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☆ Millions of student-loan borrowers are about to lose a key safeguard that'll put their credit scores and debt relief at risk
▼ + stars: | 2024-09-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewA key protection for student-loan borrowers is ending this month. On September 30, the on-ramp period for federal student-loan borrowers is coming to an end. AdvertisementThe Education Department has not announced any further protections for missed payments, but it's working to carry out different forms of relief. Additionally, President Joe Biden's second attempt at broader student-loan forgiveness is also already facing a lawsuit, delaying the timeline for millions of borrowers to get debt relief. The legal challenges, along with the conclusion of the on-ramp period, present a challenging time for student-loan borrowers as the year comes to a close.

Persons: —, Joe Biden's Organizations: Service, Education Department, Business, Public, Office, Congressional, New York Federal Reserve, Social Security, Department, GOP

Economists like to say the cure for high prices is high prices. In other words, consumers eventually start to hold back on spending when they are faced with increasing costs. On Monday, the New York Federal Reserve reported that consumers' three-year inflation outlook hit a record low. Many economists credit the Federal Reserve's decision to raise interest rates starting in the spring of 2022 with helping to curb the upswing. It is that last factor that the Federal Reserve is keenly focused on.

Persons: “, Andrew Jassy, Wells Fargo, Mark Hamrick, ” Organizations: of Labor Statistics, Federal Reserve's, New York Federal Reserve, Federal, Fed, BLS, Gallup, Federal Reserve Locations: U.S, York

☆ Why an indicator that has foretold almost every recession doesn't seem to be working anymore
▼ + stars: | 2024-07-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

According to the New York Federal Reserve, which uses the 10-year/three-month curve, a recession should happen about 12 months later. The inversion is not aloneMaking the situation even more complicated is that the yield curve isn't the only indicator showing reason for caution about how long the post-Covid recovery can last. But the rate dynamics have helped companies escape what usually happens in an inverted curve. With an inverted curve hitting their net interest margins, banks may opt to lend less, causing a pullback in consumer spending that can lead to recession. This could provide something of a self-fulfilling prophecy for the yield curve.

Persons: Alex Kent, hasn't, —, there's, it's, Mark Zandi, It's, Joseph LaVorgna, SMBC, Quincy Krosby, We've, Jim Paulsen, Paulsen, That's Organizations: New York Stock Exchange, Bloomberg, Getty, Moody's, New York Federal Reserve, SMBC Nikko Securities, Gross, National Bureau of Economic Research, Commerce Department, LPL, Federal Reserve, Fed Locations: New York, SMBC Nikko, Wells Fargo

☆ What a Trump presidency could mean for the dollar and the stock market
▼ + stars: | 2024-07-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

There are other reasons the dollar has been propelled higher as some European and Asian currencies have seen lackluster growth. A strong dollar makes US exports more expensive and reduces the profits of American companies operating overseas when earnings are converted back to dollars. And while a strong dollar lowers the cost of imported raw materials, it can boost inflation and hurt foreign investments. The families of victims of two fatal crashes of the 737 Max oppose the deal, the department said. Beyond the fatal crashes of the 737 Max jets, the company has faced a series of questions about the safety and quality of its planes.

Persons: it’s, Donald Trump, Joe Biden, Trump, ”, Lisa Shalett, Morgan Stanley, Louis Navellier, Jeanne Sahadi, Read, Max, Chris Isidore Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Fed, Republican, Morgan Stanley Wealth Management, Navellier, Associates, New York Federal Reserve, Boeing, Justice Department, Alaska Airlines Locations: New York, ”, China, Japan, United States

☆ Money problems can be an early sign of dementia
▼ + stars: | 2024-07-08 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

When a family member who has been fairly responsible with money all their lives becomes careless with their finances, it may be one sign of as-yet-undiagnosed dementia. “The harmful financial effects of undiagnosed memory disorders exacerbate the already substantial financial pressure households face upon diagnosis,” the researchers wrote. Two parents with dementia, one daughter’s efforts to reduce financial worryJayne Sibley, who lives in the United Kingdom, knows the pain and stress of dealing with the financial behaviors that can signal dementia. Her mother also would take money out of the cash machine two to three times a day and give it to anyone who asked. Of course, no amount of advanced financial planning can alleviate the heartbreak of watching a loved one with dementia decline.

Persons: Marcey Tidwell, ”, Tidwell, Karen Lemay, “, Lemay, hadn’t, ” Lemay, Jayne Sibley, ” Sibley, Sibley, doling, Ditto, ’ ”, ” Tidwell Organizations: New, New York CNN, New York Federal Reserve, Johns Hopkins Bloomberg School of Public Health, US National Institute, Aging Locations: New York, Bloomington , Indiana, Ottawa, Canada, United Kingdom, Sibley

☆ Ron Insana: Why this jobs report should spur the Fed to cut rates in July
▼ + stars: | 2024-07-05 | by ( Ron Insana | ) www.cnbc.com time to read: +3 min

It's time for the Fed to cut rates at the end of July. Add to that the moderation in the consumer price index , the producer price index and the personal consumption expenditures price index – the Fed's preferred inflation gauge – and the need to wait for further signs of improvement seems like overkill. Also, if the Fed dials back policy later – rather than sooner – there will be claims of political interference if it cut rates immediately before the presidential election. The central bank has been dealing with an economy-crashing pandemic, a surge in prices and uncertainty over how its policies would affect the broad economy, inflation and consumer behavior over time. This is a factor that will likely drive inflation rates lower.

Persons: Adrian –, –, Mickey, Dow Jones, Joe Biden, Adrian . Go, Ron Insana Organizations: Federal Reserve, Fed, Dow, New York Federal, Atlanta, CNBC

☆ ‘Not all debt needs to be paid off as soon as possible,’ says CFP—what to focus on first
▼ + stars: | 2024-05-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.

Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education

☆ TikTok is becoming a new GoFundMe, with views replacing donations to help people get out of debt
▼ + stars: | 2024-05-22 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +7 min

Read preview"We are paying off each other debt on TikTok," a creator recently declared. The creator, named Yolanda, was gushing about the "pay off each other's debt" trend that seems to have become popular on the app. More than 4,000 videos have been posted under the #payoffdebttrend hashtag on TikTok, with creators asking for help for various reasons including medical bills, student debt, and unexpected costs. The requirements for earning money on TikTok are to have at least 10,000 followers and to have amassed 100,000 video views in the previous 30 days. AdvertisementAccording to creators who previously spoke with BI in 2022, the amount TikTok pays creators varies widely from a few pennies to $17 per 1,000 views.

Persons: —, Yolanda, TikTok, Katya Varbanova, Jake Heisenburg, Heisenburg, commenter, didn't, he'd, Markia Brown, Mark Tilbury, Varbanova, it's, Brown, isn't Organizations: Service, Business, New York Federal Reserve Bank, TikTok, Facebook Locations: TikTok, Experian

☆ Stock futures are little changed as investors brace for key inflation reports: Live updates
▼ + stars: | 2024-05-13 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures flickered near the flatline Monday evening as Wall Street braced for the release of key inflation reports. S&P 500 futures inched down 0.02%, while Nasdaq 100 futures slipped 0.08%. Another market catalyst will emerge Tuesday morning as the first of two key inflation reports will be released. "It's not unusual for Wall Street and Main Street to see the economy differently — the different perspective stems from different points of focus. Stock market movements are based on expectations of future economic performance, not necessarily current conditions," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management.

Persons: Dow, Dow Jones, Jerome Powell, Brent Schutte Organizations: Nasdaq, Dow Jones Industrial, New York Federal Reserve, PPI, Northwestern Mutual Wealth Management

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Why American consumers may finally slow their spending, in charts
▼ + stars: | 2023-11-26 | by ( Christopher Hickey | ) edition.cnn.com time to read: +5 min

Some experts think the combination of high housing costs, rising credit card debt and shrinking savings could mean the end of post-Covid splurges, maybe even as soon as this year’s holiday shopping season. Here are the pressures consumers are facing that could cause a spending slowdown. Keeping up with high prices not only has led to more credit card debt, but also more consumers are falling behind on the payments. Since the first quarter of 2022, the rate of newly serious delinquent credit card debt has risen roughly 90%. And that would mean Americans may be forced to finally pull back on their post-Covid spending spree.

Persons: “, ”, Erik Lundh, Freddie Mac, ” Lundh, Lundh, they’ve Organizations: Conference, Intercontinental Exchange, ICE, New York Federal Reserve, Social Security Administration, San Francisco Federal Reserve, SF Fed, New York Fed, Covid Locations: people’s

☆ US demand for new credit down in 2023, New York Fed survey shows
▼ + stars: | 2023-11-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

People walk by the Federal Reserve Bank of New York in the financial district of New York City, U.S., June 14, 2023. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Demand for new credit in the U.S. over the last year has declined and will likely stay soft in the future, according to a survey released on Monday by the New York Federal Reserve. But even as the overall application rate for new credit declined among those surveyed, interest in applying for more credit card debt rose. The survey said that reading had hit 29% as of October and was 26% for 2023, compared to a 27.2% credit card application rate in 2019. The report noted that expected decline in applications for credit extended to new credit cards, auto loans, mortgages and home refinancing.

Persons: Shannon Stapleton, Michael S, Paul Simao Organizations: Federal Reserve Bank of New, REUTERS, New York Federal Reserve, Fed, Consumer, New York Fed, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). My dad taught me a credit card is not an extension of your income — it's credit the issuer expects to be repaid. Once I graduated college, started working, and bought my first house, I decided it was time to get my first credit card. Right now credit card debt is at an all-time high of over $1 trillion according to a report by the New York Federal Reserve. Find the Right Card for You Checking to see if you're pre-approved for a credit card offer can help you find the right card while safeguarding your credit score.

Persons: — Organizations: Service, New York Federal Reserve

☆ Morning Bid: Ebbing oil sustains economic glow
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +6 min

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. That drop, which takes annual producer price inflation as low as 1.3%, was driven largely by falling gasoline prices. And that meets news that China's oil refinery throughput fell back in October as industrial fuel demand weakened. The overall energy and inflation picture is helping buoy consumption and stokes the 'soft landing' narrative investors are betting on. The picture in overseas markets, where the economic picture is cloudier, was more mixed.

Persons: magnifier, Dado Ruvic, Mike Dolan, stokes, Mary Daly, Joe Biden, Xi Jinping, Xi, Biden, Washington, Christopher Waller, Lisa Cook, John Williams, Michael Barr, Loretta Mester, Christine Lagarde, Luis de Guindos, Andrea Enria, Dave Ramsden, Andres Manuel Lopez Obrador, Alexander Smith Organizations: REUTERS, U.S . Energy Information Administration, Walmart, Federal, San Francisco Fed, Treasury, U.S . Senate, Philadelphia Fed, Kansas City Fed, Applied, Ross Stores, Federal Reserve, Lisa Cook , New York Fed, Cleveland Fed, European Central Bank, Bank of England, New York Federal Reserve, Insider Intelligence, Reuters Graphics, Thomson, Reuters Locations: U.S, United States, China . U.S, Target, San Francisco, Taiwan, China, Kansas, Treasuries, Lisa Cook , New, Franciso, Reuters Graphics China

☆ Welcome to the (almost) red-hot bond market
▼ + stars: | 2023-11-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Surging mortgage rates over the past few years have sent home loan applications and home sales down sharply. The 30-year fixed rate mortgage was also advancing towards 8% — a level not seen since the dot-com bubble popped in 2000. Those raging Treasury yields brought pain to investors and also increased how much American companies had to pay to service their debts. In fact, Wall Street is struggling to figure out what it means for the timing and scale of future rate cuts.

Persons: ”, Michael Hartnett, Gina Bolvin, “ We’re, Phillip Wool, Goldman Sachs, Morgan Stanley, Ellen Zentner Organizations: New, New York CNN, New York Federal, Treasury, Dow, Bank of America, Bolvin Wealth Management, Mortgage News, Mortgage, Association, Financial, Consumer, Federal Reserve, Goldman, Fed, UBS, Airlines for America, AAA Locations: New York

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