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☆ Renters' hopes of being able to buy a home have fallen to a record low, New York Fed survey shows
▼ + stars: | 2024-05-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The share of renters as of February who possess hopes of "residential mobility," or the belief from renters that they one day will be able to afford a home, fell to a record low 13.4% in the central bank's annual housing survey for 2024. Pessimism about future prospects comes amid a confluence of factors conspiring against the likelihood of renters being able to transition to home ownership. Moreover, mortgage rates have remained high by historical standards. Survey respondents expect housing prices to increase 5.1% over the next year, nearly double the 2.6% expected rate in February 2023 and above the pre-pandemic mean of 4.2%. Despite prospects for the Fed to cut interest rates before the end of 2024, respondents think mortgage rates are only going to go higher.

Persons: Freddie Mac, There's Organizations: New York Federal Reserve, New York Fed, National Association of Realtors, Fed, Federal, Market Locations: Manhattan, New York City, New

☆ China's plan for reinvigorating its economy has the West worried, but others still see an opportunity
▼ + stars: | 2024-04-08 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how China's plan for reinvigorating its economy has the rest of the world worried . The country is overproducing goods and then flooding global markets with them to save its struggling economy, writes Business Insider's Huileng Tan. Decades ago, as the country opened up its economy, China underwent rapid industrialization, allowing it to produce cheap goods. AdvertisementUS Treasury Secretary Janet Yellen has already warned China shock 2.0 could destabilize the global economy, specifically impacting green-energy exports . He pointed to China's GDP growth outpacing the US when the numbers are adjusted for disinflation and inflation in each country, respectively.

Persons: —, Chelsea Jia Feng, Huileng Tan, Huileng, China's, Janet Yellen, Tyler Le, Ray Dalio, that's, it's, Dalio's, Nicholas R, Lardy, Donald Trump, M, There's, Angus Deaton, Walter Huang, Sevonne Huang, Justin Sullivan, Alyssa Powell, Tesla, Hubspot, Mikel Jaso, Zers, That's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, West, New York Federal Reserve, Bridgewater Associates, Getty, Apple, Reuters, Google, McKinsey Locations: China, Glendale, Ariz, New York, London, Chicago

☆ China's attempts to revive its economy could cause a 'sugar high' that pushes US inflation higher, new research says
▼ + stars: | 2024-03-25 | by ( Aruni Soni | ) www.businessinsider.com time to read: +1 min

China's attempts to revive its economy could push US inflation higher, new research says. To stimulate its economy, China policymakers are encouraging investments in the manufacturing sector. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . A period of manufacturing-led growth would create a short-term "sugar high," a report from the New York Federal Reserve said. This story is available exclusively to Business Insider subscribers.

Persons: China's, — Organizations: Service, New York Federal Reserve, Business Locations: China

☆ The best- and worst-paying college majors, 5 years after graduation
▼ + stars: | 2024-03-24 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

If you want to make the most money possible right after college, study to be an engineer. Engineering degrees occupy nine of the top 16 college majors with the highest incomes five years after graduation, a recent New York Federal Reserve study reveals. Computer engineering majors ranked first with an annual median salary of $80,000, followed by chemical engineering and computer science — the only two other majors that earn more than $75,000 annually. They make roughly double that of the lowest-paid majors, which tend to be degrees in the liberal arts or humanities. Here are the 16 highest-paying college majors, five years after graduation:

Organizations: York Federal, Computer

☆ The 16 worst-paying college majors, five years after graduation
▼ + stars: | 2024-03-16 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

All three majors made a median annual income of $38,000, the lowest out of the 75 majors in the study. Other low-paying majors include leisure and hospitality, history, fine arts and psychology, all of which made $40,000 or less per year. With liberal arts degrees, graduates tend to get paid less overall, for various reasons. Education majors tend to be paid less, as well. When looking at "mid-career" graduates — those ages 35 to 45 — education majors are the worst paid among all majors.

Organizations: York Federal, Census, Economic Locations: U.S

☆ Ron Insana: A market shake-up could be around the corner as inflation remains sticky
▼ + stars: | 2024-03-15 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

Here's a question on the minds of investors amid recent hotter-than-anticipated inflation readings and this powerful rally: Are we due for a stock market scare? However, as of late, there have been some early warning signs that the declines in inflation may be slowing. Other areas have also sent up some flags that could adversely affect stocks and bonds in the short run. However, it is unwise to ignore what market signals are suggesting, at least in the short run. But in the short run, we should remain on heightened alert for changes in this year's outlook.

Persons: It's, I'm, John Maynard Keynes, Ron Insana Organizations: Federal Reserve, New York Federal Reserve, West Texas, Atlanta Federal, CNBC, Financial Partners Locations: York

☆ This week provided a reminder that inflation isn't going away anytime soon
▼ + stars: | 2024-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

From consumer and wholesale prices to longer-term public expectations, reports this week served up multiple reminders this week that inflation isn't going away anytime soon. Data across the board showed pressures increasing at a faster-than-expected pace, causing concern that inflation could be more durable than policymakers had anticipated. The bad news began Monday when a New York Federal Reserve survey showed the consumer expectations over the longer term had accelerated in February. It continued Tuesday with news that consumer prices rose 3.2% from a year ago, and then culminated Thursday with a release indicating that pipeline pressures at the wholesale level also are heating up. The latest jolt on inflation came Thursday when the Labor Department reported that the producer price index, a forward-looking measure of pipeline inflation at the wholesale level, showed a 0.6% increase in February.

Persons: Steven Blitz, Dow Jones Organizations: New York Federal Reserve, TS Lombard, Labor Department, department's Bureau of Labor Statistics

☆ The 16 highest-paying college majors, 5 years after graduation
▼ + stars: | 2024-03-14 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

If you're looking for a college degree with maximum earning potential, you'll want to be an engineer. Engineering degrees took nine of the top 16 rankings for college majors with the highest income five years after graduation, according to a recent New York Federal Reserve study of full-time workers. Computer engineering majors ranked first with an annual median salary of $80,000, followed by chemical engineering and computer science — the only two other majors that pay more than $75,000 annually. STEM jobs — science, technology, engineering and mathematics — are expected to grow twice as fast as non-STEM jobs through 2031. Here are the 16 highest-paying college majors:

Organizations: York Federal, Computer

☆ Long-term inflation expectations rise, spelling possible trouble for the Fed, survey shows
▼ + stars: | 2024-03-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

According to a report by the Commerce Department, consumer spending rose 0.8% in July beating expectations of 0.7%. At the three-year range, expectations rose 0.3 percentage point to 2.7%, while the five-year outlook jumped even more, up 0.4 percentage point to 2.9%. All three are well ahead of the Fed's 2% goal for 12-month inflation, indicating the central bank may need to keep policy tighter for longer. Economists and policymakers consider expectations as a key factor in viewing the path of inflation, so the Survey of Consumer Expectations for February could be bad news. "We remain committed to bringing inflation back down to our 2 percent goal and to keeping longer-term inflation expectations well anchored."

Persons: Justin Sullivan, Jerome Powell Organizations: Costco, Commerce Department, Federal Reserve, New York Federal Reserve, Capitol Locations: Novato , California

☆ U.S. Treasury yields inch higher ahead of Fed-favored inflation measure
▼ + stars: | 2024-02-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield was up by over one basis point to 4.2915%. The yield on the 2-year Treasury was more than one basis point higher to 4.6643%. U.S. Treasury yields were slightly higher on Thursday as investors awaited the release of the Federal Reserve's preferred inflation measure. Investors looked ahead to the release of the personal consumption expenditures report for January, which could provide clues about the outlook for interest rates. If January's reading comes in higher than expected, markets may take it as a signal that inflation is stickier than previously expected and interest rates could stay elevated for longer.

Persons: Dow Jones, John Williams Organizations: Treasury, U.S, Federal, PCE, New York Federal

☆ Stock futures fall as Wall Street awaits the Fed's preferred inflation gauge: Live updates
▼ + stars: | 2024-02-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures fell as Wall Street weighed the latest earnings results and looked ahead to the Federal Reserve's favored inflation gauge. Futures tied to the Dow Jones Industrial Average slipped 80 points, or 0.2%. The S&P 500 futures and Nasdaq 100 futures edged down 0.2% and 0.25%, respectively. The 30-stock Dow lost 0.06% and fell for a third consecutive session, while the S&P 500 inched down 0.17%. The S&P 500 has jumped 4.6%, while the Dow has added 2.1%.

Persons: Salesforce, Okta, Joe Mazzola, Charles Schwab's, Dow, John Williams Organizations: New York Stock Exchange, Stock, Federal, Dow Jones, Nasdaq, Dow, Hewlett Packard Enterprises, Bath, Body, New York Federal Reserve Bank Locations: Snowflake, Chicago

☆ Wall Street will try to maintain AI-fueled momentum in the final week of February, as inflation concerns linger
▼ + stars: | 2024-02-23 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

In the final week of February, Wall Street will strive to maintain its AI-fueled rally even as economic concerns linger and the Federal Reserve's favorite inflation measure is on deck. But many worry the writing is on the wall for these market leaders as economic and inflation risks linger. The 'lone cloud' of inflation The Fed's preferred inflation gauge will also be released in the week ahead. Investors are concerned that sticky inflation will mean that the Fed will hold onto its higher-for-longer interest rate policy. Next week will also be the final week of February, with stocks headed for another strong month of gains.

Persons: Goldman Sachs, Patrick McDonough, Europe's, PGIM's McDonough, McDonough, Charlie Ashley, Dhaval Joshi, Joshi, Ashley, John Williams, TJX Cos Organizations: Dow Jones Industrial, Nasdaq, Nvidia, Japan's Nikkei, Catalyst Funds, BCA Research, CPI, PPI, Dow, New, Dallas Fed, Fidelity National Information Services, Richmond Fed, eBay, Enterprise, Cruise Line Holdings, New York Federal Reserve Bank, York, Monster Beverage, Paramount Global, PCE Deflator, Chicago PMI, . Kansas City Fed Manufacturing, Hewlett Packard Enterprise, Autodesk, Body, Hormel, PMI, Manufacturing Locations: U.S, Lowe's, Chicago, . Kansas, Michigan

This confidence is echoed by other recent metrics, including a survey by Morgan Stanley showing that consumer sentiment hit a five-month high in January. Economists who spoke to CNBC Make It say it's likely the cumulative effect of wage growth, low unemployment and slowing inflation. "But with slowing inflation and strong wage growth, adjusted-for-inflation incomes are increasing, giving consumers more buying power," he says. Wages increased 5% in January 2024, a three-month moving average of nominal wage growth for individuals, as measured by the Atlanta Fed's Wage Growth Tracker. Wage growth, slowing inflation and low unemployment are the main factors for improved optimism among Americans, Ernest says.

Persons: Morgan Stanley, what's, Robert Johnson, Here's, Gus Faucher, Johnson, Jonathan Ernest, Ernest Organizations: of Michigan, Consumers, New York Federal Reserve, CNBC, Creighton University's Heider College of Business, PNC Financial Services Group, U.S . Department of, Treasury, Federal Reserve, Stock, Case Western Reserve University Locations: New, Atlanta

☆ Younger generations have gained more wealth than other age groups since 2019, study says
▼ + stars: | 2024-02-15 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Younger generations grew their wealth much faster than older Americans after the pandemic began, thanks largely to stocks, according to a new study. The wealth increase far outpaced that of older generations. The biggest driver of the wealth gains for younger generations was stocks, according to the study. The study said that younger generations received larger stimulus checks during the pandemic and used the funds in part to buy stocks. As the stock market hovers near record highs, the wealth gap between the younger and older generations may continue to narrow.

Persons: Rob Gruijters Organizations: New York Federal Reserve, England's University of Cambridge

Closing the wealth gap is more difficult because a significantly larger number of white households traditionally have money in stocks and mutual funds. A separate Fed survey shows that as of 2022, about 65.6% of white households had investments in stocks, compared with 28.3% for Hispanic households and 39.2% for Black households. More than 50% of Black financial wealth is invested in pensions, the New York Fed found. In contrast, less than 30% of white financial wealth is invested in pensions, with about 50% invested in businesses, equities, and mutual funds. In April of 2020, more than 40% of Black business owners reported they were not working, compared with only 17% of white business owners.

Persons: ”, Janelle Jones, Jones, Walley Adeyemo, Adeyemo, ___, Charles Schwab Organizations: New York Federal Reserve Bank, Black, Washington Center for Equitable, Federal Reserve, New York Fed, Bureau of Labor Statistics, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: U.S, America

☆ Credit card delinquencies surged in 2023, indicating 'financial stress,' New York Fed says
▼ + stars: | 2024-02-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday. The quarterly increase at an annualized pace was around 8.5%, New York Fed researchers said. Credit card debt, however, jumped 14.5% from the same period in 2022. Credit card debt as a share of income is still below pre-pandemic levels. Mortgage debt increased 2.8% in 2023, while the delinquency rate increased to 0.82%, up a quarter percentage point from the previous year.

Persons: Delinquencies, delinquencies, Wilbert van der, Joe Biden Organizations: New York Federal Reserve, New York Fed, Auto, Federal Reserve, Washington

☆ Younger Americans are falling behind on credit card and car payments, New York Fed says
▼ + stars: | 2024-02-06 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Delinquencies are rising among younger borrowers in particular, the New York Fed said. Younger borrowers have surpassed pre-pandemic levels of credit card delinquencies. AdvertisementYounger Americans are falling behind on paying credit card and auto loans, with the rate of late payments rising above pre-pandemic levels in the last quarter, the New York Federal Reserve said in a report. Total credit card balances hit $1.13 trillion and auto loans outstanding increased to $1.61 trillion. Advertisement"Serious credit card delinquencies increased across all age groups, notably with younger borrowers surpassing pre-pandemic levels," New York Fed researchers wrote.

Persons: — Organizations: New York Fed, Service, New York Federal Reserve, NY Fed, Fed

☆ Premarket stocks: Why Wall Street should worry about retail
▼ + stars: | 2024-01-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Consumer spending accounts for about 70% of America’s gross domestic product, the broadest measure of the US economy, so a recession is nearly impossible as long as consumer spending is growing. Wednesday’s report is expected to be a good one — economists polled by FactSet expect that a strong holiday shopping season boosted consumer spending by 0.4% in December from the month prior. But new data from the New York Federal Reserve on Tuesday has soured the mood on Wall Street. The outlook for consumer spending doesn’t look so bright, either. The trend marked the deepening of a demographic challenge set to have significant implications on the world’s second largest economy, report my colleagues Laura He and Simone McCarthy.

Persons: Alicia Wallace, shutdowns, It’s, Brian Moynihan, ”, CNN’s Richard Quest, they’ve, Bob Iger, Samantha Delouya, Walt Disney, Iger’s, Disney, Laura, Simone McCarthy Organizations: CNN Business, Bell, New York CNN, FactSet, New York Federal Reserve, Consumer, Hamas, Federal Reserve, Bank of America, Economic, Disney, National Bureau of Statistics, Communist, NBS Locations: New York, Suez, Iranian, Asia, Europe, United States, Drewry, Davos, Switzerland, China, Communist China

☆ Stock futures are little changed on Tuesday evening: Live updates
▼ + stars: | 2024-01-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Traders on the floor of the New York Stock Exchange (NYSE) in New York, on Tuesday, Jan. 3, 2023. Stock futures were flat in overnight trading following a losing session to kick off the holiday-shortened trading week. Futures tied to the Dow Jones Industrial Average hovered near the flatline, along with S&P 500 futures . Interactive Brokers lost nearly 3% in extended trading after posting fourth quarter adjusted earnings that fell short of expectations. The Federal Reserve's beige book and business inventories for November are also slated for Wednesday, along with remarks from New York Federal Reserve Bank President and CEO John Williams.

Persons: Stocks, Christopher Waller, Goldman Sachs, Morgan Stanley, Jeffrey Buchbinder, Dow Jones, Charles Schwab, John Williams Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Interactive, Federal Reserve, Dow, Bank of America, LPL, U.S . Bancorp, New York Federal Reserve Bank Locations: New York, New

☆ Red Sea crisis could jeopardize inflation fight as shipping costs spike globally
▼ + stars: | 2024-01-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

In this article HLAG-DEMAERSK.B-DK Follow your favorite stocks CREATE FREE ACCOUNTA ship transits the Suez Canal towards the Red Sea on January 10, 2024 in Ismailia, Egypt. Sayed Hassan | Getty ImagesU.S. shipping costs are spiking as attacks in the Red Sea disrupt global trade, raising fears that inflation might pick up again if the disruption persists. But the Red Sea crisis is now having a significant impact further afield with shipping costs between Asia and the U.S also spiking. Shipping rates from North Asia to the U.S. East Coast have jumped 137% to $5,100 for a 40-foot container from early October, according to S&P Global. JPMorgan told clients on Tuesday that the fight against inflation could stall in the coming months if shipping costs push the price of goods higher.

Persons: Sayed Hassan, John Kirby, Kirby, Biden, Chris Rogers, Mark Hopkins, we're, Hopkins, It's, Balika Sonthalia, Sonthalia Organizations: Getty, P Global Market Intelligence, P, U.S ., U.S . East Coast, U.S . West Coast, JPMorgan, Federal Reserve, . National Security, White, Moody's, CNBC, Kearney, The New, The New York Federal, HSBC Locations: Suez, Ismailia, Egypt, South Africa, Asia, Europe, North Asia, Israel, U.S, U.S . East, U.S . West, The New York, Panama

☆ Gold subdued as traders gear up for US inflation print
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold was down 0.3% at $2,023.48 per ounce. U.S. consumer inflation data is due on Thursday. Economists polled by Reuters see year-on-year inflation at 3.2% in December, but think core inflation likely fell to 3.8%, its lowest since mid-2021. "Still, bullion bulls would have no qualms restoring spot gold back above that psychologically important mark once markets get a firmer grasp on the Fed's policy pivot."

Persons: Bob Haberkorn, Michelle Bowman, denting, Han Tan Organizations: Heraeus SA, Solar, Reuters, New York Federal Reserve, Treasury, Exinity Locations: Budapest, Hungary, U.S

☆ A 43-year-old who poured everything into becoming a millionaire shares the realization that made him stop 'obsessing' over his wealth — and why he's much happier now
▼ + stars: | 2023-12-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Don, 43, is a self-made millionaire who used to place immense pressure on himself to earn more money. He's now focusing on other things in his life, like his kids, that bring him more happiness than wealth ever could. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Advertisement'You need the humility that it can be taken away from you'Don said his upbringing largely influenced the way he now thinks about money and wealth. "So what are those things that you do have in your life that money can't measure?

Persons: Don, —, he's, it's, That's Organizations: Service, Federal, New York Federal, Suffolk University Sawyer Business School, USA

☆ Why millennials say they need more than double the salary of other generations to be happy
▼ + stars: | 2023-12-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Millennials said in a recent survey that they need $525,000 a year to be happy. It's likely due to high debt loads millennials hold, along with childcare and housing costs. The average respondent said they think they need a $284,167 annual salary to be happy, and for millennials, that amount was much higher at $525,000. As Business Insider recently reported, millennials' financial well-being has plummeted, according to Morning Consult's latest iteration of its well-being index. Big debt loads are a contributor to millennials' financial well-being right now.

Persons: Millennials, —, Gen Z, Gen X, millennials, Fannie Mae, it's, Jimmy Gomez, Joe Biden Organizations: Service, Federal Reserve, Consumer Financial, Federal, New York Federal Reserve, of Labor Statistics, National Association of Realtors

☆ Morning Bid: November bids adieu with inflation data, OPEC
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. With signs of turn emerging in Federal Reserve policy guidance and October PCE inflation readings set to encourage that later in the day, rate cut fever was in full flow across the Atlantic too. Headline annual inflation in the bloc fell as low as 2.4% - within arm's length of the ECB's 2% target. Later on Thursday, U.S. PCE inflation for the prior month is pencilled to fall 3.0% from 3.4% - with a core also ebbing to 3.5%. "Monetary policy is in a good place," Cleveland Fed President Loretta Mester said on Wednesday, echoing comments from previously hawkish Fed governor Christopher Waller the previous day.

Persons: Brendan McDermid, Mike Dolan, policymaker Fabio Panetta, Loretta Mester, Christopher Waller, John Williams, Christine Lagarde, Megan Greene, Kroger, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Treasury, Federal, European Central Bank, Bank of Italy, policymaker, U.S ., ECB, Cleveland Fed, Wall, OPEC, Dallas Fed, PMI, York Federal, Bank of England, Academy Sports, Rock Biotech, Titan, Reuters, Thomson Locations: New York City, U.S, China, Canada, Vienna, Automotive, Duluth, BOS, Jan

☆ The holiday spending spree is fueled by ‘Buy Now, Pay Later’ shoppers
▼ + stars: | 2023-11-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —The Black Friday and Cyber Monday billion-dollar US spending spree was fueled by “Buy Now, Pay Later” shoppers. On Cyber Monday, Buy Now, Pay Later purchases hit an all-time high, up 43% from a year ago, according to Adobe Analytics. The number of items per order also rose 11% annually as shoppers used Buy Now, Pay Later for larger purchases. Consumers risk stacking on debt they can’t pay off with Buy Now, Pay Later purchases, financial researchers say. While Buy Now, Pay Later was initially designed to help shoppers pay for big-ticket purchases, consumers are increasingly using these services to buy groceries and everyday necessities, research shows.

Persons: CNN’s Alicia Wallace Organizations: New, New York CNN, Adobe Analytics, New York Federal, Federal Reserve Bank of New Locations: New York

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