Fed, Wall Street and Asian
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1don MSN
Big Changes Coming to the Fed—And Interest Rates—Next Year If This Frontrunner Gets Powell’s Job
The reported frontrunner to take over as Federal Reserve chair in May has a recent track record of advocating for the central bank lowering interest rates.
The U.S. dollar was heading for its worst weekly performance since late July on Friday as traders ramped up bets for further monetary easing from the Federal Reserve next month, while liquidity was thinned by the U.
The Federal Reserve was widely expected to lower interest rates by a quarter point in order to support the waning job market.
The average rate on 30-year fixed home loans registered at 6.23% for the week ending Nov. 26, down from 6.26% last week.
The S&P 500 slipped about 1.3% last week and tech-heavy stocks led the decline as investors grappled with renewed questions over whether the Federal Reserve will cut rates in December. Since November 24, the S&P 500 has been relatively flat, closing Monday at about 6,672.41, before slipping to 6,617.32 on Tuesday—a decline of about 0.8 %.
U.S. retail sales slowed in September, and wholesale inflation remained tame, potentially providing the Fed with a signal to cut interest rates again at its next meeting.
While the Federal Reserve's two rate cuts this year have eased monetary policy some, New York Fed President John Williams still sees some room to adjust policy further in the near term, he said on Friday. That implies he's open to another rate cut in December.
Mortgage rates today stay steady as the 30-year fixed mortgage rate holds near 6.12% to 6.22% APR. Buyers watch closely. NerdWallet shows 6.12% APR. Freddie Mac lists 6.22%. Zillow posts 6.13%. Bankrate is near 6.