Business Week: Housing market falls

The mortgage rate has risen to 5 percent for the first time in more than a decade, the kind of increase that has created problems for the housing market in the past. But the effect of the high rate in the current climate is uncertain. During an epidemic, many people, with extra savings in their pockets and looking for more space, raise home prices. This, combined with supply chain problems, slows down the construction of new homes, increases competition and makes it harder for new homes to arrive. The list of homes for sale remains extremely low, and there are still more interested buyers than homes But if the market doesn’t feel the sting, potential home buyers will, especially those who are already struggling with the rising cost of food, gas, cars and other daily necessities.

In less than two weeks, Elon Musk bought a 9 percent stake in Twitter, joined the board, left the board and, now, submitted a bid to buy the company directly for $ 43 billion. In a filing with the Securities and Exchange Commission on Thursday, Mr Musk said he had “not been playing the game before” and had gone “straight to the end” with his proposal. But there seems to be something more “front-to-back” ahead. On Friday, Twitter’s board took a so-called poison pill to thwart Mr Musk’s attempt to acquire the company. Mr Musk said he had a plan B if Twitter turned down his offer, but he could still face intense scrutiny from the SEC, especially considering its history of problems with the agency and its involvement in Twitter considering a new lawsuit against him. Delaying publication. Mr Musk has repeatedly expressed a desire to reduce Twitter content and in his Thursday filing he said he did not trust the site’s current leadership to prioritize freedom of speech on the platform.

Inflation in the United States hit 8.5 percent in March, registering the effects of the Ukraine war, which pushed up gas prices. It was the fastest rate of inflation in 12 months since 1981. But economists say March could represent a peak, as fuel costs have begun to fall and some researchers expect consumers to stop buying so many products. And a bright spot in the report was that the core inflation rate, which is not separated by volatile food and fuel prices, was slightly lower in March than in the previous month. Federal Reserve Governor Lel Brainard said the numbers were “very welcome.”

Russia faces a payment deadline, and due to Western sanctions, it may not be able to meet its obligations. This month, the Russian government repaid about $ 650 million in dollar-denominated loans in rubles. As a result, S&P Global has placed the country under a “selected default” rating. Moody’s, another rating agency, said on Thursday that the country could be considered a defaulter if it could not find a way to repay its foreign exchange bonds in dollars instead of rubles. Russia has a 30-day grace period to withdraw money in dollars, but that window closes on May 4, at which point Russia could default on its foreign exchange debt for the first time in more than a century.

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