CNBC's Rick Santelli discusses the latest action in the bond market, and the U.S. dollar.» Read More
The dollar rose to a seven-week high against the euro as minutes from the Federal Reserve's last meeting reiterated policy-makers' view that inflation remains a top concern.
Every now and then, I like to buck my New York City roots and pretend for a moment that I might be an optimist. It happened this morning, while I was reading the monthly Housing Affordability report from the National Association of Realtors. Apparently, Americans are spending about 22.3% of their monthly incomes on their mortgage payment. That's down from a high of 25.1%, back in July of last year.
U.S. mortgage applications fell last week, weighed down by a plunge in demand for homerefinancing as interest rates reached seven-month highs, an industry group said Wednesday.
The dollar edged lower against the yen after China said it would raise a stamp duty on stocks in an attempt to cool its equity markets, prompting concerns about risky trades financed by borrowing in the Japanese currency.
The U.S. dollar hovered near a six-week high against the euro and its strongest versus the yen in three months on Monday as traders determined that weak U.S. housing data late last week was not enough to warrant a cut in U.S. interest rates later in the year.
The shortened post-holiday week promises to be anything but quiet, as a wave of economic news could turn investor focus away from the now normal diet of merger activity and onto a feast of economic data that could show the U.S. economy may indeed be more resilient than expected.
The dollar eased against the euro after a surprisingly weak report on existing home sales rekindled worries that a downturn in the U.S. housing sector may have further room to run.
Junk-debt issuance is up 27% over 2006, and investment-grade credit slid 14%, according to Lehman Brothers. Is a junk-bond bubble in the making? Dan Fuss, vice chairman at Loomis Sayles, and Jack Malvey, chief global fixed income strategist at Lehman Brothers, agree that a cycle is indeed coming to an end -- the question is how big the decline will be. The strategists joined "Street Signs" to offer their views -- and to reassure viewers that the "crash" might not be as bad as some fear.
James Hardesty, market strategist and chief economist at Hardesty Capital Management, told CNBC’s “Morning Call” that the housing market may be bottoming out.
The dollar rose after a report showed that U.S. new home sales rose more than expected in April, reinforcing a view that the Federal Reserve may not have to cut interest rates this year.
Eric Thorne, portfolio manager at Bryn Mawr Trust Wealth Management, told CNBC’s “Power Lunch” that the market lacks a catalyst to drive immediate gains.
Randy Lert, chief portfolio strategist for Russell Investment Group, told CNBC’s “Morning Call” that he believes valuations are now attractive for large-cap stocks.
Former U.S. Federal Reserve Chairman Alan Greenspan said he feared a "dramatic contraction" in Chinese stocks but said the global economy may be able to shrug off a drop in asset prices.
The dollar fell after minutes from a Bank of England policy meeting and strong data on euro-zone industrial orders suggested interest rates in Europe could rise more than previously thought.
Some Bank of England policymakers considered voting for a half-point interest rate hike his month before they all decided to raise rates by 25 basis points and agreed a further rise may be needed in time.
The dollar traded near six-week highs against the euro and a three-month peak versus the yen as traders continued to pare back expectations of a Federal Reserve interest rate cut this year.
China's central bank said on Friday that it would widen the yuan's daily trading band against the dollar to 0.5%, just days ahead of a key meeting with the United States to discuss trade issues such as the value of China's currency.
The Dow lifted Thursday, after Federal Reserve Chairman Ben Bernanke soothed concerns about the subprime lending market. Elizabeth Miller, managing director at Trevor, Stewart, Burton & Jacobsen, joined “Power Lunch" to offer insights on the market reaction.
Dallas Federal Reserve President Richard Fisher said on Wednesday that he is happy with where rate policy is at present, and that inflation remains the Fed's main focus for now.
The Bank of England gave a strong hint on Wednesday that it is likely to raise borrowing costs at least once more, possibly as soon as next month.