Tropical Storm Alberto, the first named storm of what’s expected to be an intense Atlantic hurricane season, has begun pouring down on Texas, bringing floods. Meanwhile, a heat dome continues to create scorching temperatures in parts of the Midwest and across the Northeast, putting 71 million people under a heat advisory or warning with record-breaking temperatures forecast in many places.
Bank of England keeps rates steady, eyes August for inflation review
On Thursday, the Bank of England decided to keep interest rates steady...
On Thursday, the Bank of England decided to keep interest rates steady since inflation reached its target 2% level in May.
By a 7-to-2 vote, the U.K. central bank kept rates at 5.25%.
“The restrictive stance of monetary policy is weighing on activity in the real economy, is leading to a looser labor market, and is bearing down on inflationary pressures,” it said. “Monetary policy will need to remain restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term in line with the MPC’s remit.”
Good morning. Today is the first day of summer in the Northern Hemisphere, or as Neil...
Good morning. Today is the first day of summer in the Northern Hemisphere, or as Neil deGrasse Tyson would call it, the summer solstice.It’s also the longest day of the year.
Ilya Sutskever, OpenAI’s former chief scientist who left the company after raising safety concerns, has started his own AI business and not so subtly named it Safe Superintelligence.
Mortgage rates fell below 7% last week to their lowest level since March, but this didn’t spur much extra demand.
Houthi rebels appear to have sunk a Greek ship off the coast of Yemen. Concerns of a wider regional conflict in the Middle East were also stoked when Israel said Tuesday its military had approved an offensive against Lebanon after Hezbollah released video from surveillance drones taken inside Israel.
Hundreds of people died during the Hajj pilgrimage this year amidst a heat wave in Saudi Arabia.
Stonehenge was spray-painted orange by climate protesters from Just Stop Oil yesterday in advance of a massive gathering there for the summer solstice.
Air-conditioning bills are expected to soar this summer, but there are...
Air-conditioning bills are expected to soar this summer, but there are steps consumers can take to control them — and the faster they act, the better, experts say.
According to new projections from the National Energy Assistance Directors Association and the Center for Energy Poverty and Climate, the average cost to cool a home in the U.S. from June through September is expected to be $719 this year, up from $661 last year.
Electricity rates have been climbing. The average price per kilowatt hour in May was 17.5 cents, the highest ever recorded in BLS data going back to 1978.
U.S. mortgage rates drop to the lowest level in two months
The numbers: Mortgage rates fell for the second week...
The numbers: Mortgage rates fell for the second week in a row despite data indicating that inflation in the U.S. economy was softening. The 30-year mortgage fell to its lowest rate since March.
The decrease in rates caused the market composite index — a measure of mortgage application volume — to inch up in the past week, according to the Mortgage Bankers Association (MBA) on Wednesday.
The market index rose 0.9% to 210.4 for the week ending June 14, up from 209.8 a year ago.
Key details: The purchase index—which measures mortgage applications for buying a home—rose 1.6% from the previous week.
