Finance, Business, and Banking

The average U.S. 30-year mortgage rate fell to 6.69%, its lowest since October, down from 6.81% last week and 7.03% a year ago, according to Freddie Mac. Rates on 15-year mortgages also declined to 5.96%.

KEY POINTS

Small businesses are preparing for potential tariffs on imports from Mexico, Canada, and China by stockpiling inventory, negotiating with suppliers, and considering price increases.

Eurozone inflation rose to 2.3% in November, up from 2% in October, exceeding the European Central Bank’s (ECB) 2% target.

Donald Trump plans to impose tariffs of 25% on imports from Canada and Mexico and 10% on China, targeting the U.S.’s largest trading partners.

An animal rights group has been accused of undermining real issues after asking a pub to change its name, claiming it is offensive to foxes.

New research from the Transamerica Center for Retirement Studies shows most Americans retire earlier than planned, often due to health issues or job loss.

With Thanksgiving in the US right around the corner, I found this article about gratitude from a FI perspective. This is from a few years ago, but the message is evergreen.

Workers at a Whole Foods store in Philadelphia have filed for a union election, citing low pay, high workloads, and intense productivity demands.

Macy’s delayed its earnings report due to a single employee’s $132–$154 million in erroneous accounting entries for nearly three years.

His book with Michael. C. Klein, "All trade wars are class wars" is an excellent book I recommend anybody who wants to understand the persistent trade imbalances around the world and their impacts (low consumption in China, deindustrialisation and debt in America, etc.)

U.S. jobless claims dropped to 213,000 last week, near seven-month lows, but continuing claims rose to 1.91 million, the highest in three years, showing some workers are struggling to find jobs.

Link is to the Bogleheads forum post where someone posted a link back in August. Before now, you had to call in to request the change, and it could take a few days, but now it's online and allegedly is done the next day.

The Chinese yuan has plummeted since U.S. President-elect Donald Trump's victory, and finance experts are questioning why the Chinese government is not doing more to defend the currency.

Despite Trump’s pledge to lower gas prices by increasing oil production, energy companies prioritize profitability over pumping more oil.

Paying a premium for a flight during the school holidays or a cab at peak hours might be expected but fluctuating charges – otherwise known as surge pricing – could become the norm in other industries, say experts.

A city centre pub which has pledged to give all its profits to good causes has donated none five years after launching - despite still marketing itself as "supporting charity". The Good Intent opened in Birmingham's Great Western Arcade in October 2019 after successfully crowdfunding nearly £18,000.

In the Palm Tree pub, east London, barman Alf is taking only cash at the rattling 1960s till. The building, which is Grade II-listed, stands in the middle of Mile End Park, and Alf has worked here since 1976. “It’s a wonderful pub,” he says.

Boeing is issuing layoff notices to 17,000 employees, about 10% of its workforce, with job cuts effective in mid-January.

General Motors is laying off around 1,000 white-collar employees globally to reduce costs and enhance efficiency amid challenges in transitioning to electric vehicles (EVs).

The consumer price index rose to 2.6% in October, indicating a bumpy path towards lower inflation levels.

Following Donald Trump’s election victory, proposed tariffs of 10%-20% on general imports and 60% on Chinese goods are raising concerns across the fashion, beauty, and footwear industries.

The average 30-year mortgage rate in the U.S. rose to 6.79%, marking its highest level since early July and continuing a six-week climb, according to Freddie Mac.

The Federal Reserve has lowered its key interest rate by a quarter point, marking progress toward its goals of low inflation and unemployment, with inflation returning to the target 2% level and unemployment at 4.1%.

Henry David Thoreau once said, “Wealth is the ability to fully experience life.” Sounds simple, but think about it: When was the last time you truly experienced a moment that was free from distractions and the never-ending to-do list in your head?

Boeing factory workers in Seattle voted to accept a new contract, ending a 53-day strike that halted production of the company’s key airliner.

The average age of U.S. homebuyers has reached a record high of 56, as younger Americans face rising homeownership costs. The median age for first-time buyers rose to 38, with only 24% of buyers being first-timers—the lowest share since 1981.

I generally don't like to make political posts, but this one has an interesting correlation to some of the culture around FI, which is things we can and can't control (i.e. this older post about circle of control, which echoes The Seven Habits of Highly Effective People).

With inflation near target, the Federal Reserve, led by Jerome Powell, is set to cut its benchmark rate by a quarter-point, to about 4.6%, its second reduction this year.

TGI Fridays filed for Chapter 11 bankruptcy. The once-popular sit-down restaurant has faced declining customer interest, reflecting a broader trend impacting casual dining. With just 163 U.S. locations—down from 269 last year—the chain has closed numerous outlets and seen U.S. sales drop to $728 million in 2023. While TGI Fridays operates only 39 U.S. locations directly, global franchised locations remain unaffected, with independent operators managing 461 restaurants across 41 countries under a separate franchising entity.

If former president and Republican nominee Donald Trump is elected next week, economists are betting that inflation will go up. Research firm Capital Economics plans to actually raise its interest-rate forecast in such a scenario because its economist Thomas Ryan suspects the Federal Reserve’s reaction will be to pull back on slashing rates.

All the index ETF will have to switch their portfolio. Buying Nvidia and selling Intel whatever the price. The rise of Nvidia and crash of Intel could last some more. I'm not a financial advisor, I just love crayons.

Summary: Boeing machinists’ union leadership endorses the latest contract proposal, which includes a 38% wage increase and a $12,000 lump sum, and calls for a vote on Monday. The strike, which began on September 13, has halted production and prevented Boeing from producing new 737s.

A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast track to a future without cash.

Biased media coverage imposes on African nations a significant cost burden, particularly during electoral periods, ultimately deterring foreign direct investment (FDI) in a continent known for its low default rates and high returns in strategic sectors, research by the 'Africa No Filter' and 'Africa Practice' finds.

Here are detailed numbers by the International Monetary Fund (IMF)

Striking Boeing workers have rejected a new offer from the plane-making giant, which included a 35% pay rise over four years.

Russia expects the local subsidiaries of European banks Raiffeisen Bank International (RBI) and UniCredit to participate in the mass launch of the digital rouble in July 2025 or face potential fines.

Interesting excerpt... "Emporium Centre San Francisco’s auction follows the 2023 decision by owners Brookfield Properties and Westfield to walk away from their debt, citing “challenging operating conditions in downtown San Francisco.” "

It's a trend that has surprised many: Why, despite being squeezed by high prices, have Americans kept spending at retail stores and restaurants at a robust pace?

The slowdown in consumer price increases comes as the European Central Bank is expected to cut interest rates.

Many of the country’s richest people, including Elon Musk and Larry Ellison, borrow against their stock while avoiding capital gains taxes.

Cash-starved Boeing, contending with massive financial losses from a crippling strike and years of operational and safety problems, is turning to major banks and Wall Street to raise tens of billions of dollars in cash.

In third week of standoff, planemaker has no plans for further talks with union, which is seeking 40% increase

Archived version

KEY POINTS

Hyundai has begun producing electric SUVs in Georgia less than two years after breaking ground on its sprawling, $7.6 billion manufacturing plant west of Savannah.

Archived link

I watched this video a couple weeks ago, and while it has nothing to do with FI, I thought it was quite interesting how he divides the economic classes. TL;DW:

Employers added 254,000 jobs in September, blowing away forecasts and reversing a slowdown in hiring that had prompted the Federal Reserve to make a jumbo rate cut at its meeting last month. 

Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans.

The flare-up of inflation that followed the pandemic, combined with flush consumers ready to spend, ushered in an new era of profitability even more massive than previously estimated.

The People's Bank of China (PBoC) lowered the reserve requirement ratio (RRR) for banks by 50bps, the second reduction this year aimed at bolstering a stuttering economy. The change, which takes effect today, Sept. 27, was signaled earlier in the week by Governor Pan Gongsheng, bringing the weighted average RRR to 6.6%.

*Longshoremen’s union says wage demands must be met or members will strike on Tuesday for first time since 1977*

China’s problem is essentially that it has too much debt.

The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market.

Boeing said Monday it made a “best and final offer” to striking machinists that includes bigger raises and larger bonuses, but the workers’ union said the proposal isn’t good enough and there won’t be a ratification vote before Boeing’s deadline at the end of the week.

Attention, Kmart shoppers, the end is near!