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Saturday’s: 9AM 1590 AM/97.9 FM KVTA
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The U.S. economy rebounded over the summer after shrinking for the first six months of the year, but the rebound does little to allay fears that the world’s largest economy is headed toward a recession as it confronts painfully high inflation and rising interest rates. Gross domestic product, the broadest measure of goods and services
READ MOREThe average mortgage rate should be around 6% today and not 7% if the normal spread is applied. A monthly mortgage payment of $1,799 versus $1,996 on a $300,000 loan. Historically the spread between 10-year Treasury bond yields and 30-year mortgage is 170 basis points. Today it is over 300 basis points. The only other
READ MOREMore comments from St. Louis Fed James Bullard. He expects the central bank to end its “front-loading” of aggressive interest-rate hikes by early next year and shift to keeping policy sufficiently restrictive with small adjustments as inflation cools. “You do have to think about what the reasonable level is,” said Bullard, who has become Wall Street’s
READ MOREU.S. existing home sales slowed for the eighth straight month in September as rising mortgage rates, surging inflation and steep home prices continued to push prospective buyers out of the market. Sales of previously owned homes tumbled 1.5% in September from the previous month to an annual rate of 4.71 million units, according to new
READ MOREThe Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38PDF provides details about these annual adjustments. New for 2023 The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient
READ MOREU.S. stocks retreated across the board as all three of the major benchmarks led by the tech-heavy Nasdaq Composite fell as bond yields rose. The 10-year Treasury yield closed at 4.127%, the highest level since July 2008.
READ MOREMortgage rates may head toward 8.5% if they break through the 7% threshold they’re on the verge of now, according to the chief economist of the National Association of Realtors. That possibility is based on a technical analysis of mortgage rates from NAR’s Lawrence Yun, who studied key levels of resistance that borrowing costs will
READ MOREInvesting.com — U.S. retail sales were flat in nominal terms in September, below expectations and again highlighting the pressure on consumer spending power from high inflation. However, core retail sales, which strip out some of the more volatile elements of the consumer shopping basket, edged up 0.1%, slightly better than forecast, in an overall mixed
READ MORESocial Security benefits are set to rise by 8.7% in 2023, the biggest bump in four decades as stubbornly high inflation erodes the buying power of retired Americans, the Social Security Administration said on Thursday. The increase, known as a cost-of-living adjustment (COLA), is the biggest since 1981, when recipients saw an 11.2% jump. More
READ MOREInflation ran hotter than expected in September, continuing to squeeze U.S. households and worsen a political headache for President Biden with just one month until midterm elections. The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in September
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