BEIJING -- Global stock markets are higher after Federal Reserve officials indicated they were ready to hike interest rates sooner than expected if needed to cool U.S. inflation. London, Tokyo, Frankfurt and Hong Kong advanced while Shanghai declined. U.S. markets were closed for a holiday. Notes of the Fed's October policy meeting showed officials said they "would not hesitate" to respond to inflation. That fueled investor fears the Fed and other central banks might feel pressure to withdraw economic stimulus that has been boosting stock prices.
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ABINGDON, Va. -- A Virginia man is fighting to hang on to $9,000 in unemployment benefits that the state gave him when his compressor plant closed in 2018. The Virginia Employment Commission is trying to get those benefits back. Ernest Ray's attorney says the case illustrates a radically dysfunctional bureaucracy at the agency, which recently has come under sharp criticism for its shaky response to the surge in jobless claims during the coronavirus pandemic. Republican Gov.-elect Glenn Youngkin campaigned on a promise to overhaul the agency but has so far released no specifics about where he'll start.
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SOCHI, Russia -- Russian President Vladimir Putin says Moscow will continue providing natural gas to Serbia on terms favorable to its ally. Putin voiced confidence Thursday that a new contract for gas supplies to Serbia would be signed quickly to replace the current one that expires at year-end. Putin said at the start of talks at his Black Sea residence in Sochi with visiting Serbian President Aleksandar Vucic that "we will find a solution that would definitely be acceptable to our Serbian friends." Putin also noted that Russia would continue to staunchly support Serbia amid recent tensions with Kosovo. Vucic hailed close ties between Serbia and Russia and particularly noted a high level in defense cooperation.
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WASHINGTON --U.S. mortgage rates were mixed this week.
The average rate on the benchmark 30-year, fixed rate home loan was unchanged from last week at 3.1%; a year ago, it stood at 2.72%. Fifteen-year, fixed rate mortgage rates blipped up to 2.42% from 2.39% last week; it was 2.28% a year ago.
The U.S. housing market has been hot, helped by low interest rates, a limited supply of available homes and pent-up demand from consumers who spent much of the past year and a half cooped up at home.
Many economists expect U.S. interest rates to rise in coming months as the Federal Reserve moves away from the easy money policies it adopted last year when the coronavirus slammed the U.S. economy last spring. "Looking ahead, homebuyers can expect a continued gradual rise in mortgage rates punctuated by occasional dips,″ said Danielle Hale, chief economist at Realtor.com.
A strong rebound from the pandemic recession has fueled a runup in consumer prices, which climbed 6.2% last month from a year earlier -- biggest gain since 1990.
Rates on five-year adjustable rate loans fell to 2.47% from 2.49% last week. They were at 3.16% a year ago.