Meta CEO Mark Zuckerberg said Wednesday that he expects to trim the workforce at the parent of Facebook and Instagram after announcing the first-ever decline in revenue. “This is a period that demands more intensity and I expect us to get more done with fewer resources,” Zuckerberg told analysts. The Facebook founder said that because …
Mortgage rates declined this week, continuing a volatile streak as the market digests the onset of an economic recession that will have implications for the US housing sector. A 30-year fixed-rate mortgage averaged 5.30% through Thursday, according to the latest data from Freddie Mac. The rate dipped from the previous week, when it sat at …
Mortgage rates fall as recession fears rattle housing market: Freddie Mac Read More »
The Federal Reserve took an aggressive step on Wednesday to combat soaring inflation with the announcement of another larger than usual, three-quarters of a percentage point interest rate hike. The increase comes as central banking officials face a tough balancing act: bringing down rising prices amid growing concerns of an economic downturn. The latest increase …
Federal Reserve hikes interest rates for the fourth time this year Read More »
Economist Nouriel Roubini, who correctly predicted the 2008 financial crisis, believes the US is heading towards a deep recession and said those claiming the downturn will be mild are “delusional.” “There are many reasons why we are going to have a severe recession and a severe debt and financial crisis,” Roubini said on Bloomberg TV …
Economist Nouriel Roubini calls predictions for shallow recession ‘delusional’ Read More »
Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday. Summers, a frequent critic of the federal response to inflation, argued that lawmakers should consider raising taxes as another means of cooling the economy — with a focus on corporations …
Congress should raise taxes to fight inflation ‘right now’ Read More »
The US housing market could be on the verge of a “meltdown,” an economist warned following this week’s release of data showing a collapse in home builder confidence in July. US home builder confidence plummeted 12 points to 55 in July, according to the latest data from the National Association of Home Builders/Wells Fargo Housing …
US housing market could be headed for ‘meltdown’: economist Read More »
