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Reuters
UPDATE 1-Fed’s Powell: U.S. housing market headed for ‘correction’
Federal Reserve Chair Jerome Powell on Wednesday said the U.S. housing market will probably go through a “correction” after a period of “red hot” price increases that have put home ownership out of reach for many Americans. “There was a big imbalance … housing prices were going up at an unsustainably fast level,” Powell said at a news conference following the Fed’s decision to raise its policy rate by another 75 basis points. The Fed’s rate hikes this year have had their biggest impact on the housing sector, slowing sales and bringing prices a bit lower.
Reuters
Fed’s Powell: U.S. housing market headed for ‘correction’
“There was a big imbalance … housing prices were going up at an unsustainably fast level,” Powell said at a news conference following the Fed’s decision to raise its policy rate by another 75 basis points. The Fed’s rate hikes this year have had their biggest impact on the housing sector, slowing sales and bringing prices a bit lower.
Reuters
Big U.S. banks’ prime rate soars to highest since 2008 financial crisis
Three major U.S. banks are raising their prime lending rates to the highest levels since the global financial crisis of 2008, following a hefty interest rate hike by the U.S. Federal Reserve. JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co said on Wednesday the new rates, including the latest 75 basis point hike, would take effect on Thursday.
MarketWatch
‘Moore’s Law’s dead,’ Nvidia CEO Jensen Huang says in justifying gaming-card price hike
Nvidia Corp. Chief Executive Jensen Huang on Wednesday said he thinks it’s going to be “a pretty terrific Q4 for Ada,” the company’s next-generation chip architecture it unveiled this week, even as critics balk of a price hike during a softening in consumer demand.
MarketWatch
Carl Icahn to investors: ‘The worst is yet to come’
Wall Street icon Carl Icahn has a warning for his fellow investors: “The worst is yet to come.” Speaking on Wednesday at MarketWatch’s Best New Ideas in Money festival via a remote feed, the 86-year-old Icahn delivered that grim assessment of the economy, but also spoke of areas of opportunity for investors.
MarketWatch
Thinking about a Roth conversion? If you have an IRA, consider this ‘bear market bonus’
If you’ve been thinking about converting a traditional IRA to a Roth IRA, here’s the good news: This year’s market turmoil may be giving you a golden opportunity to do it. “Lower markets present opportunities to make Roth conversions with a lower tax impact,” Mark Wilson, the president of Mile Wealth Management in Irvine, Calif., tells me. Roth IRAs are retirement accounts on which you’ve already paid all the tax.
Bloomberg
Bond Yields Rise After Blitz of Central Bank Hikes: Markets Wrap
(Bloomberg) — Bond yields hit fresh multiyear highs after a slew of global central banks joined the Federal Reserve in hiking interest rates to curb scorching levels of inflation at the expense of economic growth.Ten-year US yields topped 3.6%, their highest since February 2011. The two-year rate pushed further beyond the 4% mark that was pierced on Wednesday. Equities retreated, with some Wall Street voices predicting the S&P 500 may test its June low that stands 3% below current levels. The y
Bloomberg
Chicago’s High Property Taxes Pay for Squeezed Retiree Benefits
(Bloomberg) — Chicago may finally be on a path to adequately funding its four city employee pensions — but getting there is likely to come at the expense of homeowners who already pay some of the highest property tax rates in the nation.Most Read from BloombergHome-Flipper Opendoor Hit With Losses in Echo of Zillow CollapseTycoon’s Wild $3 Billion Gamble on ‘China’s LVMH’ CrashesSouthwest Mexico Struck by 7.5 Magnitude Earthquake, Buildings Sway in CapitalMark Zuckerberg’s $71 Billion Wealth W
Benzinga
Elon Musk And Cathie Wood Call Out Deflation Risks — What Investments Might Be Safe If They Are Right?
Deflation is a general decline in prices for goods and services, typically associated with a contraction in money supply and available credit in the economy. The value of money typically increases. It is often associated with periods of negative or stagnant economic growth — like the Great Depression, the Japanese economy in the 1990s and the early 2000s in the U.S. It tends to describe a declining economy. Cathie Wood, founder, CEO and CIO of Ark Invest, has made news recently for a sort of spe
The Hill
On The Money — Powell warns of deeper pain from rate hikes
The Fed hiked interest against and the risks of an economic downturn are rising. We’ll also look at Republican divides over spending, another dip in home sales and a small bump in gas prices. But first, what to know about the New York attorney general’s lawsuit against former President Trump. Welcome to On The Money,…
Reuters
Once-bitten markets are ignoring Putin’s warnings again at their own peril
Earlier this year, markets were complacent as Russia massed troops on the Ukraine border. Now, they’re once again largely shrugging off Vladimir Putin’s signal that he could be prepared to use nuclear weapons. World shares weathered an early knock to risk appetite on Wednesday after Putin mobilised more troops for Ukraine and threatened to use all of Russia’s arsenal against what he called the West’s “nuclear blackmail” over the war there.
Benzinga
3 Health Care REITs With The Highest Upside, According to Analysts
The real estate investment trust (REIT) sector has been hit particularly hard in 2022, but analysts are starting to see value in the beaten-down prices of these stocks. Lately they have been predicting large upside target prices. Following are three healthcare REITs that analysts feel have the highest upside potential from current levels: Healthpeak Properties Inc. (NYSE: PEAK) is a Denver-based REIT that owns and operates private-pay facilities such as life science centers, medical offices and
Reuters
China’s Xpeng says CATL is no longer its largest battery supplier
Xpeng has diversified its battery suppliers and no longer counts industry giant CATL as its primary supplier, the Chinese electric car maker’s president said on Wednesday. The disclosure by one of CATL’s biggest clients reflects how Chinese EV automakers are starting to look for alternative suppliers in hope of better controlling costs, after dominant player CATL raised prices this year. Xpeng was CATL’s third-largest client after Tesla and Nio in terms of battery volumes installed in 2021, according to Chinese consulting firm Gaogong Industry Institute.
SmartAsset
Ally vs. Schwab: Fees & Features
On the surface, Ally and Schwab are very similar. The full-service brokerage firms each offer the ability to build an investment portfolio with the help of robo-advisors or financial planners and both offer banking tools as well. But the investment … Continue reading → The post Ally vs. Schwab appeared first on SmartAsset Blog.
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