What happened in the news this week that affects how you live and invest? Funny you should ask. Here's a highly curated (read: extremely subjective) list of stories about financial milestones for the week of June 17. Inflation, interest rates, gold, we've got it covered.
- U.S. Treasury 10-year note yields rose to 2.5 percent for the first time in almost two years. Yields on the benchmark security for everything from mortgages to corporate loans surged this week by the most in almost four years after Fed Chairman Ben Bernanke said that the central bank may begin dialing down quantitative easing this year and end it in mid-2014. (6/21)
- Gold sank below $1,300 an ounce for the first time since 2010. Holdings in the SPDR Gold Trust (GLD), the world’s largest exchange-traded product backed by bullion, fell below 1,000 tons for the first time in four years, wiping out $30 billion from the value of the fund. (6/20)
- Americans are on pace to buy at least 15 million new cars and light trucks this year for the first time since 2007, led by General Motors Co. (GM), Ford Motor Co. (F) and Toyota Motor Corp. (TM) (6/19)
- The cost of living in the U.S. rose less than forecast in May, restrained by the first drop in food prices in almost four years and signaling that inflation remains under control. (6/18)
- Niagara Falls and Rochester’s home county are among the 24 most fiscally distressed municipalities in the state, according to a report that New York Comptroller Thomas DiNapoli’s office called the first comprehensive review of New York localities under a monitoring program started last year. (6/18)