Happy Friday! Today is June 12 and the market is up again after its huge losses yesterday and mortgage bailout shrinks for the second straight week. We are also reading that U.S. import prices posted their largest gain in more than a year, The Fed holds its rates near zero and more stimulus money might be coming, but not for awhile. We hope everyone enjoys these articles and has a great weekend!
Stocks rallied on Friday, clawing back some of the sharp losses from Wall Street’s worst day since March. Despite those sharp gains, the major averages were all on pace to post their first weekly losses in four weeks.
The number of borrowers in coronavirus-related mortgage relief programs fell for the second straight week, as cities began to reopen and some Americans went back to work.
U.S. import prices increased by the most in more than a year in May, driven by higher costs for petroleum products and food, which could further diminish fears of deflation as the economy battles a recession.
The Federal Reserve said Wednesday it will hold its benchmark interest rate near zero through 2022 to help the economy recover from the coronavirus crisis. The economic shock from Covid-19 may call for drastic measures, but negative interest rates are not one of them — at least not yet.
Americans who are eager for more help from the government could be waiting awhile. Additional stimulus legislation is coming, Treasury Secretary Steve Mnuchin said this week. But those talks likely won’t get serious until late July.