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News
Will tough talk be enough? Fed Chair Warsh faces pressure to combat inflation
11+ hour, 45+ min ago (720+ words) The Iran war has reignited, pushing oil and gas prices higher — a trend that will worsen inflation in the coming months. Soaring investment in the artificial intelligence buildout is raising the cost of laptops, smart phones and electricity. And price…...
Economic freedom creates paths to prosperity, not inequality
4+ day, 14+ hour ago (253+ words) Pasadena Star News Thomas Piketty and his colleagues at the World Inequality Lab recently released the Global Justice Project, a sweeping call to shrink global income and wealth gaps through steep taxes on the world’s richest and a new fund…...
All 32 of the nation’s biggest banks clear the Fed’s annual ‘stress test’
1+ mon, 4+ day ago (199+ words) By KEN SWEET, AP Business Writer The annual stress test measures whether a bank’s capital, a financial cushion it uses to absorb losses, would remain at healthy levels even after hundreds of billions of dollars in projected losses. The tests…...
US grocery prices rose in April, but gas spikes weren’t the only reason
2+ mon, 2+ week ago (970+ words) By DEE-ANN DURBIN, AP Business Writer Americans paid more for their groceries last month, but high gasoline prices resulting from the Iran war were only one of the reasons why. Prices for food eaten at home rose 2.9% in April compared…...
Federal Reserve keeps key rate unchanged even as four officials dissent, most in almost 34 years
2+ mon, 4+ week ago (659+ words) The Fed on Wednesday kept its short-term rate at 3.6% and retained language in its statement suggesting the next move would be a rate reduction. Three officials dissented in favor of removing the reference to a future cut, while a fourth,…...
U.S. recession risks rising as war dims economic outlook
4+ mon, 3+ day ago (836+ words) By Julia Fanzeres and Augusta Saraiva | Bloomberg Wall Street is cutting its forecasts for the U.S. economy this year, boosting its projections for inflation and unemployment and nudging up the odds of a recession as the impact of the Iran war…...
Fed’s Waller signals caution on rate cuts
3+ mon, 1+ week ago (454+ words) By Enda Curran | Bloomberg Federal Reserve Governor Christopher Waller said he is cautious about the need to lower interest rates in the near term, due to the energy shock triggered by war in Iran, and warned of the risk of…...
War, rates, inflation: More headwinds ahead for homebuyers
3+ mon, 2+ week ago (996+ words) On Feb. 26, right before the Iran war, the average Freddie Mac 30-year mortgage rate dropped to 5.98%. This past week, the rate averaged 6.37%. For an $800,000 mortgage, the monthly payment jumped 4.2%, or $202 (from $4,786 to $4,988). The price of a gallon of gasoline in…...
Trump promised to cut electric costs in half. Bills in energy-rich West Virginia now top mortgages
3+ mon, 2+ week ago (1341+ words) It makes no sense. She turns the lights off during the day and only burns one lamp with an energy-efficient bulb in the living room at night, but she keeps falling further behind on payments. In desperation, she took out…...
Average US long-term mortgage rate rises to 6.11%, back to where it was 5 weeks ago
4+ mon, 2+ week ago (378+ words) The average long-term U.S. mortgage rate rose again this week, reflecting ongoing bond market jitters over the war with Iran. The benchmark 30-year fixed rate mortgage rate ticked up to 6.11% from 6% last week, mortgage buyer Freddie Mac said Thursday. One year…...