ROCHESTER, N.Y. – Moody’s has downgraded the U.S. credit rating, which could spell trouble for consumers. The downgrade has already caused bond prices to drop.
Bond prices and mortgage rates have an inverse relationship, so when bond prices fall, mortgage rates typically rise. This morning, mortgage rates increased to 6.9%.
Treasury bonds also influence products like car loans and to some extent, credit cards.
Moody’s cut the U.S. credit rating because it believes the country’s debt is unsustainable. When a country is seen as a bigger credit risk, interest rates rise.
Walmart’s CEO recently announced that tariffs will force the company to raise prices later this month. President Donald Trump responded on Truth Social, writing in a caps “EAT THE TARIFFS.”
Walmart’s CEO says while the company is pleased that the president lowered the tariffs on products from China, they’re still too high.
In local news, gas prices in Rochester have remained stable since last week, averaging $3.07 per gallon. However, the national average rose six cents to $3.14 per gallon.
The cheapest gas in Rochester can be found at Sunoco in Greece on West Ridge Road and Byrne Dairy on Stone Road, priced at $2.75 per gallon. Byrne Dairy on Maiden Lane follows at $2.76, with Walmart at $2.79, rounding out the top five.
Oil prices increased late last week, which accounts for the national hike and may lead to rising prices in Rochester as well.
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Consumer Headlines: U.S. credit rating, president’s response to Walmart and gas prices WHEC.com.
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