The average rate on 30-year mortgages — the most popular kind among Americans — rose to the highest level since 2002, tracking the Federal Reserve’s aggressive campaign of rate increases.
Category: Inflation (Economics)
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U.S. Mortgage Rates Soar Past 7%
The New York Times – Business: -
US Economy Grew at 2.6% Annual Rate in Q3, GDP Report Shows
The New York Times – Business:Gross domestic product increased 0.6 percent after two quarters of decline, but key components continue to show an economic slowdown.
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Biden Hopes to Amplify Contrast With Republicans on Economic Policy
The New York Times – Business:Visiting Syracuse, N.Y., which has benefited from recent legislation, the president will point to his administration’s efforts to lower costs for families.
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European Central Bank Is Set to Raise Interest Rates Again
The New York Times – Business:Policymakers on Thursday are expected to approve a hefty rate increase to corral prices that have risen “far too high.”
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Rishi Sunak, New UK Prime Minister, Delays Economic Plan
The New York Times – Business:Mr. Sunak’s government, seeking more time to make the “right decisions,” will deliver its first economic plan on Nov. 17 instead of Monday.
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Another Yield Curve Inversion Rings Recession Alarm Bells
The New York Times – Business:A so-called inverted yield curve between three-month and 10-year interest rates is considered by Wall Street as a reliable sign of an impending economic slump.
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Republicans Denounce Inflation, but Few Economists Expect Their Plans to Help
The New York Times – Business:Proposed tax and spending cuts by the G.O.P., which is making a push to take back Congress, are unlikely to bring down rapidly rising prices any time soon.
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Coca-Cola Earnings Report Shows Company Raising Prices, Pushing Profits Higher
The New York Times – Business:The soft drink giant’s latest quarterly earnings defied worries about consumer cutbacks amid rising inflation and fragile economic growth.
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The Week in Business: Liz Truss Concedes to the Markets
The New York Times – Business:Americans are combining leisure and business travel. Tech profits are slowing. And the deadline for Elon Musk to buy Twitter is coming up.
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Relentless Rise in Interest Rates Looms Over Another Volatile Week for Markets
The New York Times – Business:The 10-year U.S. Treasury yield, which underpins everything from mortgages to credit cards, was on course to rise for a twelfth consecutive week, matching the longest streak since 1984.
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As Britain’s Economy Stumbles, One Sector Is Booming: Whisky
The New York Times – Business:Scotch whisky exports have soared this year. The weak British pound could spur even more demand for single malt scotch.