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From Threads Edit Feature to Starlink’s Cell Plan and More! | Tech News

Connect with this week’s major tech news headlines! From Threads Edit Feature to Starlink’s Cell Plan and more, we have you covered. Check out this week’s blog below for the tech news you won’t want to miss.

Threads Introduces an Edit Feature

Meta is introducing two significant updates to its Threads platform, according to CEO Mark Zuckerberg. The first is an edit feature that allows Threads users to modify their posts within five minutes of publication, without requiring a subscription fee like Twitter’s Blue service. Edited posts will be indicated with an icon next to the timestamp, although an edit history feature is not currently available. The second feature is “Voice Threads,” enabling users to create voice posts. This feature, available on the iOS app, allows users to record their voice, with the spoken text highlighted in the post as it plays. Meta has been consistently expanding Threads’ capabilities since its launch, including adding a chronological following feed, a web client, and post search functionality.

Adobe Develops Generative AI for Video Manipulation

Adobe unveiled Project Fast Fill, an experimental AI tool for video manipulation, showcased at the MAX conference. It can add or remove objects in videos with ease, akin to Google’s Magic Editor but for video. This feature is being considered for integration into Premiere Pro and After Effects. Adobe is actively developing AI editing tech for various media, including audio, 3D design, and voice translation. With AI tools for both photos and videos becoming more accessible, questions about media authenticity arise. Fast Fill marks a significant step toward broader AI-driven video manipulation.

Google’s AI-Enhanced Search Can Now Generate Images

Google is introducing its Search Generative Experience (SGE), allowing users to generate images from text prompts starting Thursday. This move follows Microsoft’s introduction of a similar feature in Bing Chat using OpenAI’s DALL-E model earlier this year. With SGE, users opted into Google’s Search Labs program can enter a query in the search bar, and the AI-powered tool generates images based on the prompt. The tool is powered by the Imagen family of AI models. Google also emphasizes responsible use, embedding metadata and watermarking to denote AI-generated images and preventing violations of its prohibited use policy. Additionally, Google is introducing draft generation tools using SGE for written content, allowing users to export drafts to Google Docs or Gmail.

Starlink Unveils New Page to Promote Upcoming Cellular Service in 2024

SpaceX has launched a new webpage to promote its upcoming “Starlink Direct to Cell” service, which aims to provide cellular connectivity to existing LTE phones using satellite technology. Initially, the service will focus on texting in 2024, with voice and data functionality planned for 2025, along with support for IoT devices. The service will work with existing LTE phones without the need for hardware, firmware changes, or special apps, offering seamless access to text, voice, and data. While the service may have relatively slower speeds of two to four megabits per second compared to terrestrial networks, it will provide extensive coverage, including remote areas in the continental US, Hawaii, parts of Alaska, Puerto Rico, territorial waters, and beyond T-Mobile’s network signal. Satellite connectivity for smartphones is becoming increasingly important, with companies like Apple and AST SpaceMobile exploring satellite-based solutions for emergency communication and 5G connectivity.

TikTok Revamps Payment System for Creators of Popular Filters and Effects

TikTok is introducing significant changes to its creator fund. This will be specifically for those who develop popular filters and effects on the platform. The Effect Creator Rewards program, is expanding to more regions, including Australia, Brazil, Canada, Japan, and the Philippines. The eligibility requirements have also been revised. Now creators can join with just five published filters, with at least three of them used in 1,000 videos. The payment structure will shift from a flat fee to a variable rate depending on factors like the region. These changes aim to make it easier for a wider range of effects creators to participate and potentially earn money from their creations. Previously, creators were often making filters without compensation, and the new system seeks to improve their monetization opportunities.

Uber Eats Introduces Multi-Store Ordering Feature

Uber Eats has introduced a new feature called “multi-store ordering.” The feature allows customers to order from two different stores or restaurants simultaneously without an extra fee. This feature comes in handy when, for example, one person craves tacos while another wants pizza. Customers can select items from a store’s menu. At the bottom of the menu, they will find a button to bundle their order with items from another store. This feature, while convenient for customers, may pose challenges for delivery drivers.

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Weekly Economic Update | Week Ending October 7, 2023

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Job growth unexpectedly surged in September – The Department of Labor and Statistics reported that 336,000 new full-time jobs were added in September. That was almost double the 170,000 new jobs that economists expected. The unemployment rate increased to 3.8% in September, up from 3.5% in August, its lowest level in almost 60 years, as more workers entered the workforce. Average hourly wages increased 4.2% year-over-year, down from 4.4% the previous five months.

The Dow Jones Industrial Average closed the week at 33,407.58, up 0.3% from 33.507.50 last week. It is up 0.8% year-to-date. The S&P 500 closed the week at 4,308.54, up 0.2% from 4,298.05 last week. It is up 12.2% year-to-date. The Nasdaq closed the week at 13,431.34 up 1.6% from 13,219.22 last week. It is up 28.3% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.78% up from 4.59% last week. The 30-year treasury bond yield ended the week at 4.95% up from 4.73% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of October 5, 2023, were as follows: The 30-year fixed mortgage rate was 7.49%, up from 7.31% last week. The 15-year fixed was 6.78% up from 6.72% last week.

Have a great weekend!

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Monthly Economic Update | Month Ending September 30, 2023

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Stock markets dropped and interest rates moved higher in September – Recent data released this month has indicated that inflation may be picking back up. Treasury bond yields rose to their highest levels since 2007 and mortgage rates hit a 23-year high in September. The CPI (Consumer Price Index), the broadest measure of inflation, rose for the second straight month. It had dropped every month for a year from a high of 9.1% in June 2022 to 3% in June of 2023. That streak ended in July when the CPI increased to 3.2%. It increased again to 3.7% in August. The Fed has increased interest rates over the past year and a half to combat inflation. They had hoped that these increases would slow the economy, curtail consumer spending, and reduce the rate of inflation. Fed Chairman Powell left rates unchanged in September but singled that there would be another rate increase this year. He also reiterated his commitment to bringing inflation down to the Fed’s 2% target. The latest jobless claims, people going on unemployment for the first time, dropped to the lowest level of the year. The Fed has also been trying to get the unemployment rate up, because a shortage in labor pushes wages up and encourages consumer spending, which are both inflationary. Economists are waiting for the September jobs report which will be released next Friday. That will signal how companies are responding to higher borrowing costs which so far have not discouraged many from cutting back on the number of employees. The U.S. credit rating downgrade and the massive amount of debt that needs to be financed has caused an oversupply of treasury bond sales which has also contributed to higher interest rates.

Stock markets – The Dow Jones Industrial Average closed the month at 33,507.50, down 3.5% from 34,721.91 on August 30. It is up 1% year-to-date. The S&P 500 closed the month at 4,298.05, down 4.6% from 4,507.66 last month. It is up 12% year-to-date. The NASDAQ closed the month at 13,219.92, down 5.8% from 14,034.97 last month. It is up 26.2% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.59%, up from 4.09% last month. The 30-year treasury bond yield ended the month at 4.73%, from 4.20% last month. We watch bond yields because mortgage rates often follow treasury bond yields. Both the 10-year and 30-year closed the month about .25% below their highest levels for the month after dropping in the last week of the month.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates as of September 28, 2023, for the most popular loan products were as follows: The 30-year fixed mortgage rate was 7.31%, up from 7.18% at the end of August. The 15-year fixed was 6.72%, up from 6.11% at the end of August.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 4.04 million units on a seasonally adjusted annualized rate in August, down 15.3% from an annualized rate of 4.77 million in August 2022. The median price for a home in the U.S. in August was $407,100, up 3.9% from $391,700 last August. There was a 3.3- month supply of homes for sale in August, up from a 3.2-month supply last August. First-time buyers accounted for 29% of all sales. Investors and second-home purchases accounted for 16% of all sales. All-cash purchases accounted for 27% of all sales. Foreclosures and short sales accounted for 1% of all sales.

California existing-home sales – The California Association of Realtors reported that existing-home sales totaled 254,740 on a seasonally adjusted annualized basis in August, down 5.3% month-over-month from July and down 19% from a revised 314,270 annualized sales pace last August. It should be noted that last August the number of sales were down about 20% from August 2021 making the number of sales about 40% lower than they were in 2021. August marked the eleventh straight month on sales dropping under 300,000 on an annualized basis. Year-to-date the number of homes sold was down 29.2% from the first eight months of 2022. The statewide median price paid for a home in July was $859,800, up 3.3% from July, and up 3.3% from $834,740 a year ago. There was a 2.4-month supply of single-family homes for sale in August, down from a 2.8-month supply one year ago.

The graph below has sales data for Southern California by region. This was compiled by the California Association of Real Estate.
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Weekly Economic Update | Week Ending September 30, 2023

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Stock markets – Interest rates rose further this week. Treasury bond yields rose to their highest levels since 2007 and mortgage rates hit a 23-year high on Wednesday. They backed off slightly on Thursday and Friday. As reported last week there has been recent data suggesting that the economy and consumer spending has heated up. Inflation has ticked up over the last two months after falling steadily every month since June. The U.S. credit rating downgrade and the massive amount of debt that needs to be financed has caused an oversupply of treasury bond sales which has contributed to higher interest rates. Friday, the Producer Consumption Expenditure Index, a key gauge of inflation, came in slightly better than expected, and rates settled slightly. Everyone is waiting for the release of the September job report next Friday. The Fed is committed to slowing hiring as the shortage in labor has pushed up wages and encouraged consumer spending which is inflationary. The Dow Jones Industrial Average closed the week at 33,507.50, down 1.3% from 33.963.84 last week. It is up 1% year-to-date. The S&P 500 closed the week at 4,298.05, down 0.5% from 4,320.08 last week. It is up 12% year-to-date. The Nasdaq closed the week at 13,219.32, almost unchanged from 13,211.81 last week. It is up 26.2% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.59%, up from 4.44% last week. The 30-year treasury bond yield ended the week at 4.73%, up from 4.53% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of September 28, 2023, were as follows: The 30-year fixed mortgage rate was 7.31%, up from 7.19% last week. The 15-year fixed was 6.72%, up from 6.54% last week.

Have a great weekend!
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Weekly Economic Update | Week Ending September 16, 2023

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Stock markets were roughly unchanged this week – Investors weighed another week of data that showed renewed strength in the economy. Key data included: The Consumer Price Index (CPI) increased by 3.7% in August from one year ago. That’s up from a 3.2% year-over-year increase in July and a 3% increase in June, marking a second consecutive monthly increase after dropping every month from July 2022 to June 2023. Oil prices hit their highest point since last November. Retail sales were also better than expected, up 2.5% from last August. Retail sales were up 2.2% in June and July from a year earlier. The economy is just not cooling the way the Fed expected when they began their tightening measures over a year ago. Investors, who felt that the Fed was done or nearly done raising rates, now feel that there will be at least one more increase in the coming months. They also feel that rates will remain high for longer than previously expected. Bond yields and mortgage rates are now at their highest levels in 20 years. Experts expect mortgage rates to drop significantly once we see some signs of slowing in the economy. The Dow Jones Industrial Average closed the week at 34,618.24, up 0.1% from 34,576.59 last week. It is up 4.3% year-to-date. The S&P 500 closed the week at 4,450.32, down 0.2%from 4,457.59 last week. It is up 15.9% year-to-date. The Nasdaq closed the week at 13,704.34, down 0.4% from 13,761.53 last week. It is up 30.9% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.33% up from 4.26% last week. The 30-year treasury bond yield ended the week at 4.42%, up from 4.33% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of September 14, 2023, were as follows: The 30-year fixed mortgage rate was 7.18%, up slightly from 7.12% last week. The 15-year fixed was 6.51%, almost unchanged from 6.52% last week.

Home sales data from the California Association of Realtors and the National Association of Realtors will be released next week.

Have a great weekend!

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Weekly Economic Update | Week Ending September 9, 2023

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Stock markets closed lower this week – Stocks lost ground based on fears that interest rates will remain high for a longer period than previously expected. This is due to another round of strong economic news. New data suggests there is renewed strength in the labor market as jobless claims dropped to their lowest levels since February. Worker productivity increased by 3.5% last quarter, it’s highest level since 2017. The value of the dollar grew stronger, it is up 5.6% from July of this year. Oil prices rose to a 9-month high, placing pressure on inflation. Sales and inflation data for the month of August will be released next week. The Dow Jones Industrial Average closed the week at 34,576.59, down 0.8% from 34,837.71 last week. It is up 4.3% year-to-date. The S&P 500 closed the week at 4,457.59, down 1.3% from 4,515.77 last week. It is up 16.1% year-to-date. The Nasdaq closed the week at 13,761.53, down 1.9% from 14,031.81 last week. It is up 31.5% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.26% up from 4.18% last week. The 30-year treasury bond yield ended the week at 4.33%, up from 4.29% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that as of September 7, 2023, mortgage rates for the most popular loan products were as follows: The 30-year fixed mortgage rate was 7.12%, down slightly from 7.18% last week. The 15-year fixed was 6.52% up from 6.11% last week.

Home sales data for August will be released in the coming week by the California Association of Realtors and the National Association of Realtors. Local data by city or zip code is available now on our website RodeoRe.com.

Have a great weekend!
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Weekly Economic Update | Week Ending September 2, 2023

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Stock markets posted their best week since June – Stock markets ended the week with solid gains as economic data pointed to a potential slowdown in the economy. Investors are in the “bad news is good news” mode. After weeks of solid economic data that sent bond yields and mortgage rates to 20-year high levels, this week’s data pointed to some slowing. The second quarter GDP (Gross Domestic Product), the broadest indicator of economic growth, was revised downward from its initial reading of 2.4% annual growth to 2.1% annual growth. While the number of new jobs created in August was slightly above expectations, the unemployment rate increased, and consumer confidence dropped unexpectedly. The Dow Jones Industrial Average closed the week at 34,837.71, up 1.4% from 34,346.90 last week. It is up 5.1% year-to-date. The S&P 500 closed the week at 4,515.77, up 2.5% from 4,405.71 last week. It is up 17.6% year-to-date. The Nasdaq closed the week at 14,031.81, up 3.3% from 13,590.65 last week. It is up 34.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.18% almost unchanged from 4.25% last week. The 30-year treasury bond yield ended the week at 4.29%, almost unchanged from 4.30% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of August 31, 2023, were as follows: The 30-year fixed mortgage rate was 7.18%, down from 7.25% last week. The 15-year fixed was 6.11% down from 6.55% last week.

Job growth was strong in August, but the unemployment rate increased – The Department of Labor and Statistics reported that 187,000 new full-time jobs were added in August. That was in line with economists’ expectations. While roughly the same number of new jobs were created as reported in July, July was revised downward by 30,000 to 157,000 today. The unemployment rate increased to 3.8% in August, up from 3.5% in July, its lowest level in almost 60 years, as more workers entered the workforce. Average hourly wages increased 4.4% from one year ago, unchanged from the previous month. The labor-force participation rate (the share of workers with a job or actively looking for a job) was 62.8%, up from 62.6% in July. Experts feel that perhaps people’s COVID stimulus savings are running out to explain more workers entering the workforce. The labor force is still well below its 63.4% level before the pandemic.

Have a great Labor Day weekend!
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Monthly Economic Update | Month Ending August 31, 2023

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Stock markets dropped in August – Although it has been an incredible year of stock market gains, August marked a challenging month. Stock markets dropped due to fears of higher interest rates. Bond yields and mortgage rates rose to the highest levels in 20 years as economic data suggested that the economy was showing no signs of slowing. The Fed increased interest rates and gave hawkish comments suggesting that high rates would remain at these levels for longer than many experts expected. In the last week of the month there was news which suggested the economy may finally be reacting to the Fed’s tightening campaign. Some inflation gauges showed moderation, second quarter GDP was revised downward to 2.1% growth, from its initial reading of 2.4%, and consumer confidence took a sudden drop. The Dow Jones Industrial Average closed the month at 34,721.91, down 2.4% from 35,559.53 on July 31st. It is up 4.7% year-to-date. The S&P 500 closed the month at 4,507.66, down 1.8% from 4,588.96 last month. It is up 17.4% year-to-date. The NASDAQ closed the month at 14,034.97, down 2.2% from 14,346.02 last month. It is up 34.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the month yielding 4.09%, up from 3.97% last month. The 30-year treasury bond yield ended the month at 4.20%, from 4.02% last month. We watch bond yields because mortgage rates often follow treasury bond yields. Both the 10-year and 30-year closed the month about .25% below their highest levels for the month after dropping in the last week of the month.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates as of August 31, 2023, for the most popular loan products were as follows: The 30-year fixed mortgage rate was 7.18%, up from 6.81% at the end of July. The 15-year fixed was 6.55%, up from 6.11% at the end of July.

Job growth was strong in August, but the unemployment rate increased – The Department of Labor and Statistics reported that 187,000 new full-time jobs were added in August. That was in line with economists’ expectations. While roughly the same number of new jobs were created as reported in July, July was revised downward by 30,000 to 157,000 today. The unemployment rate increased to 3.8% in August, up from 3.5% in July, its lowest level in almost 60 years, as more workers entered the workforce. Average hourly wages increased 4.4% from one year ago, unchanged from the previous month. The labor-force participation rate (the share of workers with a job or actively looking for a job) was 62.8%, up from 62.6% in July. Experts feel that perhaps people’s COVID stimulus savings are running out to explain more workers entering the workforce. The labor-force is still well below its 63.4% level before the pandemic.

Home sales figures are released on the third week of the month by the California Association of Realtors and the National Association of Realtors. This is the July home sales data.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 4.07 million units on a seasonally adjusted annualized rate in July, down 16.6% from an annualized rate of 4.88 million in July 2022. The median price for a home in the U.S. in July was $406,700, up 1.9% from $399,000 one year ago. There was a 3.3-month supply of homes for sale in July, up from a 3.2-month supply last July. First-time buyers accounted for 30% of all sales. Investors and second-home purchases accounted for 16% of all sales. All-cash purchases accounted for 26% of all sales. Foreclosures and short sales accounted for 1% of all sales.

California existing-home sales – The California Association of Realtors reported that existing-home sales totaled 269,180 on a seasonally adjusted annualized basis in July. That marked the tenth straight month on sales dropping under 300,000 on an annualized basis. The number of sales is down approximately 40% from July 2021. Year-to-date the number of homes sold was down 30.3% from the first seven months of 2022. The statewide median price paid for a home in July was $832,390, up 0.2% from $830,870 last July. There was a 2.5-month supply of single-family homes for sale in July, down from a 3.1-month supply one year ago.

The graph below has sales data for Southern California by region. This was compiled by the California Association of Real Estate.

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From Taylor Swift on the Big Screen to LG’s TV Briefcase and More! | Tech News

Stay connected in the world of technology and media with our weekly round-up with leading stories from Taylor Swift on the Big Screen to LG’s TV Briefcase and more. Read on for what’s happening around the globe.

Taylor Swift’s “Eras Tour” Hits Theaters

Although some Taylor Swift fans might still be disappointed with Ticketmaster for missing the live Eras Tour, AMC is offering a silver lining by showcasing the tour in its theaters nationwide. Starting this October, AMC plans to broadcast the “Taylor Swift | The Eras Tour” — a filmed version of Swift’s latest concert — with multiple daily screenings from Thursday to Sunday. The screenings aren’t just limited to regular theaters; premium IMAX and Dolby locations will join the lineup, and other chains like Regal and Cinemark are also considering showings. Taylor Swift took to Instagram to invite fans to these cinematic events, encouraging them to dress in Eras gear and actively sing and dance along. Addressing the Taylor Swift Eras tour’s immense popularity, AMC promises enhanced ticketing systems to accommodate demand and aims to make these viewings widely accessible and affordable.

LG Debuts Suitcase TV

Unveiled in the US earlier this month, LG’s unique 27-inch suitcase TV, the StanbyME Go, priced at $999.99, is now being showcased at IFA 2023 in Berlin. While we couldn’t find the touchscreen-optimized games on the demo, the TV’s flexible articulating design, allowing for easy swivel from portrait to landscape, was notably robust. The TV also boasts a sturdy stand mechanism, a single HDMI port, USB input, and a built-in battery promising three hours of runtime. Its 1080p LCD display seemed standard when compared to LG’s 4K OLEDs. Those interested can currently preorder the TV on LG’s US website, with deliveries expected around October 16th.

Nintendo Unveils Vibrant Red Switch OLED for “Mario Wonder”

In the latest Nintendo Direct, not only did we glimpse the gameplay of the forthcoming “Super Mario Bros. Wonder”, but we were also introduced to a vibrant red OLED Nintendo Switch designed specifically for the game. Sporting a sleek Mario theme, including a silhouette of the character and concealed coins, this special edition console drops on October 6th, a fortnight before “Wonder” launches on October 20th. Such exclusive console designs aren’t new for Nintendo; past releases include a Mario-themed Switch for “Super Mario 3D World + Bowser’s Fury” and a Zelda-inspired one for “Tears of the Kingdom”. This October’s release accentuates a landmark year for Mario, also marked by a theme park and a movie.

Soon, Threads will introduce a feature to search within posts

Threads is set to introduce a keyword-based search feature for posts, as revealed by CEO Mark Zuckerberg. An embedded image gives a sneak peek into its functionality. When users search for a keyword, it currently shows usernames. With the new update, hitting “search” will also display all posts with that keyword. As of now, the keyword search feature is under testing in Australia and New Zealand. There are plans to roll it out in more English-speaking regions soon. Christine Pai from Instagram states that based on community feedback, they are enhancing the search experience. Likewise, Threads has continued to expand its features since its significant launch in July.

VanMoof e-bikes find a buyer

Lavoie, the e-mobility branch of McLaren Applied, is set to purchase the innovative e-bike manufacturer VanMoof. This acquisition promises a resurgence for the pioneering brand. Likewise, this reassures the approximately 200,000 customers who invested in their advanced e-bikes crafted from unique components. The collaboration aims to stabilize VanMoof’s operations and amalgamate their collective expertise to shape the future of e-mobility. In 2022, Lavoie unveiled its inaugural electric scooter with the Series 1 foldable. Priced at $2,000, the Series 1 is scheduled for distribution in the US, UK, and Europe from November. 

Jabra Unveils Its Most Luxurious and Durable Earbuds to Date

To make its mark, Jabra has introduced two high-end earbuds, each designed for distinct purposes. The Elite 10, priced at $249, aims to provide unparalleled sound and comfort. Simultaneously, the $199 Elite 8 Active is tailored for fitness enthusiasts, boasting unmatched durability. Both models highlight Jabra’s move towards spatial audio. The Elite 10 showcases a semi-open design for comfort and is integrated with cutting-edge noise cancellation. Enhanced with 10-millimeter drivers and a collaboration with Dolby for head-tracking spatial audio, these earbuds promise rich sound quality. The six-mic system ensures clear calls and reduces wind interference. With a battery life of six hours, the Elite 10 offers robust sound and advanced noise cancellation.

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Weekly Economic Update | Week Ending August 26, 2023

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Economic news this week focused around the Fed’s annual international symposium. Central banks from around the world as well as U.S. Fed Chairman Jerome Powell reiterated their intent to do whatever it takes to bring inflation down to their 1% target. Powell pretty much stated that further increases would be necessary, as growth has exceeded expectations. He spoke about the tight labor market being a major cause of inflation. He said that we won’t reach the target at the current unemployment level, and the need to get the unemployment rate higher. It is currently at the lowest level in over 50 years. That appears to be a target that the Fed will be focusing on when they set monetary policy. The Dow Jones Industrial Average closed the week at 34,346.90 down 0.5% from34,500.66 last week. It is up 3.6% year-to-date. The S&P 500 closed the week at 4,405.71, up 0.8% from 4,369.71 last week. It is up 14.7% year-to-date. The Nasdaq closed the week at 13,590.65, up 2.3% from 13,290.78 last week. It is up 29.8% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.25% almost unchanged from 4.26% last week. The 30-year treasury bond yield ended the week at 4.30%, down slightly from 4.38% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of August 24, 2023, were as follows: The 30-year fixed mortgage rate was 7.24%, up from 7.09% last week. The 15-year fixed was 6.55% up from 6.46% last week.

U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 4.07 million units on a seasonally adjusted annualized rate in July, down 16.6% from an annualized rate of 4.88 million in July 2022. The median price for a home in the U.S. in July was $406,700, up 1.9 from $413,800 one year ago. There was a 3.3-month supply of homes for sale in July, up from a 3.2-month supply last July. First-time buyers accounted for 30%of all sales. Investors and second-home purchases accounted for 16% of all sales. All-cash purchases accounted for 26% of all sales. Foreclosures and short sales accounted for 1% of all sales.

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