U.S. Economy
Watch Fed Chair Powell discuss the central bank’s biggest rate hike in nearly three decades
Stocks climbed higher after Powell leaves the door open for another 75 basis point rate hike The major indexes jumped higher after Federal Reserve Chair Jerome Powell indicated that another 0.75 percentage point rate hike could be possible. Investors cheered central bank officials taking a tougher stance on inflation. At 3:10 p.m. ET, the S&P […]
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An aggressive Fed has global ramifications. Here are 3 ways the world could be hit
The Federal Reserve is widely expected to hike interest rates by 75 basis points on Wednesday with inflation running at a 40-year high, but aggressive tightening of monetary policy runs the risk of tipping the economy into recession. Brendan Mcdermid | Reuters Global markets took a hammering to start the week as expectations grew that […]
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Jeremy Siegel says 100 basis point rate hike is ‘medicine to stop this inflation’
Wharton’s Jeremy Siegel is calling for a 100 basis point rate hike, and says markets may be “close to the bottom.” A 100 basis point rate hike by the Federal Reserve on Wednesday will be “medicine to stop this inflation,” the Wharton professor of finance at the University of Pennsylvania told CNBC on Wednesday. “The Fed needs […]
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30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago
Mortgage rates jumped sharply this week, as fears of a potentially more aggressive rate hike from the Federal Reserve upset financial markets. The average rate on the popular 30-year fixed mortgage rose 10 basis points to 6.28% Tuesday, according to Mortgage News Daily. That followed a 33 basis point jump Monday. The rate was 5.55% […]
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FDA committee recommends Moderna two-dose Covid vaccine for kids ages 6 to 17
A young man receives his Covid-19 vaccination at a vaccination clinic. People receive the Moderna vaccine in Milford, Pennsylvania. Preston Ehrler | LightRocket | Getty Images Moderna’s two-dose Covid-19 vaccine for kids ages 6 through 17 received the endorsement from the Food and Drug Administration’s committee of independent immunization experts on Tuesday, a key step […]
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Real estate firms Compass and Redfin announce layoffs as housing market slows
Real estate firms Redfin and Compass are laying off workers, as mortgage rates rise sharply and home sales drop. In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut. Shares of both companies fell Tuesday. Redfin’s stock touched a new 52-week low. Rising […]
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Make these money moves before the Fed hikes rates again
Chairman of the Federal Reserve Jerome Powell (left) meets with President Joe Biden in the Oval Office on May 31, 2022. Saul Loeb | AFP | Getty Images The Federal Reserve is again poised to raise interest rates in an attempt to slow down the highest inflation in four decades without pushing the U.S. economy […]
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10-year Treasury yield falls after biggest move since March 2020; investors await key Fed meeting
Treasury yields fell on Tuesday as investors assessed the prospect of the Federal Reserve taking the most aggressive step yet in its fight to lower soaring inflation. The yield on the benchmark 10-year Treasury note slipped around 9 basis points to 3.276%, paring gains after climbing to 3.39% and notching its biggest move since 2020 […]
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The California exodus continues as residents head south of the border
More than 360,000 people left California in 2021, in what some are calling “The California Exodus” — many leaving for states like Texas, Arizona and Washington. And a rising number of former Californians are migrating out of the country altogether and are instead heading south of the border. Many are seeking a more relaxed and […]
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Some monkeypox patients also have sexually transmitted diseases, CDC says
Some people recently diagnosed with sexually transmitted diseases may also have monkeypox, the Centers for Disease Control and Prevention said, warning physicians that they need to watch and test for both since monkeypox can look a lot like an STD. CDC Director Rochelle Walensky said some patients with monkeypox also had syphilis, herpes, gonorrhea or […]
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