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☆ The US housing market has ended a 9-month streak of price gains
▼ + stars: | 2024-01-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The latest S&P Case-Shiller national home price index data published Tuesday — which offers the three-month average for September, October, and November closing prices — showed a moderate slowdown in price gains. "The streak of nine monthly gains ended in November, setting the index back to levels last seen over the summer months." However, each saw annual gains of 5.4% and 6.2%, respectively. The biggest annual price gains came in Detroit and San Diego, at 8.2% and 8%, respectively. "The rate has since fallen over 1%, which could support further annual gains in home prices."

Persons: —, Brian D, Luke, Freddie Mac, Bill Adams Organizations: Service, Business, Federal Reserve, Comerica Bank Locations: Detroit, San Diego, Miami, Tampa, Atlanta, Charlotte , New York, Cleveland, Portland

☆ Man who stole and leaked Trump tax records sentenced to 5 years in prison
▼ + stars: | 2024-01-29 | by ( Holmes Lybrand | ) edition.cnn.com time to read: +3 min

CNN —The man who stole and leaked former President Donald Trump and thousands of other’s tax records has been sentenced to five years in prison. In October, Charles Littlejohn, 38, pleaded guilty to one count of unauthorized disclosures of income tax returns. According to his plea agreement, he stole Trump’s tax returns along with the tax data of “thousands of the nation’s wealthiest people,” while working for a consulting firm with contracts with the Internal Revenue Service. Reyes was also critical of the Justice Department’s decision to only bring one count against Littlejohn. “I acted out of a sincere misguided belief,” Littlejohn said in court Monday, adding that he was serving the country and that people had a right to the tax information.

Persons: Donald Trump, Charles Littlejohn, Littlejohn, Judge Ana Reyes, ” Reyes, “, …, ”, Prosecutors, Reyes, Department’s, ” Littlejohn Organizations: CNN, Internal Revenue Service, US, Capitol, Apple, Prosecutors Locations: United States

After dropping substantially toward the end of 2023, experts believe that mortgage rates will go down further in 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.87% last week, according to Freddie Mac data, which is a two-basis-point drop from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: there's, Freddie Mac Organizations: Federal Reserve, Fed, Zillow Locations: Chevron

Despite the latest Consumer Price Index data coming in a bit hot according to Thursday's report, mortgage rates have been holding steady this week. Average 30-year mortgage rates remained in a tight 6.3%-to-6.45% range, only up a little bit from the previous week. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

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

☆ Renters are being hit harder by inflation than homeowners are
▼ + stars: | 2024-01-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Renters and homeowners experience inflation differently; and right now, renters are taking a much more painful hit. While shelter inflation has come down over the past few months, in December, the shelter index was still 6.2% higher year over year. Inflation divide between renters and homeownersTwo things are driving the divide between how homeowners and renters experience inflation. And 64% of homeowners have a mortgage rate of 4% or lower — more than two and a half percentage points lower than prevailing rates. Even if the typical mortgage payment is higher than a typical monthly rent payment, renters’ incomes tend to be lower than homeowners.

Persons: “, Lisa Sturtevant, Danielle Hale, Realtor.com, ”, Hale Organizations: DC CNN, Bright MLS, Bank of America Institute, BLS, “ Locations: Washington

☆ The new FAFSA form for 2024 was supposed to streamline the process. It took me 13 hours to complete — and only thanks to Reddit.
▼ + stars: | 2024-01-11 | by ( Erika Ebsworth-Goold | ) www.businessinsider.com time to read: +5 min

The Department of Education says the FAFSA overhaul will improve and streamline the application process. AdvertisementFirst, I started my son's application. It couldn't handle specific questions and simply referred me back to the general FAFSA site. It took another hour of trying before I could finally, blessedly, file the form — after 13 hours of trying. I'm glad my family got through what was a frustrating experience — although I'll feel better once we get confirmation that my son's application is processed successfully.

Persons: —, I'd, Aidan, Reddit, Aidan couldn't, it's Organizations: Service, US Department of, Federal Student Aid, of Education, Internal Revenue Service, Business, Social, Google, Department of Education, DOE

☆ Inflation is down sharply, but getting to exactly 2% will be tough
▼ + stars: | 2024-01-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures price index, measured 2.6% annually in November. So, getting that number down to the Fed’s 2% target should happen in no time, right? That’s because much of the run-up in inflation came from pandemic-induced supply chain disruptions and unusual spikes in demand. The reason is that as inflation cools more, the remaining components that work to keep inflation above the Fed’s target are increasingly “sticky,” meaning they’re the least responsive to changes in market conditions. And it’s so far, so good.”That said, though it’s not the Fed’s go-to inflation gauge, Thursday’s CPI report showed that the road to 2% could come with more bumps.

Persons: ”, John Cochrane, Jerome Powell, Gregory Daco, That’s, Powell, Cochrane, “, ” Paul Donovan, ” Powell, I’d, it’s Organizations: New, New York CNN, Hoover Institute, “, University of Chicago, CNN, UBS Global Wealth Management Locations: New York, EY

☆ WindCORES cuts emissions by putting data centers inside wind turbines
▼ + stars: | 2023-12-05 | by ( Arya Jyothi | ) edition.cnn.com time to read: +7 min

CNN —Accounting for up to 1.5% of global electricity use, data centers are fueling the climate crisis. WindCORES, a subsidiary of German renewable electricity company WestfalenWIND, operates data centers inside wind turbines located in a wind park in the Paderborn district in western Germany, which the company says makes the centers almost carbon neutral. The concept uses existing wind turbines to power data centers on site, while fiber optic cables provide a constant internet connection. WindCORES estimates that the unused electricity generated during this period could power one-third of all German data centers. Zattoo joined windCORES in 2020, when it moved one of its six data centers into a wind turbine in Paderborn.

Persons: ”, Fiete Dubberke, Dubberke, WestfalenWIND, windCORES, Zattoo, Viliyana Ivanova, “, Viliyana, windCORES Dubberke, Zattoo’s, Asim Hussain, that’s, they’ve, ” Hussain, ” WindCORES, Klee Organizations: CNN, windCORES, Green Software Foundation Locations: Paderborn, Germany, “, ”, Lichtenau, Munich

FILE PHOTO: A screen showing the Hang Seng stock index is seen outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsDec 1 (Reuters) - A look at the day ahead in Asian markets. They include Australia, South Korea and India, as well as China's 'unofficial' PMI. Foreigners already appear to be voting with their feet - China just recorded its first-ever quarterly deficit in foreign direct investment. Here are key developments that could provide more direction to markets on Friday:- PMIs for Australia, South Korea, India, China- Japan unemployment (October)- Indonesia inflation (October)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Dow Jones, Jamie McGeever, Josie Kao Organizations: REUTERS, PMI, National Bureau, Statistics, Japan's Nikkei, U.S ., Thomson, Reuters Locations: Exchange, Hong Kong, China, Japan, South Korea, Indonesia, Australia, India, Asia

☆ US home prices hit another record high in September, rising for the eighth straight month
▼ + stars: | 2023-11-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home prices continued to rise in September, hitting a new record high and marking the eighth consecutive month of increases, according to data released Tuesday. Even as mortgage rates lingered above 7% in September, historically low inventory continued to push up the price of a home. Prices rose 0.7% in September from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index. Compared to a year ago, the national composite index also rose, with prices up 3.9% from September 2022, the data shows. Higher prices and higher mortgage rates led to crushing affordability challenges for homebuyers in September, bringing existing home sales to 13-year lows.

Persons: ”, Craig Lazzara, Dow, Charlotte ,, Hannah Jones, Jones Organizations: DC CNN, Dow Jones, Las, Realtor.com, homebuyers Locations: Washington, Atlanta, Boston, Charlotte, Charlotte , North Carolina, Chicago, Cleveland, Detroit, Miami ; New York, Tampa , Florida, San Diego, New York, Las Vegas, Portland , Oregon, Northeast, Midwest

☆ Dollar hangs at three-month low as traders eye PCE data
▼ + stars: | 2023-11-28 | 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 dollar index , a measure of the greenback against a basket of currencies, was last at 103.11, its lowest since Aug. 31. The dollar was track for a loss of more than 3% in November, its worst performance in a year. Market expectation that the Fed's rate increase cycle has finally come to an end has also put downward pressure on the greenback. PCE tops off a slew of other key economic events this week, including Chinese purchasing managers' index data and OPEC+ decision.

Persons: Kyle Rodda, Tony Sycamore Organizations: Engraving, The U.S, Federal Reserve, Reuters, greenback . U.S, Fed, Traders, Australian, Reserve Bank of New, Bank of Japan, IG Locations: United, Washington, The, U.S, OPEC, Reserve Bank of New Zealand

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. The rebound in equities in November has brought the S&P 500 (.SPX) close to its highest intra-day level this year. "We are headed for a mixed session today...maybe something like profit taking at the beginning and then just a leveling off."U.S. The S&P 500 retail sector (.SPXRT), housing Amazon, rose 0.5%. The S&P index recorded 7 new 52-week highs and no new lows, while the Nasdaq recorded 34 new highs and 18 new lows.

Persons: Brendan McDermid, Elliott, Peter Cardillo, Jerome Powell, advancers, Shristi Achar, Saumyadeb Chakrabarty Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Spartan Capital Securities, Walmart, Reuters, Fed, Dow Jones, Crown, Elliott Investment Management, GE HealthCare, UBS, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ Wall St futures edge lower as investor await data, policy cues
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Wall Street ended the Thanksgiving week on a positive note, with the major indexes notching up their fourth consecutive week of gains on growing optimism that the Federal Reserve was likely done hiking interest rates. ET, Dow e-minis were down 48 points, or 0.14%, S&P 500 e-minis were down 7 points, or 0.15%, and Nasdaq 100 e-minis were down 23.75 points, or 0.15%. The personal consumption expenditure index data for October - the Fed's preferred inflation gauge - is slated to be released on Thursday. Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Axel Rudolph, Shristi Achar, Shashwat Chauhan, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Dow e, IG Group, Walmart, Crown, Elliott Investment Management, Reuters, GE HealthCare, UBS, Thomson Locations: New York City, U.S, Bengaluru

☆ European markets head for mixed open ahead of euro zone business activity data
▼ + stars: | 2023-11-23 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a mixed open Thursday, echoing sentiment in the Asia-Pacific region overnight. Investors in Europe will be keeping an eye on preliminary purchasing managers' index data from the euro zone for November for the latest indication of economic activity in the services and construction sectors. Markets will also be keeping an eye on Dutch election results after an exit poll showed right-wing populist Geert Wilders to be on track for a dramatic victory with his Freedom Party, the PVV. In other news, U.S. stocks rose Wednesday after the benchmark 10-year Treasury yield briefly fell to its lowest level in two months and the November market rally broadened into the Thanksgiving holiday.

Persons: Geert Wilders Organizations: Investors, Freedom Party, Treasury Locations: Asia, Pacific, Europe

☆ 'Funflation' drives sporting event ticket prices up a whopping 25%
▼ + stars: | 2023-11-21 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

'A gigantic bounce back'Admission prices for sporting events jumped 25.1% in October 2023 from the same month a year prior, according to the Bureau of Labor Statistics' consumer price index data. There's also an alignment of attention-grabbing sporting events taking place this fall. Sports ticket prices were 14.2% higher in October than in November 2019, a smaller gain than the entire index's 19.6% increase, a CNBC analysis of CPI data shows. "We're seeing a gigantic bounce back in prices," Matheson said. StubHub said ticket prices across the top 10 sporting events were 15% higher in 2022 than they were in 2023.

Persons: John Brown, Bryan M, Bennett, Dan Hornberger, That's, Victor Matheson, Matheson, There's, Lionel Messi's, Taylor Swift, StubHub, Rodney Paul, Paul Organizations: Buffalo Bills, New England Patriots, Highmark, Getty, National Football, Philadelphia Eagles, Bureau of Labor Statistics, College of, Inter Miami, Sports, CNBC, NFL, Major League Baseball, National Hockey League, NBA, Syracuse University Locations: Orchard Park , New York, Las Vegas

☆ Why apple prices plunged in October
▼ + stars: | 2023-11-21 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +7 min

But apple prices plunged 7.9%. A Goldilocks year for applesIn general, apple prices dip in the fall, because that’s when they’re harvested and flood the market. An apple orchard near Leavenworth, Washington state. “We have a lot of volume, but I don’t know if we’re gonna be making any money this year.”Though gas prices have fallen, apple farmers have other rising costs, including labor. To cope with rising costs and improve sustainability, many farmers have been making adjustments to how they operate, said Todd Fryhover, president of the Washington Apple Commission, which promotes the state’s apple industry.

Persons: it’s, ”, Chris Gerlach, ” Gerlach, “, Jon DeVaney, Gerlach, Lynsee Gibbons, we’ve, Association’s DeVaney, …, Craig Campbell, Campbell, DeVaney, “ I’ve, Jonathan Haines, Todd Fryhover, “ We’re, “ They’re Organizations: New, New York CNN, Bureau of Labor Statistics, US Apple Association, Gro Intelligence, Tree Fruit Association, USDA, “, ” Farmers, Harmony Orchards, Washington Apple Commission Locations: New York, United States, India, Leavenworth , Washington, Washington, Turkey, Iran, Ukraine, Russia, East, South Asia, Yakima, Wenatchee

Mortgage rates have taken a nosedive over the past few weeks as the economy continues to show signs of slowing. Average 30-year mortgage rates fell to 7.44% this week, the lowest they've been since late September, according to Freddie Mac. "For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding," Sam Khater, Freddie Mac's chief economist, said in a press release. 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 RatesAverage 15-year mortgage rates are 6.76% this week, a five-basis-point drop from the previous week, according to Freddie Mac data.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll Organizations: Federal, Zillow, Federal Reserve Locations: Chevron

☆ Squeezed Property Owners Put Their Faith in the Fed
▼ + stars: | 2023-11-16 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Property values have fallen by a fifth since the Fed began its latest interest-rate increases. Photo: Ismail Ferdous/Bloomberg NewsThe Fed might be done raising rates. But can the cost of debt drop fast enough to save struggling landlords? Property stocks are up 5.4% since Tuesday’s consumer-price index data showed that U.S. inflation is easing. Property values have fallen by a fifth since the Fed began hiking in March 2022 and almost 8% of securitized property loans are in distress, according to CRED iQ data.

Persons: Ismail Ferdous Organizations: Fed, Bloomberg

Good news for global marketsYesterday’s impressive rally in U.S. stocks and bonds has gone worldwide this morning, as investors see central banks making gains in their fight against inflation. Adding to the good news was a breakthrough in the House last night that could avert a government shutdown. The question now is whether this represents a false dawn on inflation, or the start of a durable decline in rising costs — and interest rates. President Biden, whose poll ratings have been hurt by inflation, also cheered the numbers. And consumer spending and industrial output in China rebounded last month, a hopeful sign for the world’s No.

Persons: Biden Locations: Britain, China

Inflation cooled in October, which is a sign that mortgage borrowers may soon be able to take advantage of significantly lower mortgage rates. Average 30-year mortgage rates are currently down around 20 basis points from where they started the month, and they could fall further soon. Plus, mortgage rates could fall more substantially next year if the Fed decides to cut rates, which is starting to look more likely. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae Organizations: of Labor Statistics, CPI, Federal Reserve, Fed, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

It also slightly raised its 2023 forecast for growth in global oil demand and stuck to its relatively high 2024 prediction. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. A U.S. crackdown on Russian oil exports could potentially disrupt supply, supporting prices further. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Leon Li, Emily Chow, Edwina Gibbs, Stephen Coates Organizations: REUTERS, Rights, Brent, ING, Organization of, Petroleum, Strategic Petroleum Reserve, U.S . Treasury Department, Kurdistan Regional Government, of Commerce, International Energy, APEC, Markets, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Washington, Moscow, Iraq, Kurdish, Turkey, Shanghai

☆ Oil prices edge up after OPEC says market fundamentals are strong
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Nov 14 (Reuters) - Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the U.S. cracks down on Russian oil exports. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Oil prices were also supported by a U.S. crackdown on Russian oil exports, potentially disrupting supply. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Emily Chow, Edwina Gibbs Organizations: REUTERS, Rights, Brent, Organization of, Petroleum, ANZ Research, Kurdistan Regional Government, of Commerce, U.S . Treasury Department, Strategic Petroleum Reserve, International Energy, Energy, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Iraq, Kurdish, Turkey, Washington, Moscow

REUTERS/Alexander Manzyuk Acquire Licensing RightsSummaryCompanies US consumer prices unchanged in OctoberU.S. dollar eyes worst session in a yearSilver, palladium gain more than 3%Nov 14 (Reuters) - Gold prices gained 1% on Tuesday as the dollar and Treasury yields retreated after softer-than-expected U.S. consumer inflation data fuelled bets that the Federal Reserve may be done hiking interest rates. U.S. consumer prices were unchanged in October and underlying inflation showed signs of slowing. We are expecting a significant deterioration in the data over the course of the fourth quarter, which should weaken dollar and support gold," said Daniel Ghali, commodity strategist at TD Securities. "Over the next six months, we're looking at gold prices to rally towards $2,100 per ounce." Reuters GraphicsBoosting bullion's appeal, the dollar index (.DXY) fell 1.4%, its biggest daily decline in one year, while benchmark 10-year Treasury yields eyed their worst day in eight months after the inflation data.

Persons: Alexander Manzyuk, Austan Goolsbee, Daniel Ghali, Commerzbank, Ashitha Shivaprasad, Emelia Sithole, Shilpi Majumdar Organizations: REUTERS, Companies, Treasury, Federal, Chicago Fed, TD Securities, Reuters, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

What to watch for in Tuesday’s inflation numberThe markets have rebounded from their fall swoon — with the S&P 500 up more than 7 percent over the past two weeks — as investors grow more optimistic that the Fed is done raising interest rates. That conviction will be put to the test with a new batch of inflation data this week, starting with Tuesday’s Consumer Price Index data at 8:30 a.m. Eastern. It arrives amid deep divisions on Wall Street over the Fed’s next move, and as inflation weighs heavily on President Biden’s poll numbers. Tuesday’s figure could signal that progress on inflation is slowing. That’s no better than the September figure, and well above the Fed’s 2 percent target.

Persons: Biden’s Organizations: Tuesday’s, Wall, Deutsche Bank

☆ High menu prices lift food bills
▼ + stars: | 2023-11-14 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

In the 12 months through October, higher restaurant prices drove food prices above overall inflation, even as grocery prices were relatively low. For the year, grocery prices rose 2.1%, according to Consumer Price Index data released Tuesday by the Bureau of Labor Statistics. But menu prices were up 5.4%, driven largely by a 6.2% rise at limited-service restaurants, which include fast food and fast casual spots. Many fast food and fast casual places say they’ve seen some benefit from customers trading down from pricier options. Grocery prices rose 0.3% and menu prices rose 0.4% in that period.

Persons: Anthony Behar, McDonald’s, Liu Guanguan, Rice Organizations: New, New York CNN, Bureau of Labor Statistics, BLS, McDonald's, AP, China News Service Locations: New York, California

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