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kcci.com

How the Iran war is raising mortgage costs for US homebuyers

The Federal Reserve decided to keep interest rates unchanged, leaving mortgage rates above 7% and homebuyers facing higher monthly costs. The war in Iran has driven up the cost of buying a home in America, according to experts, as the Federal Reserve held interest rates steady on Wednesday. Just two days before the war began, the average 30-year mortgage rate fell to 5.98%. By Oct. 22, it had climbed to 7.32%, according to Freddie Mac. "The Fed really hasn't been the main character for mortgage rates this year. The Iran war has been a much more significant influence," said Kate Wood, a lending expert at NerdWallet. Wood said the connection is indirect. The war has pushed up energy costs and raised concerns that inflation could remain elevated. "A lot of what we're seeing is actually investor concerns about inflation being translated through the bond market," Wood said. Those concerns…

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abcnews.com

Federal Reserve set to issue interest rate decision as midterm elections loom

Markets expect the central bank to hold rates steady for now. The Federal Reserve is set to issue an interest rate decision on Wednesday as a surge of inflation puts pressure on central bankers to raise rates days before the midterm elections. An acceleration of price increases this year has posed a challenge for Fed officials tasked with containing inflation. The central bank raised interest rates a quarter of a percentage point last month in an effort to battle back price woes. The move marked the first rate increase in three years. The rate hike should help cool off inflation by slowing the economy and eating away at demand, though such a policy move typically yields results after a lag time lasting several months. Policymakers may lose patience as they weigh whether the current level of interest rates is high enough to ease price hikes, though markets expect the central bank to hold…

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Tariffs and Trade

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toronto.citynews.ca

Canada-EU Summit set to launch additional talks on a deeper partnership

Posted October 28, 2026 11:48 am. OTTAWA — A stronger alliance between Canada and the European Union would only include a financial commitment if either side joins specific programs in either jurisdiction, a senior government official says. Canadian officials briefing reporters today said the government would only be tied to a financial commitment if it joins a program like Erasmus+, the EU’s student exchange program. The officials told today’s technical briefing that the Canada-EU Summit in Montreal on Thursday and Friday will focus on deepening ties in areas like business, technology, defence, critical minerals and energy. Some European nations have rejected European Commission President Ursula von der Leyen’s characterization of the arrangement as “associate membership.” European officials repeatedly used the phrase “alliance for the future” to describe the partnership in a media…

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Technology and Tools

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kake.com

Workers are getting a shrinking slice of America’s economic pie

People walk through Grand Central Terminal on February 19, 2026, in New York City. (CNN) — The US economy continues to grow at a relatively healthy pace, but American workers aren’t fully reaping the financial rewards. In fact, American workers’ piece of the economic pie is shrinking. By one official measure, their slice is the smallest in almost 80 years. The labor share of income, which is the amount of economic output paid to workers as compensation, fell to 52.8% earlier this year, Bureau of Labor Statistics data shows. That’s the lowest-ever level, according to BLS records that go back to 1947. “It’s really telling you that workers have less and less power in this technology age and certainly in the AI age,” said Heather Long, chief economist at Navy Federal Credit Union. “The rewards, the financial gains, are mainly going to shareholders, to the owners of the capital and less and…

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