Housing Market Affordability Is So Strained That Adjustable-rate Mortgages Are Coming Back

NEW YORK — The Federal Reserve has cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. On Wednesday, the Fed announced that it reduced its key rate by an unusually large half-percentage point, to between 4.75 and 5 percent, the first rate cut in more than four years. The central bank is acting because, after imposing 11 rate hikes dating back to March 2022, it feels confident that inflation is finally mild enough that it can begin to ease the cost of borrowing.

After the 1.3 million member International Brotherhood of Teamsters announced Wednesday it would not make an endorsement in the presidential election, a joint council representing 100,000 Teamsters throughout Illinois and Northwest Indiana said it was endorsing Vice President Kamala Harris. Pasquale Gianni, director of government affairs for Teamsters Joint Council 25 —  an umbrella organization of two dozen Teamsters locals throughout Illinois and northwest Indiana — said Wednesday evening the council’s executive board had decided unanimously to endorse Harris. “We experienced four years under Donald Trump,” Gianni said.

The central bank lowered the federal funds rate today. Here's what's next.

Michael Sheen stars as Prince Andrew in this dramatized version of his 2019 interview with the BBC.

Ultenic's U12 Vesla cordless stick vacuum is a staggering $70 off at Amazon for a limited time.

Experience a stunning underwater world through these breathtaking images from the 2024 Ocean Photographer of the Year competition.