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Following significant fiscal announcements from both the US and UK governments, financial markets have reacted with volatility. In the US, concerns over rising deficits and inflation are growing, while in the UK, Chancellor Rachel Reeves' budget has raised borrowing costs and investor apprehension about future economic stability.
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As of November 7, 2024, the average 30-year mortgage rate in the U.S. has risen to 6.79%, the highest since July. This increase follows Donald Trump's election victory and is linked to inflation concerns and economic data. The UK market is also seeing rising rates, prompting borrowers to act quickly.
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During a recent speech at the Economic Club of Chicago, Donald Trump reiterated his support for tariffs as a means to boost American manufacturing. He proposed blanket tariffs on imports, including a 60% tariff on goods from China, despite economists warning of potential inflation and negative impacts on consumers.
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The latest job market data shows stalled hiring in October, complicating the Federal Reserve's decision-making on interest rates. With the unemployment rate steady at 4.1%, officials are expected to cut rates by 25 basis points next week, but future cuts remain uncertain amid economic resilience.