Banking & Finance
The latest coverage of the banking and financial sectors.
Experts scoff at affordable housing plans laid out by both Harris and Trump
Record-high home prices and soaring mortgage rates have put the dream of homeownership out of reach for millions of Americans and made housing a top pocketbook issue in the presidential campaign.
Average rate on a 30-year mortgage falls to 6.09%, lowest level since early February 2023
The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week to its lowest level since early February 2023.
Record amount of 401(k), individual retirement account holders have balances of $1 million or more
A record number of 401(k) and individual retirement account (IRA) holders have accumulated $1 million or more in their accounts, financial services company Fidelity Investments said.
How fast will interest rates fall? Fed Chair Powell may provide clues in high-profile speech
With the Federal Reserve considered certain to start cutting its benchmark interest rate next month, Chair Jerome Powell’s highly anticipated speech Friday morning at an economic conference will be closely watched for any hints about how many additional rate cuts might be in the pipeline.
Trump says big downward revision in jobs numbers reveals Biden-Harris team hid economic truth
Republican presidential nominee Donald Trump pounced on the news the federal government overstated job creation numbers, blaming the Biden-Harris administration for a “massive scandal” of manipulating data to make their economic policies look good.
Massive job revision pulls the veil off Biden’s happy-face economy, critics say
The U.S. economy added 818,000 fewer jobs from early 2023 to early 2024 than the government previously reported, a sizable revision that could affect the Federal Reserve’s decisions on interest rates and reverberate in the presidential campaign.
Crypto industry’s campaign spending at record level, says watchdog report
Cryptocurrency companies are pouring an “unprecedented” amount of money into federal elections, according to a watchdog report Wednesday that says the industry accounts for nearly half of the direct corporate spending this cycle.
Powell may use Jackson Hole speech to hint at how fast and how far the Fed could cut rates
Federal Reserve officials have said they’re increasingly confident that they’ve nearly tamed inflation. Now, it’s the health of the job market that’s starting to draw their concern.
U.S. inflation slowed again in July, clearing the way for the Fed to begin cutting rates
Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September.
FTX must pay $12.7 billion to defrauded customers
The bankrupt cryptocurrency exchange platform FTX has been ordered to pay over $12 billion in relief to former customers.
Wall Street rallies, and Dow jumps more than 500 after an encouraging update on U.S. unemployment
U.S. stocks are climbing toward their best day since February on Thursday after a better-than-expected report on unemployment eased worries about the slowing economy.
Fewer Americans file for jobless benefits last week, but applications remain slightly elevated
The number of Americans filing for jobless benefits fell last week but remain at slightly elevated though not troubling levels.
House Democrat calls on Fed to ‘immediately’ cut interest rates, warns of recession
Rep. Ritchie Torres joined the chorus calling on the Federal Reserve to make emergency cuts to interest rates on Wednesday and warned that without swift action, the Fed would be increasing the risk of a recession.
U.S. economy remains ‘resilient’ despite market turmoil, White House says
The White House on Tuesday said the underpinnings of the U.S. economy remain strong despite a massive selloff on Monday that raised fears of a recession.
Japan’s Nikkei 225 soars 10% and other world markets are mixed after the week’s rollercoaster start
Japan’s benchmark Nikkei 225 index soared more than 10% on Tuesday, rebounding after a rollercoaster start to the week that sent markets tumbling in Europe and on Wall Street.