Latest Business News: Are Banks and Housing About to Get Crushed by Rising Rates?

Wochit 1:03 mins

Are Banks and Housing About to Get Crushed by Rising Rates? The evidence is everywhere: mortgage rates are at a two-year high, applications have fallen for four straight weeks after climbing for more than a year, and Fed Chairman Ben Bernanke says he would have to "push back" if the impact of rising interest rates were jeopardizing the recovery. The U.S. Treasury Department said China acknowledged U.S. concerns about cyber theft of intellectual property and trade secrets and agreed to steps that would open its financial and government procurement markets. In a statement on outcomes of the annual U.S.-China Strategic & Economic Dialogue, the Treasury Department also said China had committed to move to a market-determined exchange rate for its (YOU-ON) currency. The price of oil rose back above $105. Gasoline prices jumped the most since mid-February, unwelcome news for summertime drivers.

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