U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade...Technologyread more
Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious...Technologyread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Meanwhile, investors look ahead to Fed Chair Jerome Powell's speech at a yearly central banking symposium in Jackson Hole, Wyoming.Asia Marketsread more
The office has long been a breeding ground for budding romances. But actively going into business with your other half is another thing entirely.Successread more
Salesforce released its first earnings report since its $15.3 billion acquisition of Tableau Software, the company's largest deal ever.Technologyread more
Kudlow also confirmed to CNBC that he supported a tax cut proposal floated earlier Thursday by Sen. Rick Scott, R-Fla.Politicsread more
VMware is following through on its proposal to buy Pivotal, a fellow Dell subsidiary, and expanding into cybersecurity with the acquisition of Carbon Black.Technologyread more
Google says it shut down hundreds of YouTube channels tied to misinformation around the Hong Kong protests.Technologyread more
It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.Real Estateread more
There may be rumblings about lowering the cap on mortgage interest rate deductions, but it would have a "rather small effect" on the housing market, Nobel Prize-winning economist Robert Shiller told CNBC on Wednesday.
The popular deduction is "limited to a small percent of taxpayers. It's just not that big an effect compared to the big things," the Yale economics professor said in an interview with "Power Lunch. "
"What's really driving the real estate market is our sense of where we're going and the uncertainty at the time with the new administration in Washington and all this talk."
For example, things like the deadly white supremacist rally in Charlottesville, Virginia, slows down people's willingness to make a big financial transaction, noted Shiller, who co-founded the Case-Shiller index.
The mortgage interest deduction enables homeowners to deduct the interest paid on their home loans from their income taxes. It is currently capped at loans up to $1 million for married couples filing jointly. The cap is $500,000 for those filing separately.
Industry sources have told CNBC that reducing the deduction is on the negotiating table as Republicans work to hammer out a tax reform package.
However, most homeowners don't claim the deduction and instead use the standard deduction, Shiller said.
Therefore, he believes lowering the cap would have more of a psychological effect on home prices than a calculated one.
"This is part of American culture. It goes back to the American dream," he said. "It stands for something. It stands for 'the government is behind the homeowner.' It's a political thing."
On Tuesday, Toll Brothers CEO Doug Yearley told CNBC that changing the deduction would be "very bad policy" and would discourage homeownership.
— CNBC's Diana Olick and Jackson Burke contributed to this report.