Fed could slow

interest rate cuts

Just a few weeks ago, the path ahead for the Federal Reserve looked straightforward: With inflation cooling and the job market slowing, the Fed appeared on track to steadily cut interest rates. In September, its officials predicted they would reduce their benchmark rate four times next year, on top of three rate cuts this year. Yet that outlook has swiftly changed. Several strong economic reports, combined with President-elect Donald Trump’s policy proposals, have led to a more cautious tone from the Fed that could mean fewer cuts and higher interest rates than had been expected. Fewer rate cuts would likely mean continued high mortgage rates and other borrowing costs for consumers and businesses. Auto loans would remain expensive.

U.S. home sales

rose in October

Sales of previously occupied U.S. homes rose in October, the first annual gain in more than three years, with home shoppers encouraged by easing rates and a pickup in properties on the market. Existing home sales rose 3.4% last month, from September, to a seasonally adjusted annual rate of 3.96 million, the National Association of Realtors said Thursday. That matches the annual pace set in July. Sales rose 2.9% compared with October last year, representing the first year-over-year gain since July 2021. Home prices increased on an annual basis for the 16th consecutive month. The national median sales price rose 4% from a year earlier, to $407,200.

Jobless claims fall,

near 7-month low

The number of Americans applying for unemployment benefits fell again last week, remaining near seven-month lows. The Labor Department reported Thursday that jobless claim applications fell by 6,000 to 213,000 for the week of Nov. 16. That’s fewer than the 220,000 analysts forecast. However, continuing claims, the total number of Americans collecting jobless benefits, rose by 36,000 to 1.91 million for the week of Nov. 9. That was higher than expected and the most in three years. While the number of new people applying for jobless aid each week remains at historically healthy levels, some who are receiving benefits are finding it harder to land new jobs.

Nvidia profits

surged in Q3

Nvidia has reported a surge in third-quarter profit and sales as demand for its specialized computer chips that power artificial intelligence systems remains robust. For the three months that ended Oct. 27, the tech giant based in Santa Clara, California, posted revenue of $35.08 billion, up 94% from a year ago. It earned $19.31 billion in the quarter, more than double what it posted in last year’s third quarter. The results topped Wall Street estimates. Nvidia’s high-flying stock is up 195% so far this year.