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☆ Morning Bid: Restive markets simmer after oil sideswipe
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. That's a moment in the whole disinflation story as it virtually wipes out the negative annual base effect so powerful this year in helping drag headline inflation rates back down. The more complicated inflation picture comes against the week's downbeat business surveys from Europe and Japan. That take was reinforced overnight by a New York Fed study that suggested the theoretical 'neutral' interest rate keeping the economy at equilibrium continued to fall in the second quarter. The energy picture saw Asia and European bourses in the red again, with Japan's Nikkei (.N225) bucking the trend.

Persons: Brendan McDermid, Mike Dolan Roiled, Lorie Logan, Susan Collins, Mike Dolan, John Stonestreet Organizations: New York Stock Exchange, REUTERS, Treasury, Bank of Canada, New, New York Fed, NY, Japan's Nikkei, Dallas Federal, Boston Fed, Reuters Graphics Reuters, Thomson, Reuters Locations: New York City, U.S, Saudi Arabia, Russia, That's, Europe, Japan . U.S, New York, Asia, European, Canada

Now, however, some firms and experts are walking back those predictions, calling into question the validity of a once-trusted recession indicator known as the yield curve inversion. Nobody rational would argue that the yield curve could have predicted a global pandemic and the short recession that followed it. NABE's most recent survey shows economists are divided on what a yield curve inversion means for the U.S. economy. In normal circumstances, yield curve inversions have been a pretty good indicator of recessions, according to Jebaraj. While the yield curve inverted in 2019, that was not necessarily a predictor of the 2020 recession.

Persons: Mervin, NABE, Goldman Sachs, NABE's Jebaraj, Sam, Jebaraj, — Organizations: Westend61, Getty, National Association for Business Economics, Reserve, Wall, Bank of America, JPMorgan, Center for Business, Economic Research, Walton College of Business, University of Arkansas, Treasury, National Association for Business Locations: U.S

☆ Fake Taylor Swift tickets, student loan forgiveness: 4 top scams that targeted consumers this summer
▼ + stars: | 2023-09-04 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Taylor Swift performs onstage during "Taylor Swift | The Eras Tour" at SoFi Stadium on August 09, 2023 in Inglewood, California. Concert and event ticket scamsFans were especially eager to see big-ticket acts like Beyonce and Taylor Swift as they toured this summer. Vacation lodging scamsVacationers who sought rentals or other services in popular destinations may have found themselves prey to fake listings. Such vacation scams meant travelers could find themselves out money as well as a place to stay. "But at the end of the day, those listings are fake listings, which puts consumers at risk," he said.

Persons: Taylor Swift, Kevin Winter, Beyonce, Fabara, Rob Bonta, Letitia James, Roomster, James, Tashdique Mehtaj Ahmed Organizations: Getty, Visa, New York, Federal Trade Commission, FTC, Federal Student Aid Locations: Inglewood , California, California, U.S, York

☆ Opinion: Be a good IRL human in this time of anti-LGBTQ and other attacks
▼ + stars: | 2023-09-01 | by ( Opinion Allison Hope | ) edition.cnn.com time to read: +10 min

Raise voices and advocate for greater inclusion and school policies that protect rather than isolate or further marginalize students. LGBTQ+ students are heading back to school fearful and uncertain that they will be supported,” said Cheryl Greene, director of the Human Rights Campaign’s Welcoming Schools program. Not all workplace policies are created equal, and workplaces must also comply with local laws that differ by geography. Know the anti-discrimination workplace policies and best practices and ensure they align. Know the anti-discrimination workplace policies and best practices and ensure they align.

Persons: Allison Hope, CNN —, ”, Cheryl Greene, Justin Sullivan, Matthew Di Taranto, Mike Segar, Lorie Smith, Nicole Erkfitz, Erkfitz, ” Erkfitz, “ Organizations: New Yorker, The New York Times, Washington Post, CNN, Slate, Communications, Reuters, Twitter, Facebook, AMFM Healthcare Locations: New, Florida, AMFM Healthcare Northern Virginia

☆ 63% of workers unable to pay a $500 emergency expense, survey finds. How employers may help change that
▼ + stars: | 2023-08-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Secure 2.0 emergency savings provisionsThe Secure 2.0 legislation that was signed into law in December included two changes aimed at helping to make it easier for workers to access emergency cash. It may take another two to three years before the $2,500 emergency savings provision makes a difference, Copeland estimated. New awareness of need for emergency savingsHowever, experts say the legislative changes are still a big step forward for emergency savings. "This whole conversation has really brought to the fore the importance of emergency savings and emergency savings accounts," said Emerson Sprick, senior economic analyst at the Bipartisan Policy Center. Now, the financial industry, consumer advocates and others are starting to think about what comprehensive emergency savings coverage could look like, he said.

Persons: Joe Raedle, SecureSave, Devin Miller, Miller, Craig Copeland, Copeland, Emerson Sprick, We've Organizations: Getty, Workers, Research, IRS, Center Locations: Miami , Florida

☆ What to know before you take advantage of your credit card’s buy now, pay later option
▼ + stars: | 2023-08-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The offer may sound tempting, given today's record-high interest rates on debt, which now average 20.5% for credit cards, according to Bankrate. Credit card buy now, pay later plans include American Express Pay It Plan It, My Chase Plan and Citi Flex Pay. While those BNPL companies are acting more like credit card issuers, the latter, in turn, have taken on features similar to BNPL, he noted. The choices come as rising interest rates have made carrying debt more expensive. The latest data shows consumers are struggling under rising balances, with total credit card debt recently topping $1 trillion for the first time.

Persons: Ted Rossman Organizations: American, Citi, Finance

Zeljkosantrac | E+ | Getty ImagesWhen it comes to planning for longevity, experts say it helps to envision your future self. A new aging filter trending on TikTok can help make that a reality. Use an aging filter to overcome retirement inertiaA recent Bankrate survey found not saving for retirement early enough is the number one financial regret. Experts say increasing your retirement savings deferral rate just slightly, say by 1%, can make a big difference over time. watch nowThe TikTok aging filter may serve as inspiration, but only if savers take the necessary follow-up steps, experts say.

Persons: Hal Hershfield, Joseph Coughlin, Coughlin, Hershfield, Carolyn McClanahan Organizations: Massachusetts Institute of Technology, University of California, Planning Partners, CNBC Locations: Los Angeles, Jacksonville , Florida

☆ Amid a return-to-office push, it's still possible for workers to get flexible schedules. 'Think about it like a salary negotiation,' expert says
▼ + stars: | 2023-08-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Most workers are hoping that flexible Covid-era work policies will stay in place. A new survey from Bankrate found 89% of full-time workers, or those looking for full-time work, are in favor of remote and hybrid work or four-day work weeks. The results of the survey, which was fielded in July, come as a remote work reckoning may be brewing. Most sectors are more likely to advertise remote work than they were before the pandemic, Bunker said. But the sectors most likely to be open to remote work then are more likely to advertise those kinds of positions now, he said.

Persons: Bankrate, —, Goldman Sachs, Nick Bunker, Bunker Organizations: Finance

☆ 75% of people age 50 and up worry Social Security will run out of money in their lifetimes, survey finds
▼ + stars: | 2023-08-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The subject of Social Security was largely left untouched in the first Republican presidential debate. But worries about the future of the program loom large in Americans' minds, a recent survey from the Nationwide Retirement Institute shows. To that point, 75% of individuals age 50 and up worry Social Security will run out of funding in their lifetimes, according to the survey of 1,806 individuals taken between May and June. The program's combined funds are due to run out in 2034, at which point 80% of benefits will be payable, Social Security's trustees have said. "You've got people on this stage that won't even talk about Social Security and Medicare," former Vice President Mike Pence said during Wednesday's Republican primary debate.

Persons: servicer, —, You've, Mike Pence, Pence Organizations: Social Security, Nationwide Retirement Institute, Social, Finance, Republican, CNBC

☆ Longevity is challenging people to reimagine their later years. One age cohort is 'carrying the most stress and burden,' research finds
▼ + stars: | 2023-08-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Increased longevity is challenging people to rethink the traditional three-step life path of education, work and retirement. But one age group — individuals ages 40 to 59 — is more likely to struggle with this concept, according to new research from Transamerica and the Massachusetts Institute of Technology AgeLab. "That cohort based on the study really had the toughest time and was carrying the most stress and burden about managing this concept of longevity in a positive way," said Phil Eckman, president of workplace solutions at Transamerica. Moreover, half of people in midlife are struggling to get by financially, more than other age groups studied. "One of the best ways to deal with stress is to look at that notion of health and well-being and sleep and diet and exercise and the way that can reduce stress," Eckman said.

Persons: Phil Eckman, —, Eckman, servicer Organizations: Massachusetts Institute of Technology, Finance Locations: Transamerica, midlife

☆ 81% of full-time workers want a 4-day work week – and they’re willing to make sacrifices to get it
▼ + stars: | 2023-08-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

When it comes to schedules, workers want flexibility. And a four-day work week is at the top of their wish lists, according to a new survey from Bankrate. A majority of full-time workers and job seekers — 81% — support a four-day work week versus a traditional five-day schedule. Of those workers, 89% said they would be willing to make sacrifices to work just four days. Just 11% of workers who want a four-day work week said they would not be willing to accept any of those tradeoffs.

Persons: — Organizations: Finance

☆ Claiming Social Security retirement benefits is a high-stakes decision. Don't let these 5 myths get in your way
▼ + stars: | 2023-08-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Moyo Studio | E+ | Getty ImagesSocial Security benefits provide retirement income for millions of Americans. Myth 1: Claiming early is bestNegative headlines may scare people into claiming as early as possible to get the most benefits. Eligibility for Social Security retirement benefits starts at age 62. Myth 4: Social Security benefits are not taxedThanasis | Moment | Getty ImagesThe misperception that Social Security benefits aren't taxed is "perhaps the biggest myth of all," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. That includes the sum of your adjusted gross income, nontaxable interest and half of your Social Security benefits.

Persons: that's, Joe Elsasser, Elsasser, Laurence Kotlikoff, Bruce Tannahill, there's, Kotlikoff, Tannahill, Mary Johnson, Anna Frank Organizations: Social Security, Social, Security, Boston University, Senior Citizens League . Social Security

☆ Social Security cost-of-living adjustment for 2024 may be 3%, estimate finds. How hurricane season may change that
▼ + stars: | 2023-08-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

"The COLA estimate might go down if gas and oil prices drop." Hurricanes, in particular, may prompt higher oil and gas prices, she said. "Certainly, hurricane season bears close monitoring, and we are entering the heart of it now," said AAA spokesman Andrew Gross. "A major storm impacting the Gulf Coast and nearby refineries will likely lead to a spike in gas prices for a few weeks," he said. However, the pressure may be off pump prices at the moment, he said, due to a combination of lower oil prices and flat demand.

Persons: Mary Johnson, Johnson, Andrew Gross Organizations: Istock, CPI, Social Security, Senior Citizens League, Hurricanes, National Oceanic, Atmospheric Administration, AAA, Seniors Locations: Coast

☆ Just 10% plan to wait until age 70 to claim Social Security, survey finds. Why experts say it's often best to delay
▼ + stars: | 2023-08-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Maryviolet | Istock | Getty ImagesResearch suggests it's best to hold off on claiming Social Security retirement benefits until age 70, if possible, to get the biggest monthly payments available to you. That includes 17% of respondents ages 60 to 65, who may be on the brink of retirement, according to the results. Why it pays to wait to claim Social Security benefitsEarly claiming will affect the size of your monthly Social Security checks. For each year delayed past full retirement age to age 70, 8% is added to Social Security benefits. By waiting up to age 70, retirees can lock in the biggest benefit checks available based on their work records.

Persons: —, Deb Boyden, Larry Kotlikoff, David Altig, Victor Yifan Ye, Kotlikoff Organizations: Istock, Getty Images Research, Social, Security, Social Security, Social Security Administration, Boston University, Federal Reserve Bank of Atlanta, Opendoor Technologies, Finance

Darya Komarova | Moment | Getty Images'The dots need to be connected for consumers'Exposure to our older selves is only part of the process of making decisions for retirement, experts say. While the TikTok filter has recently made it popular to look at our future selves, this type of application has been around since the early 2000s, said Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab. Once people see an image of their older selves, they tend to feel differently about their future decisions. Successful, lasting behavioral changes typically come with incentives to work toward, such as saving money or exercising, Coughlin said. Pairing the videos with prompts to save more money or invest more toward retirement may be effective, according to UCLA's Hershfield.

Persons: Darya, Joseph Coughlin, Coughlin, UCLA's Hershfield, Hershfield, Victor Ricciardi, Ricciardi, Carolyn McClanahan, Drazen Zigic Organizations: Massachusetts Institute of Technology AgeLab, Ursinus College, Behavioral Finance, Planning Partners, CNBC FA, Istock, Getty Locations: Jacksonville , Florida

"So why not be in a situation where you're just much more ready in case you...need to access this discount window?" An analysis of Fed data by Reuters, though, shows a lot still needs to be done to meet that goal. All told, about 3,800 banks borrowed from the discount window during the 11-year period detailed in the central bank data. The biggest banks also stepped up to borrow so as to reduce discount window stigma. Minneapolis Fed President Neel Kashkari said small banks should think of the discount window as a backup.

Persons: Brittany Hosea, Jerome Powell, I’ve, Lorie Logan, Banks, Goldman Sachs, Huberto Ennis, Michelle Bowman, Brad Tidwell, SVB, Austan Goolsbee, Richmond Fed's Ennis, Neel Kashkari, Ann Saphir, Michael S, Andrea Ricci Organizations: Bank, REUTERS, Federal Reserve, Reuters, Dallas, U.S, Fed, Reuters Graphics Reuters, Richmond Fed, National Credit Union Association, Chicago Fed, Federal Home Loan Bank, Minneapolis, Home Loan Bank, Thomson Locations: Santa Clara , California, U.S, Silicon, Washington, While California, Texas, Logan's, New Mexico, Louisiana, Henderson , Texas

☆ As Social Security official warns of A.I. fraud risks, one expert says criminal activity is 'here right now'
▼ + stars: | 2023-08-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Courtney Keating | E+ | Getty ImagesWhile scrolling social media, you may find a video of President Joe Biden urging you to sign up for extra Social Security benefits for which you are eligible. The Social Security Administration is working with OIG to take appropriate steps to combat fraud, an agency spokesman said. "The agency has techniques to identify and react to suspicious bad actors," said Social Security Administration spokesman Mark Hinkle. "We look forward to continuing to work with the OIG on the evolution of AI and courses of action regarding AI fraud." Other steps can also help protect your personal financial information and Social Security beneficiaries' monthly income, according to Talcove.

Persons: Courtney Keating, Joe Biden, Kathy Stokes, Stokes, A.I, Gail Ennis, Ennis, Haywood Talcove, Talcove, OIG, Mark Hinkle, Maria Freese, Freese, Boonchai, AARP's Stokes, It's Organizations: Social, Watch, Finance, Big, Social Security, Social Security Administration Office, LexisNexis, Social Security Administration, Solutions, Security, National Committee, Preserve Social Security, Getty Locations: Ennis

☆ Retirement account balances have increased substantially for high-income households. These factors help explain why
▼ + stars: | 2023-08-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The median retirement account balance for high-income households was nine times that of middle-income households in 2019 — $605,000 compared with $64,300, respectively, the research found. That gap is "significantly greater" than it was in 2007, when high-income households had a median retirement account balance that was about four times higher than middle-income households — about $333,000 versus $86,800, respectively. White households also consistently had significantly higher median balances from 2007 to 2019. High-income households contributed about 8% of their pay — or a median of about $10,000 — while low-income households put in about 5% — or about $1,500. Employer contributions were also greater for high-income versus low-income households — with a median of $5,000 versus $1,300.

Organizations: Office, Finance

☆ 37% of baby boomers have more stock exposure than they should, Fidelity says. These 4 tips can help
▼ + stars: | 2023-07-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Simon Potter | Getty ImagesWhen it comes to stocks, investors face a big question: How much exposure is enough? At Fidelity, the allocations to equities in retirement funds are about 10% higher than where they should be, Shamrell said. watch nowSome of those investors with excess stock exposure may simply need to rebalance after recent market highs, Shamrell said. Experts say having the right mix of equities can go a long way toward helping retirees meet their financial goals. Importantly, a client's personal circumstances drive these goals, McClanahan noted.

Persons: Simon Potter, Mike Shamrell, boomers —, Shamrell, Carolyn McClanahan, McClanahan, Carl Smith, Sri Reddy Organizations: Getty, Fidelity Workplace, Security, Fidelity, Planning Partners, CNBC's, Principal Financial, iStock Locations: Jacksonville , Florida

July 28 (Reuters) - U.S. banks should incorporate the Federal Reserve's emergency lending facility known as the "discount window" as part of their contingency funding plans, federal banking regulators said in updated guidance on Friday. The discount window, a key Fed facility long associated with providing emergency loans to banks, is "an important tool" banks can use to manage liquidity risk, bank regulators including the Federal Reserve and Federal Deposit Insurance Corp said in an updated interagency policy statement. The bank runs earlier this year that forced regulators to shut down Silicon Valley Bank and Signature Bank in mid-March "underscored the importance of liquidity risk management and contingency funding planning," the agencies said. The updated guidance comes after Dallas Fed President Lorie Logan said in May that banks should be prepared to borrow regularly from the Fed's discount window, particularly after the March bank failures demonstrated the importance of effective liquidity risk management. The bank regulators also said that financial institutions should establish and maintain operational readiness to use the discount window, including conducting periodic small value transactions.

Persons: Lorie Logan, Hannah Lang, Dan Burns, Marguerita Choy Organizations: Federal Reserve, Federal Deposit Insurance Corp, Bank, Signature Bank, Dallas, Thomson Locations: Washington

July 28 (Reuters) - U.S. banks should incorporate the Federal Reserve's emergency lending facility known as the "discount window" as part of their contingency funding plans, federal banking regulators said in updated guidance on Friday. The discount window is "an important tool" banks can use to manage liquidity risk, bank regulators including the Federal Reserve and Federal Deposit Insurance Corp said in an updated interagency policy statement. Bank runs in mid-March that forced regulators to shut down Silicon Valley Bank and Signature Bank "underscored the importance of liquidity risk management and contingency funding planning," the agencies said. "Banks are now working to see that they are ready to use the discount window, and we are strongly encouraging them to do that," he said. Reuters GraphicsThe guidance also said financial institutions should establish and maintain operational readiness to use the discount window, including conducting periodic small value transactions.

Persons: Lorie Logan, Jerome Powell, Banks, Hannah Lang, Dan Burns, Marguerita Choy, Richard Chang Organizations: Federal Reserve, Federal Deposit Insurance Corp, Bank, Signature, Dallas, Reuters, Thomson Locations: Washington

☆ New bill aims to help low-income Americans with disabilities build emergency savings through a federal match
▼ + stars: | 2023-07-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The Americans with Disabilities Act was signed into law 33 years ago to protect people with disabilities from discrimination. To help make it easier for disabled individuals with lower incomes to save, Sen. Bob Casey, D-Pa., who serves as chairman of the Senate Special Committee on Aging, is introducing a new proposal, called the ABLE MATCH Act. The legislation would create a federal dollar-for-dollar match for new and existing ABLE accounts for individuals who earn $28,000 or less per year. The tax-advantaged accounts allow for tax-free withdrawals for qualifying expenses, while investment gains may grow on a tax-deferred basis. The ABLE program has been a "lifeline for thousands of people with disabilities across the nation," Casey said in a statement.

Persons: Sen, Bob Casey, Long, Casey Organizations: Aging, Finance

☆ Long Covid has led to financial hardship for patients, research finds. Experts say these changes can help
▼ + stars: | 2023-07-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

O'Rourke herself suffers from long Covid symptoms. "We absolutely have to commit to social support, disability aid, for people living with long Covid" and other chronic illnesses, O'Rourke said. The Urban Institute's research, and feedback from experts, points to three changes that may help bolster social supports for long Covid sufferers. Moreover, people who develop long Covid may have a longer amount of time before they have to return to work. More than a year after contracting Covid, about 18% of those with long Covid still hadn't returned to work, recent study by the New York State Insurance Fund found.

Persons: Meghan O'Rourke, O'Rourke, we're, Long, Michael Karpman, Lisa McCorkell, hadn't Organizations: Urban Institute, Social, Assistance, SNAP, Social Security, Led, Capitol, Urban, New York, Insurance Fund

☆ To feel 'comfortable,' Americans think they need a $233,000 salary and nearly $1.3 million for retirement. Here's what experts say
▼ + stars: | 2023-07-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

To feel financially secure or comfortable, Americans say, they would need to earn $233,000 on average, a recent Bankrate survey found. "Inflation is the main reason why Americans feel like they need to earn so much more than they already are just to feel comfortable," said Sarah Foster, analyst at Bankrate. Meanwhile, to retire comfortably, Americans have another big number in mind — $1.27 million — according to recent research from Northwestern Mutual. Sarah Foster analyst at BankrateWhile inflation may make saving for retirement feel more strenuous, it's important not to give up altogether, she said. Live within your meansBudgeting always requires a trade-off, according to Patel — how much you're spending versus how much you're saving.

Persons: Sarah Foster, Alap Patel, they're, it's, Foster, Patel Organizations: Eyecrave, CPI, Bankrate, Northwestern Mutual Locations: Chicago

☆ Less than 5% of U.S. housing supply is accessible to older, disabled Americans. These changes may help
▼ + stars: | 2023-07-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Despite a sizeable elderly and disabled population in the U.S., there is not enough affordable housing to accommodate those individuals. "In particular, too many older adults and people with disabilities cannot afford accessible housing," Casey said. At the same time, 1 in 5 Americans will be older than 65 by 2030. Accessible homes — which offer specific features or technologies — can help older and disabled individuals continue to live in their own homes or in communities they choose. Yet less than 5% of the national housing supply is accessible, Casey said.

Persons: Sen, Bob Casey, Casey, Mike Braun, Braun, " Braun Organizations: Aging, Finance, Social Security, med Social, Senate Locations: U.S

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