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☆ Auto insurance rates are jumping the most since the 1970s, but there could be relief soon
▼ + stars: | 2024-05-23 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Rows of new Tesla cars are seen in a holding area near a customer collection point on April 15, 2024 in London, England. Soaring auto insurance costs have been a principle driver behind inflation over the past year, but there could be relief on the way, according to Bank of America. "The turbocharged increases in motor vehicle insurance premiums are a response to underwriting losses in the industry. Insurers saw losses," BofA economist Stephen Juneau said in a note. Also, repair and maintenance services costs were flat in April though still up 7.6% from a year ago.

Persons: Stephen Juneau Organizations: Soaring, Bank of America, Federal Reserve, of Labor Statistics Locations: London, England, Juneau

☆ Stock futures are little changed as Wall Street readies for key inflation report: Live updates
▼ + stars: | 2024-05-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures were little changed as Wall Street braced for April's consumer price index. Futures tied to the Dow Jones Industrial Average added 17 points, while S&P 500 futures and Nasdaq 100 futures hovered near the flatline. The Dow Jones Industrial Average gained 0.32%. Economists polled by Dow Jones expect the consumer price index to show a 0.4% monthly gain, or a 0.3% increase excluding food and energy. Tuesday's producer price index for April contributed to that narrative, showing a 0.5% gain in wholesale prices, above the 0.3% estimate from Dow Jones.

Persons: Nextracker, Dow Jones, Tom Lee Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Dow Jones Industrial, Investors, Federal, Dow, Fundstrat Global, Cisco Systems Locations: New York City

☆ Why you should buy stocks ahead of next week's inflation report
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Investors should buy stocks ahead of next week's release of the April CPI report, according to Fundstrat's Tom Lee. An in-line CPI report or better would increase the chances of three interest rate cuts this year, Lee said. AdvertisementInvestors should buy stocks ahead of next week's release of the April CPI report, according to Fundstrat's Tom Lee. Sweden's Riskbank cut interest rates for the first time since 2016 on Wednesday, and the Bank of England signaled that interest rate cuts are imminent. And next week, we expect incoming data to show overall softening of the key components of inflation," Lee said.

Persons: Tom Lee, Lee, — Organizations: Service, Federal Reserve, Bank of England

☆ Stock market today: Dow hits 8-day winning streak ahead of key inflation report
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The strong gains in May come ahead of a key CPI report, set to be released on Wednesday. AdvertisementUS stocks traded higher on Friday, securing an eight-day winning streak for the Dow Jones Industrial Average. Fed Governor Michelle Bowman said she doesn't expect any interest rate cuts this year, while Fed President Lorie Logan said its still too early to be thinking about interest rate cuts based on the latest inflation data. The report will offer insights into when the Fed might move forward with interest rate cuts. Fundstrat's Tom Lee expects a lower-than-expected inflation report, which should send dovish signals to the Fed and push stocks higher for the rest of May.

Persons: —, Michelle Bowman, Lorie Logan, Fundstrat's Tom Lee, Lee Organizations: Dow, Fed, Service, Dow Jones, Federal Locations: Here's

☆ Stock market today: Dow aims for 8-day win streak with next week's CPI report in focus
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks jumped on Friday as the Dow Jones Industrial Average vied for an 8-day win streak. The upcoming April CPI report next week is the big data point that could move markets. AdvertisementUS stocks edged higher on Friday, setting the Dow Jones Industrial Average up for a potential eight-day win streak. Next week, investors will be laser-focused on the Wednesday release of April's inflation report, with economists expecting a 0.3% rise in the consumer price index. Fundstrat's Tom Lee said a light CPI report next week could set the stock market up for more gains in May.

Persons: —, Jerome Powell, Michelle Bowman, Lorie Logan, Austan Goolsbee, Neel Kashkari, Michael Barr, Tom Lee, Lee Organizations: Dow Jones, Federal Reserve, Service, Federal Locations: Fundstrat, Here's

☆ Tom Lee says the bar is lower for the Fed to cut and so stocks are set to do ‘quite well’
▼ + stars: | 2024-05-02 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Cracks might finally be forming in the Federal Reserve's firm hawkish stance, according to Fundstrat Global Advisors' Tom Lee. As investors expected, the Fed kept interest rates unchanged after central bank policymakers had their meeting. "That's not really an inflationary signal, so I think the bar is actually being lowered now for the Fed to cut and I think that's something many people picked up." All in all, Lee thinks there's a "good probability" that interest rates are currently at their peak. If inflation does indeed improve in the next few months and interest rates fall, he has optimistic prospects for stocks.

Persons: Tom Lee, Lee, That's, Jerome Powell, We're, Powell, there's Organizations: Fundstrat Global, Starbucks, Fed, Investors

☆ The stock rally is masking stagflation risk raised by the latest GDP report, JPMorgan says
▼ + stars: | 2024-04-30 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

JPMorgan says the recent stock rebound driven by robust earnings masks looming stagflationary risks. The soft landing narrative is challenged by the first-quarter GDP report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe recent rally in the stock market, bolstered by a wave of upbeat earnings, is glossing over a host of risks raised by the latest economic data points, JPMorgan said this week. Jamie Dimon and other experts are sounding the alarm, saying the US might be headed for a 1970s-style scenario, complete with a stock market crash.

Persons: —, JPMorgan's Marko Kolanovic, Kolanovic, hasn't, Jamie Dimon Organizations: JPMorgan, Service, Microsoft

☆ Inflation Is Stubborn. Is the Federal Budget Deficit Making It Worse?
▼ + stars: | 2024-04-29 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

A crucial question is hanging over the American economy and the fall presidential election: Why are consumer prices still growing uncomfortably fast, even after a sustained campaign by the Federal Reserve to slow the economy by raising interest rates? Some are essentially quirks of the current economic moment, like a delayed, post-pandemic surge in the cost of home and auto insurance. Others are long-running structural issues, like a lack of affordable housing that has pushed up rents in big cities like New York as would-be tenants compete for units. That borrowing is a result of a federal budget deficit that has been elevated by tax cuts and spending increases. It is helping to fuel demand for goods and services by channeling money to companies and people who then go out and spend it.

Organizations: Federal Reserve, International Monetary Fund Locations: New York

☆ Insurance stocks are rallying as a way to play one of the hottest spots for inflation
▼ + stars: | 2024-04-19 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

The stubbornly high inflation readings to start 2024 are good news for one group of stocks — insurance companies. Stocks to watch In general, Wall Street analysts are buying the underlying story for these insurance stocks. For a slightly different angle, Wells Fargo analyst Elyse Greenspan upgraded Hamilton Insurance Group to overweight last week. Potential downsides To be sure, there are several factors that could derail the rally for insurance stocks. Another concern is so-called "social inflation," in which legal trends or regulatory changes can drive costs higher for insurance companies.

Persons: Goldman, Robert Cox, Stocks, Goldman's Cox, Cox, Wells, Elyse Greenspan, Hamilton, HG, Greenspan, Jimmy Bhullar, Andrew McGee, McGee, — CNBC's Michael Bloom Organizations: Bureau of Labor Statistics, Allstate, Wall Street, PGR, Progressive, Hartford Financial Services, Hamilton Insurance Group, U.S . Insurance, JPMorgan, CNBC Locations: Northbrook , Illinois, Wells Fargo

☆ How to manage your money in your 40s, according to CFPs: As your investments grow, 'mistakes can get bigger' too
▼ + stars: | 2024-04-16 | by ( Annie Probert | ) www.cnbc.com time to read: +4 min

In your 40s, financial priorities can range from taking care of aging parents to funding the activities and futures of your kids. Here are four steps certified financial planners recommend taking with your money throughout your 40s. You generally have two options for life insurance: term or permanent. Term life insurance provides coverage for a set amount of time, often somewhere between 10 and 30 years, while permanent life insurance, also known as whole life, provides coverage for the rest of your life. Term life insurance is generally fitting for people looking for affordable, temporary coverage, while permanent life insurance is more flexible and can earn interest.

Persons: Andrew Fincher, Fincher, you've, Joe Conroy Organizations: Financial

☆ Why car insurance costs are skyrocketing and leading to higher inflation
▼ + stars: | 2024-04-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

RobertCrum | Getty ImagesDETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners. Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021. However, auto insurance remains a small portion of the CPI, with a 2.85% weighting. watch nowThe insurance cost increases on inflation come more than two years after the Biden administration largely blamed used car prices for pushing inflation higher in January 2022. The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location.

Persons: Sean Tucker, Kelley, David Sampson, Sampson, Biden, Mitchell, Power, —, it's, Price, Mark Garrett, — CNBC's Robert Ferris, Jeff Cox Organizations: Getty, DETROIT, U.S, Auto, U.S . Bureau of Labor Statistics, American, Casualty Insurance Association, CNBC, Progressive, Power's U.S . Auto Insurance, State Farm, Liberty Mutual Locations: U.S, Power's U.S, Geico, .

☆ Cramer compares Warren Buffett and Elon Musk, says Wall Street has turned on Tesla CEO
▼ + stars: | 2024-04-10 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Wednesday discussed two of the most high-profile billionaires on Wall Street, Elon Musk and Warren Buffett. He said investors continually admire Buffett, but have turned on Musk with the sharp decline in Tesla 's share price. To Cramer, investors love Musk as long as Tesla's stock is performing well, saying they call him a "genius" and praise the company's electric vehicles. "With the downgrades and price target cuts, the long knives are really out for Musk," Cramer said. "They obviously never liked him, they only liked that Tesla's stock was a juggernaut."

Persons: CNBC's Jim Cramer, Elon Musk, Warren Buffett, Buffett, Tesla, that's, Cramer, Musk, carmakers, Cramer hasn't, he's, Berkshire Hathaway Organizations: Berkshire, CNBC

☆ Here’s the inflation breakdown for March 2024 — in one chart
▼ + stars: | 2024-04-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

"The big rock in the way here is the cost of shelter," Zandi said. In fact, underlying inflation after stripping out shelter costs is already back to target, Zandi said. watch nowThe increase is largely attributable to higher oil prices. "For most Americans, the thing that bothers them the most about inflation is high food prices." Americans' buying patterns also simultaneously shifted away from services — like entertainment and travel — toward physical goods since they stayed at home more, driving up demand and fueling decades-high goods inflation.

Persons: Eric Thayer, That's, Mark Zandi, Zandi, It's, Hamrick, They're, Sarah House Organizations: Bloomberg, Getty, U.S . Labor Department, Moody's, of Labor Statistics, U.S, Energy Information Administration, BLS, Wells, Wells Fargo Economics Locations: U.S, Wells Fargo

☆ Goldman Sachs now sees just 2 interest rate cuts in 2024 with auto insurance keeping inflation hot
▼ + stars: | 2024-04-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The Fed is going to cut interest rates just two times in 2024, according to Goldman Sachs. The bank lowered its rate cut forecast from three to two following a hot March inflation report. "We are pushing back our forecast of the first rate cut from June to July," Goldman Sachs said. Still, following the hot CPI report, Hatzius bumped his expectations for the March PCE report. AdvertisementPart of Goldman's confidence in just two interest rate cuts this year stems from the fact that the Federal Reserve's most recent dot plot showed a central bank that was almost evenly split between two or three interest rate cuts this year.

Persons: Goldman Sachs, Jan Hatzius, Hatzius Organizations: Dow Jones, Investors, Federal

Health insurance, life insurance, auto insurance, disability insurance, homeowners insurance, and renters insurance all require the policyholder to pay a premium to continue receiving coverage. The types of insurance policy premiums include car, life, health, homeowners, renters, and disability insurance. Life insurance premiumsAs previously mentioned, term life insurance premiums are locked in when the policy is signed. Another factor that goes into homeowners insurance premiums is your insurance score, which you do have some control over. Insurance premiums frequently asked questionsHow often do I have to pay insurance premiums?

Persons: policyholders, you'll, they're, Policygenius Organizations: Health Locations: New York, California

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Persons: Federal nRewards, cardholders, Read, Cardholders, — Organizations: Business Insider, Navy Federal Credit, Card, Navy Federal Credit Union, Citi, Federal Credit, Credit, National Guard, Department of Defense, DOD, The Navy Federal Credit, Federal Credit Union, Emergency Assistance Navy Federal Credit, Federal, American, Walmart, Wells, Citi Diamond Preferred, Navy, Navy Federal, of Defense, Business Locations: Wells

The biggest monthly bills Americans pay each month are mortgage, rent, and auto loans. AdvertisementThe biggest monthly bills Americans pay each month are mortgage, rent, and auto loans, according to the report. The other most common bills include utilities, auto insurance, cable and internet, mobile phones, health insurance, life insurance, and home security. Of those monthly bills, utilities, mobile phones, and health insurance have jumped the most in the last five years. AdvertisementThe most common monthly bills are just part of the picture for manyThese bills are just one piece of the picture showing the current cost of living.

Persons: Lynnette, Cox Organizations: Census Bureau, Resilience, Business Locations: Doxo

☆ Why auto insurance rates are skyrocketing in the U.S.
▼ + stars: | 2024-03-23 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

Car insurance is getting more expensive. The average annual premium for full coverage auto insurance in the U.S. rose to $2,543 in 2024 — up 26% from the previous year, according to Bankrate. "That has led to an environment where the consumer, the insured, is out shopping for auto insurance and finding that they cannot find an insurer that has a lower premium for them." Around 215 million Americans carry auto insurance and the market is valued at roughly $353 billion, according to IBISWorld. So, what other factors are behind the spike in auto insurance rates and what impact are rising premiums having on consumers and large publicly traded companies such as Allstate, Progressive and Berkshire Hathaway's Geico ?

Persons: Stephen Crewdson, Berkshire Hathaway's Organizations: American, Casualty Insurance Association, Allstate, Progressive, Berkshire Locations: U.S, .

☆ Car insurance costs are up 21%—but this is 'the worst thing to do' if you're looking for ways to save
▼ + stars: | 2024-03-15 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

One cost pulling the average way up: car insurance, which rose 20.6% over the past 12 months. For drivers, the question isn't why rates are up across the board, but how they can keep their auto insurance costs from breaking the budget. How to keep your car insurance costs downSome reasons for rising premiums are unique to you, experts point out. But if your car insurance costs are going up as a matter of course, there are a few steps you can take to bring things down. "The best way to save money on your car insurance is to compare quotes from multiple companies to make sure you are getting the lowest possible rate," she says.

Persons: Loretta Worters, it's, Mark Hamrick, It's, Rachael Brennan, You'll Organizations: of Labor Statistics, Insurance, Institute, District of Columbia

☆ TD Cowen's Andrew Kligerman breaks down why drivers are seeing skyrocketing car insurance rates
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTD Cowen's Andrew Kligerman breaks down why drivers are seeing skyrocketing car insurance ratesAndrew Kligerman, TD Cowen managing director, joins 'Power Lunch' to discuss the increase in auto insurance and how it's impacted consumers.

Persons: Andrew Kligerman, TD Cowen

☆ Florida Man Sues G.M. and LexisNexis Over Sale of His Cadillac Data
▼ + stars: | 2024-03-14 | by ( Kashmir Hill | ) www.nytimes.com time to read: +1 min

According to a federal complaint filed this week seeking class-action status, it was because his 2021 Cadillac XT6 had been spying on him. When Mr. Chicco requested his LexisNexis file, it contained details about 258 trips he had taken in his Cadillac over the past six months. The data had been provided by General Motors — the manufacturer of his Cadillac. In a complaint against General Motors and LexisNexis Risk Solutions filed in the U.S. District Court for the Southern District of Florida, Mr. Chicco accused the companies of violation of privacy and consumer protection laws. LexisNexis Risk Solutions, and another data broker called Verisk, claim to have real-world driving behavior from millions of cars.

Persons: Romeo Chicco, XT6, Chicco, General Motors Organizations: Liberty Mutual, LexisNexis, General, General Motors, Southern, Southern District of, The New York Times, Solutions Locations: U.S, Southern District, Southern District of Florida

☆ 47% of parents still financially support adult children, study finds. Here's how much they spend
▼ + stars: | 2024-03-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Many argue it's harder today for young adults to make it on their own. In addition to soaring food and housing costs, millennials and Generation Z face other financial challenges their parents did not at that age. More from Personal Finance:3 ways Gen Zers can build creditWhy can't today's young adults leave the nest? Gen Z, millennials are 'house hacking' to become homeownersBy other measures, young adults are doing well. And yet, 61% of adult children still living at home don't contribute to household expenses at all, Savings.com found.

Persons: Gen Zers, Savings.com Organizations: Savings.com, Finance

☆ Automakers Are Sharing Consumers’ Driving Behavior With Insurance Companies
▼ + stars: | 2024-03-11 | by ( Kashmir Hill | ) www.nytimes.com time to read: +1 min

So Mr. Dahl, 65, was surprised in 2022 when the cost of his car insurance jumped by 21 percent. One insurance agent told him his LexisNexis report was a factor. Upon Mr. Dahl’s request, LexisNexis sent him a 258-page “consumer disclosure report,” which it must provide per the Fair Credit Reporting Act. What it contained stunned him: more than 130 pages detailing each time he or his wife had driven the Bolt over the previous six months. The only thing it didn’t have is where they had driven the car.

Persons: Kenn Dahl, He’s, Dahl, Dahl’s Organizations: Chevrolet, LexisNexis Locations: Seattle, New York

☆ Auto Insurance Spike Hampers the Inflation Fight
▼ + stars: | 2024-02-29 | by ( Talmon Joseph Smith | ) www.nytimes.com time to read: +1 min

Job growth, wage growth and business growth are all lively, and inflation has steeply fallen from its 2022 highs. One reason may be sticker shock from some highly visible prices — even as overall inflation has calmed. The cost of car insurance is a key example. Motor vehicle insurance rose 1.4 percent on a monthly basis in January alone and has risen 20.6 percent over the past year, the largest jump since 1976. According to a recent private-sector estimate, the average annual premium for full-coverage car insurance in 2024 is $2,543, compared with $2,014 in 2023 and $1,771 in 2022.

Locations: dampening

☆ Instead of chasing Nvidia, investor buys these misunderstood, cheap growth stocks for big returns
▼ + stars: | 2024-02-28 | by ( Pia Singh | ) www.cnbc.com time to read: +6 min

In a market bedazzled by flashy growth stocks, Torray Investment Partners instead runs a fund that's trying to redefine what value is. The Torray Fund , founded by the late Robert Torray in 1990, is ahead 7.4% so far this year, outpacing the 6.5% gain in the S & P 500. Apart from the Torray Fund, the firm manages four other concentrated portfolios that also hold between 20 and 30 companies. These portfolios are separately managed accounts of either concentrated large growth companies, small- and mid-capitalization growth names, large value companies and equity income. Compared to other large value funds, Torray is overweight in all three.

Persons: iShares Russell, Jeffrey Lent, Robert Torray, Berkshire Hathaway, Morningstar, Lent, Shawn Hendon, Eaton, McLennan, Hendon, Torray, it's Organizations: Torray Investment Partners, Value, Torray, Russell, Berkshire, American Express, Marsh, Financial, Morningstar, Applied Materials, Qualcomm, Nvidia Locations: Eaton, Berkshire

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