Mortgage rates fall to 6.47%, lowest level in more than a year, as Fed cut looms
Mortgage rates fell to their lowest level in more than a year, boon to the struggling housing market. The average interest rate on a 30-year fixed-rate loan fell to 6.47% this week, down from 6.73% last week, according to a survey conducted by mortgage broker Freddie Mac. At the same time last year, the average […]
Economic turbulence ‘effectively assured’ Fed will cut interest rates in September
The Dow Jones Industrial Average fell more than 1,000 points on Monday and has been sluggish ever since. (iStock ) Surprising employment data released last week, combined with a volatile Japanese market, led to a major sell-off on Monday’s trading day, sending both the Dow Jones Industrial Average and the S&P 500 to their worst […]
Investors raise the odds of a 50-basis point Fed rate cut in September
Jeff Sica of Circle Squared Alternative Investments weighed in on the market sell-off, arguing that the problem lies in the credit markets. Concerns about an impending recession have led some Wall Street economists to Federal Reserve It is likely to approve an unusually large interest rate cut at its next policy meeting in September. A […]
Fed Should Cut Rates, ‘Inflation Is Down Pretty Close to Zero’
Speaking on CNN News Central on Monday, Rep. Adam Smith (D-Wash.) said the Fed needs to cut interest rates in response to the stock market crash. “Inflation is getting pretty close to zero. And now there are counter-pressures in the market and I think the Fed should and will respond,” he said. Co-host John Berman […]
Legendary market watcher predicts surprise Fed rate cut
Robert Prechter, author of The Socio-Economic Theory of Finance, analyzes today’s economic environment in Cavuto: Coast to Coast. Renowned financial analyst Robert Prechter expects the Federal Reserve to take the extraordinary step of issuing an emergency interest rate cut ahead of its September meeting after markets suffered a broad-based sell-off globally on Monday. Prechter, founder […]
Moody's analyst: Fed made mistake but won't cut rates until September
Moody’s Ratings chief economist Mark Zandi said Monday that the Federal Reserve “clearly” made a mistake by not cutting interest rates but would probably wait until its September meeting to act. “They clearly made a mistake,” Zandi said in an interview with CNN’s Jim Acosta, “and I think that’s now obvious to everybody, including them, […]
Fed will ‘fix’ the US economy if it deteriorates, Goolsbee says
Jeff Sica of Circle Squared Alternative Investments weighed in on the market sell-off, arguing that the problem lies in the credit markets. Chicago Fed President Austen Goolsbee said Monday that central bank policymakers will respond to the weakness in the economy. U.S. Economy Fears of a recession resurfaced, leading to widespread selling across the market. […]
Calls grow for emergency interest rate cut by Fed
Federal Reserve Chairman Jerome Powell has been urged to step in and cut interest rates as soon as this week to ease investor fears about a possible recession following last week’s disappointing jobs report and Monday’s big stock market sell-off. The Dow Jones Industrial Average and the Nasdaq both fell more than 1,000 points at […]
Elon Musk says Fed ‘foolish’ for not cutting interest rates yet
Billionaire Elon Musk said Sunday that the Federal Reserve was “foolish” for not cutting interest rates sooner following a disappointing jobs report that raised concerns about an economic slowdown. “The Fed needs to lower interest rates,” Musk said in a post on his X account. “They’re stupid for not lowering rates before now.” Musk’s comments […]
Simone Biles fed up with this Olympics question: ‘Really gotta stop’
Simone Biles wants to put an end to the dreaded question for Olympic medallists. Biles, who won another gold medal in the vault final on Saturday to become the most decorated American gymnast in Paris Olympic history, took to social media to express her distaste for the question, “What’s next?” “After winning an Olympic medal, […]