Dow soars nearly 600 points after inflation gauge closely watched by Fed reignites hope for fall rate cut
The Dow Jones Industrial Average surged nearly 600 points on Friday as investors breathed a sigh of relief after the Federal Reserve’s recommended inflation gauge met Wall Street expectations, rekindling optimism for interest rate cuts. The Commerce Department’s Bureau of Economic Analysis said Friday that the personal consumption expenditures (PCE) price index rose 0.3% last […]
Mortgage rates tick up as Fed signals delay on interest rate cuts: Freddie Mac
Home buyers saw borrowing costs rise again last week. (iStock) After weeks of declines, mortgage rates reversed course this week, rising back above 7%, according to Freddie Mac. According to Freddie Mac’s latest report, the average 30-year fixed-rate mortgage for the week ending May 30 was 7.03%. Primary mortgage market researchThat’s up from an average […]
GDP Revised Down To A Slower 1.3% Growth Rate
The U.S. economy grew at a slower rate than previously thought in the first three months of the year, expanding at just a 1.3% annual rate, according to revised government data. The downward revision was mainly due to data showing that consumer spending growth was much slower than previously estimated. That was the slowest growth […]
Gold prices steady amid rate jitters, copper flat with China in focus By Investing.com – Investing.com
Investing.com — Gold prices were stable in Asian markets on Wednesday as attention remained on upcoming signals regarding U.S. inflation and interest rates, but a somewhat hawkish outlook for interest rates led traders to remain cautious on the metals market. Among industrial metals, copper prices also remained range-bound as optimism over China’s stimulus measures faded […]
Gov’t ‘Contributed to’ Inflation, Inflation ‘Sideways’, Need ‘Many More Months’ for Rate Cuts
In an interview with CNBC Europe on Tuesday, Minneapolis Federal Reserve Bank President Neel Kashkari said inflation is currently trending sideways, that one or two rate cuts would require “several more months of positive inflation data,” and that government spending is “contributing to high inflation.” Kashkari began by agreeing with Federal Reserve Chairman Jerome Powell […]
White House works to correct Biden’s remarks at ‘ridiculous’ rate
While President Joe Biden is known for his blunders and colorful turns of phrase, his staffers increasingly are correcting his words after the fact via strikethroughs in the White House transcript. The written record of a May 19 campaign speech in Detroit includes no less than nine corrections, a few of which created mini-news cycles […]
Want to buy a new home but keep your low-interest rate? Try this simple mortgage hack
High interest rates are one of the biggest obstacles facing buyers entering the housing market today: As anyone who has bought a home in the past few years knows, interest rates have more than doubled since 2020. For a 30-year fixed-rate mortgageAverage interest rates these days are in the mid 6% to 7% range. So […]
FDA Warns 25% Kill Rate from New Virus
The Pro Trump News home page features 60 new headlines every 24 hours, click here to see them. (Note: Thank you for supporting businesses like those presenting the sponsored messages below and working with businesses that benefit Pro Trump News through the links below. We appreciate your support!) FDA Commissioner Dr. Robert Califf issued an […]
Gold prices steady but head for steep weekly losses as rate cut hopes wane – Investing.com
Investing.com — Gold prices were steady in Asian markets on Friday, but the metal has fallen sharply throughout the week after slipping from record highs on concerns about higher U.S. interest rates for a long time. Interest rate concerns have pushed up prices and weighed on metals prices across the board, with copper also falling […]
Dow plunges over 600 points as chance of Fed rate cut diminishes
Shares fell on Thursday, even though Nvidia’s strong earnings forecast helped lift the stock, overshadowed by economic data that showed inflation remains a concern. The Dow Jones Industrial Average fell 605.78 points, or 1.5%, to 39,065.26, its worst day in 2024. The S&P 500 fell 0.7% and the Nasdaq fell 0.4%. Nvidia shares soared 9% […]