#federal-reserve-bank
#federal-reserve-bank

therealdeal.com

2 months ago

LA Home Brokers Mull Fed's Pledge for Steady Rates Ahead

Mixed opinions among L.A. real estate professionals on the Federal Reserve Bank's interest rate announcement.

Some agents relieved that the market will hold steady, while others expect increased transactions. [ more ]

therealdeal.com

Mortgage Buy-Downs Surge as Interest Rates Climb

From left: Total Quality Lending's Ivan Oberon, Delaware Pacific's Waleed Delawari, Agent Zane Widdes and Agent Derek Reilly In a residential market slowdown sparked by rising interest rates, agents and lenders look to sweeten deals with the financial tool of mortgage buy-downs, in which the interest rate is lowered for the first few years of a mortgage.

The Real Deal Los Angeles

Did PPP money affect California's agent headcount?

While post-pandemic news regarding federal Payroll Protection Program (PPP) loans tends to skew towards misappropriation, data suggests that the initiative has boosted one sector: Real estate agents and brokers in California.

www.cbc.ca

U.S. added 339,000 jobs last month, far more than expected | CBC News

The nation's employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of strength in an economy that the Federal Reserve is desperately trying to cool.Friday's report from the government showed that the unemployment rate rose to 3.7 per cent, from a five-decade low of 3.4 per cent in April.

Boston Condos For Sale Ford Realty

Boston real estate

Rising mortgage rates could take a 20% bite of home prices Boston Condos For Sale Ford Realty

A report from the Federal Reserve Bank of Dallas is adding to the chorus of those predicting a big downturn in home prices.Boston condos for sale Home prices in the country could fall 15 to 20 percent in a "pessimistic" scenario, according to the report published Tuesday.If that correction happens, it could remove 0.5 to 0.7 percentage points from consumer spending.

Washington Post

Analysis | Labor Market Strength Is Also a Sign of Dysfunction

The biggest puzzle in the US economy this year has been two straight quarters of negative real economic growth accompanied by booming job growth.

Washington Post

Analysis | The Slower the Fed, the Harder the Landing

In a recent column, I made the case that the Federal Reserve's efforts to get inflation under control will inevitably result in a hard landing for the economy.

moreexpectations

www.nytimes.com

10 months ago

US politics

$49.5 Billion in U.S. Treasury? For These Billionaires, That's Nothing

The Treasury Department's cash balance fell to just under $49.5 billion on Wednesday, as the United States inched toward running out of cash to pay its bills.That was significantly lower than the $316 billion the department had in operating cash, which is held at the Federal Reserve Bank of New York, at the start of the month.

www.housingwire.com

11 months ago

Mortgage apps decrease amid rates as rates climb back toward 7%

Borrowers' demand for home loans slowed down last week as mortgage rates increased to their highest level in two months.This time the source of volatility is not the Federal Reserve's tightening monetary policy but ongoing discussions to raise the U.S. statutory debt ceiling in Congress.Secretary of the Treasury Janet Yellen sent a letter to all members of Congressional leadership on Monday saying the federal government will likely no longer be able to satisfy its obligations if Congress has not acted to raise or suspend the debt limit potentially as early as June 1.

www.housingwire.com

11 months ago

New report shows who took advantage of the Covid refi boom

The U.S. mortgage market faced a new refinance boom when mortgage rates declined by nearly 200 basis points between November 2018 and November 2020, following the Federal Reserve rate cuts that were made to remedy the economic impacts of the Covid-19 pandemic.Researchers at the Federal Reserve Bank of New York estimate the size of this boom in a new report.

HousingWire

How the run on banks is affecting the mortgage market

Following the collapse of Silicon Valley Bank last week, the biggest bank failure since Washington Mutual in 2008, two other American banks with significant roles in the housing industry were hit by a deposit run.Signature Bank closed its doors on Sunday, the same day First Republic Bank announced fresh access to capital to fund operations.

HousingWire

Mortgage balances increased by nearly $1 trillion in 2022

Americans' debt balances continued to compound in 2022 as inflation put pressure on budgets and the cost of borrowing increased.Aggregate household debt, which includes all outstanding credit market debt held by consumers, increased by $394 billion in the fourth quarter of 2022 alone, according to the Federal Reserve Bank of New York's Q4 Household Debt and Credit report - and mortgage balances were no small part of the equation.

The Motley Fool

Remote Work Major Driver of Home Price Spike, Study Finds | The Motley Fool

Managers attempting to coax reluctant workers back to their cubicles have a new card to play: returning to the office could make housing more affordable.

Washington Post

Analysis | Red-Hot Home Prices Freeze Out Lower Earners

If there were any doubts about the toxic effects of turbocharged home price appreciation, new survey data from the Federal Reserve Bank of New York should put them to rest.

MarTech

Marketing tech

More ecommerce shoppers using buy-now-pay-later | MarTech

Ecommerce shoppers' use of buy-now-pay-later (BNPL) was up 10% in January and February compared to last year, according to Adobe's latest ecommerce survey.BNPL up, revenues down.Despite this rise, revenue decreased 19% for that period.This suggests inflation is making shoppers use the payment plans to purchase lower-priced items.

Boston Condos For Sale Ford Realty

Boston real estate

Boston Condo News: First Republic Bank Stock Rises Boston Condos For Sale Ford Realty

After a good night's sleep, investors poured their cash back into First Republic Bank on Tuesday morning, pushing the troubled stock up more than 40 percent from the opening bell.The San Francisco-based mortgage and commercial real estate lender led a broader rebound on trading in regional banks, a sector which suffered losses after the failure of Silicon Valley and Signature banks earlier this month, Yahoo!

www.nytimes.com

January Jobs Report Contained Hopeful and Worrying News for the Fed

WASHINGTON Federal Reserve officials have said they are looking for the labor market to cool as they assess how much more they need to do to slow the economy, and the job report on Friday underscored that policymakers may still have a ways to go.Employers hired ravenously in January, adding 517,000 workers.

Deseret News

Why are house prices so high? Blame remote work, not 'speculative bubble,' Fed study says

The sudden shift to remote work amid COVID-19 drove more than half of overall U.S. housing price growth during the pandemic - and as it becomes more embedded in our day-to-day life, it's likely to continue to drive up home prices as well as inflation.

East Bay Times

East Bay (California)

Shift to remote work during COVID pandemic drove over 60% of house-price surge, Fed study finds

The shift to working from home drove more than half of the increase in house and rent prices during the pandemic and will likely drive up costs and inflation going forward as the shift becomes permanent, according to research from the Federal Reserve Bank of San Francisco.

The Hill

Remote work has caused housing prices to shoot up: study

A national shift to remote work due to the COVID-19 pandemic has caused housing prices to go up, according to a working paper from the National Bureau of Economic Research.

Truthout

Left-wing politics

GOP States Gutting Unemployment Benefits Didn't Bring Workers Back Faster, Study Shows

A new study has revealed that Republican-run states prematurely ending unemployment benefits last year did not have a significant impact on getting people back to work, as GOP lawmakers claimed it would - but it did result in financial hardship for millions of Americans.

HousingWire

Big banks to rescue First Republic with $30B in deposits

A group of 11 U.S. banks has agreed to make $30 billion in deposits at First Republic Bank to avoid another regional bank failure.The rescue comes after Silvergate Bank, Silicon Valley Bank and Signature Bank collapsed amid a liquidity crisis caused by a deposit run."Today, 11 banks announced $30 billion in deposits into First Republic Bank.

HousingWire

First Republic Bank is reportedly exploring sale: Bloomberg

First Republic Bank, the fourth-largest non-agency jumbo lender in America, is exploring strategic options, including a sale and a capital infusion, and is expected to attract interest from larger rivals, Bloomberg reported on Wednesday, citing anonymous sources with knowledge of the matter.No decision has been made, and the bank can remain independent, people who requested anonymity for discussing confidential information said.

www.cnn.com

US news

This number shows that high inflation is sticking around

The latest inflation figures from the United States, the United Kingdom and the European Union are feeding hopes that the worst is over and some relief for struggling households could arrive soon.Annual inflation in the United States slowed to 6.4% in January, easing for the seventh consecutive month.

news.bitcoin.com

Cryptocurrency

Binance US Refutes Reports Comparing It to Fraudulent Crypto Exchanges Exchanges Bitcoin News

Binance US has refuted reports that draw parallels between it and fraudulent exchanges that have gone bankrupt.The U.S.-based crypto trading platform stressed that only Binance.US employees have access to its bank accounts, denying the allegation that global crypto exchange Binance has secret access.

news.bitcoin.com

Cryptocurrency

Federal Reserve Bank President Says 'Entire Notion of Crypto Is Nonsense' Regulation Bitcoin News

The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says crypto exchange FTX isn't one fraudulent company in a serious industry.Stating that the Entire notion of crypto is nonsense, the Fed president claimed it is just a tool of speculation and greater fools.Minneapolis Fed President Neel Kashkari on Crypto and FTX Collapse Federal Reserve Bank of Minneapolis President Neel Kashkari shared his view on the collapse of cryptocurrency exchange FTX Friday.

news.bitcoin.com

Cryptocurrency

Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Higher Ahead of US Inflation Report Market Updates Bitcoin News

Bitcoin was trading marginally higher on Wednesday, as markets prepared for the upcoming U.S. inflation report.

Chicago Tribune

Chicago

How much? Tracking prices at Midwest grocery stores for eggs, milk, bacon, beef, bananas, beer, wine and more.

Some common grocery store items have risen dramatically in price due to inflation and other factors.Here's a look at average prices for 18 staples in the Midwest Census Region - which includes Illinois and 11 other states - with data from the U.S. Bureau of Labor Statistics that's been analyzed by the Federal Reserve Bank of St. Louis.

Chicago Tribune

Chicago

Editorial: After a year under Taliban rule, Afghans feel the price of peace.

Afghanistan today under Taliban rule virtually mirrors what the country was like before the American invasion in October 2001.Girls cannot attend secondary school.

Boston.com

Boston food

Where to dine in or order takeout for a joyful Christmas Day feast

Food When you want to celebrate with loved ones, head to one of these local restaurants.This list will be updated periodically.When you think of Christmas, you probably imagine an exchanging of gifts, the sparkling lights of a tree, and a memorable time dining with family and beloved friends.As the holiday draws nearer, perhaps you are wondering what kind of meal would best be enjoyed on Christmas Eve or Christmas Day.

Washington Post

Analysis | Cathie Wood May Be Right About Jay Powell Being Wrong

In the community of professional money managers, no one is more vilified than Cathie Wood, who runs the $6.81 billion ARK Innovation ETF, which focuses on the technology sector.Her detractors criticize Wood for making big calls - the price of Bitcoin will reach $1 million by 2030, and by then autonomous vehicle sales will bring in around $10 trillion, for example - without the research to back them up.

Washington Post

Analysis | Markets Didn't Oust Truss. The Bank of England Did.

The precipitous fall of former UK Prime Minister Liz Truss's government has been widely credited to the objective discipline of financial markets.Her misguided policies, the logic goes, elicited such a negative reaction that she had no choice but to backtrack and resign.I see a very different story.

Nytimes

Tech industry

Drought Hurts China's Economy as Central Bank Cuts Rates

Jerome H. Powell, the chair of the Federal Reserve, speaks on Friday in Jackson Hole, Wyo., and he is expected to focus on the outlook for inflation, which showed its first signs of easing last month.

Washington Post

Analysis | Bond Traders Are as Confused as Anyone These Days

In times of economic uncertainty, it used to pay to check with the bond market to see what signals it was sending.Is the economy headed into a recession?See whether yields are declining.

Washington Post

Analysis | Why Quantitative Tightening Is on the Fed's Agenda Again

Roughly two years after it launched the biggest and broadest monetary-stimulus campaign in modern history, the Federal Reserve is in the process of withdrawing its support for the U.S. economy.

Washington Post

Analysis | Yield Curve Is Often Right But for the Wrong Reasons

A key part of the U.S. yield curve inverted on Tuesday, which is a reliable indicator that a recession is coming.Or maybe not.

Washington Post

Analysis | The Fed Is Now Relying on a Miracle to Save the Economy

As president of the Federal Reserve Bank of New York and vice chair of the policy-setting Federal Open Market Committee, John Williams is perhaps the second-most influential US central banker behind Fed Chair Jerome Powell.There's no doubt he is well-rooted in economic fundamentals.And yet, he expects the economy to perform nothing short of a miracle.

Washington Post

Analysis | Have We Been Measuring Housing Inflation All Wrong?

The "unifying framework" that the US Bureau of Labor Statistics follows in designing the consumer price index, according to the agency's handbook of methods, involves attempting to answer this question:
What is the cost, at this month's market prices, of achieving the standard of living actually attained in the base period?

www.nytimes.com

Relentless Rise in Interest Rates Looms Over Another Volatile Week for Markets

U.S. government 10-year bond yield Source: FactSet By The New York Times Bond yields marched higher during another volatile week, upending global markets as investors navigated mixed earnings reports and signs that officials at the Federal Reserve could push interest rates up much more to subdue stubbornly high inflation.

Washington Post

Analysis | The Fed Has Learned Its Money-Market Lessons

Now that the US Federal Reserve has gone into full quantitative tightening mode, reversing an asset-buying program that had expanded its balance sheet to nearly $9 trillion, a worry is emerging: Could a disruptive cash crunch ensue, along the lines of what happened in money markets a few years ago?

Ars Technica

CEO sold worthless crypto tokens and used proceeds for Hawaii condo, DOJ says

The CEO of a purported cryptocurrency investment company pleaded guilty for his role in a crypto fraud scheme that raised $21 million from investors, the Department of Justice said.

Nytimes

Opinion | A Mystery: More Jobs Filled, but Lower Output

The U.S. economy is continuing to create a lot of jobs, but the growing work force isn't producing a bigger gross domestic product.It's worrisome, so what exactly is going on?

Washington Post

Analysis | Want to Know Where Crypto Is Headed? Remember 2008

History may not repeat, but it certainly rhymes.Although the repercussions of the carnage in crypto markets won't be as broad or dire as those of the 2008 financial crisis, the parallels between the two episodes offer insights into what went wrong, and what's likely to come.All financial manias have some features in common.

Washington Post

Analysis | Will Jerome Powell Be Like Volcker or Burns?

US Federal Reserve Chair Jerome Powell faces a crucial choice as the central bank battles the worst bout of inflation since the 1970s: What kind of chair will he be?

Washington Post

Analysis | Fed Officials Need to Stop Speaking Out of Turn

The Federal Reserve is among the world's most powerful institutions.

Washington Post

Analysis | Neel Kashkari Says the Quiet Part Out Loud on Markets

Neel Kashkari in 2017.

Washington Post

Analysis | The Fed Just Can't Stop Bond Traders' Wishful Thinking

Ever since traders erroneously interpreted Federal Reserve Chair Jerome Powell's July press conference as dovish, US short-term bond yields have completed a round trip, with the market now essentially back to where it started a week ago.

Washington Post

Analysis | What the Fed's 'Quantitative Tightening' Plans Mean

Roughly two years after it launched the biggest and broadest monetary-stimulus campaign in modern history, the Federal Reserve is in the process of withdrawing its support for the U.S. economy.

ZDNET

Remote work is giving people more free time: Here's what they are doing with it

Many people now spend a lot less time commuting as a result of the shift to remote work.But what are they doing with that time previously spent going to and from the office?

Observer

Working From Home is Costing Employees Increases in Pay

Remote work may be giving workers more time at home but it is costing them pay increases.

East Bay Times

Education

Opinion: Deliver students from debt by investing in state schools

President Joe Biden is going to spend several hundred billion dollars to cancel the debts of millions of college students.

time.com

Education

Biden's $1.75 Trillion Student Debt Problem by the Numbers

Bloomberg President Joe Biden is considering forgiving at least $10,000 in student loans per borrower, a promise he made on the campaign trail, through executive action.Here are key data points: $1.75 trillion the total amount of outstanding student-loan debt in U.S., according to the Federal Reserve.

East Bay Times

Education

Jill On Money: Paying for college

As college acceptance letters pour in, it's time for families to get real - and to make decisions that could have long-term implications.

Washington Post

Analysis | Michael Burry's 'Bullwhip' Tweet Deserves Serious Attention

Hedge fund manager Michael Burry issued a tweet Monday suggesting that the Federal Reserve may pause or even reverse its campaign of interest-rate hikes:

Washington Post

Analysis | The Federal Reserve's Next Act Will Test Market Stability

The Federal Reserve's resolve to fight inflation could be tested even before a recession hits by dislocations in certain corners of the market that are not well understood.

Insidehighered

Higher education

Young Americans and those with debt see less value in college

The Federal Reserve Bank does more than set the nation's monetary policy; it also keeps close tabs on Americans' views of the economy and their own financial well-being.

Austin Monitor

Austin

The median sales price of a home in Austin has surpassed $600,000 - Austin Monitor

Photo by Gabriel C. Pérez/KUT

Friday, April 15, 2022 by Audrey McGlinchy, KUT

The price of buying a home in Austin knows no other mode than acceleration, it seems.

Washington Post

Analysis | What the Fed's 'Quantitative Tightening' Plans Mean

Roughly two years after it launched the biggest and broadest monetary-stimulus campaign in modern history, the Federal Reserve is in the process of withdrawing its support for the U.S. economy.

East Bay Times