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U.S. Steel shares plummet amid questions over the fate of its merger with Nippon Steel
U.S. Steel shares plunged on Wednesday as Wall Street questioned whether its $14.1 billion deal with Japan’s Nippon Steel is at risk of derailing.
Shares of U.S. Steel plunged as much as 25% in afternoon trading after the Washington Post reported President Joe Biden is preparing to formally block the proposed acquisition. As of 2:35 p.m., shares of U.S. Steel were down $7.12, or 20%, to $28.48.
At an afternoon briefing, a White House official downplayed the Washington Post report, which cited three people familiar with the president’s plans. In a statement, the White House cited a process of review by the Committee on Foreign Investments in the United States, or CFIUS, a panel chaired by the Treasury Secretary.
“CFIUS hasn’t transmitted a recommendation to the President, and that’s the next step in this process,” a White House official stated.
—This is a developing story and will be updated.
CBS News
Inside the NYPD’s search for shooter of UnitedHealthcare CEO Brian Thompson
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4 mortgage interest rate scenarios that could occur in 2025
Mortgage rates have kept homebuyers on their toes with up-and-down movements since January 2024. After starting the year near 7%, rates briefly dipped to a two-year low of 6.15% in September. That lower mortgage rate gave buyers a glimmer of hope that homebuying would now be more affordable — but it was short-lived. Rates climbed back up shortly after and are now sitting at an average of 6.93%, leaving to-be homeowners wondering what to expect in 2025.
While the Federal Reserve has already cut rates twice in the last couple of months and has hinted at possible rate cuts next year, the path forward for mortgage interest rates is unclear. Multiple factors will shape where rates head, such as inflation trends, employment numbers and global events.
As a result, housing market experts see several possible scenarios unfolding in the coming year. Understanding these potential paths — and what drives them — can help you make informed decisions about whether to lock in now or wait.
Start comparing the mortgage rates you could qualify for here.
4 mortgage interest rate scenarios that could occur in 2025
“The most plausible scenario for 2025 is a gradual decline in mortgage rates, driven by the Federal Reserve’s potential pivot to more accommodative monetary policies,” says Chris Heller, president of Movoto.com.
Evan Luchaco, a home loan specialist at Churchill Mortgage, also expects moderate rate decreases throughout the year, barring major economic or geopolitical events.
However, Debbie Calixto, sales manager at loanDepot, cautions that “it’s too early to predict where mortgage rates will be in [the future].” Calixto notes that new administration policies could impact inflation expectations.
With that in mind, below are four potential scenarios for 2025 mortgage rates — and what needs to happen for each to play out.
Scenario 1: Continued rate stability
In the most stable scenario, mortgage rates would hold steady at their current levels throughout 2025.
Heller explains this outcome would require a delicate balance of the following:
- Steady employment figures
- Inflation settling near the Fed’s 2% target
- Consistent economic growth without major shocks
Luchaco echoes a similar sentiment.
“We need to see new job creation and unemployment [staying] in line with where they are currently,” Luchacho says.
Under these conditions, the Federal Reserve would likely maintain its current monetary policy. This could keep mortgage rates relatively unchanged.
Find out how affordable a mortgage loan could be today.
Scenario 2: A gradual rate decline
To see a gradual rate decline, “inflation metrics would need to show sustained progress, with core inflation consistently below 3%,” says Heller. He adds that stable energy prices and moderate wage growth would give the Fed confidence to reduce rates over time.
Another key factor to watch for is employment trends, according to Luchaco.
“For rates to decrease at a moderate pace, we need to see unemployment increase, new job creation decrease and inflation decrease,” he points out.
Scenario 3: Rate volatility persists
Mortgage rates could also continue their up-and-down pattern.
“Rate volatility will persist if economic uncertainty remains high, fueled by unpredictable geopolitical events, fluctuating inflation or erratic consumer spending,” says Heller.
This scenario could unfold if the Fed must respond quickly to conflicting signals such as a sharp economic slowdown.
Scenario 4: Major rate hike or drastic rate cut
Heller says another scenario is a significant rate hike if inflation accelerates due to unforeseen global supply chain disruptions or commodity price surges.
“Conversely, a severe recession could prompt drastic rate cuts if the Fed needs to stimulate a struggling economy,” he adds.
Is now a good time to lock in a mortgage interest rate?
“Rather than [attempting] to time the market, focus on [your] financial preparedness,” advises Heller.
He suggests exploring options such as rate buy-downs or adjustable-rate mortgages if conditions are uncertain.
Calixto highlights the best timing depends more on your circumstances than mortgage rates and home prices.
“[Prioritize] finding the right home for your family and ensuring [feasible] monthly payments [instead of] fixating on interest rates,” she says. “Rates will always [fluctuate], but securing a home that fits your needs and budget [should be your main goal].” You can refinance your mortgage if rates drop later.
The bottom line
While mortgage rates might shift throughout 2025, waiting and depending on a rate drop could mean missing out on a great home. Luchaco recommends getting pre-approved early if you’re serious about buying a home soon. This way, you know exactly what your budget looks like and what you can afford.
loanDepot’s Calixto suggests reviewing local market trends and consulting real estate agents and mortgage professionals to make an informed decision. By understanding your budget and options now, you can put in an offer when you find a home that meets your needs — regardless of where rates stand.
CBS News
Maps show timeline of UnitedHealthcare CEO killer’s movements and escape
NEW YORK — As the manhunt continues for the gunman who shot UnitedHealthcare CEO Brian Thompson in Manhattan, investigators are trying to piece together the shooter’s movements before and after the targeted attack.
Thompson was in New York City for an investors conference at the Hilton Midtown hotel. The 50-year-old father of two was killed early Wednesday morning outside the hotel on Sixth Avenue.
Chilling surveillance video shows the suspect lying in wait for Thompson before shooting him in the back and the leg, using a gun with a silencer. Police said the suspect escaped through an alley and then rode a bike up to Central Park.
Here’s everything we know about when and where the masked gunman was seen.
CEO shot outside Hilton hotel in Midtown Manhattan
The Hilton’s Midtown hotel is located on Sixth Avenue between West 54th and 55th streets. The investigation shut down West 54th Street between Fifth and Sixth avenues for the morning commute.
“We are deeply saddened by this morning’s events in the area and our thoughts are with all affected by the tragedy,” a spokesperson for the hotel said in a statement.
UnitedHealthcare told CBS News the shooting took place during the company’s annual investor relations conference. It was scheduled to be livestreamed starting at 8 a.m., roughly an hour and 15 minutes after Thompson was shot.
“We are deeply saddened and shocked at the passing of our dear friend and colleague Brian Thompson, the CEO of UnitedHealthcare. Brian was a highly respected colleague and friend to all who worked with him,” UnitedHealth Group said in a statement. “We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time. Our hearts go out to Brian’s family and all who were close to him.”
Executives canceled the conference in wake of the shooting.
Timeline of UnitedHealthcare CEO shooting
- Thompson arrived in New York City on Monday from Minnesota, where he lived. He was scheduled to speak at the investors conference Wednesday morning.
- Police say the gunman was seen on surveillance video around 5 a.m. Wednesday near the Frederick Douglass Houses, a NYCHA complex on Manhattan’s Upper West Side.
- At 6:17 a.m., the suspect was seen at a Starbucks near the hotel, where a law enforcement source says he paid cash. Sources say surveillance images may have captured enough of his face to run through facial recognition, and investigators are running forensic tests on a water bottle and candy bar wrapper they believe the suspect left behind.
- At 6:39 a.m., police say the gunman arrived outside the hotel on foot.
- At 6:44 a.m., Thompson walked from his hotel across the street to the Hilton.
- By 6:46 a.m., police say the gunman had shot Thompson twice from behind. They say the suspect ran into the alley between West 54th and 5th streets, then hopped on a bike and rode up Sixth Avenue to Central Park.
- Police say the suspect was last seen riding the bike on Center Drive at 6:48 a.m.
- Video obtained by CBS News appears to show the suspect riding out of the park just before 7 a.m. and turning onto West 85th Street.
- At 7:12 a.m., Thompson was pronounced dead at Mount Sinai West hospital.
Map shows gunman’s escape route to Central Park
Police say the gunman rode a bike up Sixth Avenue, also known as the Avenue of the Americas, to Central Park.
The hotel is located about five blocks south of the park. It’s also blocks away from Rockefeller Center, where the annual tree lighting was held Wednesday night.
Police say the suspect was last seen at 6:48 a.m. riding a bike on Center Drive, which is a path that travels through Central Park.
CBS News obtained additional video that appears to show the shooter leaving the park shortly before 7 a.m. and then turning onto West 85th Street on the Upper West Side. That would put the suspect about 30 blocks north of the hotel on the opposite side of Manhattan.
From there, it’s unclear where he went.
The NYPD is offering a $10,000 reward in the case, asking the public to call the Crime Stoppers hotline at 1-800-577-TIPS (8477), or 1-888-57-PISTA (74782) for Spanish. You can also submit a tip via their website. All calls are kept confidential.