Ambivalence | Mortgages and Ditching Russia

Musk Closes on Twitter: This news has had about as much drama as a high school prom night. In case you didn’t hear, Elon Musk now officially owns Twitter. After a $44 billion purchase, he fired a number of its top executives during his first day at the helm and stated he would likely reverse the company’s ban of former president Donald Trump.

Growing US Economy: After two consecutive quarters of contraction, recent figures show the US economy actually grew at an annual pace of 2.6 percent in the 3rd quarter. Yet, concerns about a full-blown economic recession remain. “The irony is, we’re seeing the strongest growth of the year when things are actually slowing,” said Diane Swonk, chief economist at KPMG. “There are some real cracks in the foundation. Housing is contracting. The consumer is slowing. GDP is growing, but not for all of the right reasons.” More to come of this front in the coming weeks.

Multi-Decade High Mortgage Rates: Among the painful economic news is the latest multi-decade high for mortgage rates. The Fed’s spate of rate hikes has caused mortgage rates to lift rapidly. At the beginning of 2021, a 30-year loan was running well under the 3% mark, and now it’s just passed +7%. We are living through unique times, are we not?

Ditching Russia: International companies left Russia in droves after they invaded Ukraine. The latest to join the exodus is the German luxury car maker, Mercedes Benz. The company ceased manufacturing in Russia this past March but remained one of the few car companies to continue selling there until just recently. A Mercedes spokesperson told CBS News that the company plans “to withdraw from the Russian market and to sell its shares in its subsidiaries to a local investor.”

For Those Who Need a Little Levity: The 2022 Comedy Wildlife Photo contest has released its finalists. For some good old-fashioned animal humor, click here. The buck-toothed fish particularly took our team. But does this mean that a fish could actually make a visit to a dentist? A tough commute, no matter how you look at it.