Smaller rate hikes likely to come in December, says Fed Chair Powell – CNN | CarTailz

CNN business — Federal Reserve could slow pace of aggressive rate hikes as early as December, Fed Chairman Jerome Powell said at a business forum on Wednesday. “The time to slow the pace of rate hikes could come as early as December’s meeting,” he said in a remark at the Hutchins Center on Fiscal and … Read more

Mortgage rates fall for second straight week – CNN | CarTailz

Mortgage rates fell again this week after falling almost half a percentage point last week. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.58% in the week ended November 23, compared to 6.61% the week before. A year ago, the 30-year fixed rate was 3.10%. Mortgage rates have risen for most of 2022, spurred … Read more

Get ready for the most expensive travel season ever – CNN | CarTailz

new York CNN business — For travelers preparing for their first vacation trips since before the pandemic, prepare for sticker shock. Airfares are high. Gas prices in the US are at their highest this time of year. Hotel room and rental car prices are up 12% and 46%, respectively, from 2019. The good news is … Read more

Investors owe very little in 2022 – CNN | CarTailz

A version of this story first appeared in CNN Business’s Before the Bell newsletter. Not a subscriber? You can login exactly here. new York CNN business — Americans are getting ready to celebrate Thanksgiving. But investors in the United States (and the rest of the world, for that matter) don’t have much to thank for … Read more

Mortgage Rates Plunge, Biggest Weekly Drop Since 1981 – CNN | CarTailz

Editor’s note: Freddie Mac, which has tracked weekly average mortgage rates since 1971 and has regularly made changes to its primary mortgage market survey, has changed the source of its November 17, 2022 data. Instead of surveying lenders, the weekly results are based on applications received from lenders submitted to Freddie Mac. Find out more … Read more

Restaurant sales are increasing. But eating out is on the decline – CNN | CarTailz

new York CNN business — Chain restaurants reported increasing sales in the third quarter. But more sales doesn’t mean more customers. In fact, industry watchers are noting that traffic to restaurants has declined in recent months. That’s because many are cutting back on dining out and eating out more often as inflation weighs on consumer … Read more

Crypto is in crisis. It’s not just because of FTX – CNN | CarTailz

new York CNN business — The stunning demise of FTX, one of the largest cryptocurrency exchanges, sent shockwaves through the crypto universe last week. Sam Bankman-Fried, the 30-year-old crypto titan and CEO of FTX, watched as billions of his wealth vanished in a bankruptcy filing that shook the trillion-dollar industry to its core. The pain … Read more

All eyes on the consumer ahead of Black Friday and the holidays – CNN | CarTailz

A version of this story first appeared in CNN Business’s Before the Bell newsletter. Not a subscriber? You can login exactly here. new York CNN business — It’s been a tough year for American consumers. inflation everywhere. Rapidly rising interest rates. A housing market that is starting to cool down. That raises a question with … Read more

Degrowth: A dangerous idea or the answer to the world’s biggest crisis? -CNN | CarTailz

London CNN business — Conventional economic logic rests on a core assumption: Bigger economies are better, and finding ways to maintain or increase growth is paramount to improving society. But what if growth does little at best to solve the world’s problems, and at worst encourages the destruction of the planet and jeopardizes its future? … Read more

It’s a terrible time to buy a home. Here’s what you should know if you need to do it anyway – CNN | CarTailz

There’s no glossing over it: This is a terrible time to be buying a home. Mortgage rates on a 30-year fixed rate loan are now over 7%, more than 4 percentage points higher than a year ago. According to Black Knight, a mortgage data company, this has reduced the purchasing power of a typical buyer … Read more