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Stock market today: Markets bounce after Trump says he won’t try to fire Fed Chair Powell
U.S. markets are poised to open with big gains, a clear sign of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve. Futures for the Dow Jones Industrial Average jumped 1.9% before the bell Wednesday, while S&P 500 futures rose 2.6%. Nasdaq futures climbed a full 3%. Trump, […]
Trump says he has ‘no intention’ of firing Federal Reserve chair
President Donald Trump said Tuesday he has no plans to fire Federal Reserve Chair Jerome Powell, just days after his statement that he would like to terminate the head of the U.S. central bank caused a stock market selloff. Trump told reporters, “I have no intention of firing him." The U.S. president had previously insinuated otherwise as he said he could fire Powell if he wanted to, having been[...]
US Treasury secretary says trade war with China is not ‘sustainable’
WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies. But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States […]
Average US rate on a 30-year mortgage rises slightly for the second week in a row
Associated Press (AP) — The average rate on a 30-year mortgage in the U.S. rose slightly for the second week in a row, a modest setback for prospective home shoppers as the spring homebuying season ramps up. The rate rose to 6.67% from 6.65% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate […]
Federal Reserve keeps interest rate unchanged, sees slower growth, slightly higher inflation ahead
WASHINGTON (AP) — The Federal Reserve kept its benchmark interest rate unchanged Wednesday and signaled that it still expects to cut rates twice this year, though more policymakers forecast fewer cuts. The Fed also now expects the economy to grow more slowly this year and next than it did three months ago, according to a […]
Fed should be cautious amid uncertainty, Barkin says
Although inflation is coming down, the Federal Reserve Bank should exercise caution amid economic and geopolitical uncertainty, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Tuesday while addressing a Rotary Club of Richmond meeting. The economy is in a good place, Barkin said, citing the 2.5% growth in the nation’s gross domestic […]
Trump 2.0: Making real estate great again?
Let Trump be Trump. A campaign staffer’s now-famous motto during President Donald Trump‘s 2016 bid for president nods to the mercurial nature of the real estate mogul and former reality television star — as well as a similar slogan from “The West Wing.” And Trump himself has repeatedly said he trusts his gut over his […]
CFPB sues Capital One, claiming bank avoided paying $2B in interest
The Consumer Financial Protection Bureau has sued Capital One and its McLean holding company, Capital One Financial, alleging the companies cheated millions of consumers out of more than $2 billion in interest payments, the federal agency announced Tuesday. Capital One, the CFPB alleges, promised customers that its flagship 360 Savings account provided one of the […]
Banking and finance experts optimistic but cautious regarding new administration’s impact
The banking and finance industry could see gains under the incoming federal administration, those in the field say, with President-elect Donald Trump‘s proposed plans of a lower-interest-rate environment coupled with lighter regulatory oversight on the horizon. They also note, however, that many proposals may never come to fruition or take some time before their impacts […]
Barkin: Still a waiting game for interest rates’ effect on inflation
The U.S. economy has yet to feel the effects of current interest rates, but it eventually will, Federal Reserve Bank of Richmond President and CEO Tom Barkin predicted Thursday during an event held by the Risk Management Association’s Richmond chapter in the city’s East End. “I’m optimistic that we’ve gotten rates at a restrictive level […]
Va. housing market dampens in March
The pace of sales in Virginia’s housing market slowed in March, declining 7.3% over March 2023, according to data released by Virginia Realtors Tuesday. In March, there were 8,075 home sales in the commonwealth, 634 fewer sales than this time last year. At the end of the month, there were 14,950 homes on the market, […]
House of cards
Working as a mortgage lender in Roanoke for the past 18 years, Jason Bialek experienced everything from the financial crash of 2008 to the historic spike in home sales during the COVID-19 pandemic. Following that bonanza in 2020, though, Bialek and others in the residential real estate industry will probably look back at this period […]
