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US mortgage rates hit a 21-year high, contrasting earnings reports from Target and Walmart, Saudi Arabia and UAE's investments in AI with Nvidia chips, scarcity of talent in generative AI and ethical concerns with autocracies using AI models.
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Quick takeaways
- US mortgage rates reach a 21-year high, impacting affordability for home buyers and creating challenges for the housing market.
- Walmart and Target's mixed earnings reflect variations in consumer spending habits and product offerings, influenced by factors such as budget-consciousness and backlash against specific merchandise.
Deep dives
U.S. Mortgage Rates at 21-Year High
U.S. mortgage rates have reached a 21-year high, driven by the Federal Reserve's aggressive interest rate increases. The average 30-year fixed-rate mortgage now stands at 7.09%, impacting affordability for home buyers and creating challenges for the housing market. Additionally, the yield on 10-year treasuries has reached its highest level in 16 years, signaling increased borrowing costs.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode