What we’re reading (9/11)
“Mortgage Rates Are At An 11-Month Low. Will That Save This Housing Market?” (Wall Street Journal). “Mortgage rates fell this week to their lowest level in nearly a year due to widespread expectations that the Federal Reserve will cut rates next week, offering the beleaguered housing market some relief. The average 30-year fixed mortgage rate fell to 6.35%. That’s the lowest level since October and a notable drop from January, when rates were above 7%, according to Freddie Mac.”
“Opendoor Stock Closes 78% Higher After Company Names New CEO” (CNBC). “Opendoor stock rocketed 78% higher on Thursday after the retail favorite named Shopify executive Kaz Nejatian as CEO and co-founder Keith Rabois as chairman. The meme stock hit a 52-week high and continued a stunning run this year, with shares up more than 500% so far.”
“Why France Is In Big Economic Trouble” (Washington Examiner). “The most recent attempt to put France’s finances in order failed. On Monday, the French Parliament, in a vote of no confidence, rejected the plan of then Prime Minister Francois Bayrou to address France’s intractable deficit problem. Bayrou had proposed that welfare payments be frozen and that two public holidays be eliminated. But the French Parliament, in a vote of 364-194, said ‘no’ to the plan, which would have reduced the fiscal deficit from almost 6% of GDP to around 4.6% of GDP, still far above the 3% limit of the E.U.”
“Sticky Inflation Report Unlikely To Keep Fed Off Course For Rate Cut Next Week” (Yahoo! Finance). “A stickier inflation report isn't likely to kick the Federal Reserve off course for an interest rate cut next week, but it is likely to prevent the central bank from making a jumbo cut of half a percentage point. The Consumer Price Index showed "core" prices, excluding volatile food and energy prices, rose 3.1% for the month of August, in line with expectations and holding the same level as July. Month over month inflation also held steady at 0.3%.”
“Microsoft, OpenAI Reach Non-Binding Deal To Allow OpenAI To Restructure” (Reuters). “Microsoft and OpenAI said on Thursday they have signed a non-binding deal for new relationship terms that would allow OpenAI to proceed to restructure itself into a for-profit company, marking a new phase of the most high-profile partnerships to fund the ChatGPT frenzy.”
