Dow tumbles after Fed predicts it will raise rates soon

By CNN Business

Updated 6:54 p.m. ET, June 16, 2021
4 Posts
Sort byDropdown arrow
9:37 a.m. ET, June 16, 2021

Housing starts and building permits fell short of expectations in May

From CNN Business' Anneken Tappe

In this morning's economic data, housing starts and building permits for May fell just short of analyst expectations.

Building permits came in at 1.7 million, about 50,000 below the consensus. Similarly, housing starts stood at 1.6 million, about 60,000 lower than analysts polled by Refinitiv expected.

8:37 a.m. ET, June 16, 2021

US stock futures are mixed

From CNN Business' Jordan Valinsky

Stocks are mixed ahead of the Federal Reserve’s monetary policy update.

Wall Street expects the Fed to keep rates near zero, but it will closely examine every word of the Fed's statement at 2 pm ET and Chairman Jerome Powell's press conference at 2:30 pm ET for signs that the Fed is easing its foot off the stimulus gas. Some investors expect the Fed to signal interest rates could rise sooner than expected to help combat inflation.

On Tuesday, all three major indexes finished in the red, just one day after the S&P 500 and the Nasdaq Composite both reached new all-time highs.

Here's where things stand as of 6:45 am ET:

6:14 a.m. ET, June 16, 2021

Exclusive: JPMorgan is calling for reforms to stop racial bias in housing

From CNN Business' Matt Egan

JPMorgan Chase (JPM) is throwing its considerable weight behind efforts to root out racial bias in the appraisal of homes in America.

As part of a new bank-wide commitment to fight housing inequality, JPMorgan is for the first time outlining specific legislation that can fight appraisal bias, backing the study of innovative ways to value homes and promoting efforts to boost sorely needed diversity in the appraisal industry.

Beyond appraisals, America's biggest bank is promising to ease obstacles that make it harder for Black and Latinx households to buy homes, build wealth and access affordable housing.

There are systematic barriers in housing — and we have a role to play in addressing them," Heather Higginbottom, president of the JPMorgan Chase Policy Center and co-head of global philanthropy, told CNN Business.

Read more here.

6:16 a.m. ET, June 16, 2021

US officials propose $25 million fine against Air Canada over airfare refunds

From CNN's Gregory Wallace

US officials are seeking a $25 million fine from Air Canada, accusing the airline of failing to provide timely refunds to more than 5,000 passengers during the coronavirus pandemic.

The formal complaint is the first enforcement action that the Department of Transportation has announced against an airline since the pandemic upended the travel industry in the spring of 2020. Air Canada said it would dispute the allegations and believes the DOT argument "has no merit."

Read more here.