The Federal Reserve did something it has not done in a decade: it cut short-term interest rates. Citing the “crosscurrents” of slowing global growth, uncertainty over trade policy, and static prices, it shaved 0.25 percent from the fed funds rate, putting the new range at 2 to 2.25 percent. The news was quickly drowned out by an escalation of the trade war with China. The Trump administration announced that, as of Sept. 1, the U.S. would impose a 10 percent tariff on Chinese goods imported into the U.S. These new tariffs would be in addition to the existing 25 percent tariff on $250 billion of Chinese imports and could raise the prices of many consumer goods. Trump then delayed duties on certain items such as cellphones, laptops and other consumer goods, in the hopes of lessening their impact on U.S. holiday sales. China has promised to retaliate if Washington imposes additional tariffs on its products on Sept. 1. With the most recent tit-for-tat actions, it’s now … [Read more...] about How does the Fed rate cut affect you?
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Phoebe Wall Howard Detroit Free Press Published 12:49 PM EDT Apr 25, 2019 Buckle in. This is about the battle over speed. And muscle. A quiet fight has been raging over which car holds the No. 2 spot in the sports car category. And now Dodge Challenger has solidly overtaken the legendary Chevrolet Camaro. It had the best year ever in 2018 and continues gaining market share at an astonishing rate, analysts say. Models named “Demon” and “Hellcat” have led to an impressive presence on Facebook with more than 5.2 million followers. The average buyer age is 51. These men (and women) drive two-door coupes that go from 0 to 60 miles per hour in 3.4 seconds. “The first generation of Mustang, Camaro and Challenger are the top collected vehicles in North America and transcend all generations. People have speculated about the death of the American muscle car since the mid-1970s, but the golden age of American muscle is happening … [Read more...] about Dodge Challenger tops Camaro as Mustang holds lead in sports cars
Breana Noble The Detroit News Published 6:03 PM EDT Apr 23, 2019 Detroit — Google's self-driving affiliate Waymo LLC will repurpose a former American Axle plant in the city to install fully autonomous vehicle hardware and software into cars, the Alphabet Inc. subsidiary said Tuesday. The move is another signal that next-generation auto manufacturing is continuing to grow in Michigan — and that Detroit possesses the knowledge and the capabilities valued in an auto industry likely to be transformed by connected, autonomous and electric vehicles. "Every year, more of your car is software," Mayor Mike Duggan said in a news conference Tuesday. "There has been a real risk that the shift of the automotive industry could move from Detroit to Silicon Valley, and we've been fighting that every step of the way. A major statement was made today in the battle of Detroit and Silicon Valley that a major Silicon Valley company … [Read more...] about Waymo picks Detroit for self-driving car factory
opinion Henry Payne The Detroit News Published 10:40 PM EDT Apr 10, 2019 In the middle of the New York auto show floor each year sits the exotic car stand featuring the latest from storied makes like Lamborghini, Bentley, Bugatti and Koenigsegg. It's hard to notice anything else nearby. Yet Mazda, with its stunning Kai Concept, managed to compete This luscious, candy-red hatchback was a show-stopper. I didn’t know whether to stare at it or lick it. Like the Cadillac Escala or Buick Avista concepts, the Kai Concept design study signaled the Mazda's future. But it was hard to believe this work of art could become a $25,000 production car. Believe it. The 2019 Mazda 3 is now on dealer lots and is the Kai Concept incarnate save for larger mirrors and smaller wheels. Wrapped in Soul Red, it’s the most stunning hatch the segment has seen. From its long hood to curvaceous rump, it looks like a Mazda compact and a Mercedes GT Coupe had a love child. With … [Read more...] about Payne: Mazda 3 hatch has the looks and moves
Robin Saks Frankel, NerdWallet Published 8:16 am CST, Tuesday, January 8, 2019 This article was first published on NerdWallet.com. New Year’s resolutions are about goal-setting: You want to lose those extra pounds, achieve that financial target or reach a professional milestone. While we can’t help you with your boss or your keto diet, we can help you use your credit cards in a way that will benefit your financial life in the new year. Read on for some resolutions that can have a positive impact on your wallet. Go on a debt diet NerdWallet’s 2018 analysis of U.S. household debt shows that the average household with credit card debt has an estimated $6,929 in revolving balances, or balances that carry from one month to the next. That figure may not seem overwhelming by itself, but combined with other obligations like student loans, mortgages and car payments, total debt can quickly spiral out of hand. If you’ve got sizable … [Read more...] about NerdWallet’s Best Credit Card Tips for January 2019