Business News

Complaining about the stronger dollar

It will be all about the Federal Reserve today as they end a two day policy meeting. The Fed policy statement is due out at 11 (PT), along with the central bank's economic projections. Fed Chair Janet Yellen is set to hold a news conference also. (Bloomberg)

Package delivery company FedEx reported quarterly profits of $580 million on revenue of $11.72 billion driven by higher package volumes. The company said fuel expenses were reduced by 30% due to lower oil prices but its international business was hurt by the strong dollar. Package volumes internationally  were up 4% and U.S. ground package delivery rose 7%. (AP)

General Mills, maker of Bisquick and Betty Crocker cake mixes, reported lower sales for the sixth straight quarter, hurt by a stronger dollar. The company expects to eliminate about 800 jobs, primarily in the United States, this year. General Mills is raising its quarterly dividend by 7% to 44 cents per share. (Reuters)

A tiny pullback in interest rates did nothing to improve mortgage application volume. The refinance share of mortgage activity decreased to 59% of total applications, the lowest level since October 2014. Refinance applications are up nearly 11% from a year ago, but are down 15% in the last month. (CNBC)

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