US Homes Find Fewer Foreign Buyers Thanks to Strong Dollar
Sales of U.S. homes to Chinese, Canadian and other foreign buyers have fallen to the lowest level in more than a decade, hampered by a strong dollar and market hurdles.
Banks Among Those Hit by Global IT Outage
A global technology outage caused by a faulty software update grounded flights, knocked banks and media outlets offline, and disrupted hospitals, small businesses and other services on Friday.
BofA Q2 Profits Drop as Higher Interest Rates Slow Down Lending
Bank of America said its profits fell in the second quarter, as higher interest rates ate into BofA’s expenses, including its large consumer banking franchise.
Biden to Call for 5 Percent Cap on Annual Rent Increases
President Joe Biden is ready to propose a 5 percent cap on annual rent increases for tenants of major landlords as he tries to show he’s doing something about the high cost of housing, according to a person familiar with the plan.
Megabank Quarterly Results Show Signs of Consumers Spending Slowdown
JPMorgan Chase and Wells Fargo saw their adjusted profits fall, while Citigroup saw sluggish spending on its credit cards.
Inflation Cools Again, Potentially Paving Way for Fed to Cut Rates
Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve.
Rent Inflation Remains a Pressure Point for Small Biz
The average monthly share of rent in total payments through May is 9.1 percent nation-wide, up significantly from the 2019 average of 5.9 percent, according to new data from Bank of America.
Speaking Before Congress, Powell Shifts Tone on Economy
The Federal Reserve chair stepped away from a single-minded fight against inflation, suggesting it is moving closer to cutting interest rates.
Fed Highlights Political Independence as Elections Loom
The Federal Reserve is highlighting the importance of its political independence at a time when Donald Trump, who frequently attacked the Fed’s policymaking in the past, edges closer to formally becoming the Republican nominee for president.
Powell: Inflation Cooling Again, But Not Yet Time to Cut Rates
Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates.
Lamont to Replant Over 180 Trees, Thousands of Bushes Cut Down Behind His House
Gov. Ned Lamont has been accused of removing the trees to get a better view of a pond, a charge he has denied. His attorney said it was a miscommunication between the governor and a landscaping company he hired.
Walgreens Could Shutter Hundreds of Stores
Walgreens is finalizing a plan to fix its U.S. business that could result in closing hundreds of additional stores over the next three years.
Yellen Announces $100M Fund to Boost Affordable Housing
The Biden administration is announcing new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years.
Average Mortgage Ease to Lowest Level Since Early April
Yields have mostly eased recently following some economic data showing slower growth, which could help keep a lid on inflationary pressures and convince the Federal Reserve to begin lowering its main interest rate.
Biden to Nominate Christy Goldsmith Romero as FDIC Chair
A longtime financial regulator, Goldsmith Romero is currently a commissioner at the Commodity Futures Trading Commission, the nation’s financial derivatives regulator.
Fed Officials Now Predict Only One Rate Cut This Year
The projections have significant implications for real estate developers and lenders who had earlier in the year been hoping for multiple rate-cuts that could bring the cost of development financing down.
Coffee, Sculptures and Advice: Banks Try to Make Branches Less Intimidating
After years of closing or mostly neglecting physical bank branches across the U.S., the nation’s largest banks are spending hundreds of millions of dollars on refurbishing old locations or building new ones, and in the process changing the look, feel and purpose of the local bank branch.
Last-Minute Inflation Data Could Help Determine Fed’s Timetable for Rate Cuts
The government’s latest snapshot of U.S. inflation will be released Wednesday morning, just before the Fed begins the second day of its policy discussions.
Apartment REITS Outperforming Peers Thanks to Hot Rental Demand
Stocks in companies that own apartment buildings are holding up better than most other real estate investment trusts, as a tough U.S. housing market keeps demand for rental housing healthy and tenant turnover low.
More Women Made List of Top-Paid CEOs in 2023, But Numbers Still Small
More women are attaining the top job at companies in the S&P 500, but their numbers are still minuscule compared to their male counterparts.
