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If Part B premiums go up next year prompted by the new Alzheimer's drug, it will not be the first time. However, Part B premiums dropped by 3% for 2023 in response to Medicare's decision to limit Aduhelm coverage. How Part B premiums affect Social Security checksThe Senior Citizens League is currently predicting a 3% Social Security cost-of-living adjustment for 2024, based on the latest government inflation data. Medicare Part B premium payments are typically deducted directly from monthly Social Security checks. Medicare patients may pay more than $5,000 annually for the treatment, according to KFF.
Persons: Juliette Cubanski, Mary Johnson, Johnson, KFF, Cubanski, Jasmin Merdan Organizations: Senior Citizens League, Social Security, Medicare, Security
Times Insider explains who we are and what we do and delivers behind-the-scenes insights into how our journalism comes together. “It’s like a soap opera,” she said. “You start watching and you need to know what happens next week.”After John Collinge’s wife, Zandra, died last year, he felt compelled to share the news with the same group. The response, he said, “absolutely touched me and helped me through the sense of loss.”None of these widely scattered people — Mr. Pochiraju lives in Hyderabad, India; Ms. Cathcart, in Chapel Hill, N.C.; Ms. Robinson, outside Brisbane, Australia; and Mr. Collinge, in Bethesda, Md. They know one another through the online comments section of The New York Times’s Metropolitan Diary, a column that draws tens of thousands of readers each week.
Persons: Sivaram Pochiraju, Janet Cathcart, ” Lorie Robinson, , , John Collinge’s, Zandra, Pochiraju, Cathcart, Robinson, Collinge, Locations: , Hyderabad, India, Chapel Hill, N.C, Brisbane, Australia, Bethesda, Md, York Times’s
When it comes to Social Security benefits, a key deadline is looming: Benefits may be reduced in the next decade if no action is taken sooner. The latest projections from the Social Security trustees show the program's combined funds may run out in 2034, at which point 80% of benefits will be payable. The fund used to pay retirement benefits may run out even sooner — in 10 years in 2033 — at which point 77% of those benefits would be payable. Social Security is a "pay as you go" program, Social Security Administration Chief Actuary Stephen Goss said at Wednesday's Senate hearing. More from Personal Finance:Social Security beneficiaries may see a lower cost-of-living adjustment in 2024Here's the inflation breakdown for June, in one chartSocial Security phone disruptions have led to longer wait timesIn 2023, up to $160,200 in earnings are subject to Social Security payroll taxes.
Persons: Actuary Stephen Goss, Goss, " Goss Organizations: Social Security, Capitol, Senate, Finance, Social
The Smearing of Lorie Smith
  + stars: | 2023-07-12 | by ( Kristen Waggoner | Erin Hawley | ) www.wsj.com   time to read: 1 min
Journal Editorial Report: A lawsuit says tech and government silenced critics. Images: Zuma Press/Getty Images Composite: Mark KellyThe permanent political campaign against the Supreme Court has expanded to target successful litigants. Last month the justices ruled in favor of our client Lorie Smith in 303 Creative v. Elenis, a landmark victory for free speech. Although this ruling benefits people across the ideological spectrum, some on the left—including many in the press—have responded with a disinformation effort against Ms. Smith.
Persons: Mark Kelly, Lorie Smith, Smith Organizations: Zuma, Creative
As the rate of inflation continues to fall, Social Security beneficiaries may expect to see a much lower cost-of-living adjustment for 2024. The Social Security COLA may be 3%, according to a new estimate from The Senior Citizens League, a nonpartisan senior group, based on new consumer price index data for June released on Wednesday. A lower 2.6% rise would happen if there is no net inflation for the rest of the year, according to the forecast. The projected increases to benefits for next year would fall short of the 8.7% rise beneficiaries saw in 2023 — the highest boost in four decades. In 2022, beneficiaries saw a 5.9% increase, which was also a record increase at the time.
Persons: Mary Johnson Organizations: Social, Social Security, Senior Citizens League, Finance, Federal Budget
The Covid-19 pandemic separated the haves from the have-nots when it comes to finances. Research shows that trend is continuing when it comes to debt, particularly credit cards. The top source of personal debt, excluding mortgages, is credit card debt, with 28% of respondents, the research found. What experts expectOn the other hand, 43% of adults with personal debt say those balances are at their lowest level ever or close to it. "We were all in the same storm, but not everyone was in the same ship," Patel said.
Persons: bougie, Alap Patel, Patel Organizations: Research, Northwestern Mutual, Finance Locations: Chicago
"Have you ever been broke, but no one believes you because you don't look like a broke person?" New videos trending on social media platforms such as TikTok and Instagram are asking that very question. "The thing is, like you broke, but like a bougie broke, like you 'broque,'" one narrator said. Experts say that's not necessarily a bad thing. "Money is so taboo," said Emily Irwin, managing director of advice and planning at Wells Fargo's Wealth & Investment Management.
Persons: Emily Irwin, Irwin Organizations: Finance, Companies, Wells, Wealth, Investment Management Locations: Italy
Gold heads for fourth weekly loss on calls for more rate hikes
  + stars: | 2023-07-07 | by ( ) www.cnbc.com   time to read: +2 min
Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices on Friday were on track for a fourth consecutive weekly loss as recent U.S. jobs data and hawkish comments from Federal Reserve policymakers strengthened bets for higher-for-longer interest rates, weighing on non-yielding bullion. Spot gold was flat at $1,910.20 per ounce by 0240 GMT, but down 0.5% for the week. "A resilient and tight U.S. jobs market effectively strengthens the case for the Fed to keep pushing the benchmark interest rate higher. Right now, it's all about interest rates and a guessing game about where the terminal rate setting will land," said Tim Waterer, chief market analyst at KCM Trade.
Persons: Tim Waterer, Waterer, Lorie Logan, Janet Yellen's Organizations: Aurum, Federal Reserve, Fed, KCM, Fed Bank of Dallas, Treasury, Palladium Locations: Janet Yellen's Beijing
Job gains remain robust, wage growth is still going strong, and unemployment continues to hover near historic lows. That means the job market is still fueling demand in the economy, which the Fed has been trying to slow through rate hikes. Assessing the labor marketThe Fed wants to see the labor market slow down broadly, bringing it into “better balance,” as Powell has frequently described it. And there has been some progress on bringing the job market back into better balance while inflation has come down. “The focus is on the path of wage inflation because of its pass-through to services inflation,” said Sonia Meskin, head of US Macro at BNY Mellon IM.
Persons: Austan Goolsbee, , , Lorie Logan, John Williams, Jerome Powell, Powell, Dave Gilbertson, Powell homed, Goolsbee, Gilbertson, Sonia Meskin, Joe Biden’s Organizations: DC CNN, Federal Reserve, Federal Reserve Bank of Chicago, Fed, Federal Reserve Bank, Dallas, Central Bank Research Association, ” Fed, New, , CNN, Labor, CNBC, BNY Mellon, Commerce Department Locations: Washington, New York, April’s
To that point, 68% are expecting a recession in the next six months, and 80% of those respondents expect it to be severe. Experts weigh in3 reasons it can be smarter to rent, even if you can buy Yet, predictions from various experts are not as dire. watch nowAt Raymond James, the current forecast calls for a "very, very mild" recession, according to chief economist Eugenio Aleman. Raymond James is predicting a 1.3% growth rate for 2023 and 0.6% for 2024 — which coincides with the firm's forecast for a "very, very mild recession," Aleman said. To cope with high inflation, Nationwide's survey found more than half of respondents are eating out less, with 54%.
Persons: Jamie Grill, We're, Kathy Bostjancic, it's, Raymond James, Eugenio Aleman, Aleman, Nonfarm, , Gray, Tang Ming Tung, Bostjancic Organizations: Finance, Nationwide, U.S . Department of Labor, ADP, Employers, Challenger, Federal Reserve, Getty, Auto Locations: U.S, American
Morning Bid: Data-hit bond markets end summer lull
  + stars: | 2023-07-07 | by ( ) www.reuters.com   time to read: +4 min
On top of that, there were signs that activity at dominant U.S. service sector firms picked up steam again last month too. Friday's release of the Labor Department's monthly national payrolls report will seal the picture. U.S. Treasury yields hit 16-year highs above 5%, German equivalents hit their highest in 15 years and British gilt yields scaled 2008 peaks. The VIX (.VIX) gauge of implied Wall St volatility - which had been peculiarly subdued right through last month - jumped to its highest since June 1. Crucially, 2-year Treasury yields edged back below 5%.
Persons: Mike Dolan, Lorie Logan, payrolls, HSI, Janet Yellen's, Elon, Lorrie Logan, Christine Lagarde, Joachim Nagel, Bank of England policymaker Catherine Mann, Emelia Sithole Organizations: readouts, Federal, Labor, Dallas Fed, Fed, Treasury, Nikkei, Twitter, Meta, Dallas Federal, Central Bank, Bank of England, NATO, Vilnius Reuters Graphics, Reuters Graphics Reuters, PMI Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, China, Canada, New York, Vilnius Reuters
Friday’s fresh labor market data probably offered little to dissuade them from raising interest rates at their meeting later this month. The June data is the last payrolls report officials will receive before the central bank’s July 25-26 meeting. It underscored many of the labor market themes that have been present for months: While job growth is gradually slowing, wage growth remains abnormally quick and the unemployment rate is very low at 3.6 percent. Investors widely expect the Fed to raise rates at their July meeting, and Friday’s data only reinforced that prediction. But several policymakers have been clear that even as the pace moderates, they still expect to raise interest rates further.
Persons: ” Lorie K, Logan, Organizations: Fed, Federal Reserve Bank of Dallas, ” Fed
The primary dealer survey was released on Thursday by the New York Fed and was joined by the survey of market participants, most of whom are large money managers. Respondents to that poll were also caught off guard by the Fed outlook and had projected the same Fed stopping point as the primary dealers. The dealer and market surveys also offered projections about the size of the Fed’s reverse repo facility. Mainly used by money funds, this tool finally saw inflows fall below $2 trillion per day last month, and they are widely expected to fall further as private market rates become more attractive and the Treasury ramps up issuance. Primary dealers reckon the daily reverse repo inflow will hit $1.119 trillion by the fourth quarter of 2024.
Persons: Lorie Logan, Logan, Michael S, Andrea Ricci Organizations: YORK, Reserve, Fed, Federal, New York Fed, Reuters Graphics Dealers, Dallas Fed, Columbia University, Treasury, Thomson
Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained solid despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. All 11 S&P 500 sectors ended down. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch. Second-quarter corporate reports will arrive in coming weeks with S&P 500 earnings expected to fall 5.7% from a year-ago, according to Refinitiv data.
Persons: payrolls, , Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Dow, Nasdaq, Reserve, Commonwealth Financial Network, Dow Jones, Microsoft, Apple, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: U.S, New York, Bengaluru
Dollar eases after strong labor market reports
  + stars: | 2023-07-06 | by ( Herbert Lash | ) www.reuters.com   time to read: +4 min
NEW YORK, July 6 (Reuters) - The dollar eased after a brief rebound on Thursday as data showing the U.S. labor market remains strong increased chances the Federal Reserve will raise interest rates later this month. "Take it together with how equity markets have responded, that gives a clear picture of the dollar today. The dollar index , measuring the U.S. currency against six others including the euro and Japan's yen, fell 0.18% to 103.13. "The FX market is taking more of a 'one-dimensional approach' to trading the British disease," said Stephen Gallo, global FX strategist at BMO Capital Markets. The Chinese yuan last traded down slightly at 7.2575 per dollar in the offshore market , a day after falling about 0.4%.
Persons: payrolls, Brian Daingerfield, Lorie Logan, Brad Bechtel, Stephen Gallo, Gallo, Bitcoin, Herbert Lash, Samuel Indyk, Rae Wee, David Holmes, Mark Potter, Richard Chang Organizations: YORK, Reserve, Labor Department, Institute for Supply Management, NatWest Markets, Fed, Dallas, FX, Jefferies, of England, BMO Capital Markets, Thomson Locations: U.S, Stamford , Connecticut, London, Singapore
Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained on solid ground despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. Treasury yields jumped following the labor market data. The benchmark 10-year yield burst above 4% while the two-year Treasury yield, which typically moves in step with interest rate expectations, hit a 16-year high. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch.
Persons: payrolls, , Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Reserve, Commonwealth Financial Network, Nasdaq, Dow Jones, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, Thomson Locations: U.S, New York, Bengaluru
Compounding worries that this would lead to a more hawkish central bank, Federal Reserve Bank of Dallas President Lorie Logan said on Thursday that a continued above-target inflation outlook and a stronger-than-expected labor market "calls for more-restrictive monetary policy." U.S. Treasury yields climbed after the labor market data boosted expectations for aggressive Fed rate hikes to rein in stubbornly high inflation. Emerging market stocks (.MSCIEF) lost 1.88%. In Treasuries 2-year Treasury yields rose above 5% for the first time since early March and touched their highest levels since June 2007. In currencies, the dollar index fell 0.048%, with the euro up 0.13% at $1.0865.
Persons: Lorie Logan, Alex Coffey, Coffey, Sterling, Janet Yellen, Matt Simpson, Brent, Sinéad Carew, Marc Jones, Clarence Fernandez, Hugh Lawson, Richard Chang Organizations: ADP, The Labor Department, Federal Reserve Bank, Dallas, Treasury, U.S, Dow Jones, Nasdaq, Japan's Nikkei, Reuters Graphics Reuters Graphics CHIPPING, Reuters, Thomson Locations: U.S, Asia, Pacific, Japan, United States, Europe, China, Beijing, New York, London
Job openings fall by half a million
  + stars: | 2023-07-06 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
There were about half a million fewer job openings in May than the previous month, providing at least a modest sign that the ultra-tight labor market could be loosening a bit, the Labor Department reported Thursday. The closely watched Job Openings and Labor Turnover Survey showed that listings fell to 9.82 million, down 496,000 from April and below the 9.9 million consensus estimate from FactSet. The report comes amid conflicting signs of where the labor market is heading. There is no indication of an abrupt deterioration in labor market conditions," Logan said in remarks delivered at Columbia University in New York. "The continuing outlook for above-target inflation and a stronger-than-expected labor market calls for more restrictive monetary policy," she added.
Persons: Dow Jones, Lorie Logan, Logan Organizations: Labor Department, Labor, Survey, Dow, Federal Reserve, Dallas, Columbia University Locations: New York
The Supreme Court ruled last week that a Colorado wedding website designer has the right to refuse service to same-sex couples. The New Republic reported that a website request cited in the case appears to have been fabricated. But legal experts even if the request was fake, it wouldn't be enough to affect the court's ruling. Phil Weiser, Colorado's attorney general, said in a statement that the high court's ruling "will permit businesses to turn away LGBTQ customers just by claiming that they sell expressive or artistic services." "The opinion represents a radical departure from decades of Court precedent and fails to uphold the principle of 'Equal Justice for All' inscribed on the U.S. Supreme Court building."
Persons: , Stewart, Mike, Lorie Smith, Josh Blackman, South Texas College of Law Houston, Smith, Blackman, " Blackman, Carolyn Shapiro, Phil Weiser Organizations: New, Service, South Texas College of Law, Chicago, Kent College of Law, NBC, Alliance, U.S, Supreme Locations: Colorado, New Republic
Logan is a voting member of the rate-setting Federal Open Market Committee this year. Officials were still worried about inflation and flagged a still strong job market, while a minority of policymakers expressed interest in raising rates at the June meeting. Logan also said that she doesn’t see anything tied to the Fed’s balance sheet drawdown affecting the Fed’s rate choices right now, and said the Treasury’s work to rebuild its cash account is unlikely to hit bank reserves, with the cash instead drawn from the Fed's reverse repo facility. Logan said after her formal remarks that she was surprised markets expect a sooner end to the balance sheet drawdown than she bets is likely. Reporting by Michael S. Derby Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.
Persons: Lorie Logan, , ” Logan, , Logan, Jerome Powell, John Williams, it’s, , Michael S, Nick Zieminski Organizations: YORK, Federal Reserve Bank, Dallas, Columbia University, , New York Fed, Fed, Thomson Locations: ,
Private payrolls increased more than expected in June, the ADP National Employment report showed, indicating the labor market remained strong despite growing risks of a recession from higher interest rates. Another survey showed the number of Americans filing new claims for unemployment benefits increased moderately last week. "The Fed has been hopeful to see a modest deterioration in the labor market," said Randy Frederick, managing director of trading and derivatives for Charles Schwab. "But since the ADP number was almost twice of what was expected, it generally implies there's potential for more rate hikes going forward." Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons: payrolls, Randy Frederick, Charles Schwab, Lorie Logan, Janet Yellen, judge's, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: Exxon, Dow, ADP, Dallas, Twitter, Dow Jones, Nasdaq, Institute for Supply, Qualcomm, Intel, Treasury, Exxon Mobil, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: ., Beijing, Washington, China, U.S, Bengaluru
The man who supposedly submitted the form said he was unaware of its existence until a reporter for The New Republic called him. He is, moreover, straight, married to a woman and a supporter of gay rights. She said in the suit that the law violated the First Amendment by forcing her to espouse beliefs at odds with her faith. The form was said to have been filled out by someone named Stewart, and it included a real email address and phone number. “We are getting married early next year and would love some design work done for our invites, placenames etc.,” Stewart wrote, saying his partner was named Mike.
Persons: Lorie Smith, Stewart, ” Stewart, Mike, , Organizations: The Locations: Colorado, Republic
A record 43.2 million people are expected to travel by car this July 4 holiday, according to AAA, the motoring and leisure travel membership organization. The good news for those drivers is that gas prices around the country are lower than they were last year. The national average for a gallon of gas is $3.54 as of July 3, down from $4.81 one year ago, according to AAA. Last year's high prices prompted politicians on the state and federal level to call for gas tax holidays. A recent Bankrate survey found 63% of adults plan to take a summer vacation this year, up from 61% last year.
Persons: Ted Rossman Organizations: AAA, Finance, Social Security
In his opinion blocking the student debt program, Roberts insisted he is concerned about criticisms of the court. “Make no mistake: Supreme Court ethics reform must happen whether the Court participates in the process or not,” he warned. In June, the court sided with a cement mixing company that sought to bypass federal labor law and sue a union in state court for the destruction of property caused by striking workers. On Tuesday, when Roberts announced the court’s opinion in Moore v. Harper, liberals and even some conservatives exhaled, relieved that the court was rejecting a controversial Trump-backed election law theory. “Justice Jackson has a different view,” he said at one point.
Persons: John Roberts, Roe, Wade, ” Roberts, Roberts, Samuel Alito, Clarence Thomas, he’d, Joe Biden’s, Roberts –, , It’s, Donald Trump’s, , Gorsuch, Neil Gorsuch, Bostock, Lorie Smith, ” Alito, Alito, Dobbs, Jackson, Brett Kavanaugh’s, hadn’t, Paul Singer, Singer, ProPublica, “ we’d, , ” ProPublica, Thomas, Dick Durbin, Elena Kagan, KBJ, Ketanji Brown Jackson, Dr, Adam Feldman, ” Feldman, Sonia Sotomayor, Kagan, Barrett, Thomas couldn’t, ” Jenny Hunter, ” Jackson, , Harper, exhaled, Barack Obama, Rick Hasen –, Hasen, Moore, Thomas Long, Kevin Merida, Michael Fletcher, “ Justice Jackson, Thomas ’ “, ” Thomas Organizations: CNN, Civil, Creative, Politico, Wall Street Journal, Street, GOP, Illinois Democrat, pounced, University of North, National Labor Relations, Independent, Trump, Federal, , UNC Locations: Colorado, Washington , DC, United States, , Rome, Illinois, American, Moore, North Carolina
"We've seen a dramatic expansion of rights for conservative religious communities that has had a detrimental impact on equality rights, certainly for LGBTQ people," said Elizabeth Platt, director of the Law, Rights and Religion Project at Columbia Law School. Smith, who said she opposes gay marriage based on her Christian beliefs, was represented by the Alliance Defending Freedom, a conservative religious rights group. Still, the ruling illustrated a disparity in how the court views protections for LGBT people in contrast to the competing conservative Christian interests, Platt said. He stood out among conservatives in his espousal of sympathy both for conservative Christian causes and for what is sometimes called the "dignity interests" of marginalized groups including LGBT people. Barrett's addition gave it a 6-3 conservative margin and recalibrated how it weighed conservative Christian causes against the dignity interests of people protected by civil rights laws.
Persons: Read, Lorie Smith, Smith, Elizabeth Platt, Kristen Waggoner, Waggoner, Jack Phillips, Phillips, Platt, Anthony Kennedy, Brett Kavanaugh, Trump's, Neil Gorsuch, Friday's, Amy Coney Barrett, Kennedy, Kennedy's, Hodges, Obergefell, Barrett, Ruth Bader Ginsburg, Barrett's, Rachel Laser, John Kruzel, Will Dunham Organizations: U.S, Supreme, Law, Columbia Law School . Colorado, Alliance Defending, Defending, Colorado Civil Rights Commission, FOSTER CARE, Catholic Church, Philadelphia, Republican, Trump, Americans United, and State, Thomson Locations: WASHINGTON, Denver, Colorado, U.S, Fulton, City of Philadelphia, Obergefell
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