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As prices rise at rapid pace, Fed chief seeks patience ASSOCIATED PRESS WASHINGTON — For anyone watching with concern as prices surge for everything from food and gas to airplane tickets and clothes, the message from Federal Reserve Chair Jerome Powell over two days of congressional hearings this week was straightforward: Just give it more time and those price gains should slow, or even reverse. The Fed chair acknowledged that the U.S. is in the midst of an unparalleled economic reopening on the heels of a pandemic-induced recession, making it that much more difficult to anticipate how things like inflation and unemployment will play out. “This particular inflation is just unique in history,” Powell said Thursday before the Senate Banking, Housing and Urban Affairs Committee. “We don’t have another example of the last time we reopened a $20 trillion economy. We’re humble about what we understand.” Powell gave his twice-a-year monetary policy report to Congress this week. On Wednesday, he appeared before the House Financial Services Committee where he said inflation may slow “in six months or so,” suggesting a clear reading on inflation won’t come until the end of the year. “This is the Fed saying it is prepared to endure a longer period of elevated inflation than just a few months,” Tim Duy, chief U.S. economist at SGH Macro Advisers, a consulting firm, wrote this week. Powell aimed to soothe senators and members of Congress, with Republicans in particular repeatedly raising the issue of higher prices, often blaming them on President Joe Biden’s $1.9 trillion rescue package enacted in March.
US 30-year mortgage rate falls for 3rd week to 2.88%
THE GARDEN ISLAND
Friday, July 16, 2021 • B4
SUSTAINABLE OASIS Tips to transform your outdoor living space BRANDPOINT Home improvement projects and repairs increased during the pandemic, and demand is expected to continue with permanently transformed work schedules and remote telecommuting here to stay. According to a recent report, more than half of homeowners are finding time in their schedule for home improvement projects. There’s been an increased demand for in-home office spaces, gyms and deck expansions. While these amenities are gaining popularity, many homeowners want to build them in a way that’s sustainable. If you plan to refresh your outdoor space, it’s important to think about how these improvement measures retain or increase sustainability. At the same time, there are many ways to achieve a more sustainable home, starting with your backyard. You can personally help make a difference by considering these simple tips: Add an eco-friendly deck Your outdoor deck is the social cornerstone of your home. You probably use it for outdoor dining, grilling and even late-night stargazing. Whether you’re looking to expand your home’s living space or need to replace an old deck, ditch the run-of-the-mill wooden deck for a sustainable, composite option like TimberTech®. With artisanal finishes and realistic wood grain textures,
TimberTech looks just like wood but is more sustainable because it is made from recycled materials like milk jugs and detergent bottles. While wood decks need to be replaced every 10-15 years and require annual maintenance like staining, your new composite deck can be enjoyed for a lifetime, with innovative protection that safeguards your deck from mold and moisture damage. Planting? Utilize plants that are native to your area If you want to reduce your impact and add some color to your home, spruce up your yard and planters with native plants and wildflowers from your area. In fact, planting native plants can
benefit the local ecosystem, as they provide diverse nutrients and resources for the surrounding wildlife, require less water than lawns and help prevent erosion. Non-native plants could be harmful to the local ecosystem as they are one of the leading causes of biodiversity loss.
carbon emissions in your home. Be sure to replace the old, wornout incandescent bulbs with LED lights that use less energy and glow brighter. Going green doesn’t mean sacrifice
As more people recognize their environmental impact, they’re Use solar lights to minimize looking for ways to reduce their energy consumption carbon footprint, starting right at home with the sustainability of To enjoy your backyard haven the materials they use in their well into the night, improve your exterior lighting with solar lights. home improvement projects for in Even on the cloudiest of days, so- and outside the home. Visit www.timbertech.com/ lar output is abundant, making soabout/sustainability to learn how lar lights an eco-friendly option you can go against the grain with that uses a renewable power your eco-friendly outdoor living source. Standard lightbulbs can increase energy consumption and space.
Save money with a local mortgage. Free up money for what matters most.
ASSOCIATED PRESS WASHINGTON — Mortgage rates were mixed this week. The benchmark 30-year loan fell for the third straight week amid lingering concerns over the recent surge in inflation. Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year home loan eased to 2.88% from 2.90% last week, down from its peak this year of 3.18% in April. The key rate stood at 2.98% a year ago. The rate for a 15-year loan, a popular option among homeowners refinancing their mortgages, edged up to 2.22% from 2.20% last week. Freddie Mac economists expect economic growth to gradually push mortgage rates higher in the second half of the year. Federal Reserve Chairman Jerome Powell addressed the concerns on inflation, which has been rising in recent months as the recovery from the pandemic recession strengthens. He suggested in testimony to a U.S. House committee Wednesday that inflation “will likely remain elevated” in coming months before “moderating.” At the same time, Powell signaled no imminent change in the Fed’s ultra-low interest rate policies. In the latest sign of intensified inflation pressure, the government reported Tuesday that prices paid by U.S. consumers surged in June by the most in 13 years. It was the third straight month that inflation has jumped.
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