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Parts of the US economy, particularly housing, may already be in recession because of high interest rates, Treasury Secretary Scott Bessent said Sunday, repeating his call for the Federal Reserve to accelerate rate cuts. “I think that we are in good shape, but I think that there are sectors of the economy that are in recession,” Bessent said on […]
The average rate on the 30-year fixed mortgage dropped 16 basis points to 6.29% on Friday, according to Mortgage News Daily, following the release of a weaker-than-expected August employment report. It marks the lowest rate since Oct. 3 and the biggest one-day drop since August 2024. Rates are finally breaking out of the high 6% […]
In July 1988, Mike Dukakis was leading the presidential race versus George H.W. Bush — but not for long. A little later that summer, the Democratic nominee agreed to do a photo-op in a battle tank with an army helmet perched awkwardly on his head. GOP spin masters capitalized with the now infamous “tank ad” […]
China’s central bank cut interest rates and made it easier on Wednesday for banks to increase lending and pump more money into the economy, in the most significant policy steps taken by Chinese officials to limit the impact of the trade war with the United States. The central bank, the People’s Bank of China, cut […]
Robert F. Kennedy Jr. speaks in the Oval Office of the White House, on the day he is sworn in as secretary of Health and Human Service in Washington, D.C., U.S., Feb. 13, 2025. Nathan Howard | Reuters The nation’s new top health official could further erode already falling U.S. vaccination rates against once-common childhood […]
The European Central Bank lowered interest rates on Thursday, the sixth consecutive cut, amid a rapidly changing economic landscape for the region. The bank’s key rate was cut by a quarter point to 2.5 percent, which was widely expected as inflation in the region has stayed relatively low and economic growth has been weak. But […]
The Federal Reserve on Wednesday kept interest rates unchanged after its first meeting of the year – ignoring President Trump’s calls for rates to “drop immediately.” “The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the […]
In an effort to combat rapid price rises in Britain, the Bank of England raised interest rates on Thursday, its first back-to-back increases in more than 17 years, and said it would start to shrink its enormous holdings of government and corporate bonds . Inflation is already at its fastest pace in three decades: The […]
