Last week, the U.S. national average interest rate on a 30-year, fixed rate mortgage rose to 6.38 percent, the Federal Home Loan Mortgage Corp. reported.
IRAN WAR TORPEDOES U.S. HOUSING MARKET
On 27 February, the day before the U.S. and Israel attacked Iran, the U.S. national average interest rate on a 30-year, fixed-rate mortgage was 5.96 percent, according to Bankrate.
MANUFACTURING FLATLINES, SERVICE SECTOR SLOWS IN MARCH
After contracting in February, U.S. manufacturing held steady at that lower level in March, according to the Federal Reserve Bank of Richmond’s monthly business survey.
ARES IS LATEST PRIVATE LENDER TO CURTAIL REDEMPTIONS
Ares Management, a major player in the private lending industry, has been hit with redemption requests to its Ares Strategic Income Fund totaling 11.2 percent of the fund’s assets.
ENERGY SHOCK WILL PUSH U.S. INFLATION TO 4.2 PERCENT, OECD SAYS
The energy price surge set off by the Iran War will drive U.S. inflation to 4.2 percent this year, the highest among G7 nations, according to a projection by the Organization for Economic Cooperation and Development (OECD).
UBS SUSPENDS WITHDRAWALS FROM REAL ESTATE FUND
UBS has halted all withdrawals from its €400-million European “Eurovest” real estate investment fund for up to 36 months.
U.S. CONSUMER GLOOM
The University of Michigan’s monthly survey of consumer sentiment in March found American households in a darker mood than in February.
WITH CAR SALES DOWN, VW TURNS TO MAKING MISSILE PARTS
Iconic carmaker Volkswagen is in discussions with Israel’s Rafael Advanced Defense Systems, developer of the country’s “Iron Dome” defense infrastructure, to make military equipment at a car plant in Osnabrück that VW has slated for closing next year.
MONTREAL BANK OFFERS TOKENIZED CASH TRANSFERS
The Bank of Montreal will offer institutional customers the ability to convert cash into digital tokens on a blockchain to facilitate instant payments and transfers any day, day or night.
ODDS OF U.S. RECESSION APPROACH 50 PERCENT
The Iran war’s boost to fuel costs, the resulting expected rise in inflation, and an already weak jobs market have combined with general and geopolitical uncertainty to push the U.S. economy uncomfortably close to a recession.