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☆ FTC sues H&R Block over issues tied to its online free file option
▼ + stars: | 2024-02-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The consumer protection agency’s complaint alleges that H&R Block makes it unnecessarily time consuming and frustrating for consumers to downgrade to a lower cost tax-preparation option online after initially selecting a higher cost one. “H&R Block deceptively markets its Online Products by representing to consumers that they can file for free using H&R Block, when in fact, many consumers have tax situations that are not covered by H&R Block’s Online Product,” according to the complaint. We are confident in the value our services and offerings provide to our clients who have trusted H&R Block for nearly 70 years,” Redler said. H&R Block told CNN “there is no threshold. Earlier this month, the FTC took similar action against Intuit, maker of Turbo Tax tax filing software, “for deceiving consumers with bogus advertisements pitching ‘free’ tax filing that millions of consumers could not use.”

Persons: “, Dara Redler, ” Redler, It’s, Jeff Jones, ” Organizations: New, New York CNN, Federal Trade Commission, Products, CNN, FTC, Block, CNN Business, Intuit, Turbo Locations: New York

☆ Asia markets poised for mixed open; Japan stocks set to eke out gains
▼ + stars: | 2024-02-27 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

Chinese flags and Hong Kong flags are hung in Tsim Sha Tsui district on Oct. 4, 2023 in Hong Kong, China. The Chinese government imposed a National Security Law in the special administrative region on June 30, 2020. Japan's Nikkei 225 index is poised for gains after closing at a record high in the previous session. Trading sentiment was subdued following a pause in Wall Street's rally on Monday as its main indexes retreat from record highs. Major economic data this week include China's manufacturing purchasing managers' index and the U.S. personal consumption expenditures price index data, which is the Federal Reserve's preferred inflation metric.

Organizations: Security Law, Japan's Nikkei Locations: Hong Kong, Tsim Sha Tsui, China, Asia, Pacific

☆ Kellogg's faces a backlash after encouraging cash-strapped shoppers to eat cereal for dinner: 'What the hell kind of dystopian hellscape is this?'
▼ + stars: | 2024-02-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Kellogg's is advertising cereal for dinner as an alternative for people struggling with food prices. WK Kellogg CEO Gary Pilnick told CNN last week that the messaging was "landing really well" with customers. Cereal prices shot up 13% in 2022Grocery prices soared during the pandemic as supply-chain chaos pushed up costs for producers. Advertisement"The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure," Pilnick told CNN. Pilnick told CNN last week that more than a quarter of cereal consumption is outside breakfast.

Persons: aren't, WK Kellogg, Gary Pilnick's, Pilnick's, —, Gary Pilnick, Marie Antoinette, Marianne Williamson, Pilnick, Sadie Garcia, Kellogg Organizations: Service, CNN, YouTube, American Academy of Pediatrics, American Heart Association, Bureau of Labor Statistics, Graham

☆ Dollar firms ahead of busy data week with U.S. inflation in focus
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: +4 min

The dollar was on the front foot on Monday ahead of a packed week filled with key economic releases that will provide further clues on the global interest rate outlook, with a U.S. inflation reading taking center stage. The dollar was on the front foot on Monday ahead of a packed week filled with key economic releases that will provide further clues on the global interest rate outlook, with a U.S. inflation reading taking center stage. The kiwi had risen 1.2% last week, helped by broad dollar weakness and the risk of a rate hike from the RBNZ on Wednesday. "If anything, the (data) may be stronger than markets currently expect, and that will likely give a modest boost to the dollar," said CBA's Kong. "But at the same time, any gains in the dollar will likely be pretty modest.

Persons: Carol Kong, Sterling, Jane Foley, CBA's Organizations: Reserve Bank of New, New Zealand, Commonwealth Bank of Australia, of Japan's, U.S, Rabobank, U.S . Commodity Futures, Fed Locations: Japan, Australia, Reserve Bank of New Zealand, China, Asia, U.S

☆ Asia markets set for mixed open as investors await data; Japan to return from holiday
▼ + stars: | 2024-02-26 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Electronic screens display gongs at the Exchange Square Complex, which houses the Hong Kong Stock Exchange, in Hong Kong, China, on Tuesday, March 15, 2022. Asia-Pacific stock markets were set for a mixed session Monday as Japan returns from a long weekend and China shares look to extend their winning streak. Investors will focus on a slew of economic data expected this week including China's manufacturing purchasing managers' index and the U.S. personal consumption expenditures price index data, which is the Federal Reserve's preferred inflation gauge. On Thursday, Japan's Nikkei 225 closed at a new all-time high of 39,098.68, surpassing the previous record of 38,915.87 set in 1989. Japan's Nikkei 225 looked set for gains Monday, with the futures contract in Chicago at 39,490 and its counterpart in Osaka at 39,470 against the index's last close.

Organizations: Hong Kong Stock Exchange, CSI, Japan's Nikkei Locations: Hong Kong, China, Asia, Pacific, Japan, Chicago, Osaka

☆ H&R Block used deceptive marketing and unfairly deleted tax filer data, FTC complaint alleges
▼ + stars: | 2024-02-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

An H & R Block tax preparation office is seen on Flatbush Avenue on February 06, 2024 in the Prospect Heights neighborhood of Brooklyn borough in New York City. H&R Block marketed free products to many consumers who didn't qualify and made it difficult to downgrade, according to the complaint. "H&R Block allows consumers to downgrade to a less expensive DIY product via multiple mechanisms while ensuring the preparation of accurate tax returns." FTC banned 'deceptive advertising' from IntuitThis is the second FTC action against tax filing software providers in recent history. Other free tax filing optionsMeanwhile, consumers have several free tax filing options this season, including a Direct File pilot via the IRS, which will offer limited free filing for certain taxpayers in 12 states by mid-March.

Persons: Michael M, Samuel Levine, Dara Redler, Ed Mierzwinski, PIRG Organizations: Santiago, Getty, Intuit, Federal Trade Commission, Block, Consumer Protection, U.S . Public Interest Research, FTC, IRS Locations: Flatbush, Prospect Heights, Brooklyn, New York City, FTC's

Average 30-year mortgage rates started the month low, but they've increased substantially since then and are now nearing 7%. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.90% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.29% last week, according to Freddie Mac data, which is a 17-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Christopher Waller, Freddie Mac Organizations: Federal Reserve, Zillow, Fed Locations: Chevron

☆ European markets set to open higher as investors focus on euro zone data, earnings
▼ + stars: | 2024-02-22 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday ahead of a busy day of earnings and data in the region. Preliminary services and manufacturing purchasing managers' index data from the euro zone in February is due Thursday, and will serve as a gauge of business activity in the region. Meanwhile, earnings are due from Nestle, Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Rolls-Royce, WPP, Anglo American and Hargreaves Lansdown. Overnight, Japan's Nikkei hit a record high on Thursday, with investors shrugging off dismal business activity data from the country, while other Asia-Pacific markets traded in the green. S&P 500 futures rose in overnight trading Wednesday, boosted by a jump in Nvidia shares.

Persons: Hargreaves Lansdown, shrugging Organizations: Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Royce, WPP, Nikkei, Nvidia Locations: Nestle, Asia, Pacific

☆ CNBC Daily Open: Fears over yet another hot inflation gauge
▼ + stars: | 2024-02-19 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets lowerU.S. stocks closed Friday in the red, ending their five-week winning streaks after hotter-than expected producer price index data for January. Urgent Ukraine appealEuropean leaders seek more support for Ukraine as Russia continues to make gains. [PRO] Bullish on equitiesMorgan Stanley has a positive outlook on equity markets despite some concerns over valuations.

Persons: Mette Frederiksen, Clinton's, Hillary Clinton, Donald Trump, Morgan Stanley, Andrew Slimmon Organizations: CNBC, Dow, Nasdaq, Sony, PlayStation, Clinton's Trump, U.S, NATO, Munich Security Conference Locations: New York City, U.S, Ukraine, Russia

☆ CNBC Daily Open: Is progress on inflation stalling?
▼ + stars: | 2024-02-19 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China stocks riseAsia markets were mixed Monday as Chinese stocks climbed on the back of positive travel data, while Hong Kong stocks dropped. The CSI 300 gained as trading resumed after the Lunar New Year holidays and the Hang Seng index fell. [PRO] Bullish on equitiesMorgan Stanley has a positive outlook on equity markets despite some concerns over valuations.

Persons: Max, Morgan Stanley, Andrew Slimmon Organizations: CNBC, CSI, Dow, Nasdaq, U.S . Federal, Korean, Boeing, Airbus, Sony, PlayStation Locations: China, Asia, Hong Kong, U.S, Singapore

Mortgage rates rose following the release of the latest Consumer Price Index data, and they remain elevated today. Though the Fed doesn't directly impact mortgage rates, investor expectations of Fed policy moves can push mortgage rates up or down. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Up Closer to 7% (+0.24%)The current average 30-year fixed mortgage rate is 6.68%, up 24 points from where it was this time last week. 15-Year Fixed Mortgage Rates Back Above 6% (+0.31%)The average 15-year mortgage rate is 6.05%, up 31 points from last week.

Persons: they've, we'll, you'll, It's, refinance Organizations: of Labor Statistics, Federal Reserve, Zillow, FHA Locations: reaccelerate, Chevron

☆ Stock futures are little changed as investors digest more earnings news: Live updates
▼ + stars: | 2024-02-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during morning trading on February 14, 2024 in New York City. Stock futures are were little changed on Thursday night as investors attempt to carry forward the broader market's strong momentum. Futures tied to the Dow Jones Industrial Average slipped 27 points, or 0.07%. S&P futures inched up 0.03%, while Nasdaq 100 futures added 37 points, or 0.2%. "Market expectations and Federal Reserve (Fed) monetary policy projections have become closer aligned, alleviating a source of market volatility.

Persons: Dow, Adam Turnquist Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Materials, LPL, Federal Reserve Locations: New York City, U.S

☆ Mortgage rates rise for the second week, reaching 6.77%
▼ + stars: | 2024-02-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —After treading water for months, US mortgage rates jumped higher Thursday following a string of strong employment and inflation reports. “On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The addition of needed inventory and the prospect of lower mortgage rates this year may spur buyers to jump into the market. “This spring, buyers are likely to see lower mortgage rates than in the fall of 2023, which may mean more eager buyers in the market,” Jones said.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit, Broeksmit, Jerome Powell, Hanna Jones, who’ve, Lisa Sturtevant, Jones, Alicia Huey, ” Jones Organizations: DC CNN, “, Mortgage Bankers Association, Labor Department, Federal Reserve, Realtor.com, National Association of Home Builders Locations: Washington, ”

☆ Deflation: Here's where prices fell in January 2024, in one chart
▼ + stars: | 2024-02-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

These are the big deflationary factors"A lot of factors have come together to push goods prices down," said Mark Zandi, chief economist at Moody's Analytics. In addition to normalizing supply-demand dynamics, a historically strong U.S. dollar relative to other global currencies has also helped rein in goods prices, Zandi said. Falling energy prices have also put downward pressure on goods prices, due to lower transportation and energy-intensive manufacturing costs, economists said. Lower energy prices also put downward pressure on the transportation of food to store shelves. Consumers get more for roughly the same amount of money, which shows up as a price decline in the CPI data.

Persons: RC Willey, George Frey, Jay Bryson, there's, Mark Zandi, Zandi, rebalancing, J.P, Hopper Organizations: RC, Bloomberg, Getty, U.S . Bureau of Labor Statistics, Wells, Wells Fargo Economics, Moody's, U.S . Federal, Services, Finance, Morgan's, Investment, Group, of Labor Statistics Locations: Draper , Utah, Wells Fargo, U.S, Salinas, California

☆ Corporate borrowers are coming under stress even as the rest of the economy looks strong, top Apollo exec says
▼ + stars: | 2024-02-13 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

There are "pockets of stress" within an otherwise strong US economy, Apollo's co-president Jim Zelter said. Many corporate borrowers are grappling with high debt and a slow recovery from the pandemic. AdvertisementCorporate borrowers represent "pockets of stress" within an otherwise robust economy, according to Apollo Global Management co-president Jim Zelter. A string of strong economic indicators has been released in recent weeks. The conundrum for investors has been that strong economic data pushes back on expectations for rate cuts in the near-term.

Persons: Jim Zelter, Zelter, —, there's, it's Organizations: Service, Apollo Global Management, Bloomberg, Fed

☆ London lags behind rest of Europe when it comes to 5G network quality, report finds
▼ + stars: | 2024-02-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

London falls far behind other major European cities when it comes to the quality of its 5G connection, according to a report shared with CNBC. According to MedUX, Berlin has the best 5G coverage of any European city overall, according to MedUX, with a 89.6% reach. It is also the best city overall for 5G streaming, with average latency of less than 40 milliseconds. Berlin, Barcelona, and Paris scored the highest among European cities on MedUX's overarching 5G quality benchmark. London, on the other hand, was close to the bottom of the ranking for European 5G networks.

Persons: MedUX, Berlin's, Rafael Galarreta, Galaretta Organizations: CNBC, London, Paris, 5G Locations: Reno, London, Europe, Berlin, Barcelona, Paris, Lisbon, MedUX, Milan, Porto, Munich, Germany

That may relieve pressure on the central bank to alter its longstanding ultra-lax monetary policy and raise its benchmark interest rate from minus 0.1%. Inflation has been cooling enough that the Federal Reserve has hinted it may cut its main interest rate several times this year. Reports showing the U.S. economy and job market remain remarkably solid, along with some comments from Fed officials, have been forcing the delays. In energy trading, benchmark U.S. crude rose 27 cents to $77.19 a barrel in electronic trading on the New York Mercantile Exchange. In currency trading, the U.S. dollar rose to 149.67 Japanese yen from 149.34 yen.

Persons: Germany's DAX, Australia's, Korea's Kospi, ” Yeap Jun Rong, that’s Organizations: TOKYO, CAC, FTSE, Dow Jones, Nikkei, Bank of Japan, IG, Federal Reserve, New York Mercantile Exchange, Brent, U.S Locations: Asia, China , Hong Kong, Taiwan, United States

☆ Surging restaurant prices are making dining out even more of a luxury
▼ + stars: | 2024-02-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

That’s because prices for groceries are up 1.2% year over year, while the price of food consumed at restaurants is up 5.1%. And in this election year, higher food prices, which rose last month to their highest monthly rate in a year, could present problems for President Joe Biden’s campaign. In January 2023, it was cheaper to dine out, with food prices up 8.2% compared to the prior year. In the post-pandemic world, consumers have been devoting more of their budgets to services compared to goods. As a whole, prices for services — which include dining out, transportation and entertainment — were up 0.7% in January compared to the prior month.

Persons: you’ve, Joe Biden’s, What’s, ”, Dana Peterson, ” Goldman Sachs Organizations: New, New York CNN, Conference Board Locations: New York

Inflation back in the spotlightAn S&P 500 on a five-week winning streak. And growing consumer and business optimism. Cooling inflation, which would stoke investor hopes that the Fed would soon lower borrowing costs. The prospects of that economic ideal will be tested on Tuesday with the release of fresh Consumer Price Index data. reading of 2.9 percent for January on an annualized basis, its smallest gain since April 2021.

Persons: it’s Organizations: Fed Locations: U.S

☆ This is the hottest trade going on in the market right now, but it's reaching a breaking point, BTIG says
▼ + stars: | 2024-02-12 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

A momentum-focused fund that has gained favor among traders could be in for a turnaround, according to BTIG. The iShares MSCI USA Momentum Factor ETF (MTUM) is trading about 26.5% above its 200-day moving average, said Jonathan Krinsky, chief market technician at the firm. MTUM YTD mountain The ETF this year The fund tracks large- and mid-cap stocks that have shown relatively strong price momentum, according to iShares. Market wisdom says that trading above the 200-day average indicates conviction and buying interest from investors. That comes after the fund lagged the market last year, finishing just 7.5% higher while the S & P 500 surged more than 24%.

Persons: Jonathan Krinsky, Krinsky, Eli Lilly —, —, Dow Jones Organizations: Meta, Nvidia, Amazon, Microsoft, Netflix, Morningstar, Tesla

☆ Movers are betting big on the Las Vegas real-estate market
▼ + stars: | 2024-02-11 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Las Vegas, home of Super Bowl LVIII, is a popular destination for movers. Las Vegas, Nevada. AdvertisementAnd while many have jetted in for the big game, from regular fans to the billionaire types, others are making a more permanent move to Las Vegas. Las Vegas ranked second for middle-class movers from out of state, according to a recent report based on 2022 tax data. AdvertisementAnd there’s still plenty of opportunity for cities like Las Vegas to sell themselves to potential new residents.

Persons: —, George Rose, he’d, Cameron Spencer, Jenny Chang, Rodriguez, it’s, Mike Kemp, Alyssa Powell, Meta, Rebecca Zisser, cubicles, — Misha Wilson, Taylor Swift, Matt Turner, Dan DeFrancesco, Jordan Parker Erb Organizations: Business, Service, Super, Getty, Super Bowl City, Las Vegas, Vegas, Boeing, Alaska Airlines, Apple, NFL, Workers Locations: Vegas, Las Vegas , Nevada, Vegas Sin, Las Vegas, California, Malibu, New York

The report comes as access to sensitive taxpayer information has sparked calls for investigations — and calls for reform on taxes for the wealthy. Littlejohn had applied to work as a contractor to get Trump’s tax returns and carefully figured out how to search and extract tax data to avoid triggering suspicions internally, prosecutors said in court documents. Werfel said that since the agency has received funding through Democrats' Inflation Reduction Act, it has been able to markedly improve the security of sensitive information, including audit trail deficiencies. “Our data security and environment is dramatically better today than it was in 2017 to 2020 when this unauthorized access occurred," Werfel said. "And it’s dramatically better today because we now have the resources to make the right investments to strengthen our data security.

Persons: Daniel Werfel —, —, ”, “, TIGTA, Charles Edward Littlejohn of, Donald Trump, Littlejohn, Jason Smith, Werfel, Lindsay Whitehurst Organizations: WASHINGTON, IRS, Treasury, Associated Press, Charles Edward Littlejohn of Washington, Charles Edward Littlejohn of Washington , D.C, New York Times, Associated Locations: Charles Edward Littlejohn of Washington ,

☆ The US housing market has ended a 9-month streak of price gains
▼ + stars: | 2024-01-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The latest S&P Case-Shiller national home price index data published Tuesday — which offers the three-month average for September, October, and November closing prices — showed a moderate slowdown in price gains. "The streak of nine monthly gains ended in November, setting the index back to levels last seen over the summer months." However, each saw annual gains of 5.4% and 6.2%, respectively. The biggest annual price gains came in Detroit and San Diego, at 8.2% and 8%, respectively. "The rate has since fallen over 1%, which could support further annual gains in home prices."

Persons: —, Brian D, Luke, Freddie Mac, Bill Adams Organizations: Service, Business, Federal Reserve, Comerica Bank Locations: Detroit, San Diego, Miami, Tampa, Atlanta, Charlotte , New York, Cleveland, Portland

☆ Man who stole and leaked Trump tax records sentenced to 5 years in prison
▼ + stars: | 2024-01-29 | by ( Holmes Lybrand | ) edition.cnn.com time to read: +3 min

CNN —The man who stole and leaked former President Donald Trump and thousands of other’s tax records has been sentenced to five years in prison. In October, Charles Littlejohn, 38, pleaded guilty to one count of unauthorized disclosures of income tax returns. According to his plea agreement, he stole Trump’s tax returns along with the tax data of “thousands of the nation’s wealthiest people,” while working for a consulting firm with contracts with the Internal Revenue Service. Reyes was also critical of the Justice Department’s decision to only bring one count against Littlejohn. “I acted out of a sincere misguided belief,” Littlejohn said in court Monday, adding that he was serving the country and that people had a right to the tax information.

Persons: Donald Trump, Charles Littlejohn, Littlejohn, Judge Ana Reyes, ” Reyes, “, …, ”, Prosecutors, Reyes, Department’s, ” Littlejohn Organizations: CNN, Internal Revenue Service, US, Capitol, Apple, Prosecutors Locations: United States

After dropping substantially toward the end of 2023, experts believe that mortgage rates will go down further in 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.87% last week, according to Freddie Mac data, which is a two-basis-point drop from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: there's, Freddie Mac Organizations: Federal Reserve, Fed, Zillow Locations: Chevron

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