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Rocket Companies Navigates Challenging Mortgage Market in Q3 2024
Detroit, Wednesday, 13 November 2024.
Rocket Companies reported a $481 million loss in Q3 2024, despite achieving the highest adjusted EBITDA in two years. The fintech platform saw total revenue of $647 million and adjusted revenue of $1.323 billion, exceeding guidance. Despite Federal Reserve rate cuts, mortgage rates remained high, impacting the housing market. CEO Varun Krishna expressed optimism for 2025, citing forecasted growth in the U.S. mortgage market. The company’s strategic initiatives and technological advancements aim to strengthen its market position amid ongoing economic challenges.
Fed Chair Sounds Alarm on Unsustainable U.S. Economic Path
Washington, D.C., Tuesday, 12 November 2024.
Federal Reserve Chair Jerome Powell warns of an unsustainable economic trajectory due to rising national debt. Despite recent market highs, Powell cautions that the current fiscal path poses a long-term threat to the economy, potentially impacting the ongoing bull market.