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🗞️ Trump's 2nd assassination attempt

🗞️ Trump's 2nd assassination attempt

Mortgage rates are ideal below 5.25%

Techonomy Barista
September 17, 2024

The Techonomy Barista: because adulting is hard, but staying tech-savvy doesn’t have to be. ✊

Today’s news for you:

Trump survives 2nd assassination attempt in two months.
Fed’s rate cut could impact the world.
Tesla’s Supercharger expansion slows down.
Mortgage rates below 5.25% makes median-priced homes cheaper than renting.

We’re excited to announce we have launched a podcast for our top stories because we heard some of you like to listen on the move, so please give this a try and let us know what you think! 🙂

Markets

Economic Calendar

Calendar showing important economic events for the top five economies of the world. All times US EST.

1. Secret Service foils apparent Trump assassination attempt 🔫

Source: Reuters

Key takeaways:

Secret Service agents fired on a gunman near Trump's golf course in West Palm Beach, Florida.
Suspect arrested after fleeing, leaving behind an AK-47-style rifle.
Incident occurred two months after Trump was grazed by gunfire at a campaign rally.
Suspect identified in media as Ryan Wesley Routh, 58, from Hawaii.
Routh was an outspoken supporter of Ukraine who traveled there after Russia's 2022 invasion.

Source: Techonomy Barista analysis.

2. Fed's first rate cut in 4 years could impact global markets 🌐

The MSCI World index tracks the performance of approx. 1,500 large and mid-cap companies across 23 developed countries.
Source: Barclays Research, LSEG, Reuters

Key takeaways:

Fed to cut interest rates for the first time in four years on Sep 18.
Scale of overall easing and impact of U.S. election remain uncertain.
Global investors and central banks looking to Fed for economic guidance.
Rate cut could influence currencies, bonds, stocks and commodities globally.
Emerging markets may gain more room to ease their own monetary policies.

Source: LSEG, Reuters

How it impacts you:

Your mortgage or loan rates might finally start to ease up. Time to celebrate with a slightly less expensive avocado toast! 🥑
Your stock portfolio might get a boost if the rate cut leads to a "soft landing." But remember, the market can be as unpredictable as your cat's mood swings.
If you're into precious metals, your gold investments might shine brighter. It's like your own personal economic bling. 💎
Keep an eye on your savings account interest rates, they might dip.

3. Tesla's Supercharger expansion slows down, challenges ahead 🔌

Source: WSJ

Key takeaways:

Tesla's Supercharger network expansion has slowed, with new port openings down 28% from May to August compared to last year.
The slowdown follows widespread layoffs in April that affected the team responsible for installing new chargers.
Tesla is under pressure to expand its network and open it to non-Tesla vehicles; several automakers already having access or agreements in place.
The company has received millions in government funding for new charger installations but faces challenges in rolling out to other automakers.
Tesla is attempting to rebuild its Supercharger team and get back on track with expansion plans.

What this could mean for you:

Your next road trip might involve a game of "Supercharger Roulette" as you compete with an increasing number of EV drivers for those precious charging spots. 🎰
On the bright side, your non-Tesla driving friends might finally stop giving you the cold shoulder at EV meetups. Just don't expect them to bring any adapters to the party. 🤷‍♂️

4. Housing market split: Homeowners win, buyers struggle despite 6.2% mortgage rates. 🏠

Source: WSJ

Key takeaways:

Mortgage rates dropped to 6.2% from 7.79% last fall.
Home prices have climbed over 50% since 2019.
Homeowners with mortgages had $17.5 trillion in equity in July.
90% of homeowners with mortgages could borrow against equity.
Mortgage rates need to fall below 5.25% for median-priced homes to be cheaper than rent.

How it impacts you:

If you're a homeowner, you might consider refinancing to take advantage of lower rates.
Tapping into home equity through HELOCs becomes more affordable with expected rate cuts.
As a renter, the housing market remains challenging due to high prices and limited inventory. 🏡