Bloomberg News Key Insight: Fed Gov. Stephen Miran said central bank independence in setting monetary policy is of “critical importance,” highlighting that the central bank’s decisions should be insulated from politics. Expert quote: “Monetary policy should be set for the goals that Congress has assigned the Fed — for price stability and full employment — […]
Miran cites ‘critical importance’ of Fed independence Read More »
Kent Nishimura/Bloomberg Key Insight: Federal Reserve Bank of Kansas City President Jeff Schmid said he supported a 25 basis point cut to interest rates in September as a precautionary measure, but thinks that going forward the central bank should continue to focus on cracking down on inflation. Expert Quote: “I view the current stance of
Fed’s Schmid: Monetary policy is “where it needs to be” Read More »
Andrew Harrer/Bloomberg Key insight: Federal Reserve Chair Jerome Powell said the recent uptick in the unemployment rate and slowing job gains were factors that led the central bank’s rate-setting committee to cut short-term interest rates by 25 basis points. Expert quote: “Our policy is not on a preset course. We will continue to determine the
Fed’s Powell mum on future interest rate cuts Read More »
Al Drago/Bloomberg Key insight: Fed Vice Chair for Supervision Michelle Bowman signaled that she is onboard for notable short term interest rate cuts if the labor market picture continues to worsen. Expert quote: “The recent data, including the estimated payroll employment benchmark revisions show that we are at serious risk of already being behind the
Fed’s Bowman: ‘Serious risk’ of labor market deterioration Read More »
U.S. real estate investors bought about 52,000 homes in the second quarter, the lowest level for that period since 2020, according to a report from Redfin. Purchases were down 6% from a year earlier — the largest drop since late 2023. Redfin, which analyzed purchase records across 39 major metropolitan areas, defines an investor as
Investor home purchases hit lowest second-quarter level since 2020 Read More »
Mortgage rates remain below the 50-year average, but most homebuyers see them as unusually high — a perception that is driving stress, delaying purchases, and reshaping major life decisions, according to a nationwide survey conducted in August. The survey of more than 1,000 buyers, released this week by Tomo Mortgage, highlights the gap between economic
Homebuyers strained by costs, confused about mortgage market Read More »
The impact of Trump-era tariffs on goods and services is starting to trickle through the economy, but for now, the effect on inflation appears minimal, raising expectations for a potential interest rate cut in the near term. The July Consumer Price Index, released Tuesday, showed headline price growth of 2.7% over the previous year, the
Fed faces key choice on rates after latest inflation report Read More »
Homeowners are seeing record levels of equity in their homes, and many are eager to use it. Mortgage originations hit their highest levels since 2022 driven in large part by purchases and cash-out refinances, according to Intercontinental Exchange’s August Mortgage Monitor. Cash-out loans made up 59% of all refinances, with borrowers pulling an average of
Homeowners tap record equity as rates ease Read More »
President Donald Trump announced Thursday that he will nominate Stephen Miran — his top economic adviser — to fill a vacant seat on the Federal Reserve‘s Board of Governors following last week’s resignation of Adriana Kugler. Miran, who currently chairs the White House Council of Economic Advisers, is being appointed to serve the remainder of
Trump taps economic adviser Stephen Miran for Fed board seat Read More »
Consumer housing confidence improved slightly in July, with Americans feeling more confident about the economy even as many worry about whether they can buy a house themselves. Fannie Mae’s Home Purchase Sentiment Index rose in July to 71.8, two points higher than June. That’s close to where it was a year ago and right in
Buyers are gloomy. Here’s what they might be missing Read More »