FEATURED IN TODAYS NEWSLETTER

• 6% Mortgage Rates? Here’s Why We’re Unlikely to See Them Soon

• Disney Launches New Division to Navigate AI and Emerging Tech

• Booming Bitcoin, Bust in Jobs? The Mystery Behind Crypto Layoffs

Business

6% Mortgage Rates? Here’s Why We’re Unlikely to See Them Soon

The fall homebuying season was expected to be robust, with more inventory and eager buyers benefiting from a recent Fed rate cut that brought mortgage rates to a two-year low. However, after a short-lived dip, rates began climbing and have now risen for five consecutive weeks, even surpassing 7%—a level that may discourage buyers from entering the market. Although housing activity perked up in September, this year’s home sales are set to reach a multi-decade low. Rising Treasury yields, fueled by strong economic data and pre-election uncertainty, are also driving rates higher, surprising both the Fed and market analysts. While the Fed doesn’t directly control mortgage rates, stronger-than-expected economic indicators have dampened hopes for lower rates anytime soon, especially for home loans. 

The platform breaks down queries posed by finance professionals and adapts its learning with each interaction, allowing users to challenge its assumptions. For example, it can evaluate revenue trends in healthcare across numerous clinics or analyze extensive transaction data for manufacturers, significantly reducing manual work. Sapien is already in use by CFOs in various sectors, demonstrating its effectiveness by uncovering a nearly $10 million error for a manufacturer during a critical board meeting. The founders, all 20 years old and friends since high school, were inspired to automate tedious finance processes while pursuing their interests in machine learning and finance.

lower-income families. To address this, some private schools, including Colby, are now offering targeted financial aid to middle-class families. Starting next fall, Colby will cap tuition, room, and board at $10,000 annually for families earning up to $100,000 and $15,000 for those earning between $100,000 and $150,000—a significant reduction from the current $53,000 price tag.

LATEST IN CRYPTO

Booming Bitcoin, Bust in Jobs? The Mystery Behind Crypto Layoffs

The American crypto industry had plenty to celebrate this week, with Bitcoin nearing its all-time high, crypto ETFs hitting new milestones on Wall Street, and the upcoming presidential election expected to benefit the ecosystem. Yet, it was a tough week for top U.S. crypto employers. On Tuesday, Ethereum software firm Consensys laid off 20% of its staff, followed by a 35% cut at the decentralized exchange DYdX. Kraken then reduced its workforce by 15%, and Coinbase reported a disappointing Q3 with declining customer activity. Experts attribute the layoffs to short-term election and regulatory worries, along with broader challenges as traditional finance giants increasingly enter the crypto space.

TECH

Disney Launches New Division to Navigate AI and Emerging Tech

Disney announced it has formed a new business group to explore AI and emerging tech across its movie, TV, and theme park operations. Led by film studio CTO Jamie Voris, the newly established Office of Technology Enablement (OTE) aims to position Disney as a leader in responsible tech innovation, particularly in AI and Mixed Reality (XR). Alan Bergman, Disney Entertainment co-chairman, stated that OTE reflects Disney's commitment to harnessing these technologies while addressing potential risks. With AI already creating efficiencies and consumer benefits, Disney CEO Bob Iger noted both opportunities and significant challenges ahead, especially in managing intellectual property.