Redfin predicts major mortgage rate change

Apollo Chief Economist Torsten Slok stated that the Federal Reserve has no choice but to keep interest rates on hold during its upcoming December meeting. He made these remarks during an appearance on Bloomberg's 'The Close.'

Policymakers at the Federal Reserve are divided on the necessity of cutting interest rates for a third consecutive meeting, as inflation rises and the labor market shows signs of slowing. Incomplete data complicates the decision-making process for officials considering further rate reductions.

The Bureau of Labor Statistics released the September jobs report on November 20, 48 days later than usual due to a government shutdown. The report indicated that the U.S. added 119,000 jobs, surpassing expectations, while the unemployment rate rose to 4.4%. Hourly earnings also saw a slight increase of 0.2%.

Federal Reserve Governor Lisa Cook emphasized the need for vigilance regarding unexpected losses in private credit and their potential impact on the broader US financial system. Her comments were made during an event at the Psaros Center for Financial Markets and Policy at Georgetown University.

The casual restaurant sector is facing significant challenges, leading to the closure of several locations by a 60-year-old bar and grill chain. Economic difficulties have prompted many popular dining chains to file for bankruptcy, citing liquidity issues and a negative impact on consumer spending as key factors contributing to their financial distress.

Kelsey Berro, a Fixed Income Portfolio Manager at JPMorgan Asset Management, commented on the September jobs report, indicating that the Federal Reserve is likely to maintain an easing bias. She noted that while a rate cut in December is possible, it remains a close decision. Berro shared her insights during an interview with Bloomberg's Jonathan Ferro, Lisa Abramowicz, and Annmarie Hordern.

A 75-year-old furniture chain has initiated going-out-of-business sales at some locations while others are closing without official announcements. Some stores are holding inventory blowout sales, but may not necessarily be shutting down. This situation reflects the challenges faced by traditional retailers in a rapidly evolving market.

Home Depot is currently facing significant challenges as it struggles to reverse concerning customer behavior in its stores. The company has reported a decline in customer demand, which is impacting its overall performance and financial outlook.