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Long-term mortgage rates generally track the yield on the 10-year Treasury note, which, in turn, is driven in part by the market's outlook for inflation and the Fed's benchmark rate.
While the Fed's benchmark rate influences home borrowing costs, mortgages are also impacted by broader economic trends and changes in the yield for the U.S. 10-year Treasury bond.
Yield on the benchmark 10 year Treasury bond ticked higher with the change in Fed expectations, adding pressure on rate-sensitive stocks. It was last at 4.3968%.
The Federal Reserve cut its benchmark interest rate Wednesday to between 4.25% and 4.5%. The central bank also projected two cuts next year instead of four, sending stocks tumbling.
Investors are betting a final 2024 rate cut is a sure thing from the Federal Reserve, but the bigger question is whether the central bank is ready to scale back what it expects to do in 2025.
Assuming office January 20, 2025. U.S. senator JD Vance from Ohio: Secretary of State Announced November 13, 2024 Assumed office TBD. U.S. senator Marco Rubio from Florida: Secretary of the Treasury Announced November 22, 2024 Assumed office TBD. Key Square Group CEO Scott Bessent from South Carolina: Secretary of Defense Announced November 12 ...
The reduced expectations for 2025 rate cuts sent Treasury yields rising in the bond market, squeezing the stock market. The yield on the 10-year Treasury rose to 4.51% from 4.40% late Tuesday ...
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