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☆ Worker emergency-savings initiative reaches more than $2 billion in net new savings
▼ + stars: | 2023-06-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Levi's has run a worker savings program since 2015 but in recent years has participated in BlackRock's initiative. When new employees get hired at the Levi's store in Lone Tree, Colorado, there's one job perk for them that really stands out, says store manager Debbra Ward — a company emergency-savings program that includes a match. If store workers save $40 per month, Levi's will match that with another $40 per month; in addition, they get a $20 sign-on bonus. But even after it ends, Ward expects the workers who have enrolled will continue to participate after they have built a habit of savings. Levi's has been running a program to help workers boost their emergency savings since 2015.

Persons: Levi's, perk, Debbra Ward, Ward, Jenny Calvert Rodriguez Organizations: Finance, IRS, Levi's, BlackRock Emergency Savings Initiative, Red Tab Foundation Locations: San Rafael , California, Lone Tree , Colorado, Debbra Ward —, Colorado, California, BlackRock

The Reserve Bank of Australia seems to have executed a one-meeting 'skip', but perhaps more by accident than design. Leaving open the possibility in July of another 25-basis-point hike two months later could prevent financial conditions from loosening too much. The Fed wants policy to be restrictive, and financial markets to move accordingly. Philadelphia Fed President Patrick Harker and Fed Governors Christopher Waller and Philip Jefferson in recent weeks have introduced 'skip' and 'skipping' into Fed-watchers' lexicons. Until then, a pause was generally assumed to lay the ground for rate cuts, not a resumption of rate hikes.

Persons: Alan Greenspan, John Silvia, Silvia, Jerome Powell, Lorie Logan, Powell, Patrick Harker, Christopher Waller, Philip Jefferson, Price, Lou Crandall, Wrightson ICAP, Jamie McGeever, Paul Simao Organizations: Federal, Reserve Bank of Australia, Dynamic, Fed, Dallas, Philadelphia Fed, Consumer, Index, Reuters, Thomson Locations: ORLANDO, Florida

☆ Homeownership is a great way to build wealth, advisor says. Here's how to make that purchase successful
▼ + stars: | 2023-06-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Achieving that goal now can be challenging, with home prices still elevated and higher interest rates pushing mortgage costs higher, said Elliott, who is a member of CNBC's Financial Advisor Council. You should also work on improving your credit score, which will put you in the best possible position to get a good rate on your mortgage, Elliott said. Anticipate unexpected homeownership costsOne of the benefits of buying versus renting a home is the ability to have fixed costs, Elliott said. Look for flexibility on your purchaseThough home prices and interest rates are high, there are still possible ways prospective homebuyers can cut costs. By getting a shorter-term mortgage — say, for 15 years instead of 30 years — borrowers may access lower interest rates.

Persons: Kamila Elliott, Elliott, Carline Jean, Elliot Organizations: Wealth Partners, CNBC's, Tribune, Service, Wealth Locations: Atlanta, Parkland , Florida

☆ As Republican contenders start to line up for the White House in 2024, Social Security may be key issue
▼ + stars: | 2023-06-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

Proposal for 'modern version' of Social SecurityThe Social Security plan Laffey would implement throws out the traditional approaches of tax increases or benefit cuts. Currently, workers and employers each pay 6.2% on up to $160,200 in wages toward Social Security. "It's a modern version of Social Security," Kotlikoff said. The idea of rethinking the way Social Security funds are invested has come up before. Andrew Biggs, who worked in the White House on Social Security reform at the time and who is now a senior fellow at the American Enterprise Institute, remembers the proposal did not come close to succeeding, even as Social Security still had surpluses and Republicans controlled both houses of Congress.

Persons: Alex Durante, Durante, Laurence Kotlikoff, Kotlikoff, Laffey, Morgan Keegan, Steve Laffey, Ed Jones, Cranston, George W, Bush, Andrew Biggs, Biggs, Biden Organizations: iStock, Social Security, Social Security's, Lawmakers, Washington, Tax, Foundation, Social, Boston University, U.S, Senate, Republican, Afp, Getty, Wall, today's Social Security, American Enterprise Institute, Democratic, Lake Research Partners, Trump, Alafaya Locations: Cranston , Rhode Island, Rhode Island, Colorado, America, Cranston, Orlando , Florida

☆ Nearly 750,000 adults may lose SNAP federal food assistance after debt ceiling deal, research shows
▼ + stars: | 2023-06-06 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

In this article SNAP Follow your favorite stocks CREATE FREE ACCOUNTTomml | E+ | Getty ImagesDebt ceiling deal changes SNAP work requirementsSNAP already has work requirements for most adults ages 18 through 49 who do not have children. You're not going to balance the budget, much less pay down the debt, through these kinds of changes. In a Sunday interview with Fox News, House Speaker Kevin McCarthy, R-Calif., touted the new work requirements as a win for welfare reform in the debt ceiling deal. "You're not going to balance the budget, much less pay down the debt, through these kinds of changes," Bolen said. SNAP is meant to help provide support to people who may be struggling to find work, Bolen noted.

Persons: Ed Bolen, Kevin McCarthy, McCarthy, Bolen, Ellen Vollinger, Vollinger Organizations: SNAP, Budget, Fox News, Food Research, Action

☆ Even as inflation rate subsides, prices may stay higher. Here's why
▼ + stars: | 2023-06-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The rate of inflation has shown signs of easing, following the highest spike in four decades. Yet the shock of rising prices continues to have an impact on consumers' psyches. The nonprofit think tank's consumer confidence index declined in May amid "gloomy" expectations. Meanwhile, expectations for inflation were stable, but still high, with inflation expected to average 6.1% over the next 12 months. "When anecdotally we ask consumers what's your top concern on the economy, prices and inflation still come out as the top concern," Ozyildirim said.

Persons: Ataman Ozyildirim, Ozyildirim Organizations: The Conference Board, Finance, Social, Conference Board Locations: U.S

☆ As retirement confidence drops, experts say focusing on these 4 factors can help
▼ + stars: | 2023-05-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Decide where you will live in retirement— Key deadline to watch: The sooner, the better. While you may start your Social Security retirement benefits as early as age 62, eligibility for Medicare generally does not start until age 65. Choose when to claim Social Security benefits— Key deadline to watch: By age 60, you should go to the Social Security Administration website and review your statement, recommends Copeland. When to claim Social Security retirement benefits is one of the big questions retirees face. "The later you can file for Social Security, the better it is as far as the amount you're going to get," John said.

Persons: Craig Copeland, Copeland, Dann Tardif, Susan Reinhard, It's, Reinhard, Jane Sung, Sung, Rupp, John Organizations: AARP, Institute, Social, Medicare, Security, State Health Insurance, Social Security, Social Security Administration, Sporrer, Getty

☆ 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.

☆ Wall St Week Ahead Debt ceiling deal may shift investor focus to further Fed action
▼ + stars: | 2023-05-26 | by ( David Randall | ) www.reuters.com time to read: +4 min

Megacap technology and growth stocks, which benefit from lower interest rates, have led the market's advance. A Congressional package raising the debt ceiling, meanwhile, is expected to cap spending on government programs. The debt ceiling impasse had weighed on stocks in recent days, but for the most part investors had been expecting Washington to reach a deal. At the same time, the equity market has only just begun to start pricing in more Fed hikes, she added. "The ongoing effects of monetary policy now are setting us up for this wall of debt that people aren't talking about with enough vigor," he said.

☆ House Democrats, looking to renew plan to expand Social Security, say debt ceiling fight 'hurts seniors the most'
▼ + stars: | 2023-05-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Social Security already faces funding risksIn order to prevent a Social Security funding shortfall, congressional Democrats and Republicans must agree on a solution. The Social Security 2100 Act that was introduced in the last Congress had broad support among House Democrats. Changes in the Social Security 2100 Actzimmytws | iStock | Getty ImagesThe Social Security 2100 Act aims to extend the program's solvency, though estimates are not yet available for how long it could prolong the program's funding. Social Security 2100 also calls for adding an additional 12.4% net investment income tax for taxpayers making more than $400,000. Max Richtman president and CEO of the National Committee to Preserve Social Security and Medicare

☆ Women need financial freedom to 'live on their terms,' advisor says. These 3 strategies can help
▼ + stars: | 2023-05-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Being out of the workforce for any period of time can impact women's financial security and retirement, she said. "I think it's important for women to feel empowered, and part of feeling empowered is having the financial resources and having financial stability," Elliott said. Negotiate your payPonywang | Istock | Getty ImagesResearch has shown there is still a gender pay gap that results in women having lower earnings. It's important for women to feel empowered, and part of feeling empowered is having the financial resources and having financial stability. As average market returns bounce back, that can result in meaningful progress over time, Elliott noted.

☆ Blackstone acquires International Gemological Institute
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 21 (Reuters) - Private equity giant Blackstone Inc(BX.N) said it has fully acquired the jewellery certification firm International Gemological Institute (IGI) from China's Fosun(0656.HK) and the company's founding family. Blackstone acquired IGI- whose majority revenue and profits come from India- for about $530 million, said a person with direct knowledge of the matter. The statement said it had purchased an 80% stake from Fosun and 20% from the Lorie family. Founded nearly 50 years ago by the late Marcel Lorie, IGI has 29 laboratories and 18 schools of gemology in 10 countries. India's jewellery market was worth is $78.5 billion in the 2021 financial year and its one of the world's biggest, though a significant portion goes for export.

With the end of another earnings season in sight, Wall Street's attention has turned to Washington and the debt ceiling deadline. Republican negotiators on Friday walked out of talks on raising the debt limit , abruptly ending a positive week of discussions that appeared to be leading toward a deal. Democrats and the White House have been pushing for a "clean" hike to the debt limit that would push the next deadline past the 2024 presidential election, while Republicans are pressing for spending cuts. Many investors believe this ongoing game of chicken over the debt limit is largely for show, since the U.S. has never defaulted on its debt obligations. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) and other congressional leaders in the Oval Office at the White House in Washington, U.S., May 9, 2023.

☆ Asian stocks inch up on US debt ceiling hopes, Nikkei hits 33-year high
▼ + stars: | 2023-05-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

Australia's S&P/ASX 200 index (.AXJO) rose 0.66%, while Japan's Nikkei (.N225) continued its ascent, rising to its highest since August 1990, during the country's so-called bubble era. Futures indicated European stocks were set to open higher, with Eurostoxx 50 futures up 0.44%, German DAX futures up 0.41% and FTSE futures up 0.23%. China's blue-chip CSI300 Index (.CSI300) rose 0.20%, while the Shanghai Composite Index (.SSEC) was up 0.13%, having reversed from earlier losses. Hawkish rhetoric from Fed speakers continued with Dallas Fed President Lorie Logan and St. Louis Fed President James Bullard saying inflation was not cooling fast enough to allow the Fed to pause its interest-rate hike campaign. Against a basket of currencies, the dollar rose 0.029% and was wedged near a two-month high.

☆ Asian shares mixed as China growth worries crimp U.S. debt ceiling optimism
▼ + stars: | 2023-05-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.20% but was set to eke out a gain of 0.19% for the week. Data in the week underscored that China's economy lost momentum at the beginning of the second quarter, stoking worries over the wobbly post-COVID-19 recovery. Investor attention has been firmly on the negotiations over U.S. debt ceiling and increasing hopes that a deal could be reached sent U.S. shares higher overnight . Hawkish rhetoric from Fed speakers continued with Dallas Fed President Lorie Logan and St. Louis Fed President James Bullard saying inflation was not cooling fast enough to allow the Fed to pause its interest-rate hike campaign. U.S. crude fell 0.14% to $71.76 per barrel and Brent was at $75.78, down 0.11% on the day.

☆ Morning Bid: Hopeful ahead of the weekend
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Yoruk Bahceli. Markets are heading into the weekend basking in optimism that a debt ceiling deal to avert a catastrophic U.S. Treasury default will be struck soon. His team have reported progress in talks and House Speaker Kevin McCarthy has said a deal is "doable" by Sunday. The S&P 500 is up 1.8% this week, set for its best week since end-March when markets were in panic mode around a banking crisis dragging down the economy. Fed speakers also sounded the alarm; Dallas Fed President Lorie Logan and St Louis Fed President James Bullard said on Thursday U.S. inflation doesn't look like it's cooling fast enough to merit a rate hike pause.

☆ CNBC Daily Open: Exhale and breathe
▼ + stars: | 2023-05-19 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

People walk by the bronze sculpture 'Fearless Girl' outside of the New York Stock Exchange (NYSE) on April 21, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dallas Federal Reserve President Lorie Logan, a voting member of the Federal Open Market Committee, thinks economic data don't support a pause in rate hikes. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Time to exhale and breathe
▼ + stars: | 2023-05-19 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

A trader walks out of the New York Stock Exchange (NYSE) on Wall Street in New York City on May 12, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dallas Federal Reserve President Lorie Logan, a voting member of the Federal Open Market Committee, thinks economic data don't support a pause in rate hikes. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ 2-year Treasury yield falls as investors weigh Fed speaker comments, interest rate outlook
▼ + stars: | 2023-05-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by over two basis points to 3.6249%. U.S. Treasury yields fell on Friday as investors weighed comments from Federal Reserve officials on the outlook for interest rate policy and assessed the state of the economy. Investors looked to remarks from Fed speakers for hints about monetary policy and assessed how that may affect the economy. On Thursday, Dallas Fed President Lorie Logan said she did not believe halting interest rate hikes was justified based on recent economic data. More Fed speakers, including Chairman Jerome Powell, are due to speak Friday.

☆ Watch Fed Chairman Jerome Powell speak live on monetary policy
▼ + stars: | 2023-05-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chairman Jerome Powell speaks Friday at the "Perspectives on Monetary Policy" panel at the Thomas Laubach Research Conference the central bank is hosting in Washington, D.C. The remarks come with markets suddenly divided on where the Fed goes from here. Market pricing Friday morning indicated about a 35% probability the Fed might approve another interest rate hike when it meets in June, according to the CME Group. The Fed next week will release minutes from its meeting earlier in May at which it approved its 10th interest rate hike since March 2022. Read more:Dallas Fed President Logan says current data doesn't justify pausing rate hikes yetFed Governor Philip Jefferson named as new vice chair to succeed Lael BrainardFed increases rates a quarter point and signals a potential end to hikes

☆ As investors worry about a recession, take 3 steps to boost your financial security, advisor says
▼ + stars: | 2023-05-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

A recent survey from Nationwide finds more than two-thirds of respondents — 68% — expect a recession within the next six months. Meanwhile, 62% of respondents believe the recession will be as severe or worse than the Great Recession of 2007 to 2009. "One of the things I share with others is control what you can control," Elliott said. While what happens with the economy or your employer may be out of your control, there are steps you can take to help boost your personal financial security. For many, we're using it as a buying opportunity to buy certain securities that are priced fairly low right now.

☆ Federal Reserve officials are growing skeptical over suspending rate hikes
▼ + stars: | 2023-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Some officials are concerned inflation isn’t cooling fast enough, which could prompt an 11th consecutive rate hike when policymakers meet in June. Federal Reserve Board Chair Jerome Powell and former Federal Reserve Board Chair Ben Bernanke (R) participate in a discussion at the Federal Reserve Board building in Washington, DC, May 19, 2023. Saul Loeb/AFP/Getty ImagesEarlier this month, Fed officials voted unanimously to raise the benchmark lending rate by a quarter point to a range of 5-5.25%, while signaling a possible pause ahead. Of course, Fed officials’ thinking on monetary policy could drastically change if the United States defaults on its debt, which could happen as soon as June 1. Fed officials always mention that their views on interest rates largely depend on what economic indicators show, resisting taking an absolute stance on how they will vote.

☆ Growing debt ceiling deal hopes send stocks higher
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Advancing issues outnumbered decliners on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and seven new lows; the Nasdaq Composite recorded 88 new highs and 83 new lows.

U.S. West Texas Intermediate (WTI) crude fell 97 cents, or 1.3%, to settle at $71.86. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. High interest rates boost borrowing costs, which can slow the economy and reduce oil demand. The strength of April U.S. economic data in addition to optimism about the debt ceiling negotiations have strengthened market expectations of a further hike, ANZ Research said in a note on Thursday. Another factor that could reduce oil demand was a fire in Mexico at the Salina Cruz refinery owned by Mexican state oil company Pemex.

☆ Debt ceiling optimism helps lift S&P 500, Nasdaq
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners. The S&P 500 posted 23 new 52-week highs and seven new lows; the Nasdaq Composite recorded 77 new highs and 74 new lows.

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