Hoping to snag a cheap airline ticket for summer travel? Good luck, new inflation data show

Airfare costs have taken off ahead of a summer travel season running on steep demand and high gas prices, according to new price inflation data released Wednesday. The record-breaking cost increase for airline tickets stood out in a Consumer Price Index reportt that showed an overall 0.3% increase in the cost of living from March … Read more

US GDP falls 1.4% as economy contracts for first time since pandemic began

US gross domestic product decreased at an annual rate of 1.4% in the first quarter as supply disruptions weighed on the economy, although solid consumer and business spending suggests growth will resume. The decline in U.S. gross domestic product marked a sharp reversal from a 6.9% annual growth rate in the fourth quarter, the Commerce … Read more

US stocks hold gains in choppy trade after Facebook parent’s results; GDP disappoints

U.S. stocks tried to hold on to early gains on Thursday, with the Nasdaq Composite briefly dipping into negative territory after a jump that followed results from parent Facebook meta platforms that weren’t as bad as expected. Investors also initially brushed off data that showed the US economy contracted unexpectedly in the first quarter. What … Read more

The first major Wall Street bank to predict a recession now sees clearly the external risk that it could be ‘more serious’

Deutsche Bank, the first major Wall Street bank to call for a recession in the United States during the current era of inflation, is now going even further: it sees downside risks to its own outlook, given the likelihood of consistently high price increases and continued good surprises. Describing itself as “the extreme aberration on … Read more

The Fed wants to raise rates quickly, but may not know where to stop

Federal Reserve Chairman Jerome Powell is accelerating monetary tightening. Its objective seems simple: bring interest rates to a “neutral” level, a parameter that does not stimulate or slow down growth. But there is a catch: even in normal times, no one knows where this theoretical level is. And these are not normal times. There are … Read more

US home prices hit a record high of $375,300 in March

U.S. home prices hit a new high in March as mortgage rates continued to rise rapidly, slowing home sales in what has been the hottest housing market in more than 15 years. Sales of existing homes fell 2.7% last month from February, the National Association of Realtors said Wednesday. March sales fell 4.5% from a … Read more

US home prices hit a record high of $375,300 in March

U.S. home prices hit a new high in March as mortgage rates continued to rise rapidly, slowing home sales in what has been the hottest housing market in more than 15 years. Sales of existing homes fell 2.7% last month from February, the National Association of Realtors said Wednesday. March sales fell 4.5% from a … Read more

Mortgage rates hit their highest level in more than a decade – even wealthy homebuyers are feeling the pain

Mortgage rates are soaring and no one is spared. The average rate on a 30-year fixed-rate mortgage was 5% the week ending April 14, which is up 28 basis points from the previous week, Freddie Mac FMCC, +0.31% reported Thursday. A basis point is equal to one hundredth of a percentage point, or 1% of … Read more

Mortgage rates hit their highest level in more than a decade – even wealthy homebuyers are feeling the pain

Mortgage rates are soaring and no one is spared. The average rate on a 30-year fixed-rate mortgage was 5% the week ending April 14, which is up 28 basis points from the previous week, Freddie Mac FMCC, +0.31% reported Thursday. A basis point is equal to one hundredth of a percentage point, or 1% of … Read more

Traders and investors may have bitten on a ‘headache’ from a soft single US inflation figure

Two government reports in the past two days point to the highest annual U.S. inflation rates in four decades, but many traders and investors are looking beyond the hot readings and instead focusing on prospects that the trend will reverse soon. US stocks and bonds rallied on Wednesday, despite the headlines. The starting point for … Read more