Markets are pricing in a near certainty that the Federal Reserve will cut interest rates by a quarter point on Wednesday, bringing the target range to 4.25% to 4.5%. The focal point for investors is central bank policymakers' economic outlook and the path forward for rate policy. The Fed will issue its decision at 2 p.m. Eastern on Wednesday, followed by Chair Jerome Powell's press conference at 2:30 p.m.
Loan interest rates remain high even as Fed has reduced rates
The Federal Reserve has dialed back interest rates by three-quarters of a point since the end of its September meeting, but borrowers aren't seeing a whole lot of savings just yet.
The rate on a 30-year fixed mortgage is sitting at 6.95% as of the week of Dec. 13, according to MND. That's up from 4.29% during the week of March 11, 2022 – and it's up from 6.12% the week of Sept. 13, 2024. Mortgage rates are tied to the 10-year Treasury note yield, which has climbed this fall.
Credit card rates haven't changed much since the Fed kicked off its rate cuts. They're sitting at 20.35% as of last week, according to Bankrate. That's down from 20.78% in September, but up from 16.34% in March 2022.
Yields on savings have cooled in the past three months, however. The annual percentage yield on a five-year certificate of deposit 2.86% in the week of Dec. 13, according to Haver. That's down slightly from 2.87% in mid-September, but up sharply from 0.50% in March 2022.(Cay) Newsmaker23
Source: CNBC
US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for Federal Reserve rate cuts firmed. The S&P 500 gave u...
European stocks closed on Friday, tracking the pullback in US equities after pessimistic labor data from the US sounded alarms over the world's largest economy. The Eurozone's STOXX 50 dropped 0.6% to...
US stocks rallied on Friday (September 5th), with the S&P 500 rising 0.4% and the Nasdaq gaining 0.6% to new record highs, while the Dow Jones Industrial Average rose nearly 100 points as a weak j...
Asia-Pacific markets opened higher Friday after U.S. President Donald Trump signed an executive order Thursday formalizing a lower Japanese auto import tariff of 15%, down from 27.5%.The order also co...
The S&P 500 closed at a fresh record high after an afternoon boost pushed stocks solidly into the green as traders shook off weak private employment data earlier in the day. A big jobs report now ...
US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for Federal Reserve rate cuts firmed. The S&P 500 gave up earlier gains, ending 0.3% lower and below...
The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which affirms weakening labor market conditions and likely guarantees a Federal Reserve...
Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude futures settled at $65.50 a barrel, down $1.49,...
Asia-Pacific markets opened higher Friday after U.S. President Donald Trump signed an executive order Thursday formalizing a lower Japanese auto...
Hiring at US companies was lower than expected in August, consistent with other evidence of weakening labor demand.
Private-sector jobs increased...
A rally in the world's largest tech companies drove stocks higher as bonds rebounded after weak jobs data validated wagers...
US job openings fell in July to the lowest in 10 months, adding to other data that shows a gradually diminishing appetite for workers amid...