The Federal Reserve cut its benchmark interest rate Wednesday by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers.
The rate cut, the Fed's first in more than four years, reflects its new focus on bolstering the job market. The Fed's move also has the potential to scramble the economic landscape just as Americans prepare to vote.
Meanwhile, mortgage buyer Freddie Mac said Thursday the average rate on a 30-year mortgage in the U.S. fell to 6.09% from 6.20% last week.
STOPGAP FUNDING: The House on Wednesday rejected Speaker Mike Johnson's proposal that would have linked temporary funding for the federal government to a mandate that states require proof of citizenship when people register to vote. The vote was 220-202.
SPACEX: A billionaire spacewalker returned to Earth with his crew last Sunday, ending a five-day trip that lifted them higher than anyone has traveled since NASA's moonwalkers. The capsule carrying tech entrepreneur Jared Isaacman, two SpaceX engineers and a former Air Force Thunderbird pilot splashed down in the Gulf of Mexico.
SEVERE WEATHER: Parts of North Carolina were hit by a massive storm this past week that left one man dead and caused extreme flooding. Carolina Beach, in New Hanover County, recorded more than 18 inches of rain in 12 hours and almost 21 inches overall. Ocean Isle Beach, a little over 30 miles from Carolina Beach, picked up less than 4 inches of rain.
Fed’s rate cut sends stocks soaring
Rate cut expected to bring 'real benefits' to Virginia's borrowers
Advisor News
- Demonstrating the value of life insurance to Gen Z
- Poor money habits are a dealbreaker in a new relationship
- DC plan sponsors see opportunity in alternatives
- The American Dream: Redefined as financial stability
- Partial annuitization: How advisors can help clients balance income, growth
More Advisor NewsAnnuity News
- CA judge certifies class action in teachers’ lawsuit over in-plan annuity fees
- Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
- AM Best Managing Director Joins ‘Target Topics’ Podcast to Discuss State of Delegated Underwriting Authority Enterprises Market
- KBRA Assigns Rating to TruSpire Retirement Insurance Company
- Partial annuitization: How advisors can help clients balance income, growth
More Annuity NewsHealth/Employee Benefits News
- Data on CDC and FDA Detailed by Researchers at University of New Hampshire (Long Covid Among Adults With Pre-existing Disabilities: Evidence From the 2022 National Health Interview Survey): CDC and FDA
- Digging deep: Who's funding Skagit's 2026 legislative, county races
- Atrium’s WakeMed acquisition faces new hurdle after State Health Plan decision
- New Arizona law provides clarity regarding firefighters’ health insurance
- Mid-year benefits review: What employers miss before renewal
More Health/Employee Benefits NewsLife Insurance News
- Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
- AM Best Upgrades Credit Ratings of Sagicor Financial Company Ltd. and Most of Its Subsidiaries
- Trust, technology and the future of claims
- New York Life Launches an Indemnity Benefit for its Asset Flex Long-Term Care Insurance Solution
- AM Best Affirms Credit Ratings of DB Insurance Co., Ltd.
More Life Insurance News