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Stories 1 - 20 |
Was a Refinancing
Giant. Now What?
Nov 2, 2022 8:43 AM CDT
Rocket Mortgage Was a Refinancing Giant. Now What?
Bankers are feeling the pressure as rising interest rates make refinancing unappealing
- In late 2020, 19 million American homeowners could've saved money by refinancing their mortgage. Today that number stands at just 133,000, according to mortgage data and analytics company Black Knight—which isn't great news for the nation's largest home lender. For most of last year, 1...
Annual 'Core' Inflation Sees
Biggest Jump in 40 Years
Oct 13, 2022 8:13 AM CDT
Annual 'Core' Inflation Sees Biggest Jump in 40 Years
6.6% over the past 12 months
- Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains that many have received, and ensuring that the Federal Reserve will keep raising interest rates aggressively. Consumer prices rose 8.2% in September, compared with a...
Will Savings Accounts Ever
See Higher Interest Rates?
Oct 4, 2022 4:28 PM CDT
Will Savings Accounts Ever See Higher Interest Rates?
Most big banks don't need your deposit, but experts say it pays to shop around
- Since 2009, anyone with a savings account has gotten used to paltry returns of roughly 0%. That’s largely because the Fed funds rate has been so low, but that’s no longer the case, as the Fed has raised rates multiple times this year. Rates for mortgages and credit...
New Inflation Report
Is an Unhappy Surprise
Sep 13, 2022 7:48 AM CDT
New Inflation Report Is an Unhappy Surprise
Consumer prices rise 0.1% in August, had been expected to decline
- Investors were fully expecting good news from the new monthly inflation report out Tuesday. But instead of declining, prices actually
in August. Which means the Federal Reserve is all but certain to forge ahead with an aggressive rate hike at its Sept. 20-21 meeting. Details:
Powell Warns of 'Some Pain'
for Households, Businesses
Aug 26, 2022 9:31 AM CDT
Powell Warns of 'Some Pain' for Households, Businesses
But Fed chief says the central bank must keep raising rates to prevent greater pain
- Fed chief Jerome Powell delivered a closely watched speech on Friday that made clear he expects the central bank to continue raising interest rates, reports CNBC . Wall Street didn't seem thrilled: The Dow fell 200 points as Powell spoke in Jackson Hole, Wyoming, and it was down more than...
Hits 22-Year Low
Jul 20, 2022 10:50 AM CDT
Mortgage Demand Hits 22-Year Low
The real estate market is cooling amid high rates, high inflation, high prices
- While heat waves and wildfires have dominated recent headlines, there’s a major cooling trend in the US housing market. According to the Mortgage Bankers Association's weekly survey, mortgage applications dropped a seasonally adjusted 6.3% last week, per CNBC. That puts mortgage demand at its lowest point since...
Fed's Next Move May Be
an Unprecedented One
Jul 14, 2022 12:32 PM CDT
Fed's Next Move May Be an Unprecedented One
Central bank may raise rates one full percentage point later this month
- After Wednesday's worse-than-expected inflation report , investors are bracing for something that would have been unthinkable even a few months ago: a rate hike of one full percentage point. Coverage:
CNBC reports that in the wake of the inflation data, futures markets are now betting on the steep
Fed Confirms Big Move
to Tame Inflation
Mar 16, 2022 1:16 PM CDT
Fed Confirms Big Move to Tame Inflation
Benchmark interest rate is going up for the first time since 2018
- The Federal Reserve, in the first of what is expected to be a series of hikes, is raising its key short-term interest rate by a quarter-point from near zero. The central bank, which is fighting to tame the worst inflation in 40 years, signaled Wednesday that there could be up...
Bounce Back for US Economy
in 2021 Was a Major One
Jan 27, 2022 8:31 AM CST
Bounce Back for US Economy in 2021 Was a Major One
Nation's GDP saw strongest calendar-year growth since the Reagan years
- The US economy grew last year at the fastest pace since Ronald Reagan's presidency, bouncing back with resilience from 2020's brief but devastating coronavirus recession. The nation's gross domestic product—its total output of goods and services—expanded 5.7% in 2021. It was the strongest calendar-year...
Jan 11, 2022 11:46 AM CST
Fed Chief: We'll Get More Aggressive on Inflation
Jerome Powell tells Congress they'll raise interest rates more if need be
- Federal Reserve Chair Jerome Powell acknowledged Tuesday that high inflation has emerged as a serious threat to the Fed's goal of helping put more Americans back to work and that the Fed will raise rates more than it now plans if needed to stem surging prices. "If we...
Fed: No Change in Rates
Despite Strong Recovery
Jul 28, 2021 2:46 PM CDT
Fed: No Change in Rates Despite Strong Recovery
But central bank may start dialing back policies later this year
- The Federal Reserve said Wednesday that the US economy is strengthening and making progress on the Fed's employment and inflation goals, a small step toward dialing back its ultra-low-interest rate policies, perhaps later this year. The statement the Fed issued after its latest policy meeting said that ongoing vaccinations...
Fed Chair Announces Big
Change on Interest Rates
Aug 27, 2020 10:30 AM CDT
Fed Chair Announces Big Change on Interest Rates
Jerome Powell says Fed will keep rates near zero, even after inflation exceeds 2%
- The Federal Reserve announced a significant change Thursday in how it manages interest rates by saying it plans to keep rates near zero even after inflation has exceeded the Fed's 2% target level. The change signifies that the Fed is prepared to tolerate a higher level of inflation than...
Aug 15, 2019 6:47 AM CDT
Trump Blasts 'Crazy Inverted Yield Curve'
Economists are split on signs of a recession
- President Trump says the American economy is doing magnificently and we are "winning, big time, against China"—but one of the things still holding the economy back is the Federal Reserve chairman he appointed. In a pair of tweets Wednesday, Trump renewed his attacks on Jerome Powell, calling...
The Fed Takes a
No-Hike Position for 2019
Mar 20, 2019 1:55 PM CDT
The Fed Takes a No-Hike Position for 2019
The Federal Reserve left its key interest rate unchanged Wednesday
- The Federal Reserve left its key interest rate unchanged Wednesday and projected no rate hikes in 2019, dramatically underscoring its plan to be "patient" about any further increases. The Fed announced that it was keeping its benchmark rate—which can influence everything from mortgages to credit cards to home...
Trump on Fed Chief: 'Maybe'
I Shouldn't Have Hired Him
Oct 24, 2018 8:31 AM CDT
Trump on Fed Chief: 'Maybe' I Shouldn't Have Hired Him
President goes after Jerome Powell and central bank for raising interest rates
- Framing the state of the economy in personal terms, referring to "my numbers," President Trump blasted Fed chief Jerome Powell and the central bank itself in an interview with the
Wall Street Journal .
Trump called the Fed the "biggest risk" to the economy, due to the three...
Trump: The Fed 'Is Going Loco'
Oct 11, 2018 3:03 AM CDT
Trump: The Fed 'Is Going Loco'
He blames central bank for stock market drop
- In a move that is traditionally considered highly unusual for a president, President Trump strongly criticized the Federal Reserve on Wednesday, blaming the central bank for the Dow's 831-point drop . The Federal Reserve has raised rates three times this year, with at least one more rise expected, and the...
More Market Turmoil?
Inflation Higher Than Expected
Feb 14, 2018 8:55 AM CST
More Market Turmoil? Inflation Higher Than Expected
Investors may not be happy because it could lead to a hike in interest rates
- Given the markets' recent volatility, investors were keeping a closer eye than usual on Wednesday's new inflation report—and they may not be thrilled with the data. The consumer price index showed that prices for everyday goods rose slightly higher than expected in January, reports the
Wall Street Journal
Greenspan Warns of the Bubble
That May Be Bursting Next
Aug 4, 2017 1:11 PM CDT
Greenspan Warns of the Bubble That May Be Bursting Next
And when that bond bubble bursts, it will be fast and severe, he says
- More than 20 years ago, Alan Greenspan uttered two words he'd become famous for: "irrational exuberance," which he used to warn about asset prices in the general investment market and how predicting the bursting of such bubbles was a challenging game. Now the former Federal Reserve chair...
Fed Jacks Key Rate
for 2nd Time in 3 Months
Mar 15, 2017 1:21 PM CDT
Fed Jacks Key Rate for 2nd Time in 3 Months
And signals more hikes are ahead in 2017
- The Federal Reserve has raised its benchmark interest rate for the second time in three months and signaled that any further hikes this year will be gradual. The move Wednesday reflects a consistently solid US economy and will likely mean higher rates on some consumer and business loans. The Fed'...
The Fed Likely to Raise
Interest Rates This Month
Mar 3, 2017 1:17 PM CST
The Fed Likely to Raise Interest Rates This Month
Janet Yellen signaled as much in a speech Friday
- Janet Yellen signaled Friday that the Fed will likely resume raising interest rates later this month to reflect a strengthening job market and inflation edging toward the central bank's 2% target rate, the AP reports. The Federal Reserve chair also said that the Fed expects steady economic improvement to...
Stories 1 - 20 |
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