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☆ Premarket stocks: Investors are on cloud nine. That could be a bad sign
▼ + stars: | 2024-03-15 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Unsurprisingly, several flashing indicators suggest that investors are feeling good about the market:• CNN’s Fear & Greed Index: The indicator, which measures seven barometers of market sentiment including the VIX, Wall Street’s most well-known measure of expected stock volatility, is in “greed” territory. Market sentiment is often seen as a contrarian indicator. That means that when the herd is optimistic, money managers take it as a sign that stocks will fall, and vice versa. A closely watched gauge of US wholesale inflation rose at its fastest pace in months, according to new data released Thursday. In February, car sales climbed 1.8%, purchases of electronics and appliances increased 1.5% and sales at restaurants rose 0.4%.

Persons: • Charles Schwab, Yardeni, “, Alicia Wallace, Price, Gus Faucher, Read, Bryan Mena Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Intelligence, Research, Bureau of Labor Statistics, PPI, of Labor Statistics, PNC Financial Services, Retail, Commerce Department, Gas Locations: New York

☆ She’s the boss: The ‘she-conomy’ boom continues with new business growth
▼ + stars: | 2024-03-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

In 2019, that picture looked quite different: 29% of new business owners were women, according to Gusto. The US Census does not break out new business formation by gender, and the most recent available data on women-owned businesses is from 2021. The business growth and the community impact garnered her a Young Entrepreneur Award from the US Small Business Administration. Filling the (skilled trades) gapYelp also found that in 2023, women opened more new home services businesses than beauty businesses. “There has absolutely been an uptick in interest over the last few years in this [skilled trades] work” by women, Perez said.

Persons: Bernadette Corbeil, “, ”, Corbeil, she’s, ” Tara Lewis, Bernadette Corbeil Yelp, Yelp, Abby Vandenberg, Ventureneer, Geri Stengel, Wells, Marie, Cyr, Marie Saint, leapfrogged, Saint, ” Lewis, workforces, Allie Perez, Perez, didn’t, Blythe Zemel, Ginny Stogner McDavid, Bernadette Corbeil’s, I’ve, ’ ” Organizations: CNN, Artemis Construction, Wells, Marie Saint, Cyr, New York City Public Schools, US Small Business Administration, NYC, of Labor Statistics, National Association of Women, Construction, Alamo City, George Plumbing Company, Texas Women, AFL Locations: Wildwood , Missouri, hyperdrive, ”, New York, SIBSPlace, Rockville Centre , New York, New, Saint, San Antonio, Alamo, happenstance, Harris, In Missouri

☆ Yet another inflation gauge came in hot for February
▼ + stars: | 2024-03-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

CNN —Rising energy prices helped to fuel yet another hot inflation reading for February. A closely watched gauge of US wholesale inflation rose at its fastest pace in months, according to new data released Thursday. While a seasonal energy price surge is at the root of the gain, the latest Producer Price Index is yet another reminder of the arduous process to rein in inflation. The hot PPI report comes two days after a similar reading from the Consumer Price Index, a closely watched gauge of inflation at the retail level. Core PPI rose 0.3% for the month, a slowdown from the 0.5% jump in January.

Persons: Price, we’ve, ” Kyle Anderson, ” Organizations: CNN, PPI, of Labor Statistics, Consumer, Federal Reserve, Indiana University’s Kelley School of Business, ”, BLS

☆ Food prices hold steady, but Americans have a beef with the cost of a burger
▼ + stars: | 2024-03-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

For burger proprietors — including smaller, mom-and-pop shops — and burger lovers alike, the price environment may not get any easier. Nearly eight decades later, the Owl Burger remains a draw, but it’s become noticeably more expensive since Covid. “Maybe 45 cents each year,” Argabright told CNN in an interview, adding that the Owl Burger sits at $7.95 now. “When you’re ordering pounds and pounds and pounds of it, it adds up pretty quick.”Beth Steele, founder of Beth's Burger Bar, in Edgewood, Florida. Where’s the beef price headedLike most aspects of inflation, there are several contributing factors behind higher burger prices.

Persons: that’s, ”, Tyler Schipper, Thomas, “ We’re, Wendy’s, Fries, Burger, Frank Chavez, it’s, Janice Argabright, ” Argabright, Beth Steele, Steele, “, hasn’t, we’re, Schipper, “ Don’t, ” Schipper Organizations: CNN, University of St, Trinity, Beth’s, Beth's, American Farm Bureau Federation Locations: Minnesota, San Antonio , New Mexico, Orlando, Beth’s Burger, Beth's Burger, Edgewood , Florida, Texas

☆ Prices ticked higher in February, but there’s good news at the grocery store
▼ + stars: | 2024-03-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Overall, the closely watched inflation gauge showed that prices rose by 3.2% for the 12 months ended in February, the BLS said Tuesday. That monthly pace was right in line with the 0.4% increase that economists were expecting, according to FactSet consensus estimates. Still, there was some good news for Americans: For the first time since April 2023, overall food prices did not rise. Grocery prices held flat, while “food away from home” (restaurants) ticked up last month by just 0.1%. On an annual basis, overall food price inflation slowed to 2.2%, the lowest rate since May 2021.

Persons: That’s, Stocks Organizations: New, New York CNN, Bureau of Labor Statistics, Federal Reserve, BLS, Dow, Nasdaq Locations: New York

The construction industry added an estimated 23,000 jobs in February; however, the pandemic effects still loom large for businesses such as DreamOn Group, a San Antonio, Texas-based developer, general contractor and property management firm. When Julissa Carielo started the company 18 years ago as Texas Premier Building Contractor Inc., she did so with $75,000 pulled from her 401(k) and two employees. “The Baby Boomers retired; we had way too many retirement parties going on and not enough new folks coming in,” she said. Every week, we’re looking for workers, and we cannot find them.”DreamOn Group is one of many businesses affected by worker shortages in the skilled trades. DreamOn Group previously had an in-house crew to tackle projects such as demolition, concrete work, interior finishes, drywall and painting.

Persons: Julissa Carielo, ”, Read Organizations: DreamOn, Inc, Boomers Locations: San Antonio , Texas, Texas

☆ Key takeaways from the latest jobs report
▼ + stars: | 2024-03-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

“The economy remains strong, held up by a robust labor market,” wrote Christopher Rupkey, chief economist with FwdBonds, in a note Friday. Still, Friday’s jobs report also showed that the whopping gains initially recorded for January and December were revised down by a combined 167,000 jobs. January’s job gains now sit at an estimated 229,000 (down from the blowout 353,000); and December’s job growth at 290,000 (down from 333,000). In February, that included construction (up 23,000 jobs); transportation and warehousing (up 19,700 jobs); and retail (up 18,700 jobs). Friday’s jobs report showed that wage growth is indeed slowing.

Persons: ”, Christopher Rupkey, FwdBonds, “, ” Robert Frick, —, ” Diane Swonk, Swonk, February’s, ” Frick, Julissa Carielo, ” Swonk, Gus Faucher, Lydia Boussour, EY, Boussour, Janet Yellen, CNN’s Kate Bolduan, they’re, ” Yellen, Price, CNN’s Bryan Mena Organizations: New, New York CNN, of Labor Statistics, Navy Federal Credit Union, CNN, KPMG US, Health, Baby Boomers, Transportation Security Administration, DreamOn, Inc, Boomers, Fed, Labor, Federal, PNC Financial Services, “ Fed Locations: New York, San Antonio , Texas, Texas

☆ What to expect in Friday’s jobs report
▼ + stars: | 2024-03-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

New York CNN —Don’t be surprised if Friday’s jobs report shows that February’s employment gains were far below those reported for January. In fact, it would continue a history-making stretch of labor market expansion. Friday’s jobs report could very well provide a more reliable read on what’s actually happening in the labor market than the jobs reports of recent months’ past, Julia Pollak, chief economist at ZipRecruiter, told CNN. “And so, February might give us a better understanding of the underlying rate of job growth,” she said. What the other labor market data is showingOther economic data released this week reinforces the idea that the US labor market is cooling but remains on solid footing.

Persons: New York CNN — Don’t, Julia Pollak, autoworkers, what’s, hasn’t, Nixon, ” Ron Hetrick, Gus Faucher, stayers ”, Faucher, ”, ” Nela Richardson, outplacement, ” Andrew Challenger, Lydia Boussour, EY, “ Organizations: New, New York CNN, CNN, of Labor Statistics, PNC Financial Services, BLS, Labor, Boomers, ADP, Challenger, ”, Labor Department Locations: New York, US

Samuel Corum/Getty ImagesFederal Reserve Chair Jerome Powell is set to testify Wednesday for the first of two three-hour-plus grillings by Congress on the state of the economy. But is there a particular law or rule that compels him to spend six hours answering lawmakers' (often aggressive) questions, a task that some may consider arduous? Officially known as the Full Employment and Balanced Growth Act of 1978, the Humphrey-Hawkins act was first proposed by Sen. Hubert Humphrey and Rep. Augustus Hawkins. The act also requires that the Fed head report on and deliver a monetary report to Congress semiannually. While it's not clear how much he enjoys delivering six hours of testimony, he did say earlier this year that his idea of fun was "a really great inflation report."

Persons: Samuel Corum, Jerome Powell, Humphrey, Hawkins, Sen, Hubert Humphrey, Augustus Hawkins, Powell, it's Organizations: U.S, Capitol, Getty, Federal Reserve, Rep, Fed Locations: Washington , DC

☆ The Fed’s favored inflation gauge eases to slowest pace in more than two years
▼ + stars: | 2024-02-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

New York CNN —Rising prices continued to loom large in January, but new data released Thursday showed that inflation is still on a downward — albeit bumpy — path toward the Federal Reserve’s 2% target. The Personal Consumption Expenditures price index was up 2.4% for the 12 months that ended in January, a slowdown from December’s 2.6% increase, according to Commerce Department data released Thursday. The closely watched core PCE index that excludes energy and food edged down to 2.8%. While the latest read on the Fed’s preferred inflation gauge showed progress toward the central bank’s target, Thursday’s data also highlighted the choppiness of this yearslong battle to rein in spiking prices: Prices rose in January from December at their fastest clip in months. On a monthly basis, the PCE price index rose 0.3% and core jumped 0.4%.

Organizations: New, New York CNN, Federal, Commerce Department Locations: New York

☆ Does your dog need a coat?
▼ + stars: | 2024-02-24 | by ( Alicia Wallace | ) edition.cnn.com time to read: +11 min

But all this begs the question: Does your dog need a coat? From high-fashion to high-performanceThere’s evidence of dog fashion and clothing throughout history — from the ancient Egyptians and 19th-century Paris dog boutiques to early 20th-century photographs of dogs wearing clothes. Prada's Re-Nylon puffer dog coat with hood comes in two colors and three sizes, $825 From PradaBut the transition from Fifth Avenue high-end and high fashion to high-performance and technical function has certainly accelerated in recent decades. Doberman Pinschers — along with sleek breeds like Greyhounds and Whippets — are prime candidates for dog coats because of their short hair, thin skin and minimal body fat. “Make sure the coat fits well for safety and they’re supervised while wearing the coat.

Persons: Jerry Klein, Klein, Godiva, Jessica Rinaldi, I’m, ”, Alan Fausel, Enoch Frères, ” Fausel, Tiffany, Bruiser Woods, ” Frank, “ Frasier, Prada, Gucci, Prada's, Peter Kearns, Batman, Robyn Baldrey, Joe Hafner, Voyagers, ” Hafner, That’s, ” Coats, Jackie Moord, Mark Makela, Nicole Wheatley, Shanoa, ’ ” Wheatley, MeadowCat, Wheatley, Minnesota’s Northwoods, Drogo, Lois Katchur, Richter, Whippets, Leon, Sypha, ” Wheatley, Jennifer Bruns, Kent Nishimura, ” Bruns, they’re Organizations: Minnesota CNN —, American Kennel Club, CNN, Boston, Boston Globe, AKC Museum, Prada, Fifth, American Pet Products Association, “, Husky, PetSmart Veterinary Services, Los Angeles Times Locations: Anoka, Minnesota, Boston , Massachusetts, New York City, Paris, Seattle, Bend , Oregon, Santa Monica, It’s, Tacoma , Washington, Ada , Michigan, Rehoboth Beach , Delaware, Anoka , Minnesota, Minnesota’s, Muncy , Pennsylvania, Washington , DC

☆ Population and economy in South Carolina are booming
▼ + stars: | 2024-02-24 | by ( Tami Luhby | Alicia Wallace | ) edition.cnn.com time to read: +12 min

“And, of course, South Carolina is in the heart of the Southeast.”Job seekers check-in to a job fair at a Schneider Electric manufacturing facility in Hopkins, South Carolina, in January 2023. “You can reach about twice as many people within an 8-hour drive from South Carolina as you can from Florida,” he said. “The housing market and the manufacturing industry, particularly in South Carolina, saw a major increase in demand,” Von Nessen said. South Carolina home sale activity fell by double-digits in 2022 but has since started to stabilize, he said. “We’re just treating so many more patients that we don’t have capacity,” said Thornton Kirby, CEO of the South Carolina Hospital Association.

Persons: ” Joseph Von Nessen, Darla Moore, ” Von Nessen, ”, it’s, It’s, Sean Rayford, Barrie Kirk, “, Von Nessen, Micah Green, “ We’re, Thornton Kirby, Malcolm Isley, “ We’ve, ” Isley, Arnold Kamler, Inc . Kent, Kent, Kamler, Nikki Haley, —, Daniel Slim, Scott Huffmon, Donald Trump, Haley, they’d Organizations: CNN, Palmetto State, of Labor Statistics, University of South, of Business, North, SC Council, Competitiveness, Bureau of Labor Statistics, Labor, Midlands Technical College, Technical College Midlands Technical College, Schneider, Bloomberg, Getty, Census, US Federal Reserve, US News, South Carolina Hospital Association, “, Prisma, Health Prisma Health, Greenville Technical College, Health Center for Health, Life Sciences, Kent International, Walmart, Kent, Inc ., Winthrop University, —, Charleston City Market, Winthrop’s Center, Public, Research, Palmetto, Republican, Trump, CBS Locations: South Carolina, South, “, Carolina, Myrtle Beach , South Carolina, North America, University of South Carolina, West Columbia, United States, Hopkins , South Carolina, Florida, droves, Myrtle Beach, ’, Manning, New York City, Georgia, Charleston, AFP

☆ Five moves Walmart is making to overhaul its business for the future
▼ + stars: | 2024-02-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

New York CNN —Walmart, the global mega-retailer that began in Arkansas in 1962, is making huge moves in 2024. It’s making investments in technology and inventory that move it into new businesses and which will alter the Walmart experience of many customers. Stock splitThe mega-retailer announced a 3-for-1 stock split that takes effect this week. A stock split means a single share gets split into multiple shares. Under the plan Walmart announced, people who own shares by close of business on February 22 will get two additional new shares of Walmart for every share they own.

Persons: Doug McMillon, Jeffries, “, ”, McMillon, Burt Flickinger, Blake Droesch, CNN’s Parija Kavilanz, Nathaniel Meyersohn, Elisabeth Buchwald, Alicia Wallace Organizations: New, New York CNN, Walmart, ”, Labor, Consumer, Microsoft, Strategic Resource, CNN, Costco, Telsey Group, Target, Intelligence, FactSet Locations: New York, Arkansas, Las Vegas

☆ How are you navigating your debt?
▼ + stars: | 2024-02-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: 1 min

CNN —The economic data shows that Americans are getting deeper into debt, and they’re having a harder time keeping up with the payments. This comes at a time when interest rates are high; student loan payments are resuming; new financing options such as Buy Now, Pay Later are soaring; medical bills are piling up and everyday expenses are still high. If this sounds familiar, contact us to let us know what you are experiencing, how you’re managing debt and other expenses, and what your strategies are for getting out of debt.

Organizations: CNN

☆ US wholesale inflation comes in hotter than expected in January
▼ + stars: | 2024-02-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: 1 min

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☆ Why some investors don’t mind waiting longer for rate cuts
▼ + stars: | 2024-02-15 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

Stocks and bonds both sold off as investors painfully recalibrated their expectations for five to six interest rate cuts this year to align more with the Fed’s projected three cuts. For example, Yardeni Research has pushed back against the idea that immediate rate cuts are necessary to avoid the Fed overshooting on slowing the economy. Stocks wouldn’t crater even if cuts were off the table completely in 2024, according to Bank of America, despite what Tuesday’s losses suggest. “No cuts could stymie a full-fledged recovery in more credit-sensitive areas,” wrote BofA strategists in a note on February 9. That means regional lenders will no longer have that crutch if they run into trouble after the program’s expiration on March 11.

Persons: Jerome Powell, ”, Ed Yardeni, it’s, Marc Dizard, Allison Morrow, Bitcoin, bitcoin, Antoni Trenchev, ” Read, Alicia Wallace, Read Organizations: CNN Business, Bell, New York CNN, Wall, Federal Reserve, Traders, Fed, Federal Deposit Insurance Corporation, US Treasury, Valley Bank, Signature Bank, Yardeni Research, Bank of America, PNC Asset Management Group, Federal Reserve Bank of New, New York Fed, Liberty Street Economics, , New York Fed Locations: New York, pare, Federal Reserve Bank of New York, , New

☆ Americans with low credit scores use ‘Buy Now, Pay Later’ more often
▼ + stars: | 2024-02-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

New York CNN —Americans who are already facing some financial difficulties are more intensive users of “Buy Now, Pay Later” offerings, with the majority of them tapping the short-term installment payment programs five or more times a year, according to new research released Wednesday by the Federal Reserve Bank of New York. Researchers found that almost 60% of financially fragile consumers have used Buy Now, Pay Later five or more times a year, with nearly 30% of them conducting 10 or more of the BNPL transactions annually. “More-fragile households tend to use the service to make frequent, relatively small, purchases that they might have trouble affording otherwise,” researchers wrote in the post. Buy Now, Pay Later offerings have exploded in use and availability in recent years, allowing people to make (often short-term) installment payments on furniture, travel, concert tickets, food delivery and even the grocery store. )”Some of the greatest downside risks for consumers are when they stack multiple BNPL loans and then pay for those programs with a credit card, economists and researchers have previously told CNN.

Persons: ”, Wells Organizations: New, New York CNN, Federal Reserve Bank of New, New York Fed, Liberty Street Economics, , New York Fed, Federal Reserve, CNN Locations: New York, Federal Reserve Bank of New York, , New

☆ US consumer inflation cooled down in January, but less than expected
▼ + stars: | 2024-02-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: 1 min

☆ Consumers are stressed. It could be showing in how we bought toys in 2023
▼ + stars: | 2024-02-11 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +6 min

New York CNN —Consumers bought fewer toys in all of 2023, including during the key Christmas toy-buying period, showing that households continue to pare back on discretionary products. But toy sales in all of 2023 dropped 8%, both in dollar terms (how much consumers paid for toys) and in unit sales (meaning how many toys consumers bought). This shows that shoppers bought fewer toys but also traded down in prices to cheaper toys. “While 2023 was a challenging year for the U.S. toy industry, the four-year compound annual growth rate remains positive,” she said. Among the toys that consumers did buy in 2023, Pokémon, Barbie and Squishmallows were the top three best-selling brands last year, according to Circana.

Persons: pare, Circana, ”, Juli Lennett, Lennett, I’ve, “, ” Lennett, ” Jon Copestake, EY, ” Copestake, ” Robby Pettinato, Joy, ” Pettinato, Toy Joy, “ Anecdotally, “ That’s, it’s, Pettinato, Barbie, Squishmallows, Price, Melissa, Doug, – CNN’s Alicia Wallace, Katie Lobosco Organizations: New, New York CNN — Consumers, Commerce Department, Hasbro, Wild, Inc, CNN, ”, Star, Marvel, Disney Locations: New York, United States, U.S, Austin

☆ Las Vegas hopes to hit the jackpot with the Super Bowl
▼ + stars: | 2024-02-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

CNN —When Super Bowl Sunday rolls around each year — whether it’s in Miami, New Orleans, Los Angeles or Minneapolis — Las Vegas still draws the crowds. It took years — and a Supreme Court ruling legalizing sports betting — for the National Football League to view Las Vegas in a different light. “We’re sold out, have been for the last month,” said Paul Hobson, general manager of the Sahara Las Vegas hotel-casino. “Las Vegas has a lot of people going there for Super Bowl weekend anyway,” Stephenson said. Additionally, the visitors it attracts spend a whole lot more than the ones who would show up on your typical Super Bowl weekend, Hill said.

Persons: they’ve, Steve Hill, ” Hill, “, Hill, We’re, ”, Paul Hobson, It’s, Aaron J, Thornton, famer Michael Irvin, ” Hobson, Noel Bowman, you’re, ” It’s, Bowman’s, “ We’ve, Vince Lombardi, Ethan Miller, Frank Stephenson, ” Stephenson, Kirby Lee, “ We’re, “ That’s, Winston Fisher, David Farris, Café Lola, George Kittle, Travis Kelce, Lin Jerome, Lola, Alexandra Lourdes, “ It’s, Felicia Parker, she’s, Parker, it’s, Harry Reid Organizations: CNN, Minneapolis —, Football, Super, Las Vegas Convention, Visitors Authority, Las Vegas, National Football League, Playmakers Party, FHM, famer, NFL, Sunday, Visitors, Las, Super Bowl, Priceline, Berry College, of Sports Economics, USA, Reuters, Bowl, Business Connect, ”, Harry, Harry Reid International Airport Locations: it’s, Miami , New Orleans, Los Angeles, Minneapolis, Vegas, Sin City, Las Vegas, Sahara, Mandalay Bay, Mount Berry , Georgia

☆ Why the NFL went all in on sports gambling
▼ + stars: | 2024-02-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

On Sunday, the NFL will hold its first Super Bowl in Las Vegas, a city built on gambling. Even in 2003, gambling was as much a part of the NFL as tailgating, helmets and shoulder pads. Yet the change in the league’s relationship with sports gambling couldn’t be more obvious as it prepares for its first Super Bowl in Sin City. That direct spending is only part of the way the NFL has learned to profit from legalized gambling. The column came four years before the Supreme Court opened the door for legal sports gambling.

Persons: ”, Victor Matheson, ” Matheson, Jeff Miller, Bud, Miller, “, Andrew Zimbalist, ” Zimbalist, Adam Silver, it’s, Zimbalist, ” CNN’s Alicia Wallace Organizations: New, New York CNN, National Football League, Super, Las Vegas Convention, Visitors Authority, NFL, College of, Gambling, Sports, Super Bowl, Caesars Entertainment, American Gaming Association, Smith College, New York Times, NBA, of Columbia Locations: New York, Las Vegas, Sin City, Nevada, ”, California, Texas

☆ The dollar is back. It’s not all good news
▼ + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.

Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, ”, Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe

☆ Yellen: It’s ‘obvious’ that empty office buildings will create banking stress and losses
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —High commercial real estate vacancies are expected to create some stress for smaller banks, Treasury Secretary Janet Yellen said Thursday. However, she said she does not see them as causing a systemic risk to the nation’s financial system. “It’s obvious that there’s going to be a stress and losses that are associated with this,” Yellen said. On Tuesday, Yellen said she does “have a concern about commercial real estate.” She noted that higher interest rates and rising vacancy rates in office buildings have combined to cause problems — especially as real estate loans come due. New York Community Bancorp recently disclosed a surprise loss and a spike in loan losses as commercial real estate loans go bad.

Persons: Janet Yellen, Yellen, ” Yellen, ”, CNN’s Matt Egan Organizations: New, New York CNN —, Banking Committee, Silicon Valley Bank, New York Community Bancorp, Moody’s Investors Service, Bank Locations: New York, Silicon

☆ Strong economic growth but high unemployment: A look at Nevada’s economy
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | Tami Luhby | ) edition.cnn.com time to read: +13 min

In Las Vegas, the cacophony of voices, music, ringing slot machines and car horns that typically pulsed through the Las Vegas Strip was replaced by silence, the chirps of birds and the wails of sirens. In tourism-dependent Nevada, the unemployment rate rocketed even higher, topping out at 30.6% that month. “This is an unemployment rate that’s not driven by job losers, this is an unemployment rate driven by job seekers,” he said. Homes under construction in the Summerlin community, on July 31, 2023, in Las Vegas, Nevada. As of December 2023, the Reno metro area’s unemployment rate was just 0.2 percentage points above the nation’s 3.7% rate.

Persons: John Simpson, Steve, Sisolak, ” Simpson, It’s, ”, they’re, I’ve, Stephen M, Miller, Mario Tama, Bob Potts, there’s, There’s, Nevadans, Annie E, Casey Foundation’s, Jamelle Nance, Marty Elquist, ” Elquist, “, Andrew Woods, Nicholas Irwin, Start’s Simpson, Irwin, Ethan Miller, Maurice Page, Page, Tesla, ” Potts, Carolyn Cole, Potts, You’ve, you’ve Organizations: CNN, Las, Republican Party, of Labor Statistics, University of Nevada, Lee Business School’s Center for Business, Economic Research, New York, Nevada Governor’s, Economic, Las Vegas, New, Workforce, Children’s, Alliance of Nevada, Education, Development, Silver State, Center for Business, UNLV, Reno, ”, Homes, Nevada Housing Coalition, Harvard University’s, for Housing Studies, Silver, Means, Reno Industrial Park, Apple, Panasonic, Google, Reno Industrial, Los Angeles Times, NCAA, NFL, NFL Pro Bowl Locations: Nevada, Las Vegas, Reno, ” Nevada, State, New York, New, Las, New Mexico, Vegas, “ Nevada, Silver, UNLV . Nevada, California, Sparks, Las Vegas , Nevada, Florida, Hawaii, Clark County, Sparks , Nevada, New Orleans, Denver, Southern Nevada, Northern Nevada, Los Angeles

☆ Credit card and auto loan delinquencies are the highest in more than a decade
▼ + stars: | 2024-02-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —Americans — particularly Millennials and those with lower incomes — are becoming increasingly overextended financially: Credit card and auto loan delinquencies have not only surpassed pre-pandemic levels, they’re the highest they’ve been in more than a decade. Debt balances increased across the board, with credit card balances rising $50 billion to hit a new nominal high of $1.13 trillion (when adjusting for inflation, balances have yet to surpass the levels seen in 2008). “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” Wilbert van der Klaauw, economic research adviser at the New York Fed, said in a statement. “The delinquency numbers are pretty eye-opening, especially when it comes to credit cards,” Matt Schulz, chief credit analyst at LendingTree, told CNN via email. Student loan delinquencies will not be reported to the credit bureaus until later this year.

Persons: ” Wilbert van der, Matt Schulz, “, delinquencies Organizations: New, New York CNN, Federal Reserve Bank of New, York Fed, New York Fed, CNN Locations: New York

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