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News
Rental giant Hertz dumps EVs, including Teslas, for gas cars
Rental firm Hertz Global Holdings (HTZ.O) is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled. Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end. CEO Stephen Scherr had last year at the JPMorgan Auto Conference flagged headwinds from higher expenses for its EVs, particularly Teslas. Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions, he said.
Bond Market Adds to Fed Rate-Cut Bets Despite Inflation Uptick
Bond traders shrugged off higher-than-anticipated inflation readings for December, pricing in a larger total amount of Federal Reserve interest-rate cuts this year beginning in May. While yields surged immediately after the consumer price index showed prices rose more than economists expected, the moves were sustained only until an auction of 30-year bonds cleared the market several hours later. In US afternoon trading, swap contracts that anticipate what the interest rate targeted by the Fed will be in the future repriced to lower levels.
U.S. deficit tops half a trillion dollars in first quarter of fiscal year
The U.S. government ran up another half a trillion dollars in red ink in the first quarter of its fiscal year, the Treasury Department reported Thursday. For the period from October 2023 through December 2023, the budget deficit totaled just shy of $510 billion, following a shortfall of $129.4 billion in just December alone, which was 52% higher than a year ago. The jump in the deficit pushed total government debt past $34 trillion for the first time. Compared to last year, which saw a final deficit of $1.7 trillion, 2024 is running even hotter.
US Mortgage Rates Climb for Second Straight Week, Hitting 6.66%
The average for a 30-year, fixed loan was 6.66%, up from 6.62% last week, Freddie Mac said in a statement Thursday. Borrowing costs have risen slightly as traders grapple with questions around the Federal Reserve’s future path. US inflation accelerated in December, tempering expectations about possible rate cuts from the central bank. Federal Reserve Bank of New York President John Williams cautioned that policymakers need more evidence before making cuts. That’s kept the yield on the 10-year Treasury hovering above 4%, and pushed mortgage rates higher.