Federal Reserve Governor Lisa Cook’s lawyer has criticised US President Donald Trump’s latest attempt to remove her from office, questioning whether a White House inquiry into mortgage fraud allegations can offer a fair hearing. Cook will also be unable to attend a hearing scheduled for November 5 because of official duties in Europe. Lisa Cook’s … Read more
US mortgage rates have climbed sharply in just over a month. Mortgage rates in the US have risen by about one percentage point to nearly 7.5%, reaching their highest level in around three years. The sudden increase has made home loans more expensive for buyers. US mortgage rates near 7.5% as rising Treasury yields raise … Read more
The US jobs report for September came in much weaker than expected, changing market expectations for the Federal Reserve’s October meeting. The US economy added only 29,000 jobs in September, far below economists’ expectation of 90,000 jobs. US jobs report, inflation and record diesel prices put pressure on the Fed rate outlook. (AFP) The unemployment … Read more
New applications for US unemployment benefits fell last week, showing that layoffs remain low despite rising costs and economic uncertainty. The latest data suggest that the US labour market is still stable, even as companies remain careful about hiring new workers, according to a report from the US Labor Department. US jobless claims stay below … Read more
Donald Trump on Wednesday demanded former central bank chief Jerome Powell quit the body’s board, despite a watchdog finding no criminal misconduct in a costly Federal Reserve renovation project. Watchdog clears former US Fed chief Powell in renovation probe “At no point during our evaluation did we find reasonable grounds to believe that a violation … Read more
The US Federal Reserve has raised interest rates by 0.25 percentage point, taking its benchmark federal funds rate to 3.75%-4%. The move is aimed at slowing inflation by making borrowing more expensive and reducing spending. US Fed rate hike raises borrowing costs as cell phone and utility bills also increase. (Pexel) The rate hike is … Read more
Oil prices moved lower on Wednesday even as Middle East supply risks remained high. Brent crude futures fell 1.1% to $107.55 a barrel. West Texas Intermediate (WTI) crude fell 1.6% to $104.11 a barrel. Despite Wednesday’s fall, both oil benchmarks remained close to four-month highs. Oil prices fall as Fed rate hike expectations and Middle … Read more
The yield on the US 10-year Treasury note climbed to 5.02% on Tuesday, rising as much as 4 basis points. This is the highest level since 2007, meaning the yield has reached a level not seen in almost two decades. US 10-year Treasury yield rises above 5% amid oil and inflation fears (AFP) The move … Read more
Gold prices recovered slightly on Wednesday after falling for three straight sessions. Spot gold rose 0.1% to $4,386.94 an ounce in Singapore, while silver gained 0.1% to $65.38 an ounce. Platinum and palladium were little changed. Gold was trading near $4,385 an ounce after gaining about 1% in the previous session. The earlier rise ended … Read more
WASHINGTON — The Federal Reserve kept its key interest rate unchanged on Wednesday despite persistently high inflation and soaring energy prices due to the Iran war. Fed keeps rates on hold, but three dissent, Warsh praises ‘good family fight’ After two days of deliberation, the Federal Reserve’s interest rate setting committee made a decision with … Read more