New York CNN —With Nvidia earnings out of the way, the next test for US markets is Federal Reserve Chair Jerome Powell’s annual speech at the Jackson Hole economic summit on Friday.
“In August of 2022, Powell knew the Fed had several more rate hikes to go.
Macy’s sounds the alarm on credit card delinquenciesMacy’s is warning of a spike in customers who are failing to make credit card payments, adding to the evidence of mounting financial stress on consumers, reports my colleague Matt Egan.
This situation is hurting Macy’s business, driving down credit card revenue by 36% year over year and contributing to a quarterly loss, he said.
Citing worsening consumer leverage metrics, Macy’s is bracing for a further increase in “bad debt” in its credit card portfolio.
Persons:
Jerome Powell’s, Powell, ”, — Powell, “, Tom Graff, Matt Egan, ” Adrian Mitchell, Danielle Wiener, Bronner, Qiana Di, Di Bari, Read
Organizations:
CNN Business, Bell, New York CNN, Nvidia, Kansas, Fed, Dow Jones, “, Bureau of Labor Statistics
Locations:
New York, Wyoming, Maui, United States, Qiana Di Bari, Lahaina, Kahului