The Week in Numbers: Fed hikes to loan relief
STORY: From student loan relief to rate rise predictions, this is the Week in Numbers. First up...
Will it be... 50 or 75 basis points? As central bankers huddled in Jackson Hole, market watchers looked for signs about the likely size of September's expected interest rate increase. While Fed chair Jerome Powell and co have been noncommittal, the indications are rates will rise and stay high for the foreseeable.
But Zach Stein, Chief Investment Officer of Carbon Collective is optimistic:
"I think we could expect the Fed to dial back some of its raising of interest. We'll probably see a little bit more but not to the same degree."
511,000 was how many new single-family homes sold in the U.S. in July. It's the lowest level since January 2016. Analysts blame those aggressive Fed interest rate hikes, along with spiraling house prices, for straining affordability.
3,000 is the number of jobs being cut by Ford, mostly in North America and India. The automaker wants to catch up with likes of Tesla. But Chief Executive Jim Farley believes not enough of his current workforce has the requisite skills for the switch from combustion to electric.
$46,259 is the projected average price for a new vehicle in August - an 11.5% increase from a year earlier. However industry consultants J.D. Power and LMC Automotive reported an inventory shortage which continues to depress sales in the U.S.
$10,000 was the amount of relief President Joe Biden unveiled for millions of Americans saddled with student loans. It could add up to even more for low-income borrowers. The White House estimates around 20 million people could have their debt completely canceled.
