VIDEO: Turkish Rate Rise Aims To Halt Currency Collapse

Turkey’s central bank took a big step to boost its credibility and halt the collapse of its currency, but its super-sized interest-rate rise overnight can’t cure all of its stresses, nor those of its emerging-market peers, investors say. Rate-setters blindsided markets after an emergency meeting on Tuesday that concluded at midnight, by delivering a much larger rate rise than economists had expected.

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VIDEO: Turkish Rate Rise Aims To Halt Currency Collapse

VIDEO: Average 30-year Mortgage Rate Dips To 4.39%

Average U.S. rates for fixed mortgages dipped slightly this week. Mortgage buyer Freddie Mac says the average for the 30-year loan declined to 4.39% from 4.41% last week. The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases. The rise in mortgage rates and higher home prices slowed sales of existing homes, which have fallen for three straight months.

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VIDEO: Average 30-year Mortgage Rate Dips To 4.39%

VIDEO: Wall St Week Ahead: Fed May Taper Without Causing Market Tantrum

Months of anticipation will come to an end this week when the Federal Reserve finally says whether it will start to rein in its massive stimulus of the economy, which has flooded financial markets with some $2.75 trillion over the past five years, supercharging returns on everything from stocks to junk bonds.

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VIDEO: Wall St Week Ahead: Fed May Taper Without Causing Market Tantrum

VIDEO: India New RBI Chief Says Economy "fundamentally Sound"

The new governor of the Reserve Bank of India, Raghuram Rajan, said the country’s economy was “fundamentally sound” and had a “bright future” in his first remarks after taking the helm at the central bank earlier in the day. Rajan said the government would look to reduce investments by banks in government bonds “in a calibrated manner”. He added the RBI would work together with the government and the market regulator to steadily liberalize markets.

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VIDEO: India New RBI Chief Says Economy "fundamentally Sound"