We measure stock-market performance by popular indexes such as the Dow Jones Industrial Average or the S&P 500, both of which have made a series of new highs this year. Yes, the Federal Reserve sets the short-term interest rates in the U.S. government Treasury market. For example, the Fed cut the overnight borrowing rate by 50 basis points, putting it in a target…
Economic News
Oct. 2— Members of the St. Joseph Chamber of Commerce focused on the city's recent successes and the overall economy at the annual Economic Development Summit. Local government leaders and business owners gathered over breakfast for the presentation led by Thomas Hoenig, the former president of the Federal Reserve Bank of Kansas City, who had served as speaker…
The pair retreated after the relatively stronger-than-expected jobs numbers from the United States. Strong jobs numbers will likely push the Federal Reserve to be more cautious when cutting interest rates in the coming meetings. Officials like Jerome Powell and Raphael Bostic have called for caution when cutting rates.
A warning about the growing national debt comes from the former president of the Kansas City Federal Reserve during the St. Joseph Chamber of Commerce Economic Development Summit. Thomas Hoenig is now with George Mason University of Virginia as a Distinguished Senior at the Mercatus Center. Hoenig honed in on the growing federal debt during his address to the…
The Federal Reserve lowered interest rates in mid-September. This decreased the federal funds rate by 50 basis points, setting it at between 4.75% and 5%. The Federal Reserve's interest rate cuts are typically aimed at stimulating economic growth.
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In a widely anticipated move, the Federal Reserve announced on Sept. 18, 2024, that it was cutting its benchmark interest rate by half a percentage point to a range of 4.75% to 5%– the first time the cost of borrowing has been lowered in four years. It is also significant in timing, coming just months before the U.S. heads to the polls in a tight election that could turn on…
For months, Denver home shoppers have been waiting for interest rates to go down. On Wednesday, Federal Reserve Chairman Jerome Powell announced a long-awaited half-percent cut to interest rates, bringing the federal fund rates to a range between 4.75 and 5 percent. Denverite spoke to Bret Weinstein, the CEO and owner of Guide Real Estate, for his perspective on…
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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. 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…
Credit-card debt is soaring, interest rates on balances have moved into the 30% range on many cards, and delinquencies and bankruptcies are rising. According to data released by the Federal Reserve, credit-card balances increased by $27 billion in the second quarter of 2024 to $1.14 trillion, an all-time record. TransUnion says the average credit-card…
Bruce Whitehurst says Virginians who need to borrow money for houses, automobiles and other big purchases will benefit from the Federal Reserve Board's decision to cut its overnight lending rate by half of a percentage point. "Anyone who' s looking for borrow money should take this as a good move today," Whitehurst, president and CEO of the Virginia Bankers…
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. 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…
Federal Reserve cuts benchmark interest rate. 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…
Gold prices finished this week at a new high, with the New York spot price closing Friday at $2,622.40 per ounce, up $36.30. Gold producers in Nevada should benefit from the record price. Looking ahead, with the Federal Reserve just embarking on a new easing cycle, analysts have said that the precious metal has the potential to move higher next week and through the…
