After the bell: Fed rate hike; Ford sales drop; layoffs from Wells Fargo; Paying for snacks – WISH-TV | Indianapolis News | Indiana Weather forecast

INDIANAPOLIS (WISH) – The Federal Reserve got “big” again today and raised the rate another 75 basis points as expected.

This decision pushes the rate to the highest level in 15 years, almost 4%.

This again makes bank and healthcare loans more expensive. Investors are happy to see that the Fed is still serious about fighting inflation.

The Fed has also hinted that it will begin to ease its aggressive stance and many economists believe we will only see a 50bp rate hike in December.

Ford sales plummet

Ford sales fell 10% in October. The automaker blames supply chain issues for delaying shipment to dealerships.

Ford sold just 158,000 new vehicles last month, down from 176,000 in the same month a year earlier. F-150 pickup truck sales fell 17%.

Layoffs at Wells Fargo

Wells Fargo mortgage officers brace for layoffs.

Fewer people are applying for loans and workers are afraid of losing their jobs.

The bank had just 18,000 loans in its pipeline recently, down 90% from a year earlier.

Wells Fargo is known for its reliance on mortgages.

Pay for snacks

Groceries are expensive these days, but people are willing to pay for snacks.

Mondelez International, which makes Oreos, had a huge third quarter.

Mondelez officials say people view these little chocolate cookies as “affordable indulgences.”

Customers aren’t even settling on the cheaper versions of Oreos, they’re paying top dollar for the goodies to dip. The company plans to raise prices next year.

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