6/22/22

President Biden wants to give Americans a “gas tax holiday.” And a different type of mortgage is making a comeback. Fed chairman Jerome Powell told Congress today the central bank is committed to regaining control over inflation.

The Dow fell 47 points to close at 30,483
The Nasdaq lost 16 points.
The S&P finished the day down 4 points.

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President Biden called on Congress to suspend the federal gas tax for 90 days. That’s essentially $.18 for a gallon of regular and $.24 for diesel. The President also called on states to suspend their gas taxes or find other ways to bring relief. Oil is down 4% at the closing bell.

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The 30-year mortgage rate is now 5.98%, and just had the biggest one-week jump in 13 years. But mortgage applications went up 8% last week. That’s because home buyers are rushing into adjustable-rate mortgages, which come with lower interest rates but are considered much riskier.

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The FDA is considering ordering Juul to pull its products from store shelves. The agency says the company’s vape pens have attracted underage users. The announcement sent Altria shares tumbling 8% today. The cigarette company owns a 35% stake in Juul.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.