New home sales plummet 17% to 2-year low amid high mortgage rates
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New home sales plummet 17% to 2-year low amid high mortgage rates

ByNews Polite

Sales of new US single-family homes dropped to the lowest level in nearly two years in October, likely as a rise in mortgage rates drove buyers to the sidelines and hurricanes disrupted activity. New home sales plunged 17.3% to a seasonally adjusted annual rate of 610,000 units last month, the lowest level since December 2022,…

Fed’s Michelle Bowman warns rate cuts declaring victory too soon
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Fed’s Michelle Bowman warns rate cuts declaring victory too soon

ByNews Polite

A top Federal Reserve official warned Friday that the central bank risks prematurely declaring victory over inflation with its vote for a jumbo interest rate cut. Fed Governor Michelle Bowman was the sole dissented voice on the Federal Open Market Committee in its 11-1 decision to slash rate by 50…