Economy

Federal Reserve Chair Jerome Powell was noncommittal about cutting interest rates at the central bank's next monetary policy meeting in July, saying future actions will depend on incoming data. His comments come as President Trump ramps up his criticism of the Fed chair.

Richmond, Virginia-based Atlantic Union Bankshares has sold $2 billion in performing commercial real estate loans to Blackstone Real Estate Debt Strategies. 

The Federal Reserve's preferred measure of inflation moved further from its 2% target, underscoring the central bank's reluctance to cut rates.

The 30-year fixed rate mortgage is below 6.8% for the first time since May as the 10-year Treasury moved lower with the headlines of the past week.

Mortgage rates are expected to remain elevated but stable for longer, with some industry participants thinking it is good for the housing market.

Median home prices rose by 1% to a record high, but sellers are taking lower offers as the market shifts towards the buyers' favor.

In an interview on CNBC, Fed Governor Christopher Waller reiterated his view on the inflation hit from new tariffs likely being short-lived.

An elevated inventory of homes for sale and high mortgage rates sapped the motivation to build as permits issued in May fell to a five-year low

The 30-year fixed-rate mortgage remains in the same general vicinity since the post-tariff spike, and significant movement isn't expected soon.

None of the economists surveyed by Wolters Kluwer predict the Fed will cut rates at this week's meeting, few expect one in July and 41% said after September.