NEW YORK—The Dow Jones Industrial Average sank more than 1,000 points Friday after the head of the Federal Reserve dashed Wall Street’s hopes that it may soon ease up on high interest rates in its effort to tame inflation. The S&P 500 lost 3.4 percent, its biggest drop since mid-June, after Jerome Powell said the…
Fed’s Powell Sees Inflation Fight Lasting ‘Some Time,’ Warns of Economic Pain
August 26, 2022
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The Federal Reserve will its tools “forcefully” to attack the 40-year high level of inflation by continuing to tighten monetary policy “for some time,” Federal Reserve Chairman Jerome Powell said at a central banking conference, on Aug. 26, at which he struck a hawkish tone that sent stocks tumbling. Powell, in his long-awaited remarks at the annual event…
How Interest Rates Affect Monthly Payments—The Math
August 26, 2022
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Commentary The party’s over for many would-be homeowners. The “party” I’m referring to is the historically low interest rates that made borrowing money the most affordable it had ever been. As of August 2022, the average interest rate on a 30-year fixed Freddie Mac mortgage is 4.99 percent, which is up from about 2.68 percent…
China’s US Debt Holdings Drop to 12-Year-Low, Further Reductions May Follow
August 26, 2022
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China’s holdings of U.S. debt dropped to the lowest since 2010 after falling below the $1 trillion mark in May, according to data released by the U.S. Treasury on Aug. 15. After seven months of continuous decreases, China’s U.S. Treasury holdings dropped to $967.8 billion in June, $113 billion less than last November, according to…
Fed Official Hits Hawkish Note on Inflation, Says It Is ‘Very Broad-Based’ and ‘More Work to Be Done’
August 25, 2022
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Despite calls for a tighter monetary policy to fight high inflation, Federal Reserve policymakers have yet to commit to the size of the next rate increase at its policy meeting in September, said Esther George, president of the Federal Reserve Bank of Kansas City. It also remains far from clear whether the easing of U.S. inflation…
Investor Mood No Longer ‘Apocalyptically Bearish’: Bank of America Survey
August 17, 2022
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Investors are “no longer apocalyptically bearish,” says Bank of America’s (BofA) Chief Investment Strategist, Michael Hartnett, in the monthly survey of global fund managers on Aug. 17. BofA polled 284 investors overseeing $836 billion in assets between Aug. 5–11, who said they had cut back a net underweight position in equities to minus 26 percent, a…
UK House Prices Fall for 1st Time This Year as Market Slows in Summer: Report
House prices in the UK have fallen for the first time in 2022 largely because of seasonal factors rather than wider economic conditions, a property website has said. According to the Rightmove website, the average asking price for UK properties fell by 1.3 percent, or £4,795 ($5,680), in cash terms month-on-month in August to reach…
Australian Big Four Banks to Lift Variable Home Loan Rates
Australian homeowners with a mortgage will soon feel the effect of the Reserve Bank of Australia’s latest rate hike as the country’s big four banks are passing the increase on to customers in full. ANZ, Commonwealth Bank of Australia (CBA), Westpac and National Australia Bank have announced that they will raise the variable rates of…
UK Sees Biggest Interest Rate Hike in 27 Years Amid Soaring Inflation, Coming Recession
August 4, 2022
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Soaring inflation expected to climb to over 13 percent has prompted the UK’s central bank to deliver the biggest interest rate hike in 27 years even as officials warned Great Britain is heading into a recession. The Bank of England (BOE) announced on Aug. 4 that its rate-setting body, the Monetary Policy Committee (MPC), voted…
Deutsche Bank Extends Profit Streak in Q2 but Warns on Economy
July 27, 2022
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FRANKFURT—Deutsche Bank posted a better-than-expected 51 percent rise in second-quarter profit on Wednesday as investment banking revenues rose, though the lender was less optimistic about the division’s prospects for the full year and warned about the economic outlook. Germany’s largest lender also dropped its cost target for the full year and was more cautious about…
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