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☆ Dow Futures, Bank Stock Rise: Live Updates
▼ + stars: | 2023-06-29 | by ( ) www.wsj.com time to read: +2 min

Stock futures edged higher as investors awaited data on inflation and economic growth and digested comments by central-bank chiefs. Meanwhile, bank stocks rose in premarket trading Thursday after the Fed said the biggest U.S. lenders remained healthy . Stock futures were up. The yield on the 10-year bund advanced to 2.357% ahead of German inflation data due at 8 a.m. U.S. bank stocks climbed premarket.

Persons: Jerome Powell, Christine Lagarde, Andrew Bailey, ”, Jason Da Silva, Arbuthnot Latham Organizations: European Central Bank’s, Bank of England Gov, Fed, U.S, Stock, Futures, Nasdaq, Dow, Treasury, bund, Bank of New York Mellon, Bank of America, UniCredit, Nikkei Locations: European, Spain, U.S, China, Europe

☆ Fed says 57 firms set to use 'FedNow' instant payments after late July launch
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 29 (Reuters) - The U.S. Federal Reserve announced on Thursday that 57 firms have been certified to utilize its "FedNow" instant payments system after it launches in late July. The Fed did not provide a specific date for the launch, but 41 banks and 15 service providers, including large firms like JPMorgan Chase (JPM.N), Bank of New York Mellon (BK.N), US Bancorp (USB.N) and Wells Fargo (WFC.N), have completed formal testing and will be ready to provide instant payments after the new service is live. Reporting by Pete Schroeder Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: JPMorgan Chase, Wells, Pete Schroeder, Chris Reese Organizations: U.S . Federal Reserve, Fed, JPMorgan, Bank of New York Mellon, US Bancorp, Thomson

And while Biden’s growing list of Republican challengers differ on many issues, when it comes to the economy, they’re in agreement that Biden failed. In addition, a tight labor market has left many small businesses with ongoing hiring difficulties. Here’s what Biden can take credit for – and what he can’t. In other aspects, the labor market certainly had a boost from Biden’s fiscal policies. Since then, the American workforce has consistently outpaced the pre-pandemic workforce.

Persons: Joe Biden, “, ” Biden, Biden, Jerome Powell, ”, Ben Bernanke, Olivier Blanchard, It’s, it’s, let’s, That’s Organizations: DC CNN, Wednesday, Federal Reserve, –, Congress, American, Manufacturers, Treasury Department, P Global, Institute for Supply Management, Bureau of Labor Statistics, Republicans, Fed, International Monetary Fund, Brookings Institution, Biden, European Central Bank, Federal Reserve Bank of New Locations: Washington, Chicago, American, United States, Ukraine, Federal Reserve Bank of New York

☆ Factbox: Big banks stand strong against Fed's commercial real estate gloom
▼ + stars: | 2023-06-28 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WASHINGTON, June 28 (Reuters) - Big U.S. banks' commercial real estate portfolios put in a surprisingly good performance during the Federal Reserve's annual health checks, with losses declining slightly on last year, the central bank said on Wednesday. With risks growing in the commercial real estate (CRE) sector globally, analysts and investors were looking to the Fed's "stress tests" for more insight on how exposed the country's lenders are to falling real estate prices. Commercial real estate (CRE), especially offices, has been hit by interest rates hikes and workers choosing to stay at home. The Fed's annual bank "stress tests" established following the 2007-2009 financial crisis probe how lenders would fare against an extreme scenario: a 40% decline in commercial real estate values. The average projected CRE loan loss rate across the group was 8.8% of average loan balances, compared with 9.8% last year, the Fed said.

Persons: Goldman Sachs, Morgan Stanley, Charles Schwab, Michelle Price, Pete Schroeder, Stephen Coates Organizations: Federal, Moody's Investors Service, Bank of America Corporation, of New York Mellon Corporation, Barclays US, BMO Financial Corp, Financial Corporation, Charles, Charles Schwab Corporation, Citigroup Inc, Financial Group, Inc, Suisse Holdings, DB USA Corporation, Goldman, Goldman Sachs Group, JPMorgan Chase & Co, T Bank Corporation, Northern Trust Corporation, PNC Financial Services Group, RBC US Group Holdings, Street Corporation, US Holdings, Truist Financial Corporation, UBS, Holding, . Bancorp, & Company, Thomson Locations: Big U.S

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Credit card usage is on the rise as inflation lingers and consumers lean on credit to make ends meet. In response to this increased usage, credit card issuers are stepping up their offerings in anticipation of increased originations. Before you add a credit card to your wallet, ask yourself these questions to make sure a credit card is right for you. Credit card debt can be the most expensive debt that you carry.

Persons: —, TransUnion, delinquencies Organizations: Service, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

☆ Extreme weather is hitting parts of the US. That’s bad news for the economy
▼ + stars: | 2023-06-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

All told, at least a third of the US population is currently grappling with costly extreme weather events. In 2022, extreme weather events cost the United States about $165 billion, according to the NOAA. Sector by sector: Extreme weather impacts the economy writ large, but certain sectors tend to suffer more than others. Agriculture, construction, tourism and renewable energy sectors also tend to feel the brunt of extreme weather events. “We’re really poorly adapted to the extreme weather and climate that we have right now,” said Mankin.

Persons: New York CNN — We’ve, ”, Justin Mankin, Nam, we’ve, Andrew Watterson, Ian, “ We’re, Mark Thompson, it’s, —, Vladimir Putin, Brent, That’s Organizations: CNN Business, Bell, New York CNN, Dartmouth College, Sunday, National Oceanic, Atmospheric Administration, NOAA, Federal Aviation Administration, FAA, Travelers, Southwest Airlines, O'Hare International, Agriculture, Rystad Energy, Western, Federal Reserve Bank of New, Consumer Locations: New York, Texas, United States, Chicago, Florida, Russia, China, India, Russian, Moscow, Federal Reserve Bank of New York

☆ Americans’ buying power rose for first time since March 2021 amid falling inflation
▼ + stars: | 2023-06-22 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Images By Tang Ming Tung | Digitalvision | Getty Images"This is clearly a function of inflation starting to come down," Terrazas said. 'Unprecedented' pay jumps during pandemicWage growth started to spike in 2021 as workers enjoyed the benefits of a hot job market. In some cases, workers' pay growth was strong enough to outrun inflation's impact — especially for those who quit their jobs for higher-paying gigs elsewhere. Meanwhile, wage growth has also declined but at a slower pace — translating to a net boost to Americans' financial well-being in May relative to last year. These data sets are more inclusive than that of wage growth.

Persons: Tang Ming Tung, Terrazas, Julia Pollak, Pollak, Mark Zandi, Aaron Terrazas, Zandi Organizations: ZipRecruiter, CPI, . Bureau, Moody's, Federal Reserve Bank of New Locations: U.S, Federal Reserve Bank of New York

☆ Americans are facing 'triple trouble' from credit card debt, with more cards, bigger balances, and higher rates than ever
▼ + stars: | 2023-06-20 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

According to a new CreditCards.com report, Americans are facing "triple trouble" from credit card debt. A new report from CreditCards.com released Tuesday determined the states with the highest and lowest credit card burdens by comparing each state's credit card debts to household incomes. According to Rossman, many Americans are facing "triple trouble" with more people carrying credit card debt, record-high total balances, and elevated credit card rates. Massachusetts had the lowest credit card debt burden, despite ranking 19th in debt and 3rd in income. Credit card interest rates aren't going down anytime soonDespite last week's Fed decision, relief for cardholders may not come anytime soon.

Persons: —, CreditCards.com, Ted Rossman, Rossman, It's, it's, we've, cardholders Organizations: Service, Federal Reserve Bank of New, Market, Fed, Chase, Bank of America, Transportation Locations: Mississippi, Massachusetts, Federal Reserve Bank of New York, Oklahoma , Louisiana, New Mexico, Nevada, Minnesota , New Hampshire, California

☆ It was a great week for the economy
▼ + stars: | 2023-06-17 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

New retail sales numbers, inflation, and a pause in rate hikes point to a strong week in the economy. All of this good news contributes to an economy that gave the Federal Reserve the confidence to skip its string of interest rate hikes this month. Interest rates skip hike as economy continues growingThe Federal Open Market Committee (FOMC) held interest rates steady at its Wednesday meeting, putting a pause on the Fed's 10 consecutive increases in 15 months. It all means Americans feel confident the economy is headed in the right directionAmericans are feeling better about the economy as well. Overall, this week's data shows the US economy is still going strong, even amid concerns over potential interest rate hikes later this year.

Persons: —, That's, Price, Jerome Powell Organizations: Service, Federal Reserve, Commerce Department, Consumers, AAA, Labor Department, CPI, of Economic Advisers, of Labor Statistics, The Labor Department, Market, Fed, University of, Federal Reserve Bank of New, Federal Reserve Bank Locations: –, New York, Federal Reserve Bank of New York

☆ Consumers feel better/worse about inflation, economy's direction
▼ + stars: | 2023-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans are feeling upbeat about inflation and the economy, according to the University of Michigan’s latest consumer survey released Friday. Consumers’ inflation expectations for the year ahead retreated for the second straight month, declining to 3.3% early this month from 4.2% in May. That’s good news for the Federal Reserve, which closely watches sentiment surveys to gauge the expectations consumers and businesses have for price hikes. “The sharp drop of short-term consumer inflation expectations points to another slowdown in the June CPI report, which will be out before the Fed’s next decision,” wrote Bill Adams, chief economist at Comerica Bank, in an analyst note. However, Federal Reserve Chair Jerome Powell said in his news conference this week that inflation expectations remain in check.

Persons: ”, Bill Adams, Jerome Powell, That’s, Christopher Waller Organizations: DC CNN, University of Michigan’s, Federal Reserve, Comerica Bank, Federal Reserve Bank of New, National Federation of Independent Business, Federal Locations: Washington, Federal Reserve Bank of New York, Norway

☆ Does a recession in Europe hurt the US?
▼ + stars: | 2023-06-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Slow consumer spending and sticky inflation have led to two consecutive quarters of economic contraction in the European Union. That means that the eurozone fell into a recession over the winter months, and growth this year is likely to be weak. If Europe sneezes, the economists ask, is it possible that the United States catches a cold? Akinci and Pesenti recently examined whether economic crises in Europe have affected the United States over the past thirty years. Strong employment and higher wages can mean higher inflation as companies pass on increased labor costs by raising the price of goods.

Persons: they’re, Ozge Akinci, Paolo Pesenti, “, we’ll, We’ll, Janet Yellen, Emmanuel Macron, ‘, Goldman Sachs, David Solomon, ”, Solomon, ” Solomon, haven’t, It’s, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, European Union, Federal Reserve Bank of New, Organisation for Economic Co, US Federal Reserve, French, CNBC, Federal, CPI, Federal Reserve Locations: New York, United States, Europe, Federal Reserve Bank of New York, Greece, France

☆ Americans haven’t been this optimistic about inflation in two years
▼ + stars: | 2023-06-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN —Americans are optimistic about inflation being lower in the coming months; however, their future outlooks — for price hikes as well as their own finances — are a little more clouded. Consumers’ near-term inflation expectations fell in May to their lowest level in two years, according to new survey data released Monday by the Federal Reserve Bank of New York. Additionally, inflation expectations for three and five years from now increased from the month before, according to the New York Fed’s monthly Survey of Consumer Expectations, which measures expectations and behaviors over time for a rotating panel of 1,300 individuals. Since peaking at a 40-year high last June, inflation has cooled considerably but still remains above the Federal Reserve’s target of 2%. Fed Chair Jerome Powell has expressed concern about the possibility of sustained wage gains putting upward pressure on inflation.

Persons: Price, Jerome Powell Organizations: Minneapolis CNN, Federal Reserve Bank of New, York, Consumer, Fed, Labor Statistics Locations: Minneapolis, Federal Reserve Bank of New York

☆ Stock market news: The Fed meets next week. What can investors expect?
▼ + stars: | 2023-06-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 Index last week entered a bull market, meaning that it notched a 20% rally from its low in October. Moreover, investors appeared calmer than they have in years, after the United States suspended the debt ceiling in time to avoid a default, allowing investors to breathe a sigh of relief. The May Consumer Price Index and Producer Price Index reports, two key inflation prints, are also due the days that the Fed meets. But the United States could still suffer a downgrade to its credit rating, even though it avoided losing its ability to make payments on time. Tuesday: Consumer Price Index report for May and NFIB small business optimism index.

Persons: CNN — Stocks, Price, ”, JJ Kinahan, there’s, Karim El Nokali, Jerome Powell, ” El Nokali, —, Joe Biden, Benjamin Jeffery, Patrick Klein, ” Josh Lipsky, it’s, Olivier d’Assier, “ It’s, George Mateyo Organizations: CNN Business, Bell, CNN, Nasdaq, United, Fed, IG North America, Fitch, AAA, BMO Capital Markets, Franklin, GeoEconomics, International Monetary Fund, Treasury Department, US Treasury, Key Private Bank, Federal Reserve Bank of New York Survey, Consumer, Federal Reserve, Federal, University of Michigan Locations: United States, US

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). See Insider's picks for the best lenders to refinance student loans >>If you have federal student loans, you have options for debt forgiveness, including Public Service Loan Forgiveness and Income-Driven Repayment Plans. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Show more Variable: 5.32 % - 8.94%, Fixed: 4.96% - 8.99% (with AutoPay discount) Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Apply now Apply now Apply now2. While private student loans aren't eligible for forbearance in the same way federal student loans are, you still have options if you're struggling to keep up with your payments.

Persons: —, Pell Grant, Autopay, forbearance Organizations: Service, Public, Biden, Loan, SoFi, AutoPay, Federal Reserve Bank of New, AK, IL, forbearance Locations: Federal Reserve Bank of New York, MN, NH, OH, TN, TX, California, Florida, Texas, In Texas

☆ Want to know why younger generations seem so pissed? Look at the housing market.
▼ + stars: | 2023-06-04 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

But the biggest issue is probably a housing market that simply feels unfair. From a shaky economy to student debt, to general inflation and spiking healthcare costs, there's lots to be worried about. "One was the long, weak labor market in the wake of the Great Recession, and the other is how badly the housing market functions." When you look at the housing market, it's particularly grim right now. But while Americans have different health situations (and lifestyles and levels of student debt), all of them live somewhere.

Persons: Gen Zers, —, Zers, Josée Rose, there's, Matt Yglesias, Phil Rosen, Goldman Sachs, James Rodriguez, Pew, John Myers, Ben Southwood, Sam Bowman, homebuyers Organizations: Service, Deloitte, TIAA Institute, Federal Reserve Bank of New, Mortgage, Association, Commonwealth Fund Locations: Federal Reserve Bank of New York, New York, isn't

☆ The Most Expensive and Most Affordable Cities for Childcare in the US
▼ + stars: | 2023-05-31 | by ( Jeremy Ney | ) www.businessinsider.com time to read: +13 min

The most expensive counties generally have fewer childcare workers or the state doesn't provide enough financial support for low-income families. The US Department of Health and Human Services considers childcare "affordable" if it costs less than 7% of a family's income. The pandemic provided a perfect example of this dynamic: 2 million women left the workforce and haven't returned, citing childcare costs as the No. Counties with higher levels of poverty often lack affordable care as childcare workers themselves can't afford to live on the industry's low wages. In Canada, where childcare workers make more, that ratio is six to one.

Persons: haven't, It's, Joe Biden, doesn't, Annie Lowrey, Grant, Jeremy Ney Organizations: Department of Labor, US Department of Health, Human Services, New, Bay State, University of Massachusetts Amherst, US, Preschool, America, Federal Reserve Bank of New Locations: Massachusetts, Mississippi, New York City, America, Kings County, Brooklyn, Queens County, Bronx County, Bronx, Bay, While Massachusetts, California, . Mississippi, New York, Canada, Portland , Oregon, Portland, Michigan, The, Federal Reserve Bank of New York

☆ German tax fraud mastermind handed further 8-year jail sentence
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

Berger had already been sentenced to eight years in jail in December after a similar trial. The public prosecutor had demanded a prison sentence of 10 and a half years and the confiscation of assets. Berger's sentences follow nearly a decade of investigations that government officials say span around 1,500 suspects and 100 banks on four continents. Authorities have raided the German branches of companies including Barclays (BARC.L), Bank of America (BAC.N), JP Morgan (JPM.N) and Morgan Stanley (MS.N) in their investigations. In September, Bank of New York Mellon Corp (BK.N), Germany's Warburg Group and Deutsche Bank (DBKGn.DE) said they would pay a combined 60 million euros to tax authorities over the scandal.

☆ Premarket stocks: How crypto is dealing with debt ceiling turmoil
▼ + stars: | 2023-05-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s what’s in the debt ceiling dealPresident Biden and Republican House Speaker McCarthy put their long weekend to good use, coming to an agreement to raise the debt ceiling in the hope of avoiding a self imposed default on US government debt. If Congress doesn’t raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warns the government will not have enough funds to pay all of the nation’s obligations in full and on time. The debt ceiling bill does that, rescinding $1.4 billion in IRS funding. Corporate America celebrates debt ceiling dealIt appears that US industry is pleased with the debt ceiling deal, and would like Congress to pass it quickly. Leading business groups praised Biden and McCarthy for forging a bipartisan agreement over the weekend, reports my colleague Matt Egan.

☆ As emergency savings drop and credit card balances rise, experts say taking 3 steps can help
▼ + stars: | 2023-05-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

To slow the price growth, the Federal Reserve has steadily raised interest rates, which has posed another problem for households: higher interest rates on debt. That marks the first time in 20 years balances have not fallen following the holiday season, according to the central bank's research. Some people are seeking help after they've already fallen behind and have started to get debt collection calls, he said. 'Think seriously about delaying discretionary purchases'As prices and interest rates have gone up, it's a good time to think about putting off unnecessary purchases, according to Hamrick. But the regret that often ranks highly is not saving more for long-term goals such as emergency savings or retirement, he said.

☆ $38.8 Billion in U.S. Treasury? For These Billionaires, That’s Nothing.
▼ + stars: | 2023-05-26 | by ( Linda Qiu | ) www.nytimes.com time to read: +1 min

The Treasury Department said its cash balance fell to $38.8 billion as of Thursday, as the United States inched toward running out of cash to pay its bills. Just how empty is the Treasury cash coffer? For comparison, $38.8 billion is on par with the gross domestic product of Bahrain and Paraguay and lower than the net worth of more than two dozen of the wealthiest people in the world. Here is a list of people with higher net worths than the U.S. cash reserves, according to Bloomberg News’s Billionaire Index as of Thursday. Forbes, though, estimates his net worth at $94.5 billion.)

☆ Return-to-office mandates won’t magically improve young employees’ career development
▼ + stars: | 2023-05-23 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —CEOs and other senior leaders very often want employees in the workplace for more days than employees who can do their jobs remotely would like. Many leaders assert more in-person experiences can, among other things, provide better career development for the youngest and newest employees. The good old days may not have been that goodConsider that before the pandemic, most employees were at their workplace five days a week. But fixating on the question of “how many days should employees be in the office?” is the wrong approach, Yost said. “In general there has been a lack of intentionality of how we develop young people,” Yost said.

☆ Fed's Williams says natural rate of interest still low despite pandemic
▼ + stars: | 2023-05-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Speaking to a conference at the Federal Reserve in Washington, Williams’ remarks took on the technical concept of the natural rate of interest, which is the interest rate that neither slows nor stimulates the economy. Before the pandemic struck, this measure, referred to as R-Star, had been historically low, allowing the central bank to keep its interest rate target at fairly low levels. Williams, a leading intellectual architect of the R-Star concept, said his bank would be relaunching its public estimate Friday, updating it on a quarterly basis. Williams’ contended that even with the pandemic and the aftermath of its most acute phase, the fundamental story of a low natural interest rate remains in place. But his comments suggest that once the Fed’s battle to contain high inflation is over it may again at some later time be able to return short-term rates to low levels.

☆ Premarket stocks: Investors shouldn't ignore this recession warning sign
▼ + stars: | 2023-05-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

“Retail growth held on by the skin of its teeth this month,” said Neil Saunders, managing director of GlobalData. The retailer posted disappointing sales for its first quarter and lowered its outlook for the year as customers slowed their spending. Total sales ticked up 0.5% during its latest quarter from a year ago, the company said Wednesday. The bill, which will take effect in January, specifically names TikTok as its target, prohibiting the app from operating within state lines. Pence said he expects to come to a decision about a presidential run before the end of June.

☆ Student loan payments are set to resume. Here's a potential winning play for investors, BofA says
▼ + stars: | 2023-05-17 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Federal student loan debt repayments are expected to resume later this year – and one winning stock could emerge from the fallout, according to Bank of America. Payments on federal student loans have been on hold since 2020 as part of pandemic relief measures. The Supreme Court is weighing President Joe Biden's student loan forgiveness plan, and repayments on federal student loans are expected to resume 60 days after the court makes its decision. But SoFi Technologies could benefit from the resumption of loan payments as borrowers try to refinance their federal student loans, Bhatia said. Refinancing may make sense if the original federal loans have a higher rate than what's available through a private lender.

☆ Ex-bank executive steps down from NY Fed board
▼ + stars: | 2023-05-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

The regional Fed said Murphy stepped down from one of its New York Fed director slots reserved for bankers. Arrow, a bank holding company, also owns Saratoga National Bank and Trust Co.Murphy had been a Class A director on the New York Fed board since January 2021. Fed bank presidents have also said their boards provide local economic intelligence and advice on running large institutions. The New York Fed has had its own troubles with bankers on its board in years past. The setup of the regional Fed board of directors is determined by law and not the central bank.

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