Fed has higher bar than most people think when it comes to cutting: fmr. Fed Governor Mishkin
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fast Company
27 minutes ago
- Fast Company
Mark Cuban and Sam Altman just warned about disappearing jobs and the need to learn AI
OpenAI CEO Sam Altman isn't shy about discussing the future of AI. As the CEO of a market leading company, his predictions carry plenty of weight, such as his worry that AI could make things go 'horribly wrong,' or that AI agents will completely transform the workplace. Nor is billionaire Mark Cuban, who also sees vast changes to an AI-dominated workplace. Altman's recent remarks to finance executives at a Federal Reserve conference on large banks and capital requirements included his belief that entire job categories will be eaten up by AI. He said customer service is all but completely ready for an AI takeover right now, as reported by the Guardian newspaper. 'That's a category where I just say, you know what, when you call customer support, you're on target and AI, and that's fine,' he said. When a user calls a hotline now, AI answers, and it's like 'a super-smart, capable person,' Altman explained, adding that 'there's no phone tree, there's no transfers. It can do everything that any customer support agent at that company could do. It does not make mistakes. It's very quick. You call once, the thing just happens, it's done.' You may have already encountered an AI customer service system, or at the very least spoken briefly to one before being forwarded to a person with the info you're seeking. And anecdotally, if Altman's promise of no mistakes proves true, then that's a huge sell for customer service departments—and consumer satisfaction. (We all know how frustrating it can be calling these lines.) What an AI can offer under these circumstances is also clearly defined: customers probably call with a discrete set of common issues, and the AI can be trained on what to do. Subscribe to the Daily newsletter. Fast Company's trending stories delivered to you every day Privacy Policy | Fast Company Newsletters But the next industry Altman said was ripe for an AI takeover is more complex, requiring deep knowledge and empathy, and there are much higher stakes at play. According to the AI CEO, AI is already better than human doctors. It can, 'most of the time,' surpass human physician skills, he argued, suggesting it's 'a better diagnostician than most doctors in the world.' But then he pointed out a very human truth: 'people still go to doctors,' he said, and he added that he felt the same, 'maybe I'm a dinosaur here, but I really do not want to, like, entrust my medical fate to ChatGPT with no human doctor in the loop.' That at least aligns with warnings from medical experts who say that while AI may be useful for medical advice under some circumstances, like helping to make medical notes, it's just too subject to misinformation errors to be trusted to give mental health advice or diagnoses, for example. In fact a group of therapists recently warned of the danger in doing so. Altman also told the bankers that he's worried near future AIs could be used by bad actors, perhaps based overseas, to attack the U.S. financial system. He cited the issue of AI voice clones as a direct risk. While he's not predicting AI will steal banking jobs here, he is essentially warning that the entire industry could be upended by AI, used the wrong way. You may think Altman is being unnecessarily doomy here. In this case, you may be more aligned with the thinking of billionaire entrepreneur Mark Cuban. He's just suggested that in his expert mind, AI will become a 'baseline' workplace skill inside five years. Essentially he thinks that 'like email or Excel,' everyone, from fresh graduates to practiced entrepreneurs, will have to master AI to succeed at their tasks. in an interview with Fortune, Cuban predicted that thanks to the force multiplying effects AI can have, 'we'll see more people working for themselves' thanks to the rise of AI assistants, possibly powered by agent AI tech, which can transform 'solo founders into full teams.' And worse, if you're note already using AI to 'move faster or make smarter decisions, you're behind,' he said. While framed more positively than Altman's statements, a closer look says Cuban is still predicting whole classes of jobs will disappear inside five years. Why would a startup CEO need a personal assistant, a coding expert or a marketing adviser if all those tasks could be done by next-gen AI? advertisement All of this, while interesting, could be dismissed as mere PR for the AI industry, but you should actually care about this expert advice. Altman's warnings could have you looking at what tasks you already feel comfortable outsourcing to an AI tool instead of a human worker. And then, taking Cuban's advice, you should consider taking time to properly educate yourself about the promises and risks of AI technology, and also plan on upskilling or reskilling your existing staff. The potential efficiencies AI promises mean they could — By Kit Eaton This article originally appeared on Fast Company's sister publication, Inc. Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.
Yahoo
4 hours ago
- Yahoo
Mortgage and refinance interest rates today, August 16, 2025: Fixed rates inch up
Mortgage rates have been inching down recently, but they're up again today. According to Zillow data, the 30-year fixed mortgage rate has increased by five basis points to 6.52% while the 15-year fixed rate moved up seven basis points to 5.70%. The CME FedWatch tool reports an 85% chance that the federal funds rate will be cut in September. If this prediction continues, mortgage rates could fall in the weeks before the September Federal Reserve meeting. Read more: How the Federal Reserve impacts mortgage rates Today's mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.52% 20-year fixed: 6.21% 15-year fixed: 5.70% 5/1 ARM: 6.86% 7/1 ARM: 6.81% 30-year VA: 6.05% 15-year VA: 5.44% 5/1 VA: 5.85% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: 8 strategies for getting the lowest mortgage rates Today's mortgage refinance rates These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.59% 20-year fixed: 6.11% 15-year fixed: 5.92% 5/1 ARM: 7.19% 7/1 ARM: 6.83% 30-year VA: 6.04% 15-year VA: 5.52% 5/1 VA: 5.59% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Refinance interest rates Up Next Up Next Free mortgage calculator Use the mortgage calculator below to see how today's interest rates would affect your monthly mortgage payments. For a deeper dive, you can use Yahoo's free mortgage calculator to see how homeowners insurance and property taxes factor into in your monthly payment estimate. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest. 30-year fixed mortgage rates: Pros and cons There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable. A 30-year fixed-rate mortgage has relatively low monthly payments because you're spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn't going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes. The main disadvantage to 30-year fixed mortgage rates is mortgage interest — both in the short and long term. A 30-year fixed term comes with a higher rate than a shorter fixed term, and it's higher than the intro rate to a 30-year ARM. The higher your rate, the higher your monthly payment. You'll also pay much more in interest over the life of your loan due to both the higher rate and the longer term. 15-year fixed mortgage rates: Pros and cons The pros and cons of 15-year fixed mortgage rates are basically swapped from the 30-year rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention, you'll pay off your mortgage 15 years sooner. So you'll save potentially hundreds of thousands of dollars in interest over the course of your loan. However, because you're paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term. Dig deeper: 15-year vs. 30-year mortgages Adjustable mortgage rates: Pros and cons Adjustable-rate mortgages lock in your rate for a predetermined amount of time, then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years. The main advantage is that the introductory rate is usually lower than what you'll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don't necessarily reflect this, though — in some cases, fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.) With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year. But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road. Learn more: Adjustable-rate vs. fixed-rate mortgage Is now a good time to buy a house? First of all, now is a relatively good time to buy a house compared to a couple of years ago. Home prices aren't spiking like they were during the height of the COVID-19 pandemic. So, if you want or need to buy a house soon, you should feel pretty good about the current housing market. However, mortgage rates are staying relatively high due to the political and economic climate. Experts don't think rates will plummet in 2025, so you might not want to base your decision on whether to buy strictly on interest rates. Recent news that home price gains are slowing, with predictions that house values may actually ease lower this year, can be part of your home-buying decision. The best time to buy is typically whenever it makes sense for your stage of life. Trying to time the real estate market can be as futile as timing the stock market — buy when it's the right time for you. Read more: Which is more important, your home price or mortgage rate? Today's mortgage rates: FAQs What is a 30-year mortgage rate right now? According to Zillow, the national average 30-year mortgage rate is 6.52% right now. But keep in mind that mortgage rates vary by state and even ZIP codes. For example, if you're buying in a city with a high cost of living, rates could be higher. Are interest rates expected to go down? Overall, mortgage rates are expected to decrease slightly in 2025. Rates may inch up or down daily, but there shouldn't be a huge shift in the next couple of weeks. Are mortgage rates dropping? Mortgage rates are dropping slightly overall, but today's 30-year fixed mortgage rate is up by five basis points. How do I get the lowest refinance rate? In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.
Yahoo
4 hours ago
- Yahoo
3 reasons the Fed hasn't cut rates yet this year
Wall Street has priced in a 94.2% probability of the Federal Reserve cutting interest rates in September. JPMorgan Asset Management's fixed income portfolio manager, Kelsey Berro, joins Yahoo Finance Senior Reporter Allie Canal on Market Domination to explain the three reasons the Fed still hasn't cut rates this year despite macro conditions being comparable to last year's. To watch more expert insights and analysis on the latest market action, check out more Market Domination. Related videos Mortgage broker reveals $112,000 home loan mistake: 'Costing you a bomb' ATO tax return warning to millions over common car deduction: 'You can't' Work from home shift for millions of Aussies as 'clear link' with salaries revealed: '$300,000 or more' ATO superannuation warning for 200,000 Aussies ahead of looming deadline: 'On the hook for penalties' Sign in to access your portfolio
