Inflation-fighting series cuts further into consumers’ ability to afford purchases such as cars.
Fed announces fourth consecutive ‘jumbo’ increase in effort to slow inflation.
Fed Chair Jerome Powell has said the committee plans to complete tapering before raising rates, and markets are targeting June as the possible date for the next rate hike.
Officials indicated they plan to raise interest rates by late 2023, a departure from their March prediction which called for no rate hikes until 2024.
Lease credit approvals reached 70.8% in February; Up slightly from 68% in January.
The National Automobile Dealers Association estimates U.S. new vehicle sales will fall to 16.8 million units as internal and external forces reshape the auto retail industry.
Kerrigan Advisors’ latest Blue Sky Report finds the pace of U.S. dealership buy/sell activity quickened in the third quarter and could accelerate further in Q4.
A joint statement from the nation’s biggest banking regulators expressed cautious optimism toward emerging decisioning models that could generate more auto loans.
The Federal Reserve reports U.S. car buyers borrowed $159 billion in the third quarter, a modest gain powered by a 6% increase in originations to prime credit customers.
The Federal Reserve has announced its third interest rate reduction since July, this time excluding language committing the central bank to action in support of economic expansion.
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