TheStreet’s J.D. Durkin brings you the biggest news of the day, what the Fed is expected to announce and why home sellers scored a huge victory over some big-name real estate companies.
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00:00 I'm J.D. Durkin reporting from the floor of the New York Stock Exchange and here's a look
00:03 at what we are watching on the street today.
00:05 Wall Street is gearing up for the Fed's latest policy announcements.
00:09 The central bank will release an interest rate decision at 2 o'clock Eastern today and
00:14 Fed Chair Jerome Powell will take the stage at 2.30 p.m. as he fields questions from reporters
00:19 in Washington, D.C.
00:20 Now, the Fed has hinted it may need to continue hiking interest rates to get inflation down
00:25 to its targeted 2 percent.
00:27 Turning our attention this morning to the world of real estate.
00:29 If you sold a house between April 2015 and June 2022 and thought the commissions you
00:34 had to pay the broker seemed a little high, well, you may actually have been right.
00:38 A federal judge ordered the National Association of Realtors and several large brokerage firms
00:43 to pay $1.8 billion in damages for conspiring to artificially inflate the commissions paid
00:49 to real estate agents.
00:51 The verdict also caused real estate stocks like Zillow and Redfin to plummet.
00:55 Under current NAR rule, sellers are required to pay commissions to the buyer's agent.
01:00 And on sites like these, seller agents need to disclose the compensation being offered
01:04 to the buying agent.
01:06 Now, that rule could drastically change or maybe even be wiped out entirely.
01:10 And if selling agents don't have to disclose what the buying agent will be getting, there's
01:14 no real incentive to give them anything at all, meaning they would have to seek compensation
01:18 directly from the buyer.
01:20 This could all lead to more buyers choosing to house hunt alone rather than forking over
01:25 an agent fee.
01:26 That'll do it for your daily briefing this morning.
01:28 From the floor of the New York Stock Exchange, I am J.D. Durkin with The Street.
01:31 Thanks for watching.
01:32 [ Silence ]