Consumer Affairs

‘Savings will run out’: Already hit by rising inflation, Fed rate hike will hit low-income and rural Americans hard

The Federal Reserve raised its benchmark interest rate by 0.75 percentage points on Wednesday in an effort to cool rising costs of consumer goods and services. While economists say a rate hike will help cool consumer demand and hope to ease record high inflation, it will also increase the cost of borrowing for everything from …

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DOJ: Buffett’s company discriminated against black homebuyers

New York — WASHINGTON (Reuters) – A Pennsylvania mortgage company owned by billionaire Warren Buffett has discriminated against potential black and Latino home buyers in Philadelphia, New Jersey and Delaware, the Justice Department said on Wednesday, in what is being called the second largest redline settlement in history. The Trident Mortgage Company, a division of …

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Stock market turmoil may not scare retail investors: ‘We’re not seeing investors respond in the usual way’

Surveys and buying data suggest that despite all the bearish dips so far this year, the stock market may not frighten many retail investors. A quarter (26%) of people said the stock market is the best place to spend money that they won’t need to tap for a decade, according to a new Bankrate.com survey. …

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