Economy

Bond traders now see a roughly 60% chance of an emergency quarter-point cut by the Federal Reserve within one week because of the market turmoil.

There were reports of rates plummeting after new numbers Friday showed a notable drop in overall jobs but then moderating later in the day.

The 30-year fixed rate mortgage was at its lowest level since early February as the benchmark 10-year Treasury dropped under 4%.

A measure of expectations for the next six months climbed to 78.2 in July, the highest since January.

First Foundation in Dallas recently got a $228 million capital injection led by Fortress Investment Group. Now it's announced plans to pivot away from its heavy focus on multifamily loans, which lost value as interest rates rose.

Despite being a top concern for a wide swath of voters, housing affordability has largely been absent from presidential politics.

But following the gross domestic product and personal consumption expenditures reports, Treasury yields and mortgage rates fell.

Lower inflation and a slowing jobs market is the driver of the new forecast, but housing will not see any immediate benefits.

Vice President Harris' surprise elevation to the top of the Democratic ticket and the ascent of Ohio Sen. J.D. Vance to be the Republican vice presidential pick brings renewed vigor to each party's economic vision.

The guidance is largely unchanged from what the agencies proposed last year. It directs institutions to craft policies that consider a wide array of potential shortcomings.