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Following Donald Trump's election, mortgage rates have surged to 6.79%, raising concerns for homebuyers. Analysts predict that Trump's proposed economic policies could lead to higher inflation and interest rates, complicating the housing market for first-time buyers and current homeowners alike. This situation reflects ongoing economic uncertainties.
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The UK economy grew by only 0.1% in the third quarter of 2024, significantly below expectations. This disappointing figure follows Labour's election victory, raising concerns about the government's ability to stimulate growth amid rising taxes and uncertainty in business investment. The economy contracted by 0.1% in September, indicating a slowdown.
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As of November 13, 2024, mortgage rates in the U.S. have surged to 6.79%, the highest since July, driven by inflation concerns following Donald Trump's election victory. In the UK, rising rates are also impacting the housing market, prompting borrowers to act quickly amid economic uncertainty and higher borrowing costs.
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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.
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Chancellor Rachel Reeves' first budget has unsettled financial markets, leading to a sell-off in bonds and the pound. The budget's significant tax increases and borrowing plans have raised concerns about inflation and economic stability, echoing past market reactions to fiscal missteps.
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Following Donald Trump's election victory, economic experts are reassessing potential impacts on U.S. and global economies. While some anticipate a larger stimulus package in China, others emphasize the need for structural reforms to enhance competitiveness amid ongoing U.S.-China tensions. The Federal Reserve remains cautious amid Trump's promises.
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As the Federal Reserve continues to cut interest rates, high-yield savings accounts are seeing a decline in rates. Currently, many accounts offer around 4% APY, still above inflation, but lower than earlier this year. Experts suggest strategies to manage savings effectively amid these changes.
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The Labor Department's latest report shows a 0.2% increase in the producer price index from September to October, with wholesale prices up 2.4% year-over-year. This follows a consumer price increase of 2.6%, raising questions about future inflation trends and Federal Reserve interest rate policies after Donald Trump's election victory.
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Federal Reserve Chair Jerome Powell indicated a cautious approach to future interest rate cuts, citing strong economic performance and persistent inflation. The Fed is expected to cut rates in December, but fewer cuts are anticipated in 2025 due to uncertainty surrounding President-elect Trump's economic policies.
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As President-elect Donald Trump finalizes his cabinet, Howard Lutnick and Scott Bessent are leading contenders for Treasury Secretary. Elon Musk has publicly endorsed Lutnick, while Trump is also considering Marc Rowan and Kevin Warsh. The selection process is complicated by Lutnick's recent tensions with Trump and differing views on tariffs.
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In the wake of the recent elections, youth activists in the U.S. are mobilizing against climate inaction, spurred by President-elect Trump's promises to roll back environmental regulations. Despite a year of record climate disasters, the political landscape shows a troubling trend away from prioritizing climate issues.