The Biden administration will soon punish Americans with high credit ratings to pay more for their mortgages to subsidize loans for homebuyers with lower scores. Starting May 1, Americans purchasing a new home or are refinancing their existing mortgages will have to pay higher mortgage rates and monthly fees if they have a higher credit score, The…
Housing Agency Rules Will Force Homeowners With Good Credit to Subsidize High-Risk Borrowers
April 20, 2023
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Economic Stress Rises as Access to Credit Tightens: Fed’s Beige Book
Economic stresses have increased over the past several weeks, according to a new report from the Federal Reserve, which noted softening in consumer spending, continued inflation pressure, and more evidence of a pullback in bank lending. The Fed’s latest “Beige Book,” a compendium of surveys and interviews carried out across its 12 districts, showed that…
US Unemployment Claims Tick Up to 245,000, but Still Low
WASHINGTON—The number of Americans applying for unemployment benefits rose last week but remains low by historic standards. U.S. jobless claims rose by 5,000 to 245,000, the Labor Department reported Thursday. The four-week moving average of claims, which evens out week-to-week ups and downs, fell by 500 to 239,750. At the start of the year, weekly…
Wall Street Opens Lower on Downbeat Earnings, Rate Jitters
U.S. stock indexes opened lower on Thursday as disappointing results from Tesla, AT&T and some regional banks dented investor sentiment already soured by prospects of further U.S. interest rate hikes. The Dow Jones Industrial Average fell 156.41 points, or 0.46 percent, at the open to 33,740.60. The S&P 500 opened lower by 24.04 points, or…
Fed’s Williams: Inflation Still ‘Too High,’ Fed Will Act to Lower It
NEW YORK—Federal Reserve Bank of New York President John Williams said Wednesday that inflation is still at problematic levels and the U.S. central bank will act to lower it, in comments that noted recent stress in the banking sector will likely weigh on economic activity. “Inflation is still too high, and we will use our…
Dollar Steadies After Strong US Bank Results
TOKYO/LONDON—The U.S. dollar steadied on Thursday after strong U.S. banking results firmed up expectations that the Federal Reserve will keep monetary policy tight for a while longer. Morgan Stanley reported first quarter profit on Wednesday that beat expectations, adding to rosy results from major U.S. lenders that have calmed fears of a widening crisis after…
Oil Prices at 3-Week Low as Strong Dollar, Rate Hikes Weigh
April 20, 2023
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LONDON—Oil prices fell to their lowest in about three weeks on Thursday, depressed by a firmer dollar and rate hike expectations which outweighed lower U.S. crude stocks. Brent crude futures were down $1.12, or 1.4 percent, to trade at $82.00 a barrel at 0819 GMT. West Texas Intermediate crude (WTI) futures dropped $1.02, or 1.3…
Don’t Confuse Cycle With Trend
April 20, 2023
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Business & MarketsBusiness ColumnistsChinaHong KonginflationOpinionrecessionThe International Monetary Fund (IMF)US economyViewpoints
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Commentary Since the fadeout of the first round of the banking crisis, the market has calmed down as if nothing had happened. Recession probability edged up, but most believe advanced economies would be in more trouble than emerging economies. This has also been the standard tone of international organizations like the International Monetary Fund (IMF)….
Central Banks, Earnings Dampen Stocks’ Upbeat Mood
April 20, 2023
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LONDON—World stocks pulled further away from 2–1/2 week highs touched earlier this week, with sentiment dampened by expectations for further rate hikes from big central banks, and with the focus fixed on the earnings season. The pan-European STOXX 600 index, which hit 14-month highs on Tuesday, was down a third of a percent in early…
American Workers Want About $76,000 in Starting Wages to Take a Job Due to Inflation
April 19, 2023
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American workers are demanding at least nearly $76,000 annual wage from potential employers before taking a job due to high inflation and a tight labor market. Employee wage expectations skyrocketed to a new high of $75,811 a year in March, according to the SCE Labor Market Survey from the Federal Reserve Bank of New York. This is $2,100 higher…
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