US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices
Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during whatโs traditionally the housing marketโs busiest period of the year.
Federal Reserve is likely to scale back plans for rate cuts because of persistent inflation
Federal Reserve officials on Wednesday will likely make official whatโs been clear for many weeks: With inflation sticking at a level well above their 2% target, they are downgrading their outlook for interest rate cuts.
Little relief: Mortgage rates ease, pulling the average rate on a 30-year home loan to just below 7%
The average rate on a 30-year mortgage dipped to just below 7% this week, little relief for prospective homebuyers already facing the challenges of rising housing prices and a relatively limited inventory of homes on the market.
Are US interest rates high enough to beat inflation? The Fed will take its time to find out
The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year.
US producer prices rose 2.1% from last year, most since April, but less than forecasters expected
U.S. producer prices rose in March from a year earlier at the fastest pace in nearly a year, offering more evidence that progress against inflation may have stalled this year and raising doubts about whether and when the Federal Reserve will start cutting interest rates.
When will Fed cut rates? As US economy flexes its muscles, maybe later or not at all
Ever since the Federal Reserve signaled last fall that it was likely done raising interest rates, Wall Street traders, economists, would-be homeowners โ pretty much everyone โ began obsessing over a single question: When will the Fed start cutting rates.
US applications for jobless benefits rise to highest level in two months, but layoffs remain low
The number of Americans applying for jobless benefits rose to their highest level in two months last week, but layoffs remain at historically low levels as the labor market continues to chug along despite elevated interest rates.
Powell says Fed wants to see 'more good inflation readings' before it can cut rates
Federal Reserve Chair Jerome Powell reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it wonโt be ready to do so until it sees โmore good inflation readingsโโ and is more confident that annual price increases are falling toward its 2% target.
Fed's Powell: Rate cuts likely this year, but more evidence is needed that inflation is tamed
Chair Jerome Powell reinforced his belief that the Federal Reserve will cut its key interest rate this year but said it first wants to see more evidence that inflation is falling sustainably back to the Fedโs 2% target.