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☆ Americans are feeling rosier about their finances, the stock market and inflation’s decline
▼ + stars: | 2024-06-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

The New York Fed’s May Survey of Consumer Expectations showed improvement of people’s perceptions of their current financial situation as well as their outlook for a year from now. Households’ expectations for highest US stock prices improved to a three-year high. In May, home price expectations were still high, unchanged from the month before; however, inflation expectations dipped — and that’s a good sign for the Federal Reserve. Monday’s survey showed that the three- and five-year inflation expectations were unchanged. When the April CPI showed inflation on a cooler trajectory than it had started the year, the major US stock indexes all surged to record highs.

Organizations: CNN, Federal Reserve Bank of New, The, Consumer, Survey, Federal Reserve Locations: Federal Reserve Bank of New York, York

☆ The pandemic has changed when Americans expect to retire
▼ + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.

Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ Most Americans think the economy should be in fairly good shape this time next year
▼ + stars: | 2023-11-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Consumers’ expectations for inflation one year and five years from now both dropped 0.1 percentage points from the month before, to land at 3.6% and 2.7%, respectively. However, median inflation expectations at the three-year horizon remained unchanged at 3%, a yearly high. On Friday, the University of Michigan’s closely watched consumer survey showed sentiment was waning about the current economic state and that inflation expectations ticked up over the long run. The median expected growth in household income ticked up a tenth of a percentage point to 3.1%. Overall, more respondents to the New York Fed survey said their households were better off than they were this time last year.

Persons: they’ll Organizations: Minneapolis CNN —, Federal Reserve Bank of New, Federal Reserve, Fed, University of Michigan’s, New Locations: Minneapolis, Federal Reserve Bank of New York, York

☆ Black entrepreneurs, business leaders say conservative legal challenges could hinder progress
▼ + stars: | 2023-10-28 | by ( Nicquel Terry Ellis Cnn | ) edition.cnn.com time to read: +8 min

Trigg-Jones said she applied for funding from grant groups, venture capital funds and investors, but most of them denied her. Late last month, a federal appeals court granted the Alliance’s motion to temporarily block the Fearless Fund from awarding grants exclusively to Black women entrepreneurs. Black business leaders told CNN the lawsuits, if successful, could stand to undo decades of progress toward leveling the playing field for Black and brown people in the workplace and small business sector. According to a 2019 report from American Express, Black women are the fastest growing demographic of entrepreneurs in the country. Black business owners are turned down for loans at a rate three times higher than White business owners, according to a 2020 analysis of small businesses by Goldman Sachs.

Persons: Cathleen Trigg, Jones, –, you’re, ” Trigg, Edward Blum, Blum, Fearless, ” Blum, “, Goldman Sachs, Arian Simone, ”, AAER “, Rashae Barnes, Barnes, ” Barnes, Kaycea Campbell, ” Campbell, Lenwood Long, —, Long, CNN’s Jaide Timm, Garcia, Isabel Rosales, Tami Luhby Organizations: CNN, Trigg, American Alliance for Equal Rights, Civil, American Express, “, Evals Equity, Pierce College Los Angeles, Federal, Consumer Finances, African American Alliance of Community Development Financial, Black Locations: New York, PitchBook, White

American families saw the largest jump in their wealth on record between 2019 and 2022, according to Federal Reserve data released on Wednesday, as rising stock indexes, climbing home prices and repeated rounds of government stimulus left people’s finances healthier. At the same time, median family income increased by 3 percent between 2018 and 2021 after subtracting out price increases. While income gains were most pronounced for the affluent, the data showed clearly that Americans made nearly across-the-board financial progress in the three years that include the pandemic. But the Fed report, which is released every three years, is considered the gold standard in data about the financial circumstances of households. It offers the most comprehensive snapshot of everything from savings to stock ownership across racial, wealth and age groups.

Organizations: Federal Reserve, Fed’s Survey, Consumer Finances

☆ Americans Are Losing Faith in the Value of College. Whose Fault Is That?
▼ + stars: | 2023-09-05 | by ( Paul Tough | ) www.nytimes.com time to read: +2 min

Economists have a term for the gap that exists between the incomes of college graduates and high school graduates: the college wage premium. When employers want more college graduates, the premium goes up; when there is a surplus of college grads, the premium goes down. In theory, today’s sky-high college wage premium should mean a surge of young people onto college campuses, not the opposite. But as a measure of the true value of higher education, the college wage premium has one important limitation. Unlike the college wage premium, the college wealth premium looks at all your assets and all your debts: what you’ve got in the bank, whether you own a house, your student-loan balance.

Persons: Bill, Louis, you’ve, Louis — Lowell Ricketts, William Emmons, Ana Hernández Kent — Organizations: Federal Reserve Bank of St Locations: St

☆ NY Fed survey: Markets bet ahead of July FOMC expected rate rise would be last
▼ + stars: | 2023-08-17 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

The Fed next meets on Sept. 19-20, and futures markets currently expect no increase for that gathering. Primary dealers also thought ahead of the July 25-26 FOMC meeting that the Fed would be able to cut rates at the April 2024 meeting. By the final quarter of next year, primary dealers told the New York Fed they expect a 4% federal funds rate, while the market participant survey predicted 3.88%. Fed holdings peaked in the summer of 2022 at just shy of $9 trillion and currently stand at $8.3 trillion. On Wednesday, Fed officials released the meeting minutes from the July FOMC meeting that showed some division over the need for their last rate rise.

Persons: Michael S, Lisa Shumaker Organizations: New York Federal Reserve, Market Committee, Fed, New York Fed, Thomson

☆ More Americans Are Struggling Financially, as Inflation Takes a Toll
▼ + stars: | 2023-05-22 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

Americans have jobs. The share of U.S. adults who said they were doing “at least OK financially” fell sharply last year, to 73 percent from 78 percent in 2021, according to the latest Federal Reserve survey of Americans’ financial well-being, released on Monday. The erosion in financial health was broad-based, cutting across racial and ethnic lines, educational categories and income groups. The data, from the Fed’s Survey of Household Economics and Decisionmaking, echoes other surveys showing that Americans feel glum about the economy and their own finances. But it provides new details on how the economic crosscurrents of a strong job market and rising prices are affecting families.

☆ Fed Rate Hikes Mean ‘Fantastic’ Savings Rates. Are You Still Earning Less than 1%?
▼ + stars: | 2022-12-14 | by ( ) www.wsj.com time to read: +7 min

A series of rate hikes from the Federal Reserve—including a 0.5 percentage point increase on Wednesday—has left its benchmark federal-funds rate rate in a range of 4.25% to 4.5%, the highest level seen in 15 years. “Savings rates right now are fantastic,” says Joe Duran, co-head of Goldman Sachs Workplace and Personal Wealth. “Banks want to be competitive, so when Fed rate increases happen, they are usually quick to increase savings rates,” says Duran. Where Savings and CD Rates Are Headed NextWith interest rates steadily increasing, the key question for savers becomes: Should I lock in rates now, or wait for even better offers? In fact, the average savings rate nationally is only 0.24%, according to the Federal Deposit Insurance Corp—quite paltry considering where the Fed rate is.

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