Sen. Jack Reed on Monday called for the Federal Trade Commission to open an investigation into "potential price gouging and other deceptive practices" as egg prices have spiked. Egg prices in December climbed to $4.25 from $1.79 during the same period in 2021, a 138% increase, according to data from the Bureau of Labor Statistics. The spike in egg prices has been attributed to the millions of chickens that were slaughtered to limit the spread of bird flu and farmers having to compensate for inflation driving up their costs. US FARM GROUP CALLS FOR PROBE OF HIGH EGG PRICES"Consumers are used to seeing some volatility in the egg pricing market, but the current price spike in the industry’s favor warrants careful scrutiny. That’s almost double the $1.37 it was getting a year earlier, but still lower than the prices consumers are paying.
Today’s mortgage rates for home purchasesBased on data compiled by Credible, mortgage rates for home purchases have fallen across all repayment terms since yesterday. To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. How mortgage rates have changed over timeToday’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac – 16.63% in 1981. The historic drop in interest rates means homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. How Credible mortgage rates are calculatedChanging economic conditions, central bank policy decisions, investor sentiment, and other factors influence the movement of mortgage rates.3 months ago Fox Business
Billionaire Elon Musk might have already picked his successor at Tesla, according to multiple news reports. The move makes Zhu the highest-profile executive at Tesla after Musk. TESLA STOCK EXTENDS DROP IN NEW YEAR, ‘BECOMING LONG-TERM HOLD’Who is Zhu? ELON MUSK CUTS BACK ON OFFICE SPACE AT TWITTER'S SAN FRANCISCO HQTesla’s lackluster deliveries sparked Tuesday sell-off, will it continue? Ives said in the report Tesla stock has a "black cloud now forming over the story."29 days ago Fox Business
Federal Reserve Chairman Jerome Powell signaled the U.S. central bank will slow its interest rate increases at its meeting next month, but stressed that policymakers have more work to do in order to crush stubbornly high inflation. "The time for moderating the pace of rate increases may come as soon as the December meeting," Powell said on Wednesday during a speech at the Brookings Institute in Washington. IS THE FED PREPARING TO PAUSE INTEREST RATE HIKES? Smaller rate increases will afford the Fed more time to examine how tighter monetary policy, which works with a lag, is impacting the economy. Powell said rates are likely to reach a "somewhat higher" level than policymakers initially forecast in September, when they projected a median rate of 4.6% in 2023.2 months ago Fox Business
Gains were widespread, with about 95% of the stocks in the benchmark S&P 500 index closing higher. The jobs report showed wages nationwide rose 4.6% in December from a year earlier in the smallest increase since two summers ago. A separate report showed that service industry activity in the U.S. contracted last month, the first time that's happened since 2020. Hong Kong's Hang Seng index gained 1.8% to 21,370.61 while the Shanghai Composite index added 0.6% to 3,176.08. Taiwan's benchmark climbed 2.6% and Bangkok's SET index added 0.8%.24 days ago Fox Business
The agency didn't respond to a question about whether the incident has been sorted into the FAA's four categories for runway incursions, which indicate the severity of an incident. What are runway incursions? Runway incursions are incidents at airports that occur when aircraft, vehicles or people are incorrectly present in the protected area that's designated for aircraft to land and take off. The FAA's four categories of runway incursions represent varying degrees of danger but fall short of an actual accident:Category A — the most severe type of incursion — is a serious incident in which a collision was narrowly avoided. Through Jan. 11, the FAA has reported 27 runway incursions this month.16 days ago Fox Business
The healthy jobs market is a sticking point since it suggests the Fed will have to persist in raising interest rates. The central bank has raised its key interest rate to a range of 3% to 3.25%. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate ticked up this week to 6.94% from 6.92% last week. Still, some investors believe that earnings expectations are too high across the board and a downward recalibration is likely ahead. The Bank of Japan has kept an ultra-low interest rate policy, while the Federal Reserve and other central banks have been raising rates to counter surging prices.3 months ago Fox Business
President Biden touted Thursday's positive economic report that showed America's economy growing for the first time this year. The economic rebound comes after the U.S. economy shrank for the first six months of the year, meeting the technical definition of a recession. "Great economic report today, the GDP report. Things are looking good," Biden told the group of reporters before moving off toward the helicopter. Biden has sought to make a final economic pitch to voters ahead of a midterm election cycle that polls suggest will be grim for Democrats.3 months ago Fox Business