The Federal Reserve voted to leave interest rates unchanged at a 22-year high of 5.25 percent and 5.5 percent. But the central bank indicated one more rate hike before the year is finished. Here is a look at changes made in the September Summary of Economic Projections (SEP):
30-year fixed-rate mortgage climbs to 7.31%: MBA
The Federal Reserve is losing control of the U.S. housing market. Case in point, the mortgage market. According to the Mortgage Bankers Association (MBA), the 30-year mortgage rate rose to 7.31 percent for the week ending September 15, up from 7.27 percent. Despite the leap in mortgage rates, mortgage applications soared 5.4 percent, up from […]
Money supply reaccelerates as U.S. inflation pressures revived
What a coincidence! For the past two months, inflation has been reaccelerating. In August, the annual consumer price index (CPI) climbed to 3.7 percent, and the producer price index (PPI) swelled to 1.6 percent. It is quite likely that the September inflation readings will come in hot again. But while all the focus has been […]
US inflation reaccelerates in August, surges to hotter-than-expected 3.7%
The U.S. annual inflation reaccelerated in August, climbing to 3.7 percent, up from 3.2 percent in July. This was also hotter than the consensus estimate of 3.6 percent. The monthly consumer price index (CPI) rose sharply by 0.6 percent, triple from the previous month. This matched economists’ expectations. Core inflation, which eliminates the volatile energy […]
New York Fed restarts GDP Nowcast; forecasts 2.3% Q3 growth
The Federal Reserve Bank of New York has restarted its GDP Nowcast after suspending it during the coronavirus pandemic. Now that the regional central bank relaunched the model, let’s take a look at where it expects the third-quarter gross domestic product will be. The New York Fed expects 2.25% growth in the July-to-September period. By […]