Federal Reserve raises interest rates another quarter point
On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near 2 percent. Indicators of longer-term inflation expectations are little changed, on balance. In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 2 to 2-1/4 percent.
Investor Confidence Declined in August by 7.4 points to 94.3
After a few months of caution and measured risk appetite, global institutional investors have started to display risk-averse behavior as they navigate through elevated trade uncertainty and geopolitical turmoil. The decline in confidence was particularly apparent for North American investors, with the North American ICI recording its lowest reading of the year.
Mortgage applications rise 2.9 percent, rates rise to highest level since April 2011
The Market Composite Index increased 2.9 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 3.0 percent and refinances also up 3.0 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to its highest level since April 2011, 4.97 percent.