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Today's Top Stories

  • Mortgage rates inch closer to 6%, highest level since 2008
  • GM is targeting a mass audience with the new fully-electric Chevrolet Equinox SUV
  • White House says crypto mining could be banned if environmental risks remain

Econ Bytes

AP File

 

Mortgage Rates Reach Highest Level Since 2008

 

Inching closer to 6%, mortgage rates reached their highest level since 2008. The 30-year fixed-rate mortgage is averaging around 5.89%, whereas this time last year it was 2.88%. Rates are rising in response to expectations of a more aggressive Fed policy, leading many home buyers to put their search on hold. Some economists predict the strong job market will ensure people continue to look for houses, but this is speculation at this point. What's certain now is that applications for mortgages continue to decline.

 

Tech Bytes

GM

 

GM Targets Masses With $30,000 All-Electric Chevrolet Equinox SUV

 

In its latest bid to ramp up EV sales, GM is launching a $30,000 fully electric SUV to hit the mass market. For years GM has wanted to surpass rival Tesla, and the 2024 Chevrolet Equinox EV will finally test the company's ability to appeal to the masses. Compact SUVs are known to be one of the most popular categories, and the Equinox is being priced even lower than offerings from Ford and Tesla. Still, GM's first effort to produce an affordable EV (the Chevrolet Bolt) has been anything but spectacular. The company is betting that the Equinox is a bigger hit.

 

Notable Decliners

  • Bilibili (BILI) -15.0%
  • Verint Systems (VRNT) -8.0%
  • Cardlytics (CDLX) -4.2%
  • Wayfair (W) -3.7%
  • Marqeta (MQ) -1.7%
 

Earnings

  • Monday: N/A
  • Tuesday: N/A
  • Wednesday: Gamestop, NIO
  • Thursday: DocuSign, Zscaler
  • Friday: Kroger 

Crypto Bytes

Shutterstock

 

White House: Bitcoin Mining Must Be Greener—Or US Should Ban It

 

This Thursday, the White House hinted that U.S. lawmakers could crack down on cryptocurrency mining. A report mandated by President Biden said crypto miners should reduce greenhouse gas emissions and proposed that the government collect more information on the industry's power usage. However, the White House went a step further by stating "Congress might consider legislation, to limit or eliminate the use of... [energy intensive] crypto-asset mining." For those unaware, after China cracked down on crypto, the U.S. share of global mining rose to 38%. As crypto mining continues to grow in the country, U.S. regulators will without a doubt continue to observe its societal impact.

 

Notable Gainers

  • Helium (OKB) +19.49%
  • Terra Classic  (LUNC) +15.67%
  • EOS (QNT) +8.25%
  • Curve DAO Token (XTZ) +8.05%
  • TerraClassicUSD (LINK) +7.98%

rareliquid

 
 

Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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