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Fannie and Freddie face price competition from mortgage investors

Investors have truckloads of cash desperately looking to find the safest and highest yields. Afterall, the Overnight Bank Funding Rate, or the cost of funds, is near zero, according to the New York Fed. For decades, secondary mortgage market pricing experts have told me they could never figure out how to find pricing more competitive than Fannie Mae and Freddie Mac. No more. There is a play here for mortgage investors to attract profitable loan volume by being competitive with F & F pricing. And...
Tags: Business, Real Estate, News, Housing, Los Angeles, Sport, Soccer, Mortgage, Freddie Mac, FHA, Freddie, Fannie Mae, New York Fed, Federal Housing Finance Agency, Fannie, the Mortgage Bankers Association


Americans brace for the strongest inflation since 2013

Kate Duffy Americans' expectations for year-ahead inflation rose to 3.4% in April, the New York Fed said. That's the highest level since 2013, underscoring how reopening is expected to boost price growth. The increase was largely driven by rising prices for homes, rent, and college, according to the Fed. See more stories on Insider's business page. Americans' inflation concerns intensified in April as the economy further reopened and people revived some pre-pandemic spendi...
Tags: US, Trends, Treasury, Janet Yellen, Biden, Yellen, Fed, New York Fed, Federal Reserve Bank of New York, Jerome Powell, Fed Chair, Ben Winck, Kate Duffy


Why California’s economy needs more bad news

What’s feels like bad news for your wallet may actually be good news for California’s economy. As the year started, I concluded in a column that certain “negative” trends could actually be foreshadowing economic recovery from the pandemic smackdown. With 2021 one-third complete, I’m reviewing seven economic benchmarks I suggested we should be watching. You may wince at some signposts of a healthier California business climate. Stuck in traffic? Yup, this is good economic news. Rising prices for ...
Tags: Business, News, California, Housing, US, California News, Los Angeles, San Francisco, Sport, Soccer, Long Beach, Federal Reserve, Biden, Zillow, Gas Prices, TomTom


10 things you need to know before the opening bell

JOHANNES EISELE/AFP via Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Sign up for Insider Investing for your weekly markets analysis.1. Global stocks gain after US jobs and oil demand data fuel economic optimism. See what markets are doing today.2. Bill Gates transferred stock worth about $2.4 billion to Melinda Gates. The tech billionaire moved some of his holdings on the same day they announced their divorce.3. New r...
Tags: Global, US, Trends, Bank Of England, Bill Gates, SEC, Volkswagen, Melinda Gates, John Williams, Baillie Gifford, Kraken, Bloomberg Intelligence, Andrew Bailey, Gary Gensler, New York Fed, The IRS


Only 4% of laid-off service workers will get their old jobs back, study finds

JOHANNES EISELE/AFP via Getty Images Workers in leisure, hospitality, and retail have been particularly hard hit during the pandemic. A New York Fed analysis finds only 4% of workers will be rehired by currently closed small businesses. And just 3% of the service businesses currently closed are likely to reopen. See more stories on Insider's business page. Throughout the pandemic, service workers have had it tough. The ones that didn't have to contend with massive layoffs have had...
Tags: Trends, New York Fed, New York Federal Reserve, Saru Jayaraman, Johannes Eisele, Juliana Kaplan, Getty Images Workers, Ayelet Sheffey, One Fair Wage


10 things you need to know before the opening bell

Drew Angerer/Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Sign up for Insider Investing for your weekly markets analysis.1. Global stocks climb as investors cheer huge Apple and Facebook earnings. See what markets are doing today.2. Facebook gains 7% after smashing Q1 expectations. Quarterly revenue rose 48% to $26.17 billion, driven by businesses spending more on ads.3. Indian food-delivery startup Zomato files for a...
Tags: Apple, Facebook, India, Global, US, Trends, Merck, John Williams, Jefferies, McDonald, Charlie Munger, Tom Lee, New York Fed, John Templeton, Mohnish Pabrai, William Green


New York Fed's Williams: Fed Has Tools to Deal With High Inflation

By Jonnelle MarteNEW YORK (Reuters) - Inflation could be volatile in the near term as the economy recovers from the pandemic but overall price...
Tags: Williams, Reuters, New York Fed, Fed Has Tools, Jonnelle MarteNEW


America's companies are struggling to hire workers back. It risks derailing the economic recovery.

Manager Cynthia Martinez converses with guests at El Rio, located at 3158 Mission St., on Saturday, April 3, 2021, in San Francisco. Yalonda M. James/The San Francisco Chronicle/Getty Images The labor market is on the path to recovery, but it's not a sure thing as the economy reopens. Worker shortages are hitting some businesses, and experts warn of millions of jobs permanently lost. Stimulus hasn't led to a spending surge yet, and Americans may sit on their huge savings pile. See ...
Tags: New York City, US, America, Los Angeles, Trends, Joe Biden, New York Times, International Monetary Fund, Federal Reserve, Fed, Mission St, Kristalina Georgieva, New York Fed, Oxford Economics, Federal Reserve Bank of New York, Jerome Powell


Americans have saved $1.6 trillion since the pandemic started and it poses little inflation risk, the Fed says

A man uses the ATM at a Capital One bank in Midtown Manhattan on July 30, 2019 in New York City. Drew Angerer/Getty Images Americans' savings rose by $1.6 trillion during the pandemic thanks to stimulus and weak spending. Some experts fear households will quickly spend their savings and fuel runaway inflation. Studies suggest most will hold onto the cash even after the US reopens, Fed researchers said. See more stories on Insider's business page. Gradual reopening and widespread va...
Tags: New York City, US, Trends, Joe Biden, Donald Trump, Fed, Midtown Manhattan, New York Fed, Federal Reserve Bank of New York, Hillary Hoffower, Ben Winck


10 things you need to know before the opening bell

Johannes Eisele/AFP via Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Sign up for Insider Investing for your weekly markets analysis.1. Police say the Boulder grocery-store shooter bought a gun 6 days before the shooting. Only 10 states in the US have a waiting-period law requiring time before a person can buy a gun. 2. A huge container ship has accidentally blocked the Suez Canal. Being one of the world's busiest ...
Tags: Elon Musk, US, Trends, Tesla, Boulder, Morgan Stanley, Nasdaq, EIA, John Williams, Robinhood, Musk, Fed, New York Fed, Jerome Powell, Ryan Jacob, Amy Zhang


ARRC Outlines Definitive Endgame for LIBOR Index, Reverse Mortgage Pros Await FHA

The United Kingdom Financial Conduct Authority, which regulates the London Interbank Offered Rate (LIBOR) index, will cease publication of the one-week and two-month LIBOR indices after December 31, 2021 and for all remaining LIBOR contracts after June 30, 2023. This is according to a statement published by the Alternative Reference Rates Committee (ARRC), an organization co-convened by the Federal Reserve Bank of New York to find a new rate index after weaknesses in LIBOR were exposed. ARRC ...
Tags: Finance, Bloomberg, Financial Stability Board, Morgan Stanley, FHA, CMT, Federal Reserve Board, New York Fed, McCully, Federal Reserve Bank of New York, Federal Housing Administration FHA, Ginnie Mae, Home Equity Conversion Mortgage HECM, New View Advisors, Wipf, NRMLA


US blocked Myanmar junta attempt to empty $1B New York Fed account - sources

The attempt came after Myanmar's military installed a new central bank governor and detained reformist officials during the coup
Tags: Finance, US, Article, Myanmar, Reuters, FBN, New York Fed, Fbn/markets, Fox-business/politics/the-fed, 87c5c9b2-053e-502a-a970-6cc420c4b489


U.S. blocked Myanmar junta attempt to empty $1 billion New York Fed account

Myanmar's military rulers attempted to move about $1 billion held at the Federal Reserve Bank of New York days after seizing power on...
Tags: Myanmar, New York Fed, Federal Reserve Bank of New York


US blocked Myanmar junta attempt to empty $1 billion New York Fed account

Myanmar's military rulers attempted to move about $1 billion held at the Federal Reserve Bank of New York days after seizing power on...
Tags: US, Myanmar, New York Fed, Federal Reserve Bank of New York


These 15 charts show the inequalities Black Americans still face

Civil rights activist Angela Davis pumps her fist in solidarity during a Juneteenth protest against police brutality as longshoremen shut down the Port of Oakland and 28 other ports along the west coast on Friday, June 19, 2020, in Oakland, California. Yalonda M. James/The San Francisco Chronicle/Getty Images February is Black History Month. Although there's been some progress toward equality for Black Americans, there's a long way to go. From employment data to wealth, these charts look a...
Tags: UK, Wage Gap, Nbc, Labor, Congress, Cdc, Senate, White House, US, America, Trends, Merck, Joe Biden, Economy, Features, Walgreens


Economic growth in 2021 could be the strongest in decades, NY Fed president says

John Williams. REUTERS/Stelios Varias US GDP could grow in 2021 by the most in decades, New York Fed President John Williams said. Strong stimulus and continued vaccination stand to supercharge the nation's economic rebound, he added. Still, he warned that minorities and low-earners face a tougher return to pre-pandemic employment. Visit the Business section of Insider for more stories. The US economy's rebound from the coronavirus slump could fuel some of the strongest growth in recent me...
Tags: US, Trends, Williams, Treasury, Janet Yellen, John Williams, Fed, Powell, New York Fed, Federal Reserve Bank of New York, Jerome Powell, NY Fed, Ben Winck, Stelios Varias US


Driven by Mortgages, U.S. Household Debt Hits New High

Source: StatistaU.S. household debt climbed to a record high of $14.6 trillion at the end of 2020, as mortgage debt surpassed $10 trillion for the first time. According to the New York Fed’s latest Household Debt and Credit Report, mortgage debt increased by a whopping $183 billion over the past three months alone. The increase was mainly driven by a record volume of mortgage originations, as many households took advantage of historically low mortgage rates to refinance their mortgages and ev...
Tags: Infographic, Debt, Mortgages, Radio, Statista, New York Fed, General Interest, Mortgages U S Household Debt Hits New High


10 things you need to know before the opening bell

Drew Angerer/Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.For the latest news out of D.C., sign up here for 10 Things in Politics.Here's what you need to know before markets open.1. US stocks are set to slip after touching record highs. See what markets are doing today.2. The UK economy shrank by a record 9.9% in 2020. This was the worst contraction since records began and likely its sharpest slump overall in 300 year...
Tags: UK, US, Trends, Markets, Paypal, Barclays, Rakuten, John Williams, Robinhood, Gamestop, New York Fed, Dogecoin, Billy Markus, 10 Things Before Opening Bell, Trader Chat, Shalini Nagarajan


10 things you need to know before the opening bell

JOHANNES EISELE/AFP via Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Sign up here for Insider Investing, our weekly markets analysis newsletter full of stock picks and investing advice.1. US stocks are set to open higher as stimulus talks and vaccine rollouts gain speed. See what markets are doing today.2. Fed's Kashkari says Reddit-driven stock gains don't merit a policy response. And he is "not at all" thinking abou...
Tags: Apple, US, Trends, Markets, Bank Of America, House, Reddit, Bp, Biden, John Williams, Robinhood, Jefferies, Gamestop, Fed, RBC Capital Markets, New York Fed


The 11 crucial books that explain modern capitalism

Capitalism: It's worth understanding how it actually works. Peter Dazeley / Getty Images These classic books tell how modern capitalism in Europe and the US changed from a system that manufactured actual products into a financialized trading desk for credit derivatives and leverage. They also describe the how modern inequality developed. And they are all absolutely riveting. Visit Business Insider's homepage for more stories. Fifty years ago, capitalism in the West was based on manufac...
Tags: Firefox, Europe, Books, Politics, UK, London, Finance, Germany, US, America, Trends, Features, West, Atlantic, Capitalism, Paris


BlackBerry spikes record 65% after finalizing deal with Amazon for automotive data software

John Chen, CEO of BlackBerry, gives an interview following the opening of his company's stock at the New York Stock Exchange (NYSE) in New York, U.S., October 16, 2017. Brendan McDermid/Reuters BlackBerry surged as much as 65% on Tuesday after the company inked a multi-year deal with Amazon to develop and market its "Intelligent Vehicle Data Platform."The cloud software, called IVY, allows automakers to read vehicle sensor data and improve systems and performance, according to a press r...
Tags: Amazon, New York, Cloud Computing, Trends, Markets, Hsbc, Aws, Blackberry, Toyota, Volkswagen, Amazon Web Services, B&b, Nyse, John Chen, New York Fed, AMZN


Corporate growth could see a 10% drop in virus-slammed industries amid mounting debt levels, New York Fed says

People have lunch at Chelsea Square Restaurant as New York City restaurants open for limited capacity indoor dining on October 1, 2020 in New York. BRYAN R. SMITH/AFP via Getty Images Corporate growth could slow up to 10% among firms hit hardest by the coronavirus pandemic due to large debt overhangs and revenue contraction, researchers at the Federal Reserve Bank of New York said Monday.Firms in the travel, hospitality, and tourism industries held twice as much debt on average than busines...
Tags: UK, New York, New York City, US, Trends, Fed, New York Fed, Federal Reserve Bank of New York, Bryan R Smith, Joao Santos, Ben Winck, Chelsea Square Restaurant, Getty Images Corporate, Kristian Blickle


United States: NY Fed Executive Vice President Highlights The Complexity Of Climate Change Risk - Cadwalader, Wickersham & Taft LLP

New York Fed Executive Vice President Kevin Stiroh described the complexity of climate change risk and the challenges facing climate change risk managers.
Tags: News, United States, New York Fed, Cadwalader Wickersham, NY Fed, Taft LLP, Kevin Stiroh


Dow climbs 139 points, Nasdaq soars as tech giants rally ahead of earnings

Reuters / Brendan McDermid US equities climbed higher on Thursday as rallying tech stocks and encouraging economic data reversed some of Wednesday's plunge.Apple, Amazon, Facebook, and Alphabet led gains ahead of the companies' third-quarter reports.US GDP grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended ...
Tags: Apple, Facebook, Congress, France, Germany, US, Trends, Markets, Bloomberg, Netflix, Treasury, Oil Price, Goldman Sachs, Starbucks, Economic Growth, Gross Domestic Product


US stocks climb on record GDP growth and encouraging jobless claims data

Bryan R. Smith/AFP/Getty Images US equities edged higher on Thursday as economic data pointed to a stronger-than-expected pace of recovery.The US economy grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended on Saturday, the Labor Department said. The reading exceeded the median economist estimate of 770,000.T...
Tags: Apple, Europe, Congress, France, Germany, US, Trends, Markets, Bloomberg, Economic recovery, Treasury, Oil Price, Economic Growth, Gdp, Gross Domestic Product, US GDP


'Valuation leaves little room for error': Here's what 4 Wall Street banks expect from Apple's fiscal 4th-quarter earnings report

(Photo by Lisa Maree Williams/Getty Images) Apple is set to report fiscal fourth-quarter results on Thursday, cluing investors in on how the company performed just before its latest iPhone event.The quarter that ended in September saw Apple introduce new services and update its watch and iPad lineups.The reveal of its first 5G-capable iPhone lineup arrived later than usual, and while iPhone 12 sales won't show up in Thursday's report, commentary on iPhone demand will be closely monitored.H...
Tags: Apple, Congress, Wall Street, China, Trends, Credit Suisse, Ubs, Fed, Rbc, Wedbush, Ives, RBC Capital Markets, Robert Muller, New York Fed, Watch Apple, David Vogt


Dow falls 200 points as record GDP growth and encouraging jobless claims fail to soothe trader nerves

Bryan R. Smith/AFP/Getty Images US equities slid on Thursday, even as economic data pointed to a stronger-than-expected pace of recovery.The US economy grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended on Saturday, according to the Labor Department. The reading exceeded the median economist estimate of 770...
Tags: Apple, Europe, Congress, France, Germany, US, Trends, Markets, Bloomberg, Economic recovery, Treasury, Oil Price, Economic Growth, Gdp, Gross Domestic Product, US GDP


Oil tumbles 6% on surging COVID-19 cases and inventory buildups

Spencer Platt/Getty Images Oil futures tumbled on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty about the commodity market's recovery.West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.Resurgences in COVID-19 cases have intensified concerns about oil demand. France and Germany are reportedly set to impose new lockdown measures to...
Tags: Europe, Congress, France, Germany, US, Trends, Markets, Commodities, Oil Price, Brent Crude, Morgan Stanley, Crude Oil, Energy Information Administration, Fed, Brent Crude Oil, New York Fed


Oil tanks 6% on surging COVID-19 cases and inventory build-ups

Cabot Oil and Gas workers at a hydraulic fracturing site in South Montrose, Pennsylvania Spencer Platt/Getty Images Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market's recovery.West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.A global resurgence in COVID-19 cases has intensified conc...
Tags: Europe, Congress, France, Germany, US, Trends, Energy Information Administration, Fed, Stanley, New York Fed, Cabot Oil, CBOE, Ben Winck, South Montrose Pennsylvania, Spencer Platt Getty Images Oil, Raymond JamesA


The Fed has done nearly all it can do — and it's now up to Congress to further aid the economy, ex-New York Fed president says

President of the Federal Reserve Bank of New York Bill Dudley speaks during the Bank of England Markets Forum 2018, at Bloomberg, in central London, Britain, May 24, 2018. Victoria Jones/Pool via REUTERS The Federal Reserve has all but exhausted its policy ammo and it's up to Congress to pick up some slack, Bill Dudley, former president of the New York Fed, said Wednesday. The central bank was praised for its creative and rapid response to the coronavirus' economic fallout. Yet Fed policy ...
Tags: Congress, White House, US, Trends, Bank Of America, Bloomberg, Federal Reserve, Morgan Stanley, Fed, Reuters, Dudley, London Britain, New York Fed, Federal Reserve Bank of New York, Jerome Powell, Bill Dudley