Morning Business Report: Ford looking to patent tech that can lock out drivers

The new technology that may be in your next car

A newly published patent application from Ford shows the American automaker wants to be able to lock drivers out of their vehicles for nonpayment. The new technology will even allow the vehicle to repossess itself. The patent document, obtained by Drive, was published in February 2023 and outlines different methods that would be taken if the vehicle owner misses payments. Among the possible consequences: disabling the air conditioning or radio, emitting an unpleasant sound and putting the car in lockout condition, meaning it can’t be driven.

Citigroup cuts hundreds of jobs across multiple departments. Positions in investment banking and mortgage units are are at risk of being cut. Staffers in operations, technology are also being targeted by reductions. The CEO has said tech investments can replace manual processes.

The Federal Reserve Bank of New York released a report on the labor market for recent college graduates and found that graduates who majored in chemical engineering were the top earners in 2022, making a median of $75,000 in their early career. Other engineering majors followed the trend. The lowest-earning college majors were theology and religion, social services, performing arts, psychology and leisure and hospitality.

Wall street was happy to see a Federal Reserve governor exercising caution on interest rates.
The DOW jumped 341 points.

The average rate on the 30-year fixed mortgage jumped back over 7% Thursday, rising to 7.1%, According to Mortgage News Daily. Rates went over 7% last October. That was the highest level in more than 20 years.