Mortgage rate hits record low as Fed cuts rates
The 30 year fixed mortgage averaged 3.29 percent, down from 3.45 percent, the lowest since Freddie Mac began tracking in 1971. The drop follows an emergency Fed rate cut amid the coronavirus crisis, with Treasurys drawing inflows as investors seek safety.
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OPEC pushes for deep oil production cut to lift prices
In Vienna OPEC nations seek a 1.5 million bpd cut to prop up prices amid coronavirus driven sag. Non members like Russia would share 500,000 bpd of the reduction. Iranian minister says there is no Plan B if Russia balks, while Saudi and analysts weigh Russia's participation and price outcomes.
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Trump Store Opens in Battleground Pennsylvania
BENSALEM PA A Trump themed shop in a Philadelphia area strip mall draws steady foot traffic as Pennsylvania’s swing status shapes campaign focus. The owner, former general contractor Mike Domanico, started selling Trump shirts in 2017 after early car show sales sold out.
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US productivity rises in fourth quarter easing from initial estimate
The Labor Department reports productivity grew 1.2 percent at an annual rate in Q4, down from 1.4 percent, with labor costs up 0.9 percent, and full-year 2019 productivity up 1.9 percent the best since 2010. The economy shows long expansion but productivity gains lag, while unemployment claims fell to 216,000 and the Fed cut rates by 0.5 percentage point amid market volatility from the spreading virus.
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