Every Friday I recap “news you can use” from the week: a handful of quotes from major (and often expensive) news sources, so you can stay up to date on the news that affects your money without spending a dime and in less than a minute.
Here’s an overview of what happened this week.
Consumer confidence in the housing market hits a new low, according to Fannie Mae (Nov. 7, CNBC):
In October, just 16% of consumers said they thought now is a good time to buy a home, according to a monthly survey by Fannie Mae.
A higher share of consumers, 37%, said they expect home prices to drop in the next 12 months, according to a Fannie Mae survey.
Midterm elections: Polls close in most states as voters determine control of House and Senate (Nov. 8, Marketwatch):
Americans who hadn’t voted early in the midterm elections were heading to the polls on Tuesday, as investors waited to see if this Election Day would end with Democrats losing their grip on the U.S. House of Representatives and the Senate.
Betting market Predictit was giving Republicans about a 90% chance of winning the House and more than a 70% chance of taking control of the Senate.
Crypto Market Rout Deepens as Binance Drops FTX Takeover Offer (Nov. 9, Bloomberg):
The sense of dread that swept across clients of fallen crypto exchange FTX.com was so intense that they pulled out $430 million worth of Bitcoin in the space of just four days.
Bitcoin, the largest token by market value, fell as much as 7.7% on Wednesday after a 11% decline a day earlier and was trading at about $17,430 as of 8:14 a.m. in New York.
Election takeaways, take 2: Congress control on knife’s edge (Nov. 9, Associated Press):
For weeks, Republicans predicted a “red wave” would carry them to power in Congress, as voters repudiated majority Democrats for failing to tame skyrocketing inflation and address worries about rising crime.
The reality appeared far different early Wednesday.
Rather than a wholesale rejection of President Joe Biden and his party, the results were far more mixed as returns from Tuesday’s midterms trickled in.
Meta to Cut 11,000 Jobs; Zuckerberg Says ‘I Got This Wrong’ (Nov. 9, Bloomberg):
Just weeks ago, Sam Bankman-Fried was considered crypto’s version of John Pierpont Morgan, willing to throw around his massive fortune to save the industry.
“I want to take accountability for these decisions and for how we got here,” Zuckerberg said in the statement that was sent to Meta employees and posted on the company’s website. “I know this is tough for everyone, and I’m especially sorry to those impacted.”
Crypto Markets Stabilize on Hopes for Muted Impact From FTX Rout (Nov. 10, Bloomberg):
Cryptocurrencies regained some ground following Wednesday’s plunge, offering investors a respite from a rout fueled by Binance Holdings Ltd.’s withdrawal of its offer to buy FTX.com.
Bitcoin rose as much as 4.4% after tumbling as low as $15,574, a level unseen since November 2020. Ether climbed 3.6%.
October Inflation Report Shows Consumer Prices Rose 7.7% From Year Earlier (Nov. 10, Wall Street Journal):
Inflation eased to 7.7% in October, the Labor Department said Thursday, as underlying price increases excluding energy and food slowed from a four-decade high.
Stock prices surged and bond yields dropped sharply Thursday morning as traders welcomed signs of ebbing price pressures.
Stocks Cap Best Week Since June; Tech Regains Mojo: Markets Wrap (Nov. 11, Bloomberg):
Risk sentiment has come back roaring into global markets after a sharper-than-forecast drop in US inflation improved the prospects of a dovish tilt by the Federal Reserve.
A gauge of Hong Kong-listed technology stocks surged 10% after China reduced the amount of time travelers and close contacts must spend in quarantine.
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I founded Money Talks News in 1991. I’m a CPA, and I have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.