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

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

Britain brings austerity back. Here’s why – CNN | CarTailz

London CNN business — The last time a UK finance minister unveiled tax and spending plans, markets faltered and the country’s prime minister ended up losing her job. The new government is not aiming for a repeat. On Thursday, Chancellor Jeremy Hunt will present a budget aimed at restoring confidence in the UK’s ability to … 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

Wall Street is putting hope ahead of reality…again – 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. You can listen to an audio version of the newsletter by clicking the same link. new York CNN business — Shares rose on Thursday for their best day since 2020 after a key … Read more

That’s why 75% of likely voters believe we’re in a recession — when we probably aren’t — CNN | CarTailz

new York CNN business — A new CNN poll shows three-quarters of likely voters feel the US economy is in recession. Probably not, but that’s not the point. The technical definition of a recession is two consecutive quarters of economic contraction experienced by the US economy in the first half of the year. But this … Read more