U.S. home mortgage rates soared towards 7 percent this week, pushing away many potential home buyers as affordability pressures for some pushed home ownership further out of reach. The average rate on the popular 30-year fixed mortgage hit 7.22 percent on July 6, reaching its highest point since November, according data published by to Mortgage News…
Mortgage Rates Soar to Highest Level for the Year
July 8, 2023
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Walmart’s Bill Simon Says Inflation Having ‘Much Bigger Impact’ on Households Than Looming Recession
As analysts ponder whether inflation in the United States has turned a corner following the latest data, a former Walmart U.S. chief executive says that inflationary pressures are here to stay longer and will hurt American households more than the looming recession. Former Walmart U.S. CEO Bill Simon told Fox News in a recent interview…
Two-Year U.S. Treasury Yields Hit 16 Year High, as Investors Are Spooked by Latest Jobs Report
July 8, 2023
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The latest U.S. jobs report led investors to raise the yield on the 2-year Treasury note to its highest level in 16 years while dumping their stocks. There was serious concern that strong U.S. employment levels would encourage the Federal Reserve to continue raising interest rates. The latest jobs estimate from ADP put pressure on…
Jobs Prints Lower Than Expected, Core Inflation Remains Stubborn
July 7, 2023
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Commentary Total nonfarm payroll employment, relased this morning, increased by 209,000 in June, and the unemployment rate changed little at 3.6 percent. Just 149,000 of those jobs were in the private sector; 60,000 were in government. Revisions from April and May resulted in 110,000 fewer jobs than originally reported for those two months. That’s the…
FTC Imposes Industry Ban On Extended Vehicle Warranty Scammers
July 7, 2023
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The U.S. Federal Trade Commission (FTC) has instituted an industry ban on operators of an extended vehicle warranty scam that defrauded millions of dollars from Americans. In February last year, the FTC charged Kole Consulting Group and its owner Daniel Kole as some of the defendants who ran the American Vehicle Protection (AVP) operation and…
President Biden Touts ‘Bidenomics’
Commentary President Joe Biden’s speech earlier this month told Americans that they have a mistaken view of the economy. Although the average of polls shows that only some 38.3 percent of American voters have confidence in the president’s handling of the economy, the president thinks he is doing a great job, and his speech aimed to…
Wall Street Opens Lower After Payrolls Report
Wall Street‘s main indexes opened lower on Friday after data signaled resilience in the labor market in the face of the Federal Reserve’s aggressive monetary tightening. Data showed U.S. job growth slowed more than expected in June after surging in the prior month, but labor market conditions remain tight, with the unemployment rate retreating from a seven-month high and fairly strong wage…
Dollar Steady Ahead of Jobs Data, Yen Shines After Japan Wage Data
LONDON—The dollar held steady against most major currencies on Friday ahead of U.S. employment figures that could confirm rates are likely to stay higher for longer, but fell sharply against the yen, which got a boost from Japanese wage data. The U.S. nonfarm payrolls report is due later in the day and is expected to…
Oil Prices Set for 2nd Straight Weekly Gain After US Data
LONDON—Oil prices rose on Friday and were on track for their second straight weekly gain, as resilient demand resulted in a larger-than-expected fall in U.S. oil stockpiles, offsetting fears of higher U.S. interest rates. Brent crude futures were up 36 cents, or 0.5 percent, at $76.88 a barrel at 1114 GMT, while U.S. West Texas…
Stock Market Today: Asian Shares Fall as Strong US Data Dash Hopes for an End to Rate Hikes
July 7, 2023
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BANGKOK—Asian shares slipped Friday after another decline on Wall Street, where hopes for an end to interest rate hikes were again dashed by strong jobs data. U.S. futures fell and oil prices were higher. Investors were watching for updates from U.S. Treasury Secretary Janet Yellen’s visit to Beijing. Tokyo’s Nikkei 225 shed 0.6 percent to…
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