Mortgage rates rise to nearly 6.3%, the highest level since 2008

Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgage averaged 6.29% in the week ending September 22, up from 6.02% the week before, according to Freddie Mac. That is significantly higher … Read more

Why Jamie Dimon apologized to Elizabeth Warren

new York CNN Business — JPMorgan Chase CEO Jamie Dimon testified on Capitol Hill Thursday for the second straight day. This time, he faced his longtime critic Sen. Elizabeth Warren. Warren began her line of questioning by asking how many instances of fraud had been reported to his bank from customers using Zelle, a popular … Read more

The big threat to the US economy no one is talking about

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. new York CNN Business — This Friday, you have of thousands of railroad workers are poised to go on strike, potentially bringing nearly a third of all US freight to a grinding halt. It would … Read more

‘We need to act right now’: Fed Chairman Powell vows to continue aggressive inflation fight

CNN — At a think tank conference Thursday, Federal Reserve Chairman Jerome Powell reiterated his pledge to stay the course on the central bank’s aggressive inflation-busting policy. “The Fed has, and accepts, responsibility for price stability,” he said at the Cato Institute’s 40th Annual Monetary Conference. “We need to act right now — forthrightly, strongly.” … Read more

‘New normal’ across the Taiwan Strait as China threat looms ever closer

Editor’s Note: A version of this story appeared in CNN’s Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country’s rise and how it impacts the world. Sign up here. CNN — China is attempting to establish a “new normal” across the Taiwan Strait, eroding self-ruled Taiwan’s territorial control … Read more

China’s military drills around Taiwan threaten to upend global trade

Hong Kong CNN Business — China’s live-fire military drills around Taiwan are threatening to disrupt trade and commercial travel in East Asia, forcing vessels to reroute away from one of the world’s busiest waterways and putting further pressure on strained global supply chains. On Thursday, China kicked off drills involving the navy, air force and … Read more

US and China on a knife’s edge over Taiwan ahead of Xi-Biden phone call

CNN — No one can afford to look weak. The latest American showdown with China was sparked by leaked plans for a possible visit by House Speaker Nancy Pelosi to Taiwan – and is particularly dangerous because it is driven by domestic politics on both sides of the Pacific. The spat is already worsening poor … Read more

Nancy Pelosi’s possible visit to Taiwan raises concerns China might interfere with airspace, US official says

Washington CNN — Biden administration officials are concerned that China could seek to declare a no-fly zone over Taiwan ahead of a possible visit by House Speaker Nancy Pelosi as an effort to upend the trip, potentially raising tensions even further in the region, a US official told CNN . China could also respond by … Read more

Biden gives Saudis the gesture they wanted. But he returns to Washington with little in hand

Editor’s Note: A version of this story first appeared in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Sign up here. Jeddah, Saudi Arabia CNN  —  It was always going to be awkward – Crown Prince Mohammed bin Salman’s greeting with US President Joe Biden. Much speculated about, … Read more

Saudi Arabia opens airspace to Israeli flights

CNN — Saudi Arabia on Friday opened its airspace to all civilian carriers, including all flights to and from Israel, in a step toward normalizing relations between the two nations as US President Joe Biden tours the Middle East. In a statement shared hours before he was due to fly directly from Israel to Saudi … Read more