☆ Dollar retreats from 2-month high, yuan turns higher
▼ + stars: | 2023-08-21 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The dollar index , which measures the currency against six other majors, was last down 0.2% at 103.18, but still close to Friday's two-month high of 103.68. Ten-year yields rose 14 basis points last week and touched a 10-month high of 4.328%, within a whisker of a 15-year high. The offshore yuan had fallen to the weak side of 7.3 per dollar before firming after Reuters reported that state-owned Chinese banks were seen actively mopping up offshore yuan liquidity, a move that raised the cost of shorting the currency. China's currency reversed course in the offshore market and was last up 0.2% to 7.2909 per dollar. Sterling rose slightly to $1.2756 and the Swiss franc was just above a six-week low hit last week at 0.8793 per dollar.

Persons: Dado Ruvic, Jackson, Michael Brown, I'm, Brown, Jerome Powell, Vishnu Varathan, Adam Cole, Sterling, Samuel Indyk, Tom Westbrook, Kirsten Donovan, Mark Potter Organizations: REUTERS, Federal, Trader, Wall, Treasury, Mizuho Bank, New Zealand, Authorities, RBC Capital Markets, Reuters, Swiss, Thomson Locations: Europe, Wyoming, Singapore, China, London

☆ Russian stocks retreat from pre-invasion high as rouble rebounds
▼ + stars: | 2023-08-14 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

FILE PHOTO: A board showing currency exchange rates of the U.S. dollar and euro against Russian rouble is on display in a street in Moscow, Russia, August 12, 2023. By 1510 GMT, the rouble was 1% stronger against the dollar at 98.45 , firming back below the 100 threshold. Stocks on Monday briefly hit their highest since before Moscow launched what it calls a “special military operation” in Ukraine, before falling back. The rouble-based MOEX Russian index was 0.1% higher at 3,157.1 points. A trader at a large Russian bank told Reuters the market was confused: “Everyone is ready for the inflow of revenues from expensive oil, but it seems to be hanging somewhere, and our regulators are somehow indifferent, there is nothing to rely on.”

Persons: Evgenia, Vladimir Putin’s, ”, firming, Stocks, Yulia Goldina, ” Goldina, “, Brent Organizations: Reuters, U.S ., Russian, REUTERS, Investments, Sinara Investment Bank, BCS Locations: Moscow, Ukraine, Russia, Russian

REUTERS/Dado Ruvic/IllustrationBENGALURU, Aug 3 (Reuters) - The U.S. dollar will hold its ground against most major currencies over the coming three months as a resilient domestic economy bolsters expectations interest rates will remain higher for longer, according to FX strategists polled by Reuters. The dollar is unlikely to give up recent gains in coming months, according to the July 31-Aug. 2 Reuters poll of 70 FX strategists, which showed most major currencies would not reclaim their recent highs for at least six months. In response to an additional question, 27 of 40 FX strategists said net short USD positions would either not change much or decrease over the coming month, suggesting the dollar would be rangebound. Typically, these conditions often coincide with a more negative dollar outlook," said Kamakshya Trivedi, head of global FX at Goldman Sachs. At this point in time I wouldn't say so," said ECB President Christine Lagarde last week after delivering a widely anticipated 25 basis points (bps) rate increase.

Persons: Dado Ruvic, Kamakshya Trivedi, Goldman Sachs, Christine Lagarde, Kit Juckes, Sterling, Indradip Ghosh, Shaloo Shrivastava, Sujith Pai, Veronica Khongwir, Vijayalakshmi Srinivasan, Jonathan Cable, Ross Finley, Alex Richardson Organizations: REUTERS, U.S, Reuters, greenback, Federal Reserve, Central Bank, Fed, ECB, Societe Generale, Bank of England, bps, Bank of, Thomson Locations: U.S, Bank of Japan

Sales of Tesla's (TSLA.O) China-made vehicles fell 31% in July from June, data from China Passenger Car Association (CPCA) showed on Thursday, marking its first month-on-month decline since December, when it struggled with rising inventories. Tesla sold 64,285 China-made EVs in July, up 128% from 28,217 a year earlier when a scheduled upgrade to its Shanghai factory curbed production. Meanwhile BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, said it posted a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 which were exported. CPCA is set to publish full data for July later this month, with sales of new energy passenger vehicles in China estimated to reach 750,000. Still, BYD outsold Tesla China by 29% in EV sales in the first half while its lower-priced Dolphin EV outsold Tesla's Model 3, which is expected to be revamped in September.

Persons: Tesla, BYD, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Kim Coghill, Alexander Smith Organizations: Tesla, China Passenger Car Association, General Motors, Volkswagen, EV, Authorities, Thomson Locations: BEIJING, SHANGHAI, China, Shanghai

☆ A billionaire wants to use a cargo plane to fly an orca to freedom after 53 years in captivity. Here's how it could work.
▼ + stars: | 2023-08-02 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +3 min

A $20 million plan to release a killer whale named Tokitae from captivity is firming up. The orca has been kept in a small enclosure in the Miami Seaquarium since her capture 53 years ago. The billionaire-backed plan would see the killer whale loaded on a plane and flown across the US. The killer whale has been living in the world's smallest orca tank, which measures 80 feet by 35 feet. She's the second oldest orca living in captivity.

Persons: I've, let's, Jim Irsay, Pat McAfee, Toki, Euronews, Miami Seaquarium, Orcas, Tokitae Organizations: Miami, Service, Indianapolis Colts, Dolphin Company, The Times, Seattle Airport, Times, Miami Herald, Tribune, Getty Locations: Wall, Silicon, Seattle, London, Miami, San Juan, Tokitae, Penn Cove , Washington, Lummi, Pacific

☆ Mexican peso hits 7-1/2 year high vs dollar, further gains eyed
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

The currency, which has been dubbed the "super peso" in some quarters, including by its most prominent cheerleader, President Andres Manuel Lopez Obrador, strengthened by more than 1.3% in morning trading to 16.63 per dollar. "What's happening with the peso right now is due to weakness in the dollar, but also because of optimism surrounding the Mexican peso," said Banco Base analyst Gabriela Siller. "And with this international investors keep buying Mexican pesos and it may keep appreciating," she added. Data pointing to softening U.S. inflation on the one hand and better-than-expected growth data on the other has helped weaken the dollar and boost the peso, which could continue firming to 16.40 to the dollar, Siller said. Reporting by Anthony Esposito and Aida Pelaez-Fernandez, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Andres Manuel Lopez Obrador, Gabriela Siller, Siller, Anthony Esposito, Aida Pelaez, Fernandez, Deepa Babington Organizations: MEXICO CITY, greenback, Federal Reserve, Banco Base, JPMorgan, Thomson Locations: MEXICO, America, United States

Powell acknowledged as a positive development that inflation has fallen from the highs of last year without serious damage to the economy. "We'll be comfortable cutting rates when we're comfortable cutting rates, and that won't be this year," Powell said. 'MODERATE' GROWTHU.S. Treasury yields slid in choppy trading after the release of the Fed policy statement, while U.S. stocks ended largely unchanged. Futures markets showed little change in bets on the path of Fed rate increases over the remainder of the year, with small odds given to a rise in September. Though Powell said Fed staff had relaxed a prediction of a recession in coming months, outside analysts still think that's what it may take to finish the inflation fight.

Persons: Powell, Jerome Powell, Elizabeth Frantz Powell, what's, Kathy Bostjancic, nodded, Taylor Swift, he's, Veronica Clark, we're, Howard Schneider, Michael S, Safiyah Riddle, Paul Simao Organizations: Federal Reserve, Fed, Reuters, U.S . Federal Reserve, Federal, Committee, REUTERS, Treasury, Nationwide, Citi, Derby, Thomson Locations: WASHINGTON, U.S, Washington , U.S

☆ Wall Street suddenly appears confident America will avoid a recession
▼ + stars: | 2023-07-27 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

The Dow Jones Industrial Average index has gained 3.2% this month, outperforming the S&P 500 and Nasdaq Composite. The Dow’s gains suggest that investors are starting to buy more economically sensitive stocks as recent data show inflation slowing. That, in turn, indicates they’re becoming increasingly optimistic that the economy could avoid a recession. Conventional Wall Street wisdom says gains in the blue-chip index tend to precede rallies across the broader market. The Dow Jones Transport Average Index, an index of 20 stocks including railroad, trucker, airline and freight companies, has gained 24% this year.

Persons: ”, Adam Phillips, That’s, Bryan Mena, Read, Matt Egan, “, Patrick De Haan Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Big Tech, Wealth, Federal Reserve, Union Pacific Corporation, Ryder System, Dominion Freight Line, Fed, New, American Automobile Association Locations: New York, Russia, Ukraine

The rate hike, which was in line market expectations, took the benchmark overnight interest rate to between 5.25% and 5.50% - the highest level since around the global financial crisis in 2007-2009. [1/3]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. "Powell and the committee are taking a very data-dependent approach to future rate hikes," said Angelo Kourkafas, investment strategist at Edward Jones. U.S. Treasury yields slipped in choppy trading after the Fed's rate decision. The yield on 10-year Treasury notes was down at 3.865%, while the two-year yield, which typically reflects interest rate expectations, fell to 4.8433%.

Persons: Jerome Powell, Lamar Villere, Villere, Brendan McDermid, Powell, Angelo Kourkafas, Edward Jones, Chibuike Oguh, Sinead Carew, Chizu Nomiyama, Jonathan Oatis Organizations: YORK, Global, Federal Reserve, Fed, Villere, New York Stock Exchange, REUTERS, Nasdaq, Dow Jones, Treasury, Brent, U.S, West Texas, Thomson Locations: New Orleans, Europe, Germany, France, New York City, U.S, New York

"We'll be comfortable cutting rates when we're comfortable cutting rates and that won't be this year," Powell said. Yields on both the two- and 10-year Treasury notes moved down modestly from levels right before the release of the Fed's policy statement, while U.S. stocks ended mixed. Futures markets showed bets on the path of Fed rate increases over the remainder of the year were little changed, seeing small odds of a rise in September. "The forward guidance remains unchanged as the committee leaves the door open to further rate hikes if inflation does not continue to trend lower," said Kathy Bostjancic, chief economist at Nationwide. He also noted that Fed staff economists are no longer predicting a recession as they have at recent meetings.

Persons: Powell, Jerome Powell, what's, Kathy Bostjancic, he's, Howard Schneider, Michael S, Paul Simao Organizations: Federal Reserve, U.S, Treasury, Nationwide, Fed, Reuters, Thomson Locations: WASHINGTON, U.S

Deutsche Bank's emerging market carry strategy index had its best year on record in the 12 months to May. Reuters GraphicsOVERCROWDING FEARSInvestors, however, are becoming concerned the carry trade might be becoming too popular for its own good. "You have to be worried about some of these more crowded positions," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "I think that is big enough to offset any carry trade income," said Yujiro Goto, head of FX strategy for Japan at Nomura. A hypothetical $50,000 invested in a short Norwegian crown, long dollar carry trade in the first three weeks of July would have lost $3,000, according to Refinitiv.

Persons: Refinitiv, Kamakshya Trivedi, Goldman Sachs, Stephen Gallo, Gallo, James Athey, Yujiro Goto, Oliver Brennan, Brennan, Robin Winkler, Goldman's Trivedi, Geoff Yu, BNY Mellon, Harry Robertson, Alun John, Ankur, Rae Wee, Bernadette Baum Organizations: LONDON, Bank of America, FX, Deutsche, Federal Reserve, European Central Bank and Bank of Japan, BMO Capital Markets, Nomura, BNP Paribas, Bank of England, Bank of Japan, Reuters Graphics, Federal, Deutsche Bank, Swiss, Reuters, Korean, BNY, Thomson Locations: SINGAPORE, Japan, European, U.S, America, Asia, London, Singapore

☆ The Fed just showed the US still has more work to do in getting inflation under control
▼ + stars: | 2023-07-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Powell has said that it will take more rate hikes to get inflation down to the target 2% level. Still, as Fed Chair Jerome Powell has repeatedly said, the Fed continues to have a 2% inflation target, meaning more rate hikes will likely be necessary to achieve that goal. The most recent inflation data were quite encouraging." Still, while Powell and administration officials are confident in the actions the Fed has taken to fight inflation, some Democratic lawmakers aren't convinced. "Chair Powell must maintain the Fed's pause on rate hikes and avoid further rate increases that threaten our economy and risk throwing Americans out of work."

Persons: Powell, Jerome Powell, we're, it's, Goldman Sachs, Jan Hatzius, Janet Yellen, aren't, Massachusetts Sen, Elizabeth Warren, Warren Organizations: Federal Reserve, Service, Federal, Market Committee, Fed, Bloomberg Locations: Wall, Silicon, Massachusetts

☆ Australia says nuclear isn't part of its energy mix. Here's why
▼ + stars: | 2023-07-25 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

watch nowNuclear energy has never been part of Australia's energy mix as it has abundant renewables, according to Australia's minister for climate change and energy. Nuclear plays a role in various countries' mix, but in Australia, it never has," Chris Bowen told CNBC on the sidelines of the G20 energy ministers meeting in Goa, India. "Wherever you look, there's issues from our point of view with nuclear energy," he said, outlining problems that can come from adopting nuclear energy. Furthermore, Australia will be starting from "worse than scratch" since it never had a nuclear industry in the first place, he said. "They're not going to be replaced with coal fired power, it's just not going to happen," Bowen said.

Persons: Chris Bowen, CNBC's Sri, Liddell, Bintang, They're, it's, Bowen, Vladimir Putin, David Gray Organizations: CNBC, Liddell Power Station, Getty, Australia, Gas, country's Clean Energy Council Locations: Australia, Goa, India, CNBC's Sri Jegarajah, Europe, Ukraine, Lake George, Canberra

☆ Shopping for a home? There’s a lot working against you right now
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

In recent weeks, as mortgage rates closed in on 7%, affordability has worsened. Nationally, it takes about 36% of the median household income to make the average mortgage payment — more than the recommended 30% allowance for housing. The Mortgage Credit Availability Index fell by 3.1% to 96.5 in May, the lowest level since January 2013, and was essentially unchanged in June. The MBA index that tracks jumbo loans — loans that are larger than conforming loan limits — saw its second monthly contraction, as some financial institutions reduce their appetite for larger loans that aren’t backed by the government. Mortgage rates are expected to drop the second half of this year as inflation continues to cool, with economists and housing analysts forecasting rates to end the year around 6%.

Persons: Nick Gaylord, “ I’ve, ” Gaylord, it’s, “ I’m, ”, Gaylord, “, Black Knight, Knight, ” Joel Kan, Department of Veterans Affairs —, — Organizations: DC CNN, CNN, Mortgage Bankers Association, ICE Mortgage Technology, Federal Housing Administration, US Department of Agriculture, Department of Veterans Affairs, National Association of Realtors Locations: Washington, Minneapolis

☆ The Fed's big decision this week could 'be devastating for our economy' and throw 'Americans out of work,' Elizabeth Warren says
▼ + stars: | 2023-07-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve will make its next interest rate decision on Wednesday. Sen. Elizabeth Warren told Insider another hike could "be devastating for our economy." On Wednesday, the Federal Reserve will decide whether it will raise interest rates again, or maintain the pause on hikes it implemented in June. "Chair Powell must maintain the Fed's pause on rate hikes and avoid further rate increases that threaten our economy and risk throwing Americans out of work." Still, Warren and some of her Democratic colleagues have been critical of Powell's continued rate hikes.

Persons: Sen, Elizabeth Warren, Massachusetts Sen, Warren, Jerome Powell, Powell, we're, Democratic Sen, John Hickenlooper Organizations: Federal Reserve, Service, Fed, Federal, Market Committee, Consumer, Democratic Locations: Wall, Silicon, Massachusetts

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