After the bell: Fed rate hike; Ford sales fall; Wells Fargo layoffs; Paying for snacks – SOOV-TV | Indianapolis News | Indiana weather | Rare Techy
INDIANAPOLIS (WISH) — The Federal Reserve went “big” again today and raised interest rates by another 75 basis points as expected.
The move takes the interest rate to a 15-year high, close to 4%.
This makes bank and maintenance loans more expensive once again. Investors will be glad to see that the Fed is still serious about fighting inflation.
The Fed has also signaled that it is starting to ease its aggressive stance, and many economists think we will only see a 50 basis point rate hike in December.
Ford sales are falling
Ford sales fell 10% in October. The automaker blames supply chain issues for delays in deliveries to dealers.
Ford sold just 158,000 new vehicles last month, compared with 176,000 in the same month last year. Sales of the F-150 pickup fell 17%.
Wells Fargo layoffs
Wells Fargo mortgage workers prepare for layoffs.
Fewer people apply for loans and workers fear losing their jobs.
The bank had recently issued only 18,000 loans, which is 90% less than a year earlier.
Wells Fargo is known for its dependence on mortgages.
Paying for snacks
Groceries are expensive these days, but people are willing to pay for snacks.
Oreo maker Mondelez International had a huge third quarter.
Mondelez officials say people consider these little chocolate chip cookies “affordable fun.”
Customers won’t even settle for the cheaper versions of Oreos, instead paying full price for the dipable treats. The company plans to raise prices next year.