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June PCE and Fed Rates, Crypto, Social Security: Wealth!
On today’s episode of Wealth!, host Madison Mills covers the biggest stories impacting the market, from June PCE data to the Bitcoin 2024 conference.
June personal consumption expenditure (PCE) data came in line with expectations, Yahoo Finance Senior Reporter Jennifer Schönberger She said the number is good news for the Federal Reserve as it continues to fight inflation. The number provides another piece of data that reinforces the possibility of a September rate cut. She noted that the Fed “can’t fully commit because we’re still getting more data for July and August. But it seems to be moving in the right direction.”
Billionaire Elon Musk is widely known for running multiple businesses while juggling his responsibilities as CEO of electric vehicle maker Tesla (TSLA). Julie Hyman gives an overview of the Musk is given extensive media coverage on the Yahoo Finance platformdetailing Musk’s various businesses and accomplishments, while highlighting Tesla’s particular popularity among Yahoo Finance viewers and investors who use the site for research.
Mortgage rates have has increased slightly over the past week As the average rate on 30-year fixed mortgages climbed to 6.78%, Zillow Home Loans Senior Economist Orphe Divounguy joins the show to discuss how High rates weigh on buyers and whether a cut in interest rates by the Federal Reserve could mitigate Problems for the US housing market:
“People are very excited about the Fed cutting interest rates, but I don’t think normal rates will immediately translate into lower mortgage rates, as some people think. I think mortgage rates are probably already reflecting the Fed’s expectations,” Divounguy says. “And if the Fed does fewer rate cuts, or none at all, we’re probably going to see some upward pressure on rates, not downward pressure.”
Bitcoin (BTC-USD) has gained momentum in the days leading up to the Bitcoin 2024 conference in Nashville, Tennessee, home to former President Donald Trump and Robert F. Kennedy, Jr. scheduled to deliver speeches. Founder of Macanomics and Ross Mac, Yahoo Finance contributor Join Wealth! for Breaking Down the Basics of Cryptocurrency Investing and what new investors in this field need to know. Mac suggests starting with crypto-related ETFs before owning the asset itselfsuch as the Spot Bitcoin and Spot Ether ETF products approved by the Securities and Exchange Commission (SEC).
This article was written by Mélanie Riehl