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☆ More People Are Falling Behind on Credit Card and Car Debt
▼ + stars: | 2023-05-16 | by ( Joe Pinsker | ) www.wsj.com time to read: 1 min

The share of consumers’ auto-loan debt that became delinquent rose year-over-year amid high inflation. Photo: David Paul Morris/BloombergMore Americans are having a harder time keeping up with their car, credit-card and mortgage payments compared with a year ago. The share of debt balances that became at least 90 days delinquent in the first quarter of 2023 was 1.08%, up from 0.071% a year earlier, according to a report from the Federal Reserve Bank of New York released Monday.

☆ Berkshire Hathaway Opens New Position in Capital One, Exits BNY Mellon
▼ + stars: | 2023-05-16 | by ( Akane Otani | ) www.wsj.com time to read: 1 min

Berkshire’s annual shareholder meeting in Omaha, Neb., was held earlier this month. Photo: Madeline Cass for The Wall Street JournalWarren Buffett ’s company spent the first quarter opening a new position in Capital One Financial and adding to its already large holdings of Bank of America and Apple . A regulatory filing released Monday showed Berkshire Hathaway trimmed its stakes in Chevron , General Motors , Amazon.com and Activision Blizzard , among other companies. It dumped the remainder of its stakes in Taiwan Semiconductor Manufacturing , Bank of New York Mellon , U.S. Bancorp and RH , the home-furnishings company formerly known as Restoration Hardware.

☆ Major investors loaded up on regional bank stocks during a turbulent first quarter
▼ + stars: | 2023-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Einhorn's Greenlight Capital took small stakes in New York Community Bancorp and First Citizens Bancshares in the first quarter, with each bet worth about $20 million, according to a regulatory filing. New York Community Bancorp's subsidiary, Flagstar, acquired Signature Bank assets after that bank was shuttered , while First Citizens bought a large portion of Silicon Valley Bank assets . New York Community shares are up nearly 20% this year, while First Citizens' stock has jumped more than 68% on the year. 'Big Short' Burry of "Big Short" fame snapped up a slew of regional banks last quarter, including New York Community Bancorp , Capital One Financial , Western Alliance , PacWest Bancorp and Huntington Bancshares during the first quarter. To make matters more confusing, the conglomerate dumped its remaining stakes in Bank of New York Mellon and U.S. Bancorp .

The S&P Regional Banking Index fell approximately 25% during the quarter as a run on deposits sank Silicon Valley Bank and Signature Bank in March, both of which were at the time the largest banking failures since the Great Financial Crisis. The S&P Regional Banking index is now down 36% for the year to date. Famed "Big Short" investor Michael Burry's Scion Asset Management, meanwhile, added a number of new positions in regional banks, including stakes in First Republic, PacWest (PACW.O) and Western Alliance Bancorp (WAL.N). Shares of regional banks have remained volatile in recent weeks, with some investors wary of more tumult to come in the sector. London-based Marshall Wace sold 51,300 shares of First Republic in the first quarter, closing its position in the bank.

☆ Berkshire invests in Capital One, sheds Bank of NY Mellon
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 15 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Monday said it has begun investing in Capital One Financial Corp (COF.N) and no longer has a stake in Bank of New York Mellon Corp (BK.N). Berkshire made its disclosures in a regulatory filing listing its U.S.-listed stocks as of March 31. Capital One shares rose 5.3% in after-hours trading, following Berkshire's disclosure of an approximately $954 million stake in the bank. The filing does not identify which investments are Buffett's and which were made by his portfolio managers Todd Combs and Ted Weschler, though larger investments are usually Buffett's. Reporting by Jonathan Stempel in New York Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ NY Fed's domestic markets chief to join Bank of New York Mellon
▼ + stars: | 2023-05-15 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Bank of New York Mellon Corp on Monday said a top New York Federal Reserve official responsible for domestic markets will join the firm next month in a job focused on financial markets. Nathaniel Wuerffel, who last served as senior vice president at the New York Fed and was the New York Fed's Head of Domestic Markets, will join the bank as Head of Market Structure. His bio said he had been working as chief of the domestic markets group since June 2018. Before joining the New York Fed, Wuerffel worked at the Chicago Fed, starting there in 1998. Wuerffel’s exit comes amid flux in the New York Fed’s top staff.

NEW YORK/WASHINGTON, May 15 (Reuters) - As talks over raising the U.S. government's $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. Citigroup (C.N) CEO Jane Fraser said this debate on the debt ceiling is "more worrying" than previous ones. U.S. government bonds underpin the global financial system so it is difficult to fully gauge the damage a default would create, but executives expect massive volatility across equity, debt and other markets. Banks, brokers and trading platforms are prepping for disruption to the Treasury market, as well as broader volatility. Bond trading platform Tradeweb said it was in discussions with clients, industry groups, and other market participants about contingency plans.

☆ Americans’ debt surpasses $17 trillion for the first time
▼ + stars: | 2023-05-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

To this point, credit card debt has been rising at the sharpest pace of any debt covered in the report, said Ted Rossman, senior industry analyst for Bankrate. Last year, 39% carried debt month to month. Increases in credit card debt can be a either sign of confidence or struggle, he added. “For the foreseeable future, we’re stuck with high credit card rates, high balances, and more people carrying debt,” he said. “My advice would be to pay down credit card debt, as quickly and cost effectively as possible.

☆ Warren Buffett's Berkshire Hathaway adds Capital One and these other stocks to holdings
▼ + stars: | 2023-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway made a slew of changes to its massive equity portfolio last quarter, including adding a financial stock during the latest banking crisis, according to a new regulatory filing. The Omaha-based conglomerate built a new stake in Capital One Financial in the first quarter, worth more than $950 million, the filing showed. Apple, Activision and more Berkshire hiked its two biggest holdings - Apple and Bank of America - slightly in the first quarter. Buffett said at Berkshire annual meeting that "it's not good news when any company passes its dividend, or cuts its dividend dramatically." Outside of top holdings, Berkshire added a small stake - worth about $40 million - in Diageo , a British alcoholic beverage company.

☆ Berkshire invests in Capital One, sheds four stocks
▼ + stars: | 2023-05-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Buffett's company made its disclosures in a regulatory filing listing its U.S.-traded stocks as of March 31. Capital One shares rose 5.7% in after-hours trading following Berkshire's disclosure of a 9.92 million share stake worth about $954 million. In Monday's filing, Berkshire also revealed a new $41.3 million stake in Diageo Plc (DGE.L), the maker of alcoholic beverages including Johnnie Walker and Guinness. BERKSHIRE BUYS MORE APPLE, BANK OF AMERICADespite the selling, Berkshire still invests in several financial services companies. Berkshire also has dozens of operating businesses including the BNSF railroad, Geico car insurance, and many energy, manufacturing and consumer units.

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ American consumers are growing worried about a US debt default
▼ + stars: | 2023-05-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

“If policymakers fail to resolve the debt ceiling crisis, these dismal views over the economy will exacerbate the dire economic consequences of default.”The latest survey showed that the university’s consumer-sentiment index fell by 9% in May. Monthly household spending growth tumbled to 5.4% from a revised 7.1% in December, according to the New York Fed’s Household Spending Survey, which is fielded every four months. Michigan’s report showed US household spending was flat in March from the prior month, after limping just 0.1% in February. Stack on top of that the Federal Reserve’s punishing interest-rate increases and still-high inflation, and consumers might just tap out. The Conference Board’s sentiment survey showed that consumer confidence worsened in April as Americans became more worried about the jobs market.

☆ Fed's John Williams says rates could be increased if inflation doesn't come down
▼ + stars: | 2023-05-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, November 6, 2019. The committee removed a key phrase from the statement that had indicated additional rate hikes would be appropriate. "I do not see in my baseline forecast, any reason to cut interest rates this year," he said, adding that additional rate hikes would be possible if the data doesn't cooperate. The current problems in the banking industry and their impact will factor into Williams' policy outlook, he said. "I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment and inflation," Williams said.

☆ US consumers' inflation expectations mixed in April, NY Fed report shows
▼ + stars: | 2023-05-08 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

FILE PHOTO: People walk outside the Federal Reserve Bank of New York in New York City, U.S., March 18, 2020. The regional Fed bank reported as part of its April Survey of Consumer Expectations that respondents see inflation one year from now at 4.4%, down from 4.7% in the March survey. The Fed has been pressing forward aggressively with interest rate rises to lower some of the highest inflation pressures in decades. The U.S. central bank raised rates last week in an action that may be the last of its current tightening campaign, as inflation pressures have started to ease. Survey respondents also said they expect higher unemployment and a greater probability of losing their jobs, as well as a harder time finding new work.

☆ Fed survey: Banks are tightening up their lending standards after rate hikes, turmoil
▼ + stars: | 2023-05-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Survey respondents attributed the changes in lending standards to economic uncertainty, a reduced appetite for risk, deterioration in collateral values and broader concerns about banks’ funding costs and liquidity positions, according to the Fed report. At the time, banks expected that trend of tightening credit, waning demand and deteriorating loan quality would continue. Fed president: Central bank should weigh effectsFederal Reserve Bank of Chicago President Austan Goolsbee said in an interview with Yahoo! Fed officials, including Chair Powell, have previously noted that credit tightening could act similarly to a rate hike. A ‘salient risk’Separately on Monday, the Fed released its semi-annual Financial Stability Report, which assesses the resilience of the US financial system.

☆ Warren Buffett set for 59th Berkshire Hathaway shareholder marathon as big questions loom
▼ + stars: | 2023-05-06 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls "Woodstock for Capitalists." "Charlie is 99 and Warren turns 93 on Aug. 30," Lountzis added, "and you just don't know how many more you're going to have." Buffett and Munger are due to answer five hours of shareholder questions at the meeting. "We believe in constructive engagement and dialogue, whether it's Warren Buffett or another company," Frerichs said in an interview.

☆ Talk of banning short sales is suddenly in the air, but history argues against it
▼ + stars: | 2023-05-05 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

It's just a hop, skip and a jump away from the obvious conclusion: ban short sellers! There are already rules to prevent violation of short selling rules Fortunately, the SEC has not (at least yet) jumped on this bandwagon. Gensler, however, has made it clear he is looking out for bad actors who may be violating existing laws on short selling. For example, there are rules that prohibit naked short selling , the practice of short selling shares that haven't first been borrowed. When short selling is banned, traders who want to buy stock but need to hedge their risk will be hesitant to do so."

☆ Berkshire Hathaway's annual meeting is here: What to expect from Warren Buffett and Charlie Munger
▼ + stars: | 2023-05-05 | by ( Yun Li | ) www.cnbc.com time to read: +7 min

Warren Buffett is set to kick off Berkshire Hathaway 's annual shareholder meeting Saturday before tens of thousands of adoring shareholders. Berkshire's annual "Woodstock for Capitalists" will be held in Omaha, Nebraska, the second straight in-person gathering after two virtual meetings during the pandemic. The question of Buffett's Activision stake is expected to come up at the annual meeting. Geico Berkshire shareholders will also be eager to learn more about what's next for auto insurer Geico , the crown jewel of Berkshire's insurance empire and Buffett's "favorite child." ESG issues There are a few ESG-related shareholder proposals being put to a vote at the annual meeting, including requiring Berkshire to publish an annual assessment of climate-related risks and publish data on its workforce composition by gender, race, and ethnicity.

☆ Buffett set for 59th shareholder marathon as big questions loom
▼ + stars: | 2023-05-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls "Woodstock for Capitalists." Buffett and Munger are due to answer five hours of shareholder questions at the meeting. "We believe in constructive engagement and dialogue, whether it's Warren Buffett or another company," Frerichs said in an interview. Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Will Dunham and Megan DaviesOur Standards: The Thomson Reuters Trust Principles.

"My belief is that we don't get inflation down to 2% without a recession," said Greg McBride, chief financial analyst at Bankrate. As the economy fluctuates, experts say there are several key risk areas that consumers may want to keep an eye on. That still leaves about 1.6 open jobs to every available worker, which is "very good," according to Andy Challenger, senior vice president at outplacement firm Challenger, Gray & Christmas. Pricey car loan 'quickly becomes untenable'Auto loan delinquencies are already rising, particularly for borrowers with weaker credit profiles, McBride noted. In 2022, consumers paid $133.1 billion in credit card interest and fees, a 23.1% increase from the estimated $108.1 billion they paid in 2021.

☆ Why Prices, Inflation Are Still Soaring: Corporate Price Gouging
▼ + stars: | 2023-05-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +16 min

While many of the problems that helped trigger the upward spiral have abated, prices are still high and getting higher. The idea that companies are taking advantage of disruptions to push price increases on consumers has many names — greedflation, excuseflation, price gouging, corporate profiteering — but the gist is the same. Supply-chain issues and other disruptions made sense as drivers of higher prices, Chris Becker, a senior economist and the associate director of policy and research at the Groundwork Collaborative, told me. "Working people are suffering thanks to corporate greed, so we need to enact tougher rules to ensure corporations pay a price when they price gouge." Working people are suffering thanks to corporate greed, so we need to enact tougher rules to ensure corporations pay a price when they price gouge.

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REUTERS/Marco BelloNEW YORK, April 27 (Reuters) - JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon sent a clear message to employees this month: get back to the office. The largest U.S. lender's employees inundated an internal messaging forum with criticism after its operating committee posted an edict entitled, "The importance of being together." JPMorgan first called employees back to the office on a rotational basis in mid-2021 after months of pandemic shutdowns. "We don't want to punish everybody because of that, but people agreed to do three days a week; we expect three days a week." Many branch employees, building staff and other workers have reported to offices throughout the pandemic without the option to work remotely.

A real estate investment fund recently defaulted on $750 million of mortgages for two Los Angeles skyscrapers. And a big New York landlord is trying to extend the deadline for paying down a loan for a Park Avenue office tower. Office districts in nearly every U.S. city have been under great stress since the pandemic emptied workplaces and made working from home common. But in recent months, the crisis has entered a tense phase that could damage local economies and cause financial hits to real estate investors and scores of banks. Lenders are increasingly reluctant to make new loans to owners of office buildings, especially after the collapse of two banks last month.

☆ Here’s How Supply Chains Are Being Reshaped for a New Era of Global Trade
▼ + stars: | 2023-04-26 | by ( Paul Page | ) www.wsj.com time to read: 1 min

A robot moves products manufactured by Nestlé at a distribution warehouse operated by GXO Logistics near Derby, England. Photo: Chris Ratcliffe/Bloomberg NewsWhen a measure of strains on global supply chains fell earlier this year to levels last seen before the Covid-19 pandemic, it signaled to some that the product shortages, port bottlenecks and shipping disruptions of the past three years were over and that a new era of stability was on the horizon. But industry experts say a “return to normal,” as the Federal Reserve Bank of New York described its Global Supply Chain Pressure Index in February, hardly means that companies are going back to conventional, some would say complacent, supply chains.

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