>> Mortgage Rates Continue To Rise For Third Week
(Washington, DC) -- Mortgage rates are up for the third week in a row to just under seven-percent. The 30-year fixed-rate mortgage averaged six-point-nine-six-percent this week, according to data from Freddie Mac. Compare that to a year ago, when it was just over five-point-two-percent. Freddie Mac's chief economist says the steadily high rates will "prolong affordability challenges longer than expected," but noted that "upward pressure" on rates is the result of a resilient economy.
>>Wholesale Prices Up
(Undated) -- Wholesale prices were up three-tenths of a percent in July, the biggest jump since January and higher than market expectations. The Producer Price Index numbers out this morning from the Labor Department show that services led the increase, including the costs of portfolio management and transportation. Prices were also up for outpatient care, motor vehicles and foods, mainly meat. The numbers come after the previous month saw a revised flat reading in June.
>>SCOTUS Blocks Purdue Pharma Bankruptcy Deal
(Stamford, CT) -- The Supreme Court is blocking opioid maker Purdue Pharma from moving forward with a six-billion-dollar bankruptcy deal. Thursday's decision comes after the Biden administration raised objections about the settlement that would have shielded the Sackler family from future lawsuits related to the opioid epidemic. A spokesperson for Purdue Pharma said the company is confident in the legality of its plan of reorganization, and "optimistic that the Supreme Court will agree." The high court is set to hear oral arguments in December and likely issue a ruling early next year.
>>Biden Calls China "Ticking Time Bomb" Due To Economic Troubles
(Salt Lake City, UT) -- President Biden says China's economic problems make it a "ticking time bomb." At a political fundraiser in Utah on Thursday, Biden said China is in trouble because of weak growth. He added, "That's not good because when bad folks have problems, they do bad things." It was reported this week that China's consumer sector fell into deflation in July. China-watchers say the world's second-biggest economy might be coming into an era of much slower growth with stagnated consumer prices and wages, while the rest of the world deals with inflation.
>> Mortgage Rates Continue To Rise For Third Week
(Washington, DC) -- Mortgage rates are up for the third week in a row to just under seven-percent. The 30-year fixed-rate mortgage averaged six-point-nine-six-percent this week, according to data from Freddie Mac. Compare that to a year ago, when it was just over five-point-two-percent. Freddie Mac's chief economist says the steadily high rates will "prolong affordability challenges longer than expected," but noted that "upward pressure" on rates is the result of a resilient economy.
>>Coach Parent Tapestry To Buy Michael Kors Owner
(New York, NY) -- Coach parent Tapestry is planning to buy Michael Kors owner Capri Holdings in a lucrative deal worth billions. The move is valued at eight-and-a-half billion dollars. The Wall Street Journal first reported about a potential deal between Capri and Tapestry late on Wednesday. This will bring Tapestry's brands, which include Kate Spade and Stuart Weitzman, and Capri's Jimmy Choo and Versace labels under one roof. Tapestry's goal is to create a top U.S. fashion house that can better compete with larger European rivals in the global luxury market. The acquisition is also a plan of action against a looming slowdown in demand for luxury goods in the U.S. following a post-pandemic surge as still-high inflation forces customers to cut back on discretionary spending.
>>Pork Prices Rise Because Of New California Law
(Sacramento, CA) -- A California law that aims to provide more comfortable conditions for pigs, chickens and veal calves is being implemented. That has pork producers and many consumers worried about prices rising in an already inflationary food market. The California Department of Food and Agriculture says it's given producers a grace period to the end of this year. The National Pork Producer Council argues the changes are already driving prices up from the cost associated with implementing the law leading up to the January 2024 deadline.
>>GM Debuts All Electric Cadillac Escalade IQ
(Detroit, MI) -- General Motors unveiled their all-electric Cadillac Escalade IQ on Wednesday. The EV version of the well-known full-size SUV will feature a 55 inch wide dashboard, and a 200-kilowatt hour battery pack with 450-miles on a single charge. The vehicle will be built at GM's Factory Zero in Detroit beginning next year and will have a base price of 130-thousand dollars. Since it's introduction, Cadillac has sold over one-million Escalades worldwide. Officials at the unveiling of the Escalade IQ said the automaker is planning on debuting two more EV's by the end of the year.
