Shares of Rocket Companies Inc (NYSE:RKT) are trading higher Thursday morning as new economic data fueled investor bets on an imminent Federal Reserve interest rate cut. Additionally, Rocket earlier announced the company and the Bank of Montreal extended and expanded the existing Master Repurchase Agreement.
What To Know: The move came after fresh reports showed a surprising jump in both inflation and jobless claims. The Consumer Price Index for August rose 2.9% year-over-year, the highest since January, while initial jobless claims surged to 263,000, a peak not seen since late 2021. This combination of rising prices and a weakening labor market is increasing pressure on the Fed to stimulate the economy.
