After the bell: The Fed’s rate hike; Ford sales fall; Wells Fargo layoffs; Paying for snacks
INDIANAPOLIS (WISH) — The Federal Reserve went “big” again today and boosted the rate by another 75 basis points as expected.
The move pushes the rate to the highest level in 15 years, near 4%.
This once again makes bank and care loans more expensive. Investors are happy to see the Fed is still serious about fighting inflation.
The Fed also hinted it will start easing its aggressive stance and many economists think we’ll only see a 50 point rate hike in December.
Ford sales falling
Ford sales fell 10% in October. The automaker is blaming supply chain issues for delayed shipment to dealers.
Ford sold only 158,000 new vehicles last month, compared to 176,000 during the same month the year before. F-150 pickup sales fell 17%.
Wells Fargo layoffs
Mortgage workers at Wells Fargo are bracing for layoffs.
Fewer people are applying for loans, and workers are scared they’ll lose their jobs.
The bank had just 18,000 loans in its pipeline recently, down 90% from a year earlier.
Wells Fargo is known for being reliant on mortgages.
Paying for snacks
Groceries are expensive these days, but people are willing to pay for snacks.
Mondelez International, who makes Oreos, had a huge third quarter.
Mondelez officials say people view those little chocolate cookies as “affordable indulgences.”
Customers aren’t even settling on the cheaper versions of Oreos, they’re paying full price for the dippable treats. The company plans to raise prices next year.