Word: hike
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...stock market took a steep dive early last Tuesday, plunging 91.52 points -- the biggest one-day loss in 10 months. Investors, worried about the effect of the Fed's latest interest-rate hike on corporate earnings and on the economy in general, shifted money to the bond market. At week's end, however, the Dow had gained back 30 points and closed...
...less than political suicide in a district where the very mention of a tax increase amounts to political suicide. As the first Democrat to serve since World War I, Margolies-Mezvinsky would have had no prayer of being elected in 1992 without a promise to vote against any tax hike. Keeping that promise was her only hope of winning re-election...
...sooner had the Fed acted than bond investors began to worry that the 0.75% rate hike might not be enough to keep inflation at bay. "There's more to do, so what's the point in being a hero and buying bonds at this rate when it still has a way to go," said David Glen, 37, the manager of $6.5 billion in bond funds for Scudder, Stevens & Clark. So after a brief period of euphoria, the bond market tumbled...
Despite the market's cool reception, the latest hike will clearly slow spending at a time when stagnating incomes have forced millions of Americans to use credit cards for everything from dental bills to trips to the supermarket. Consumers owed nearly $4 trillion at the end of the second quarter; that equaled 81% of their disposable income, the highest such ratio on record. Experts estimate that last weeks rate hike could add as much as $20 billion next year to the interest paid on everything from credit cards to mortgages. Interest charges on bank and credit cards alone could jump...
...Federal Reserveincreased two key interest ratesby three-quarters of a percentage point, the sixth hike this year, and the largest in 13 years. Several major money center banks immediately responded by raising prime lending rates to a three-year high of 8.5 percent. Economists and business leaders said the Fed action undermines a thriving U.S. economy and could threaten continuing economic growth by slowing consumer spending. But other economic observers said the rate hike could assure the economy of a soft landing at the end of the current economic cycle, limiting the impact of roller-coaster economic growth. (See MONEYWATCH...