The Democratic presidential candidate plans to pitch a tax break for housing developers if elected, pass legislation to slow rent increases and provide a $25,000 in down-payment assistance for first-time homebuyers.
Chicago Fed President Austan Goolsbee said yesterday that the Fed needs to cut its key interest rate before the job market weakens further.
Some of America’s largest companies, from Amazon to Disney to Yum Brands, say their customers are increasingly seeking cheaper alternative products and services, searching for bargains or just avoiding items they deem too expensive.
The average rate on a 30-year mortgage fell this week to its lowest level in more than a year, a welcome affordability boost for prospective home shoppers and homeowners looking to refinance their home loan to a lower rate.
The turmoil shaking global financial markets partly reflects a sudden fear that the Federal Reserve may have held its key interest rate too high for too long, heightening the risk of a U.S. recession.
With the unemployment rate ticking higher for three months in a row, some economists have raised concerns that the Fed should cut rates more quickly later this year.
The first cut to their key interest rate in four years would be a major shift in policy that could eventually lower borrowing costs for U.S. consumers and businesses.
A rate reduction this fall – the first since the pandemic – would amount to a momentous shift and a potential boost to the economy, but in isolation won’t make much of a difference.
The Federal Reserve’s favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to begin cutting interest rates this fall.
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.
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.
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.
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.
JPMorgan Chase and Wells Fargo saw their adjusted profits fall, while Citigroup saw sluggish spending on its credit cards.
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.
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.
The Federal Reserve chair stepped away from a single-minded fight against inflation, suggesting it is moving closer to cutting interest rates.
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.
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.
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.
