A slight GDP uptick: The U.S. economy grew slowly over the summer as the gross domestic product rose by 0.6% during the third quarter. According to Commerce Department data, the GDP saw a 2.6% annual rate of growth, which is a reversal of the previous two quarters that saw negative GDP activity. President Joe Biden insisted the data was “further evidence that our economic recovery is continuing to power forward.”
Mortgages top the 7% level for the first time since 2002: The 30-year fixed rate mortgage went above the 7% level for the first time in 20 years. According to data from Freddie Mac, the 30-year fixed-rate mortgage averaged 7.08% as of Oct. 27, up from last week when it averaged 6.94%. But while mortgage rates increased for the tenth consecutive week, mortgage applications fell again to another 25-year low, according to the Mortgage Bankers Association, which reported purchase loan and refinance activity were both in decline.
Historic agreement signed by Middle East enemies: Israel and Lebanon have officially approved a historic agreement brokered by the U.S. that sets a maritime boundary between the countries, which have no diplomatic relations and have technically been at war since the founding of Israel in 1948. The agreement is the result of indirect talks mediated by Amos Hochstein, the U.S. envoy for energy affairs, and the stakeholders are hoping the new boundary will enable offshore energy exploration without one side claiming the other encroached on its territory. The two countries did not hold face-to-face meetings to set the boundary, and the Lebanese government insisted the agreement should not be seen as an implicit recognition of Israel.
China’s secret overseas police stations: The Chinese government has reportedly established dozens of “overseas police stations” around the world, without the knowledge of the nations where these stations are based. According to an Associated Press report, the Spanish-based non-government group Safeguard Defenders identified at least 54 overseas police stations that China allegedly uses for surveillance on Chinese citizens who might be engaged in activities critical of Beijing”™s Communist Party leadership. The governments of Ireland and the Netherlands have ordered the Chinese to shut down the stations located in their respective nations.
Prince Harry’s autobiography: Britain”™s Prince Harry will see the publication of his memoir “Spare” on Jan. 10 from Penguin Random House. The book”™s title is a reference to the snarky tabloid phrase that referred to Prince William and Prince Harry as “the heir and the spare.” The book was originally planned for a November release, but was delayed following the death of Prince Harry”™s grandmother, Queen Elizabeth. The book will be simultaneously published in 16 languages worldwide and the publisher said the prince will donate some of the proceeds from the book to his favorite charities.
Howard Stern is coming back to his studio: Howard Stern will return to his SiriusXM studio in New York City on Monday for the first time in more than two years. According to a New York Post report, the self-proclaimed King of All Media has been conducting interviews by Zoom from his home in the Hamptons ever since the Covid-19 pandemic began, but Stern never left his home even as the pandemic waned and people returned to their pre-Covid routines. Stern is returning to the studio at the request of Bruce Springsteen, who is making his first appearance on Stern”™s show and insisted on doing his interview in-person.
