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Trump pumps brakes on Senate budget plan, delaying GOP SAVE America push foxnews.comRepublicans face likely year-end test after punting Trump spending bill PoliticoThune, Trump, Senate conservatives reach deal to set aside budget, SAVE America Act impasse The Hill
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Officials at the Federal Reserve are chiefly focused on the trajectory of inflation after five years of overshooting the central bank's 2 percent target.
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Mortgage activity in the U.S. has contracted for consecutive weeks. In the week ended April 26, the mortgage activity composite index slid 2.3% following a 2.7% fall the week before. Refinancing fell 3.3% while purchase applications dropped 1.7%. Inflation's stubbornness in the first quarter of 2024 has led investors to conclude that the Federal Reserve's first rate cut might not be coming this year. This has buoyed interest rates such as the 30-year fixed-rate mortgage. In the week ended April 26, the 30-year fixed rate rose 5 basis points to 7.29%, its highest since November.
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