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☆ Americans are falling behind on their payments
▼ + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.

Persons: New York CNN —, Austan Goolsbee, ’ ”, ”, Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, “ Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss

☆ Slowing growth plus stubborn inflation add up to a headache for Fed officials
▼ + stars: | 2024-04-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The slowing growth and stubborn inflation picture emerging in the U.S. economy may not be quite a nightmare scenario for the Federal Reserve, but it at least could make for some restless sleep. Markets had been looking for the string of good readings dating back to mid-2022 to continue, with economists estimating real GDP growth of 2.4% and inflation readings around 3%. What it got was essentially what some on Wall Street called the worst of both worlds, with weakening growth and stubborn price pressures. The Fed will get a more granular look at PCE data on Friday when the Commerce Department releases the monthly figures for March. "We still think Fed cuts are coming this summer, before inflation has sustainably slowed."

Persons: Matthew Ryan, —, Ryan, Steven Blitz, Veronica Clark Organizations: Federal Reserve, Commerce, Treasury, Commerce Department, TS Lombard, Citigroup, Citi Locations: U.S

☆ Don't believe these money misconceptions: 3 things to know that can help improve your finances
▼ + stars: | 2024-04-25 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +4 min

Part of the problem: People continue to believe common misconceptions about managing and investing their money. When it comes to your retirement savings, target-date funds can be another smart option. Young couple managing finance and investment online, analyzing stock market trades with mobile app on laptop and smartphone. "People feel like, I can get a higher return with no risk … but basically, a higher return is always a reward for higher risk." There's almost no risk to money in federally insured deposit accounts, unlike investments that are subject to the daily changes in the stock, which can result in much higher risk.

Persons: Witthaya, Annamaria Lusardi, Paul Yakoboski, Young, Lusardi, There's Organizations: TIAA, Global Financial, Stanford Institute for Economic Policy Research, TIAA Institute, Target, CNBC, Financial Wellness, Board Locations: U.S

☆ Switzerland says UBS may need more cash. The bank is fuming
▼ + stars: | 2024-04-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Now, the giant Swiss lender is hitting back, saying its finances are robust and warning that the proposal could harm Switzerland’s standing as a global financial center. “There can be no regulatory solution for a broken business model,” he continued, referring to Credit Suisse. UBS bought its stricken rival last March in a government-orchestrated rescue aimed at preventing a global financial crisis. It was not too-low capital requirements that forced Credit Suisse into the historic weekend rescue,” he added. But that leaves the stock more vulnerable to declines as a result of “execution risk in the Credit Suisse integration,” suggested Citi analyst Andrew Coombs.

Persons: London CNN —, Colm Kelleher, “, ”, Kelleher, Pascal Mora, Karin Keller, Keller Sutter, Anke, Andrew Coombs, ” Kelleher, Sergio Ermotti’s, Ermotti Organizations: London CNN, Credit Suisse, UBS, Bloomberg, Getty, RBC Capital Markets, Citi, Reuters Locations: Swiss, Switzerland, Europe

☆ The US is eyeing sanctions that could cut off some Chinese banks from the rest of the world
▼ + stars: | 2024-04-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The US is drafting sanctions on Chinese lenders, The Wall Street Journal reported. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Previously, the threat of US secondary sanctions has already sparked a pullback in Chinese-Russian financial dealings, including restricted yuan payment transactions. New sanctions could go as far as cutting China from accessing the US dollar, the linchpin currency used in global trade.

Persons: —, hasn't, State Anthony Blinken, Wang Webin Organizations: Street Journal, Service, Lawmakers, Street, Center for Strategic, International, Washington, State, Reuters Locations: China, Russia, Washington, Beijing, Moscow, Ukraine, Russian, Western, Europe

☆ UK property prices: Brits face biggest obstacles in 70 years to buying a first home
▼ + stars: | 2024-04-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“During some periods both the cost of buying (down payments) and the cost of owning (mortgage repayments) have been high. Mortgage rates biteThe average mortgage repayment has rocketed since late 2021 as the Bank of England, along with other major central banks, began jacking up official interest rates to bring down inflation. (The interest rate on some government bonds is used to set mortgage rates). On Monday, the average rate on a two-year fixed-rate mortgage stood at 5.82%, according to data from product comparison website Moneyfacts. “An election is due within the next year and a new government, committed to helping prospective first-time buyers, might start by acknowledging the challenges younger generations face not just in housing but more generally,” the BSA said.

Persons: Liz Truss, “ Organizations: London CNN, Building Societies Association, BSA, Office, National Statistics, Bank of England, UK Finance Locations: United Kingdom, London, England, Wales

☆ Breaking down the market sell-off and odds this 5% pullback turns into a 10% correction
▼ + stars: | 2024-04-20 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

Hard-to-handicap geopolitical conflict never helps, even if it rarely serves as the key swing factor in a market trend. .SPX 1Y mountain S & P 500, 1-year And then there was simply the elevated valuation and over-optimistic sentiment that had built up over that five-month, 28% rally that culminated at the end of March. Over the long span of time, about 40% of all 5% market pullbacks deepened into full 10% corrections. A 10%-ish correction from the S & P 500 high of 5254 would pull the index down below 4800, the former record high from early 2022, and so would be a test of the first-quarter breakout. Last week's 3% decline took the index back to Feb 21 and thereby closed the "Nvidia gap," the 100-point S & P 500 pop the day after Nvidia's blowout fourth-quarter earnings report.

Persons: Warren Pies, Jerome Powell Organizations: Nasdaq, 3Fourteen, Nvidia, Big Tech, Treasury, Silicon Valley Bank Locations: Silicon

☆ High company valuations a 'worry,' IMF's capital markets chief says
▼ + stars: | 2024-04-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

High corporate valuations could pose a significant risk to financial stability as market optimism becomes untethered from fundamentals, the IMF's director of the Monetary and Capital Markets Department said Tuesday. Financial markets have been on a tear for much of this year, buoyed by falling inflation and hopes of forthcoming interest rate cuts. But that "optimism" has stretched company valuations to a point where that could become vulnerable to an economic shock, Tobias Adrian said. "We do worry in some segments where valuations have become quite stretched," Adrian told CNBC's Karen Tso Tuesday. Adrian, who was speaking on the side lines of the IMF's Spring Meeting in Washington, said that credit markets were a particular area of concern.

Persons: Tobias Adrian, Adrian, Karen Tso Organizations: Monetary, Capital Markets, International Monetary Fund, World Bank Group, Washington DC, Capital Markets Department, Financial Locations: Washington, United States

☆ America’s debt problem could spell higher interest rates in the rest of the world
▼ + stars: | 2024-04-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The IMF said Wednesday that increased government spending, growing public debt and elevated interest rates in the United States had contributed to high and volatile yields — or interest rates — on Treasuries, raising the risk of higher rates elsewhere. “Loose fiscal policy in the United States exerts upward pressure on global interest rates and the dollar,” Vitor Gaspar, director of the IMF’s fiscal affairs department, told reporters. Higher interest rates make it more costly for households and businesses to service their loans, which can lead to defaults that cause losses at banks and other lenders, increasing financial instability. That means that even if the Fed cuts interest rates later this year — the IMF’s central scenario — US government funding costs may not fall by the same margin, he added. The IMF expects US public debt to continue rising, helping drive government debt worldwide to close to 100% of global gross domestic product by 2029, from 93% last year.

Persons: ” Vitor Gaspar, ”, Jerome Powell, ” Tobias Adrian, Gaspar, Pierre, Olivier Gourinchas, That’s Organizations: London CNN, International Monetary Fund, IMF, Federal Reserve, Treasury Department, Treasury, US, Federal Locations: United States, Washington

☆ Weekend plunge shows it's premature to crown bitcoin as the new gold, Citi says
▼ + stars: | 2024-04-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Citi says it may be too early to classify bitcoin as "digital gold" despite its safe haven properties and recent correlation with the yellow metal. Many bitcoin fans regard the cryptocurrency as a digital version of gold because of its finite supply and its function as a store of value. Citi analyst Alex Saunders acknowledged that it can and has displayed both safe haven and risk asset behaviors, but said the digital gold analogy isn't yet warranted. Bitcoin does not yet exhibit the 'store-of-value' properties of gold, despite both being limited-supply, zero-coupon-bearing instruments." "Adoption of the emergent blockchain technology will be key to the long-term utility of bitcoin and other cryptocurrencies," he added.

Persons: Alex Saunders, –, Saunders, bitcoin, Michael Bloom Organizations: Citi Locations: East

☆ A longtime banker gives a rare inside look at how he is thinking about his next career move and weighing factors like work-from-home policies and family as well as compensation.
▼ + stars: | 2024-04-15 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +8 min

Within hedge funds in particular, there has been a war for talent — or a talent bubble, depending on who you talk to — as the biggest funds grow ever larger. Banks, hedge funds, consulting — it's all on the table for Monnier in a chaotic recruiting environment that is unlike the ones he has experienced before. Pros and cons of the buy-sideThe best job market Monnier has experienced was, naturally, before the global financial crisis. Now, the job market isn't as hot, but the number of players interested in his skillset has grown. Average pay at hedge funds was nearly $500,000.

Persons: —, Jeremy Monnier doesn't, Goldman Sachs, Joe Leung, Leung, Monnier, Banks, Goldman, Zar Amrolia, Amrolia, he's, eFinancialCareers, they'd, doesn't Organizations: Service, Michelin, Business, Barclays, Deutsche Bank, Monnier, Deutsche, XTX, Barclays — Locations: London, German, Normandy, France, Paris, United Kingdom

☆ 4 cheap stocks to buy and hold for the next decade, according to the pros
▼ + stars: | 2024-04-12 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Many shares look expensive in today's market, but there are still cheap stocks to be found — some of which can be held for the next 10 years, according to the pros. They shared with CNBC Pro their tips for picking cheap stocks that hold long-term promise, as well as their top picks. How to pick cheap stocks Morningstar's Susan Dziubinski says she believes in owning stocks that offer "some sense of certainty" in terms of cash flow and company fundamentals. Freddie Lait, chief investment officer at Latitude Investment Management, says a willingness to invest in some cyclical stocks is key. Cheap stocks to hold for the long term Morningstar's Dziubinski named three cheap stocks that investors can hold for the next decade: U.S. consumer health firm Kenvue , regional U.S. bank U.S. Bancorp , and medical equipment firm Zimmer Biomet .

Persons: Susan Dziubinski, isn't, Freddie Lait, Lait, he's, Dziubinski, Zimmer Biomet, Morningstar, Bancorp Morningstar, AutoZone Organizations: CNBC, Latitude Investment Management, U.S . Bancorp, Companies, Bancorp Locations: U.S, AutoZone

In 2021, college athletes in the NCAA gained the opportunity to benefit financially from their name, image and likeness — known as NIL regulations. The NIL era has allowed college athletes to save for the future and seek professional financial advice in a way many 18- to 22-year-olds can't. NCAA athletes hire agents and financial advisors to help them negotiate NIL deals, ushering in new financial responsibilities. Copeland is the CEO of Athletes.org, an organization that focuses on helping college athletes navigate this new world. Morgan Stanley's head of Global Sports and Entertainment, Sandra Richards, and her team work with several NCAA athletes.

Persons: Caitlin Clark, Matthew Holst, Olivia Dunne, Chase Griffin, Griffin, Jayne Kamin, I've, He'll, Brandon Copeland, Copeland, Morgan Stanley's, Sandra Richards, Richards Organizations: Iowa Hawkeyes, Ohio State Buckeyes, Carver, Getty, NCAA, Louisiana State University, University of Iowa, UCLA, UCLA Bruins, Arizona Wildcats, Rose, CNBC, NFL, CNBC Global Financial Wellness, Global Sports, Entertainment Locations: Iowa City , Iowa, Pasadena , California

☆ 'Lose-lose situation': New Swiss bank laws could derail UBS' challenge to Wall Street giants
▼ + stars: | 2024-04-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.

Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland

☆ Spain is about to make it much harder for wealthy foreigners to buy their way into residency
▼ + stars: | 2024-04-09 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

Spain plans to end "golden visas" for non-EU citizens investing €500,000 in real estate. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSpain will no longer hand out "golden visas" to foreigners willing to pay big bucks for them. AdvertisementIn the last year, Ireland, the Netherlands, Portugal, and Greece have all shut down or tightened their golden visa programs for similar reasons. In 2018, New Zealand banned foreigners from buying existing homes following a housing affordability crisis, similar to Spain and Portugal's current situation.

Persons: —, Pedro Sánchez, Sánchez, it's, Peter Thiel, Meghan Morris Organizations: EU, Service, European Union, Associated Press, OECD, Investment, Henley & Partners Locations: Spain, Portugal, Greece, Ireland, Netherlands, Barcelona, Madrid, Valencia, Europe, New Zealand

☆ JPMorgan drops its recession call for the first half and now sees a 55% chance of a soft landing for the global economy
▼ + stars: | 2024-04-09 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

JPMorgan scrapped its recession forecast for the first half of 2024 and now sees 55% odds of a soft landing. The bank sees a 30% chance that global expansion persists without major policy easing. AdvertisementJPMorgan has backed off from its recession forecast for the first half of 2024 and says it now sees a 55% chance of a "soft landing" for the global economy through late next year. Related storiesBut now, with upbeat data painting a rosier picture, the bank sees a 55% chance of a soft landing scenario extending through at least the end of next year. On the earnings side, corporates in developed markets surpassed expectations last year, with margins holding close to record highs, demonstrating surprisingly resilient profitability despite high policy rates.

Persons: —, Bruce Kasman, Joseph Lupton, Kasman, Lupton, Jamie Dimon, Dimon Organizations: JPMorgan, Service

☆ Bull market breaks its stride with the S&P 500's first 2% dip in a long while
▼ + stars: | 2024-04-06 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

Was that a change in the market's character last week, or is it still the same old bull? This is generally to the good, as boring markets are bullish markets while they remain that way. Rates and commodities worries Other asset markets have also been at least inviting the question about a potential shift in character. The good news on this, as I keep insisting, is that it hasn't been a truly Fed-driven market. Though it's easy to imagine the market chafing at this kind of higher-rate, higher-growth equilibrium if it continues too much longer.

Persons: Ned Davis, Jerome Powell, hasn't, That's, We're, It's, Andrew Kelly Organizations: Ned Davis Research, Treasury, Fed, Investors Intelligence, Investment, Deutsche Bank ., New York Stock Exchange Locations: New York City, U.S

☆ Russia's economy is now so isolated that it has few options other than the Chinese yuan for its reserves
▼ + stars: | 2024-04-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's central bank says it has few alternatives other than the Chinese yuan as a key reserve asset. "These factors predetermine the key role of the Chinese yuan in the formation of reserve assets," it said. AdvertisementA state of increasing isolationRussia's increasing reliance on the yuan shows its economy is becoming increasingly isolated in the international trade and finance system. Moscow's reliance on the Chinese yuan comes with risks. Russian companies that borrow in the Chinese yuan are facing increased lending costs, Bloomberg reported last month.

Persons: —, Vladimir Putin, SWIFT Organizations: Service, Central Bank of Russia, Bloomberg Locations: Russia, Russian, Ukraine, India, China, Moscow, EU

☆ Wirecard tried to destroy its whistleblower. Now, he's founded a startup to protect others who speak out.
▼ + stars: | 2024-03-29 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +6 min

Read previewBeing a whistleblower was antithetical to everything Pav Gill had done during his nine-year stint as a corporate lawyer. When Wirecard headhunted the Singaporean native to be its head of legal, Gill took up the position enthusiastically. Despite the fruitful outcome, the experience of being a whistleblower traumatized Gill. AdvertisementThis realization was the driving force behind Gill setting up his startup — Confide — a platform for 'internal whistleblowers' to raise issues within their organizations. AdvertisementGill anticipates that this model will work best for companies with over 50 employees, and ideally above 250 employees.

Persons: —, Pav Gill, Gill, foraying, Wirecard, Gill's, don't, " Gill, they're Organizations: Service, Allen, Business, Financial, Directive, EU Locations: Wirecard, Asia, Singapore, ESG

☆ A glut of cheap Chinese goods is flooding the world and stoking trade tensions
▼ + stars: | 2024-03-28 | by ( Hanna Ziady | Laura He | ) edition.cnn.com time to read: +8 min

The oversupply of Chinese goods in key industries is stoking tensions between the world’s biggest manufacturer and its major trading partners, including the United States and the European Union. From clothes to carsChina’s exports of low-priced goods got a boost after it joined the World Trade Organization (WTO) in 2001. “What China exports is advanced production capacity that meets the needs of foreign customers,” Xinhua News Agency wrote. US President Joe Biden recently pledged to investigate whether imports of Chinese vehicles pose a national security threat. “But perhaps more importantly, persistent oversupply and low prices of Chinese goods will add to geopolitical tensions and keep the threat of tariffs and counter-tariffs alive,” she wrote in a recent note.

Persons: Hong Kong CNN —, ” Jens Eskelund, Xi Jinping, Huang Jingwen, ” Eskelund, Brad W, ” Markus W, Voigt, China’s BYD, Warren Buffett, Setser, Li Qiang, “, ”, Joe Biden, Jennifer McKeown, Shawn Deng Organizations: Hong Kong CNN, European Union, European Union Chamber of Commerce, Zero, of, People, China’s National Bureau of Statistics, Council, Foreign Relations, World Trade Organization, Aream Group, Tesla, Getty, China Development Forum, Xinhua, Agency, ., EV, European Commission, WTO, Capital Economics Locations: Hong Kong, United States, China, Europe, Beijing, Xinhua, China's Shandong, . Washington, Brussels

☆ Influencer Tori Dunlap is spurring women to maximize their savings and invest in the stock market
▼ + stars: | 2024-03-28 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Sarah WolfeAs Tiffany Mane read a personal finance book during her train ride to work, a woman sitting near her acknowledged that she, too, knew of the author. And there's a cyclical effect at play: Women utilize Dunlap's resources to improve their financial lives, and then share the information with others. A 2021 survey from NerdWallet showed women were less likely to be invested in the stock market than their male counterparts. "This kind of identity-focused personal finance is 100% necessary, and is the future of personal finance." In that group, members share financial wins and trade advice on topics like which banks or credit cards to use.

Persons: Sarah Wolfe, Tiffany Mane, Mane, Tori Dunlap, Dunlap, isn't, She's, Annamaria Lusardi, Lusardi Organizations: D.C, Finance, Facebook, Stanford Institute for Economic Policy Research, Global Financial Locations: Washington, York, NerdWallet

☆ Gangs netting up to $3 trillion a year as Southeast Asia human trafficking becomes a global crisis, Interpol says
▼ + stars: | 2024-03-28 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +5 min

CNN —Human trafficking-fueled fraud is exploding in Southeast Asia with organized crime rings raking in close to $3 trillion in illicit revenue annually, the head of Interpol has said in comments that reveal the huge profits being earned by cartels. One international organized crime group makes $50 billion a year, according to Interpol secretary-general Jurgen Stock, adding that $2 trillion to $3 trillion of illicit money flows through the global financial system annually. While drug trafficking contributes around 40% to 70% of organized crime income, criminal groups are also using those smuggling networks to illegally move humans, arms and stolen products among other things, Stock said. Criminal enterprises also exist in Laos, Thailand and the Philippines, with many of the lucrative online scam operations ranging from illegal gambling, to love scams and crypto fraud. Beijing has pressed Myanmar’s military government to rein in the scam operations, but with limited success.

Persons: Jurgen Stock, Stock, ” Stock, Human Rights Volker Turk Organizations: CNN, Interpol, International Monetary Fund, Covid, ”, “, United Nations, UN, Human Rights, Philippine News Agency Locations: Southeast Asia, Singapore, Asia, United States, Myanmar, Cambodia, Laos, Thailand, Philippines, China –, Beijing, China, Manila, what’s, Malaysia, Vietnam, Hong Kong

☆ Happy-Go-Lucky Australia Is Feeling Neither Happy, Nor Lucky
▼ + stars: | 2024-03-27 | by ( Natasha Frost | ) www.nytimes.com time to read: +1 min

When a recession did arrive, in 2020, it was because of the Covid-19 pandemic. But millions of residents are experiencing levels of hardship not seen in many decades. They say they are struggling to put food on the table, pay for housing and health care and cover their utility bills. But rising rent and exorbitant child care costs for her two children have put training out of reach. Just two generations ago, she said, her grandmother raised a family in her own home as a single parent, while working part-time as a nurse.

Persons: Robyn Northam Locations: Australia, Britain, United States

LONDON (AP) — A British financial trader, who has been described as the ringleader in the manipulation of a key interest rate before and after the global financial crisis, lost his appeal Wednesday to have his conviction quashed. At a three-day hearing in London earlier this month, the men’s lawyers argued that their convictions were “unsafe” and should be quashed. An appeal to the Supreme Court has to be made within 14 days. The scandal emerged in 2012 when some banks were accused of submitting fake numbers on purpose to have the LIBOR set at a rate that better suited them. LIBOR has been phased out in recent years, partly because it was seen by many as worsening the 2008 financial crisis.

Persons: —, Tom Hayes, Hayes, Carlo Palombo, Palombo, dishonestly, “, LIBOR Organizations: Citigroup, Switzerland's UBS, London Inter, Barclays, Deutsche Bank, of Justice, Supreme, U.S Locations: British, U.S, London, France, Germany

☆ Runaway government debt could sink markets and slam the economy, 2 watchdogs warn
▼ + stars: | 2024-03-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The US government's ballooning interest payments are eating a hole in its budget, they said. "We are headed toward record spending levels, record deficit levels, record debt levels, record interest payments — the list goes and on," Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, told Fox Business this week. While the US isn't at imminent risk of that kind of chaos, bond markets could "snap back" if the government's interest payments soar to $1 trillion in 2026 as expected, Swagel said. AdvertisementHowever, she noted that some experts on Wall Street were "incredibly worried" about the national debt and interest payments. DoubleLine Capital CEO Jeffrey Gundlach has also sounded the alarm on debt payments.

Persons: —, MacGuineas, Philip Swagel, Liz Truss, Swagel, bitcoin, Jim Rogers, George Soros, He's, Jeffrey Gundlach Organizations: Investors, Service, Federal Budget, Fox Business, Congressional, Office, Financial Times, Bank of, CBO, Wall, DoubleLine

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