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☆ Macy’s sounds the alarm on credit card delinquencies
▼ + stars: | 2023-08-23 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

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. “I think the credit card revenue is an indication of some of the pressures that we’re actually seeing on the consumer,” Mitchell said. Consumer credit card debt topped $1 trillion during the second quarter for the first time on record, according to the New York Federal Reserve. More concerningly, new credit card and auto loan delinquencies have now surpassed pre-Covid levels, according to Moody’s Investors Service.

Persons: New York CNN —, ” Adrian Mitchell, Macy’s, ” Mitchell, ” Macy’s, Locker Organizations: New, New York CNN, Citibank, Consumer, New York Federal Reserve, Moody’s Investors Service, Credit Locations: New York, Wells

☆ Goldman Sachs: A government shutdown would be ‘manageable’ for the economy. That’s why it’s likely to happen
▼ + stars: | 2023-08-21 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Goldman Sachs is warning clients that Washington is on a collision course with its first government shutdown in five years. A shutdown later this year would wipe out 0.2 percentage points from growth per week, according to Goldman Sachs projections. Assuming just “modest” economic and market impact, a government shutdown should have “little effect” on central bank policy, according to Goldman Sachs. However, Goldman Sachs said a “prolonged” shutdown that starts in October could add to the arguments in favor of the Fed keeping policy on hold at the November meeting. The 2013 shutdown delayed the release of most federal economic reports, including ones on inflation, jobs and retail sales.

Persons: New York CNN — Goldman Sachs, ” Goldman Sachs, Goldman Sachs, Greg Valliere, Kevin McCarthy, ” Valliere Organizations: New, New York CNN, Justice Department, Fitch, Washington, Social Security, AGF Investments, Federal Reserve Locations: New York, Washington, Ukraine, —

☆ Alleged Russian crime boss sanctioned by Ukraine owns a major stake in US biotech firm
▼ + stars: | 2023-08-21 | by ( Matt Egan | ) edition.cnn.com time to read: +13 min

Buried in corporate filings is another relationship that is central to Humacyte: Russian billionaire Gavril Yushvaev is the company’s second-largest individual shareholder. Humacyte: Russian billionaire has no ‘control’ over firmYushvaev has not been sanctioned by the US government. “There are patients walking today on their own limbs who would not be doing so without access to the HAV to repair their damaged arteries,” a Humacyte spokesperson said. ‘It shows poor judgment’Yushvaev was brought in as an accredited private investor by Credit Suisse’s capital markets advisory group, a Humacyte spokesperson told CNN. Dougan does not personally know Yushvaev, a Humacyte spokesperson told CNN.

Persons: — Weeks, Kathleen Sebelius, Gavril Yushvaev, Yushvaev –, ”, Yushvaev, ” Forbes, Dann, Charles Whitehead, That’s, Steven Tian, Putin, Vladimir Putin, Trump, Sebelius, Humacyte, Obama, ” Yushvaev, Yale’s Tian, Whitehead, “, ” It’s, Brady Dougan, Dougan, Laura Niklason, ’ Yushvaev, Jeff Sonnenfeld, Sonnenfeld, ” Humacyte, Lawrence Ward, Ward, Eleanor Bloxham, ” Bloxham, ’, Lyft, Mother Jones Organizations: New York CNN, Pentagon, Nasdaq, US Department of Defense, CNN, Securities and Exchange Commission, Ukraine, Pepsico, Cornell Law School, BlackRock, Vanguard, Yale School of Management’s, Institute, Treasury Department, Kremlin, Credit, Ayabudge, Credit Suisse, Humacyte, PTC, Yale, Yushvaev, SEC, “, Soviet, US Treasury, Dorsey, Whitney’s, Value Alliance, The Department of Defense, DOD, Cornell, Russia Locations: Ukraine, North Carolina, Humacyte, Russian, Russia, Crimea, Cypriot, Yale, Bloxham, Lyft

☆ House GOP subpoenas Citibank over Jan. 6th 'back-channel' cooperation with the FBI
▼ + stars: | 2023-08-18 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

In a Thursday letter to Citibank, Jordan said Citi declined to voluntarily provide information to lawmakers and its lawyers indicated they would only comply with a subpoena. Lawmakers had requested information from seven banks: PNC, Citibank, Bank of America, Wells Fargo, JPMorgan, Truist and US Bank. Among those seven banks, Citibank was the only one that hadn’t voluntarily complied with the request, a person familiar with the matter told CNN. The subpoena compels Citibank to produce requested documents sought by the House Judiciary Committee and Select Subcommittee on the Weaponization of the Federal Government, according to Jordan. “Federal law enforcement’s use of back-channel discussions with financial institutions as a method to investigate and obtain private financial data of Americans is alarming,” Jordan wrote.

Persons: Jim Jordan, Jordan, Lawmakers, hadn’t, “, ” Jordan, Christopher Wray, Wray, that’s, ”, Donald Trump, Annie Grayer Organizations: New, New York CNN —, Citibank, FBI, Citi, PNC, Bank of America, JPMorgan, US Bank, CNN, House, Federal Government, Republican, CNBC . House Republicans, Capitol Locations: New York, Wells Fargo, Jordan, Ohio, Washington ,, Sentinel, “

☆ Want to Hear Michael Oher’s Version? Read His Books.
▼ + stars: | 2023-08-17 | by ( Elisabeth Egan | ) www.nytimes.com time to read: +1 min

In the book’s prologue, he mentions that the Tuohys’ book, “In a Heartbeat: Sharing the Power of Cheerful Giving” (2010), came out while “I Beat the Odds” was underway. Oher alludes to at least one conflict involving the family. “I’ve read some newspaper articles recently where Leigh Anne Tuohy is quoted as saying that I would either be dead from a shooting or the bodyguard to some gang leader if I hadn’t been taken in by their family,” he writes. It never would have worked if it had been one-sided: just me pushing but not knowing what to do with the opportunity; or them trying to guide me but me not being willing to do any of the work. There had to be a give and take.”

Persons: Oher, “ I’ve, Leigh Anne Tuohy, ”, “ Organizations: Briarcrest Christian Academy

☆ As gas prices hit 10-month highs, Citi warns major hurricanes could ‘massively’ disrupt supplies
▼ + stars: | 2023-08-17 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Oil prices could still fallFor consumers, the good news is that, outside of the risk of a bad hurricane season, Citi is bearish on oil prices. The Wall Street bank’s baseline forecast is that oil prices will drop in the coming months, a scenario that would cool gas prices. “It’s something we certainly keep a close eye on,” a White House official told CNN earlier this week. As recently as Memorial Day and July 4th, consumers were saving big on gas prices when measured against the same point last year. “Energy markets are volatile and gas prices can fluctuate,” the White House official told CNN.

Persons: Hilary, Joe Biden’s, “, CNN’s Erin Burnett, Janet Yellen, heatwaves Organizations: CNN, AAA, That’s, Citigroup, National Hurricane Center, Coast, Citi, White, “ Energy, White House Locations: Russia, Saudi Arabia, Gulf of Mexico, Mexico, California, Washington, Colorado , Arizona, Illinois, AAA . Indiana , Pennsylvania, New York

☆ Some of America's poorest communities are landing clean energy projects
▼ + stars: | 2023-08-16 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

This is just one example of a struggling community that has landed a major investment in clean energy since President Joe Biden signed the Inflation Reduction Act into law exactly one year ago Wednesday. The $750 billion law — the largest climate investment in US history — has helped spark a boom in private investment, especially in clean energy, electric vehicles and batteries. Importantly, many of these clean energy projects are set to be built in communities that really need the help. New plants could bring people into the labor force who have been left behind,” the Treasury analysis finds. The $4.4 billion investment is expected to create 300 new jobs and support countless existing ones.

Persons: Joe Biden, —, Wally Adeyemo, ‘, it’s, ” Daniel Yergin Organizations: New, New York CNN, Adams Fork Energy, CNX Resources, Treasury Department, CNN, Honda, LG Energy, Treasury, Bank of America, ” Bank of America, P, P Global Locations: New York, Mingo County , West Virginia, Mingo County, Fayette County , Ohio, Columbus, Marysville , Ohio

CNN —Earnings season continues this week with Target, Walmart, TJ Maxx parent company TJX and other high-profile retailers set to release their quarterly results. That shift showed up in earnings results for retailers including Home Depot and Target earlier this year. US retail spending, which is adjusted for seasonality but not inflation, inched up in June but fell below economists’ expectations. Americans feel hopeful inflation is coolingAmericans are feeling more optimistic that inflation is trending down now and into the future. Consumer spending expectations ticked up from the month before but remain below levels seen during the past year, according to the report.

Persons: TJ Maxx, hasn’t, Christina Hennington, Doug McMillon, they’re, Matt Egan Organizations: CNN Business, Bell, CNN, Target, Walmart, TJ, Shoppers, Home Depot, Refinitiv, “, University of Michigan’s, Consumer, Federal Reserve Bank of New, Federal Reserve, AAA, Labor Locations: Federal Reserve Bank of New York, Russia, Saudi Arabia

☆ UBS to pay $1.4 billion for selling toxic mortgages prior to the Great Recession
▼ + stars: | 2023-08-14 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —The Justice Department announced on Monday that UBS has agreed to pay $1.4 billion in penalties for allegedly defrauding investors by selling mortgage-backed securities that blew up during the Great Recession. The settlement resolves the final case brought by the DOJ to investigate the role of Wall Street firms in the 2008 financial crisis. In a statement, UBS described the agreement as a settlement of a “legacy matter” and said it has been fully provisioned in prior periods. Other Wall Street firms including Barclays, Deutsche Bank and Goldman Sachs were previously hit by even larger fines to reach toxic mortgage settlements with the US government. All told, prosecutors say they leveled more than $36 billion in fines for conduct that fueled the 2008 financial crisis, including from banks and ratings firms.

Persons: ”, Ryan Buchanan, Goldman Sachs Organizations: New, New York CNN, The Justice, UBS, DOJ, Wall Street, Eastern, of, Northern, Northern District of, Barclays, Deutsche Bank Locations: New York, of New York, Wall, Northern District, Northern District of Georgia

☆ US gas prices climb to highest level in nearly 10 months
▼ + stars: | 2023-08-14 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

The national average for regular gasoline hit $3.85 a gallon on Monday, according to AAA. That’s the highest level since October 19 and comes just weeks ahead of Labor Day weekend when millions of Americans will hit the roads. The summer spike in gas prices has eased, with the cost to drivers moving just gradually higher more recently. The national average is up by two cents over the past week. Those year-over-year savings have nearly vanished, with the national average down just 11 cents from this point last summer.

Organizations: New, New York CNN, AAA, Labor, Utah ., Saudi, Saudi Ministry of Energy Locations: New York, Russia, Saudi Arabia, Arizona , Illinois, Utah, Utah . Colorado, Michigan

☆ US inflation means families are spending $709 more per month than two years ago
▼ + stars: | 2023-08-11 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US inflation has had a snowballing effect on family budgets. The typical American household spent $709 more in July than they did two years ago to buy the same goods and services, according to Moody’s Analytics. That figure underscores the cumulative impact high inflation has had on consumer finances — even as price growth has cooled considerably in recent months. Most of that increase in spending is driven by housing costs, which have surged, Zandi told CNN in an email on Friday. Inflation-adjusted earnings are stuck in 2019Even though prices have soared, real earnings, which adjust for inflation, are stuck at late 2019 levels.

Persons: Mark Zandi, Zandi, ” Zandi Organizations: New, New York CNN, Moody’s, Twitter, CNN, Federal, ” Bank of America Locations: New York

☆ The rate of Americans failing to pay credit cards and car loans climbs above pre-Covid levels
▼ + stars: | 2023-08-10 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New credit card and auto loan delinquencies have now surpassed pre-Covid levels, according to a Wednesday report issued by Moody’s Investors Service. This metric is now ahead of where it was in the second quarter of 2019, before the Covid-19 pandemic rocked the economy. The rate of new auto loan delinquencies is also on the rise, hitting 7.3% in the second quarter, compared with 6.9% in the first quarter. Auto loan and credit card delinquencies remain well below Great Recession levels. The good news from the Moody’s report is that fewer Americans are falling behind on their mortgage payments.

Persons: New York CNN —, That’s, Moody’s Organizations: New, New York CNN, Moody’s Investors Service, New York Federal Reserve, Auto Locations: New York

☆ Is it time to worry about stagflation?
▼ + stars: | 2023-08-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

CNN —For the past two years, economists have been worrying about the risks of high inflation rates. But far less attention has been given to inflation’s sibling: stagflation. Stagflation is the combination of high inflation and a slowing economy. The current state of stagflation: Last year, then-World Bank President David Malpass warned that stagflation risks were high because of supply chain disruptions stemming from lockdowns in China and bans on Russian oil. What’s happening now: The risk of stagflation varies significantly across different regions of the globe.

Persons: Stagflation, David Malpass, Janet Yellen, ”, Lan Ha, stagflation, Andrew Kenningham, “, That’s, ” Kenningham, ” Ha, Ha, Parija Kavilanz, don’t, Dallin Hatch, Biden, Joe Biden, Trump, Matt Egan, It’s Organizations: CNN Business, Bell, CNN, Federal, World Bank, Euromonitor, Capital Economics, Bank of England’s, National Institute of Economic, Social Research, Trump Locations: Israel, lockdowns, China, Europe, Germany, Ukraine, Saudi Arabia

☆ The worst of the housing affordability crisis may be over, but that doesn't mean it'll get easier to buy a home soon
▼ + stars: | 2023-08-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The worst of the housing affordability crisis has already passed, Morgan Stanley said. Mortgage rates are expected to see a small decline while the inventory shortage improves only slightly. "Affordability remains very challenged. "Supply remains incredibly tight, but it's not getting tighter." Mortgage rates are expected to decline through the end of the year as interest rate volatility in the economy winds down.

Persons: Morgan Stanley, it's, Jim Egan, Morgan Stanley's, Egan, Price Organizations: Service, Mortgage Bankers Association, Black, National Association of Realtors Locations: Wall, Silicon

☆ Under Biden, US oil production is poised to break Trump-era records
▼ + stars: | 2023-08-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

And yet, on his watch, US oil production is poised to shatter all-time records set during the Trump administration. If anything, the outlook for US oil production has brightened recently – in large part because oil prices have rebounded from recession fears and drillers have become more efficient. Climate vs. inflationWhen and if the oil production record falls, don’t expect any fireworks from the White House. Last week, Saudi Arabia vowed to extend its oil production cut for at least another month. It’s also true that domestic oil production -— unlike prices -— has been slow to recover from the Covid-19 crash.

Persons: Joe Biden, Trump, It’s, Biden, ”, Hunter Kornfeind, it’s, Mike Pence, Joe Biden’s, Pence, Barack Obama, “, Matt Smith, ” Biden, That’s, Kornfeind Organizations: New York CNN Business, Rapidan Energy, drillers, US Energy Information Administration, Strategic Petroleum Reserve, EIA, Exxon, Rapidan Energy Group, American Petroleum Institute, Biden, CNN, “ Locations: Saudi Arabia, Texas, Americas, Russia

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

☆ Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss business
▼ + stars: | 2023-08-08 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said the firms violated federal securities laws by failing to maintain or preserve the “substantial majority” of these communications. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses. The CFTC hit Bank of Montreal with a $35 million fine and a $75 million fine each for BNP Paribas, Societe Generale and Wells Fargo.

Persons: Wells, Houlihan Lokey, ” Sanjay Wadhwa Organizations: New, New York CNN, Securities, Exchange Commission, Wall Street, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Futures Trading Commission, CFTC, Bank of Montreal, BNP Paribas, Societe Generale Locations: New York, Wells Fargo, SMBC Nikko Securities America, WhatsApp

☆ US inflation: Multiple rate hikes are still needed, says top Fed official
▼ + stars: | 2023-08-07 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —A senior official at the Federal Reserve is pushing back against growing hopes on Wall Street that the central bank could be nearly done raising interest rates. In a pair of speeches on Saturday and on Monday, Fed Governor Michelle Bowman warned that multiple rate hikes could be required to get inflation back to healthy levels. By contrast, many investors and some leading economists have been predicting the Fed will raise interest rates just one more time, or perhaps none. “We expect the decline in core inflation to more than outweigh the mid-year resilience in growth and wage data,” Goldman Sachs economists wrote on Friday. Investors are pricing in a 26% chance of one quarter-point rate hike through the end of the year and just a 2.5% chance of multiple hikes.

Persons: New York CNN —, Michelle Bowman, Bowman, Atlanta . Bowman, ”, ” Bowman, Goldman Sachs, ” Goldman Sachs Organizations: New, New York CNN, Federal, Fed Locations: New York, Atlanta ., Colorado Springs , Colorado

☆ Wells Fargo says missing deposits glitch is resolved
▼ + stars: | 2023-08-05 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —The Wells Fargo glitch that made some customers’ direct deposits disappear from their bank accounts is over, the bank said on Saturday. “All accounts have been resolved and are showing accurate balances and transactions,” Wells Fargo spokesperson Amy Bonitatibus said in a statement to CNN. Wells Fargo said only a “limited number” of customers were unable to see recent check deposit transactions. Back in March, Wells Fargo reported the same problem of some customers’ direct deposits not showing up, according to an NBC News report. If customers notice missing funds from a Wells Fargo account or any bank account, they should contact the bank directly, according to the US Office of the Comptroller of the Currency.

Persons: ” Wells, Amy Bonitatibus, “, Wells Fargo Organizations: New, New York CNN, ”, CNN, NBC Locations: New York, Wells Fargo, Wells

☆ How extreme heat is making your gas more expensive
▼ + stars: | 2023-08-04 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Extreme heat is contributing to this unwelcome price spike. Saudi Arabia and Russia restrain supplyOf course, extreme heat is not the sole factor behind the gas price jump. Still, high heat is clearly piling pressure on gas prices. The good news is there are signs the impact of high heat on gas prices may be easing. Kloza said gas prices could just be pennies away from their peak of the summer.

Persons: ”, Tom Kloza, Andy Lipow, Kloza, ” Kloza Organizations: New, New York CNN, Oil Price Information Service, AAA, Lipow Oil Associates, Diesel, Retail Locations: New York, Saudi Arabia, Russia, Texas , Louisiana, Gulf

☆ Jennette McCurdy Now Qualifies as a Veteran Best Seller
▼ + stars: | 2023-08-03 | by ( Elisabeth Egan | ) www.nytimes.com time to read: +1 min

It’s a message to Jennette McCurdy from Sean Manning, her editor at Simon & Schuster, announcing that her memoir, “I’m Glad My Mom Died,” is on the best-seller list for yet another week. McCurdy doesn’t pay close attention to where the book falls in the rankings — this week it’s at No. “Not one person has approached me for being an actor from the TV show they watched when they were little,” she said. “The dental assistant came in with her phone while I had the whole clip in my mouth,” McCurdy said. I love your book!’” McCurdy obliged.

Persons: Jennette McCurdy, Sean Manning, Simon, Simon & Schuster, “, ”, McCurdy, “ I’m, there’s, ” McCurdy, ’ ” McCurdy Organizations: Simon &

☆ Saudi Arabia extends oil production cut even as US gas prices hit nine-month highs
▼ + stars: | 2023-08-03 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —OPEC leader Saudi Arabia is extending its oil production cut for at least another month in a move that threatens to drive gasoline and other energy prices even higher. At almost the same time, Russia announced plans to cut oil exports by 300,000 barrels per day, in September according to Reuters. US oil prices rose 1.6% on Thursday to $81.05 a barrel. The prolonged supply restraint from Saudi Arabia and Russia comes even as oil prices have rebounded in recent weeks, helping to lift pump prices for US consumers to nine-month highs. Yawger noted that Russia and Saudi Arabia are relying on higher oil prices to fund their budgets.

Persons: Brent, ”, Rick Joswick, Robert Yawger, Yawger, Diesel Organizations: New, New York CNN, Saudi Ministry of Energy, Organization of, Petroleum, Reuters, P Global Commodity, Mizuho Securities, AAA, International Monetary Fund, International Energy Agency Locations: New York, Saudi Arabia, Russia, Ukraine

☆ US investors are searching overseas for opportunities
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Despite the gains in US stocks this year, some investors are looking for opportunities elsewhere. That’s despite what’s been shaping up to be a banner year for the US stock market — at least prior to this week’s US credit rating downgrade (more on that below). But some investors say that cheaper valuations for non-US stocks, compared to their domestic counterparts, are enticing some on Wall Street to look for deals overseas. The S&P 500 index currently trades at about 19.6 times its expected earnings, according to FactSet. That MSCI All Country World ex USA index has risen roughly 9% on a US dollar basis, underperforming the S&P 500.

Persons: Goldman Sachs, That’s, what’s, ”, Adam Turnquist, China’s, Jimmy Lee, bode, Fitch, ” Richard Francis, CNN’s Matt Egan, Francis, “, ” Francis, Janet Yellen, Obama, Jason Furman, Larry Summers, Read, Sam Stovall Organizations: CNN Business, Bell, CNN, Investors, Federal Reserve, LPL, Global, The Wealth Consulting, America, Fitch, Treasury Department, AAA

☆ Fitch tells CNN why it downgraded America now
▼ + stars: | 2023-08-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Fitch Ratings is defending its controversial decision to downgrade the US credit rating by pointing to the nation’s mountain of debt. “The numbers speak for themselves,” Richard Francis, the lead analyst on US sovereign ratings at Fitch, told CNN in an interview on Wednesday. Within minutes of Fitch’s downgrade on Tuesday evening, the White House, Treasury Department and some leading economists slammed the move. Whether America slips into a mild recession or narrowly avoids one “just doesn’t move the needle,” Francis told CNN. ‘The center’s fallen apart’Beyond the fiscal mess, Fitch is growing increasingly worried about the political situation in the world’s largest economy.

Persons: New York CNN Business — Fitch, ” Richard Francis, Francis, “, ” Francis, Janet Yellen, Fitch, Obama, Jason Furman, Larry Summers, ”, Donald Trump, there’s, Biden Organizations: New York CNN Business, Fitch, CNN, Treasury Department, Social Security, Office, Democrats, Republicans, Trump Locations: America

☆ Why is the US dollar losing its shine?
▼ + stars: | 2023-07-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —The US dollar’s decline has gained speed this month as investors pare back their interest rate expectations. Last week, that helped lead the US Dollar Index, which tracks the dollar versus the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, to its lowest level in more than a year. The dollar’s decline could offer some support to tech earnings, further boosting those stocks and in turn the broader rally. Gold prices have risen over 6% this year, supported by sliding Treasury yields and a decline in the dollar. The Dow slips to snap 13-day rallyThe Dow Jones Industrial Average index fell Thursday, cutting short a historic 13-day streak of gains.

Persons: pare, ”, Kathy Jones, Charles Schwab, Jones, Seema Shah, “ It’s, Shah, Gold, Dow, Read, Barbie ”, “ Oppenheimer, Matt Egan, “ Barbie, “ Oppenheimer ” Organizations: CNN Business, Bell, CNN, Federal, Swiss, Canadian, Fed, Microsoft, Apple, Asset Management, Japan, European Central Bank, Dow Jones, Nasdaq, Bank of America, Warner Bros Locations: Swedish

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