Federal agency cracks down on a predatory lending practice that often hurts Somali Muslims

For years, Fartun Weli has been frustrated with the way low-income Somali Muslims in Minnesota have been targeted by shady home sellers edging their way into the community -- by exploiting a principle of Islam meant to protect the poor. Weli says many are refugee immigrants who know little about the formal homebuying process and often have little or bad credit. In comes a private seller who offers them seemingly low-priced homes without interest.

VP Harris: 'As president, I will not ban fracking'

Campbell Soup CEO: Consumers are looking to cook at home as the company readies for any potential policy changes

Potential Oil Spill Spotted Near Stricken Tanker, Greece Says

(Bloomberg) -- A possible oil spill stretching 2.2 nautical miles in length was spotted in a location matching the Sounion tanker, after the vessel caught fire following an attack by Yemen’s Houthi rebels in the Red Sea earlier this month. Most Read from BloombergDense Cities With Low Emissions Suffer Most From Air Pollution, Study FindsIntergenerational Housing Could Help Older Adults Combat LonelinessA Guide to Urban Swimming in Europe, Beyond the SeineTurkey Plans Istanbul Taxi Surge to Tackl

Harris Rules Out Fracking Ban, Threading Needle on Oil

(Bloomberg) -- Vice President Kamala Harris said she wouldn’t halt fracking if elected president, reversing her prior opposition to the technique used to produce most US oil and gas today. Most Read from BloombergDense Cities With Low Emissions Suffer Most From Air Pollution, Study FindsIntergenerational Housing Could Help Older Adults Combat LonelinessA Guide to Urban Swimming in Europe, Beyond the SeineTurkey Plans Istanbul Taxi Surge to Tackle ComplaintsAs Rural Hospitals Shutter Maternity Wa

A 'Goldilocks' PCE reading keeps Fed on track for September cut

US consumers' near-term inflation expectation lowest since 2020, UMich data shows

The University of Michigan's monthly consumer sentiment index survey showed households' one-year inflation expectation at 2.8%, down from 2.9% in July and now the lowest since December 2020. The five-year outlook for price growth was unchanged at 3.0%. The wider survey showed a modest improvement in consumer sentiment this month, with the uptick having significant political overtones as the Nov. 5 U.S. presidential election approaches.

Fed Favored Inflation Gauge’s Mild Gain Sets Stage for Rate Cut

(Bloomberg) -- Sign up for the Economics Daily newsletter to discover what's driving the global economy.Most Read from BloombergDense Cities With Low Emissions Suffer Most From Air Pollution, Study FindsIntergenerational Housing Could Help Older Adults Combat LonelinessA Guide to Urban Swimming in Europe, Beyond the SeineTurkey Plans Istanbul Taxi Surge to Tackle ComplaintsAs Rural Hospitals Shutter Maternity Wards, Urban Ones FollowThe Federal Reserve’s preferred measure of underlying US inflat

Instant view: No surprises from US PCE inflation to alter Fed easing path

The data looks unlikely to divert the Federal reserve, which tracks the PCE price measures as an inflation gauge for monetary policy, from lowering interest rates at least 25 basis points in September. In the 12 months through July, the PCE price index increased 2.5%, matching June's gain and beating the 2.6% gain expected by economists polled by Reuters. Excluding the volatile food and energy components, the PCE price index rose 0.2% last month, matching the increase in June.

Former Commerce Secretary Wilbur Ross: Trump is 'deadly serious' about higher tariffs