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☆ Fed's Williams touts need for more market data transparency
▼ + stars: | 2023-11-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

“Having access to an abundance of data is a wonderful problem to have,” Williams said. “It’s important that we continue to prioritize transparency and clarity in data, especially financial market data. In separate comments for the conference, Michelle Neal, who leads the bank’s Markets Group, also touted the need for more transparency in the bond market. “I am looking forward to the increased transparency in on-the-run transaction data” industry participants are working toward, Neal said. “Looking further ahead, we should consider whether to take additional steps toward increased transaction transparency across the Treasury universe, especially for the less liquid segments of the Treasury market, such as the off-the-run market, where transparency is currently limited.”Neal noted that the off-the-run section of the Treasury market was where market issues were concentrated in March 2020, as the coronavirus pandemic sent investors thundering toward cash, upending market functioning.

Persons: John Williams, Carlo Allegri, ” Williams, “, Williams, Michelle Neal, Neal, ” Neal, Michael S, Chizu Organizations: Federal Reserve Bank of New, REUTERS, Federal Reserve Bank of New York, Treasury, bank’s Markets, Thomson Locations: Federal Reserve Bank of New York, New York, U.S

☆ Australia employment rebounds in Oct, jobless rate still edges up
▼ + stars: | 2023-11-16 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Nov 16 (Reuters) - Australia employment rebounded strongly in October, after a soft patch the previous month, though the jobless rate still ticked higher as more people went looking for work and rapid migration boosted the supply of labour. Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 55,000 in October from September, more than double market forecasts of 20,000. The jobless rate edged up to 3.7%, matching forecasts and largely due to a jump in the participation rate back to an all-time peak of 67%. Over the year to October, jobs growth of a healthy 2.8% was still not enough to match labour force growth of 3.8%.

Persons: David Gray, Bjorn Jarvis, Wayne Cole, Kim Coghill, Jacqueline Wong Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Thomson Locations: Sydney, Australia

☆ Australia wages see record rise in Q3, unlikely to be repeated
▼ + stars: | 2023-11-15 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSYDNEY, Nov 15 (Reuters) - Australian wages posted the largest increase on record last quarter as a sharp rise in minimum wages benefited millions of workers, while intense competition among employers pushed up many individual pay deals. Annual pay growth picked up to 4.0%, from 3.6%, the fastest since early 2009 and just above market expectations of 3.9%. "Q3 was a perfect storm for wage pressures," said Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia. Much of the spike was due to a mandated 5.75% rise in the minimum wage which covers more than two million workers. Wage growth in the public sector accelerated to a 12-year high of 3.5%, while the private sector saw growth of 4.2% as firms fought to recruit and retain workers.

Persons: Loren Elliott, Sean Langcake, Wayne Cole, Tom Hogue, Sam Holmes Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Analysts, Oxford Economics Australia, Thomson Locations: Sydney, Australia

☆ Fed President Daly warns against calling time on rate-rising cycle too soon - FT
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

Federal Reserve Bank of San Francisco President Mary Daly poses for a photograph at the Kansas City Federal Reserve Bank's annual Economic Policy Symposium in Jackson Hole, Wyoming, U.S. August 25, 2023. REUTERS/Ann Saphir/File Photo Acquire Licensing RightsNov 15 (Reuters) - San Francisco Federal Reserve President Mary Daly warned against calling time on rate-rising cycle too soon, in an interview to Financial Times on Wednesday. Daly refused to rule out another interest rate increase, given uncertainty about whether the central bank has done enough to push consumer price growth back down to its 2 per cent target. She indicated little concern about the recent sharp fall in US government bond yields, which has loosened financial conditions, according to FT. Reporting by Urvi Dugar in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Mary Daly, Ann Saphir, Daly, Urvi Organizations: Reserve Bank of San Francisco, Kansas City Federal, REUTERS, San Francisco Federal, Financial Times, Thomson Locations: Jackson Hole , Wyoming, U.S, Bengaluru

☆ We're not headed for another global financial crisis, top UBS economist says after recession warning
▼ + stars: | 2023-11-15 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

U.S. credit card debt soared to $1.08 trillion in the third quarter of 2023, data from the Federal Reserve Bank of New York showed earlier this month. "I don't think we're facing the next GFC [global financial crisis]," he said on the sidelines of the UBS European Conference. Credit tightening does play a role when it comes to the lag of Federal Reserve monetary policy filtering through to the economy, Pingle suggested. The Federal Reserve began hiking interest rates in March 2022 in an effort to ease inflation and cool the economy. "It's great news for the Federal Reserve in their quest to restore price stability," Pingle told CNBC on Wednesday.

Persons: Jonathan Pingle, Pingle, CNBC's Joumanna Bercetche, It's Organizations: UBS, Federal Reserve Bank of New York, UBS European Conference, Silicon Valley Bank, Federal Reserve, CNBC, Wednesday, Fed Locations: Silicon

☆ Yen's fall toward multi-decade lows keeps markets on intervention watch
▼ + stars: | 2023-11-14 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Against the dollar, the yen last stood at 151.72 , languishing near a one-year low of 151.92 hit on Monday. A break below last year's trough of 151.94 per dollar would mark a fresh 33-year low for the yen. "I'm inclined to also think that it wasn't a BOJ intervention... It intervened again in October 2022 after the yen plunged to a 32-year low of 151.94. The comments have kept the U.S. dollar bid and against the greenback, the New Zealand dollar fell to an over one-week low of $0.58705.

Persons: Thomas White, Carol Kong, Rodrigo Catril, Jerome Powell, NAB's, Rae Wee, Sam Holmes Organizations: REUTERS, Rights, Bank of Japan's, greenback, Commonwealth Bank of Australia, Bank of, National Australia Bank, NAB, Ministry of Finance, Federal, U.S, New Zealand, Sterling, Reserve Bank of Australia, Thomson Locations: Japan, Rights SINGAPORE, Asia, New York, Bank of Japan, U.S

Consumer prices held stable in October, bringing the annual inflation rate down to 3.2% from 3.7% a month ago as energy prices receded, the Bureau of Labor Statistics said on Tuesday. “Further evidence of disinflation inside the October inflation report,” RSM US Chief Economist Joseph Brusuelas posted on social media, noting that month-over-month inflation was flat at 3.2% and core inflation was up 0.2 percent to 4% over the same period. Although prices for a wide variety of goods and services have cooled this year, the current inflation rate is well above the 2% target set by the central bank. “Inflation expectations over the next 5 years dipped to 2.7%, slightly above the Fed’s long-run target of 2%. “We don’t think the last mile of disinflation will be particularly hard,” Goldman Chief Economist Jan Hatzius wrote in the outlook.

Persons: Joseph Brusuelas, Stocks, Matt Bush, Patrick De Haan, “, ”, Piyush Patel, Jeffrey Roach, Goldman Sachs, Jan Hatzius Organizations: of Labor Statistics, RSM, Federal, Treasury, Dow Industrial, Guggenheim Partners, CNBC, National Retail Foundation, NRF, Affinity Solutions, Wall Street, Travel, Gas, New York Federal Reserve Bank, University of Michigan’s, LPL, Investment, ” Goldman Locations: U.S

☆ 35-year-old CEO of $100 million company: I 'don’t remember' anything I learned in college—here's why it was valuable anyway
▼ + stars: | 2023-11-14 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

College prepared Pinky Cole well to be the CEO of a $100 million company, she says — just not in the way you might think. When I went to college, all the stuff that I learned, I don't remember [any] of it," Cole tells CNBC Make It. And while it's certainly possible to connect with high-powered people without a shared academic experience, college graduates tend to have better career prospects and financial outcomes than high school-only graduates. College graduates earned 75% more last year, on average, according to the San Francisco Fed, a research nonprofit. College graduates also reported a 2% unemployment rate last year, compared with 7% for their counterparts, the National Center for Education Statistics reported.

Persons: Pinky Cole, —, Cole, I've, Clark, Chance, Louis, Cole's, Warren Buffett Organizations: Clark Atlanta University, CNBC, Delta Sigma Theta, Federal Reserve Bank of St, College, San Francisco Fed, National Center for Education Statistics Locations: Atlanta, Georgia , New York, Texas, alma mater

☆ NY Fed finds softer inflation expectations in October
▼ + stars: | 2023-11-13 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

A woman passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. The relative stability of New York Fed expectations data contrasts with that seen in the University of Michigan Consumer Sentiment Survey. It found in November a rise in year-ahead expected inflation to 4.4% from 4.2% in October, with five-year expected inflation up to 3.2%, from October’s 3%. Over the last year and a half the Fed has aggressively raised rates in a bid to cool high inflation. But it kept alive the prospect of more action should inflation not fall further on the path back to 2%.

Persons: Brendan McDermid, there’s, Jerome Powell, Powell, ”, Michael S, Andrea Ricci Organizations: Federal Reserve Bank of New, REUTERS, Consumer, New, New York Fed, University of Michigan Consumer, University of Michigan, Federal, Committee, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, September’s, New York, York, October’s

☆ Most Americans think the economy should be in fairly good shape this time next year
▼ + stars: | 2023-11-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Consumers’ expectations for inflation one year and five years from now both dropped 0.1 percentage points from the month before, to land at 3.6% and 2.7%, respectively. However, median inflation expectations at the three-year horizon remained unchanged at 3%, a yearly high. On Friday, the University of Michigan’s closely watched consumer survey showed sentiment was waning about the current economic state and that inflation expectations ticked up over the long run. The median expected growth in household income ticked up a tenth of a percentage point to 3.1%. Overall, more respondents to the New York Fed survey said their households were better off than they were this time last year.

Persons: they’ll Organizations: Minneapolis CNN —, Federal Reserve Bank of New, Federal Reserve, Fed, University of Michigan’s, New Locations: Minneapolis, Federal Reserve Bank of New York, York

☆ Stock futures are little changed after Moody’s downgrades U.S. outlook: Live updates
▼ + stars: | 2023-11-12 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock exchange during morning trading on November 10, 2023 in New York City. U.S. stock futures inched down Sunday night after Moody's Investors Service lowered its U.S. credit rating outlook to negative from stable. Moody's on Friday underscored the U.S.' "very large" fiscal deficits and partisan gridlock in Washington as contributing factors for the downgrade. The ratings agency reaffirmed America's credit rating at AAA, the highest level. The S&P 500 rose 1.3% the previous week, while the Dow and Nasdaq gained about 0.7% and 2.4%, respectively.

Persons: Moody's, Fitch, Jay Hatfield, That's, Lisa Cook Organizations: New York Stock, Moody's Investors Service, Dow Jones Industrial, Nasdaq, AAA, U.S, Infrastructure Capital Management, Federal Reserve Bank of New, Dow Locations: New York City . U.S, Washington, Hatfield

☆ Australian inflation fight to be a drawn-out process, central bank assistant governor says
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. Speaking at a UBS conference, Reserve Bank of Australia (RBA) Assistant Governor Marion Kohler said inflation was still expected to decline but not expected to reach the top end of the RBA's 2%-3% target until the end of 2025. Consumer price inflation ran at 5.4% in the third quarter, down from a peak of 7.8% last year but above RBA expectations. As a result, the central bank revised up its forecasts for inflation and economic growth in its quarterly statement on policy released last week. Falling goods prices have led the slowdown in inflation, but domestically generated costs continued to rise, Kohler said.

Persons: David Gray, Marion Kohler, Kohler, Wayne Cole, Sam Holmes Organizations: Reserve Bank of Australia, REUTERS, Rights, UBS, Thomson Locations: Sydney, Australia

☆ 'The damage has already been done': A 31-year market vet shares 3 pieces of evidence that the labor market is about to collapse, sending the economy into recession and the stock market spiraling
▼ + stars: | 2023-11-11 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The US economy added just 150,000 jobs, under the expected 180,000, and the unemployment rate rose to 3.9%, now 0.5% higher than its low earlier this year. Federal Reserve Bank of St. Louis/Bullandbearprofits.comSecond, the inverted yield curve is starting to steepen. An inverted yield curve has been an extremely reliable recession indicator over the last several decades. Bullandbearprofits.com"Proven leading indicators show that the unemployment rate is likely to start rising materially soon. Piper SandlerIn addition to the yield curve and employment indicators above, other recession indicators continue to point to a downturn ahead.

Persons: Jon Wolfenbarger, Merril Lynch, Wolfenbarger, Louis, bode, Piper Sandler's Michael Kantrowitz, Piper Sandler, Societe Generale's Albert Edwards, Edwards Organizations: JPMorgan, Federal Reserve Bank of St, National Federation of Independent, Fed, Bank of America, Societe Generale's, Generale, Edwards . Societe Generale Locations: lockstep, Edwards .

☆ Fed's Daly: Still too soon to say rate hike cycle is over -CNBC
▼ + stars: | 2023-11-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The Fed's monetary policy "is in a very good place" and "the news on inflation has been fairly good," Daly said in a CNBC interview. "There's a lot of demand for certainty that we would say we're done or we're definitely hiking, but the truth is, we don't know," Daly said. If financial conditions continued to ease, Daly said that would merit Fed attention. What's more, Daly noted that recent churning in the bond market was unlikely to be driven by some sort of underlying problem. "Bond yields move around for a variety of reasons, and there's a lot of uncertainty out there," Daly said.

Persons: Mary Daly, Daly, Jerome Powell, Powell's, Michael S, Andrea Ricci Organizations: Federal Reserve Bank of San Francisco, CNBC, Market, Financial, Fed, Thomson

☆ What’s open and closed on Veterans Day 2023
▼ + stars: | 2023-11-10 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Veterans Day honors active and former US service members. However, since that day falls on a Saturday this year, some will observe the holiday on Friday, November 10. Here’s what will be open and closed on Veterans Day 2023 and the day on which some will observe it. On Friday, the day before Veterans Day, FedEx will operate as normal except for modified service for FedEx Express and FedEx Ground Economy. On Saturday, FedEx will close FedEx Ground, FedEx Ground Economy and FedEx Freight.

Persons: JPMorgan Chase, Wells, Justin Sullivan, Mario Anzuoni, Joe Raedle Organizations: New, New York CNN, Veterans, Banking Federal, Governors, Bank of America, Saturday, JPMorgan, Bank, Citibank, The New York Stock Exchange, Nasdaq, Veterans Day, FedEx, FedEx Express, Economy, FedEx Freight, United States Postal Service, Reuters Government, Miami - Dade Public Library, Getty, Target, Walmart, Kroger Locations: New York, Wells Fargo, San Bruno , California, ”, Miami, Miami , Florida

☆ Fed's Mary Daly says it's ‘too early to declare victory’ on inflation
▼ + stars: | 2023-11-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Tighter monetary policy is helping bring down the pace of inflation but not to a level where policymakers should feel too comfortable, San Francisco Federal Reserve President Mary Daly said Friday. "All of that said, it is far too early to declare victory." Daly compared the Fed's job to get policy to the "sufficiently restrictive" benchmark to someone riding a horse and trying to know whether the bridle has been pulled back far enough to stop. "You don't know if the horse is feeling that bridle enough to be sufficiently restrictive to stop," she said. "We're going to be very forward-looking here, and so that's why it's too early to declare victory.

Persons: Mary Daly, Jerome Powell, Daly, it's Organizations: Federal Reserve Bank of San, San Francisco Federal, Federal, CNBC PRO Locations: Federal Reserve Bank of San Francisco, Idaho Falls , Idaho

☆ Indian rupee falls to record low, next week crucial to gauge new range
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Nov 10 (Reuters) - The Indian rupee dropped to a record low against the U.S. dollar on Friday, which alongside the outage of the interbank order matching system, prompted the central bank to step in. The rupee dropped to a record low of 83.42 to the dollar and was last at 83.3925. "On why the RBI today decided that (allow rupee to drop below 83.30), it's impossible to say," a forex trader at a bank said. Next week will be very important to see if a new range has been made." He, however, said that the range in the USD/INR has now shifted higher.

Persons: Alok Sharma, Arnob Biswas, Nimesh Vora, Sonia Cheema Organizations: U.S, Reserve Bank of India, SMC Global Securities, Thomson Locations: MUMBAI, ICBC

Consumers continued to sour on the economic outlook in November while also growing more pessimistic about future inflation, according to the first estimate from the University of Michigan consumer sentiment survey. The index of consumer sentiment fell 5% to a reading of 60.4, down from 63.8 in October. “Ongoing wars in Gaza and Ukraine weighed on many consumers as well.”“Overall, lower-income consumers and younger consumers exhibited the strongest declines in sentiment,” Hsu added. Various surveys measuring the minds of consumers have found them to be worried about inflation and the economy in general. “Consumer sentiment continues to trend downward at a moderate pace as consumers attempt to juggle inflation and higher interest rates,” said Damian McIntyre, Portfolio manager and head of multi asset solutions at Federated Hermes.

Persons: ”, Joanne Hsu, ” Hsu, Joe Biden, Damian McIntyre, Gregory Daco, ” Daco, Goldman Sachs Organizations: University of Michigan, “, Federated Hermes, Federal Reserve, Index, Louis Federal Reserve Bank Locations: Gaza, Ukraine, Kentucky, Ohio

☆ Australia central bank sees risk of upside surprises to inflation in policy outlook
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +3 min

Earlier this week, it ended a four-month pause by raising its cash rate a quarter point to a 12-year high of 4.35%. Stubborn inflation in the service sector led the RBA to revise up its forecasts for both CPI and core inflation. "There is potential for further upside surprises to inflation," the RBA cautioned, pointing to domestic cost pressures and external factors such as global warming. Such surprises would risk de-anchoring inflation expectations and require even higher interest rates, the RBA said. Growth for end 2024 was lifted by a quarter point to 2.0%, while the forecast for late 2025 stayed at 2.25%.

Persons: David Gray, Wayne Cole Organizations: REUTERS, Rights, Reserve Bank of Australia, Thomson Locations: Sydney, Australia, AUSTRALIA

☆ LSEG says FX system briefly impacted by technical glitch, it is investigating
▼ + stars: | 2023-11-10 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Nov 10 (Reuters) - Financial technology and data provider LSEG said on Friday it had resolved a technical incident that affected its Indian foreign exchange trading platform earlier in the day and was investigating what had happened. Whether standard operating procedures were followed and a business continuity plan was put in place when the system went down". "They are keen to find out if the issue was due to a system failure or some human error," the source said. Six traders said there was a system outage for about 10 minutes on the spot dollar/rupee trading platform during which they had been unable to transact. LSEG said earlier on Friday that all indices compiled by FTSE Russell, which it also owns, were hit by a technical issue that prevented them being published for forty minutes.

Persons: Francis Mascarenhas, LSEG, Swati Bhat, Alun John, Jon Boyle, Catherine Evans Organizations: Bank of India, REUTERS, Rights, Reuters, Reserve Bank of India, FTSE Russell, London Stock Exchange Group, Thomson Reuters, Thomson Locations: Mumbai, India, Rights MUMBAI, LSEG, London

Many people subsequently turned to remote work, and the workforce recovered but only to be plunged into three years of an incredibly tight labor market. Today, the unemployment rate is at 3.9% following an increase in October from the prior’s month’s 3.8% level, and by most measures the labor market is considered very strong. “It does seem like the labor market is getting a little more balanced,” says Gene Tannuzzo, global head of fixed income at Columbia Threadneedle Investments. The overwhelmingly takeaway is that the labor market has defied most predictions and shown a level of resiliency and adaptability that has surprised many observers. This was the “excess retirements” who were causing the labor market to be exceptionally tight.

Persons: Gene Tannuzzo, “, ”, Bill Armstrong, “ We've, Guy Berger, James Neave, ” Neave, –, Berger, ’ Berger, Sarah House, it’s, women’s Organizations: Columbia Threadneedle Investments, Safeguard Global, Technology, LinkedIn, Walmart, General Motors, Google, Wells, Louis Federal Reserve Bank, & $ Locations: Minnesota

☆ Austan Goolsbee Says Fed Will Need to Monitor Risks of Overshooting on Rates
▼ + stars: | 2023-11-09 | by ( Nick Timiraos | ) www.wsj.com time to read: 1 min

Austan Goolsbee, Chicago Fed president, says how long to hold rates at the current level could be shaped by whether external shocks hit the economy. Photo: David Paul Morris/Bloomberg NewsA Federal Reserve official said the central bank will need to pay close attention to the effects of higher longer-term bond yields to make sure they don’t slow the economy more than expected over the coming year. Austan Goolsbee , president of the Federal Reserve Bank of Chicago, said in an interview Wednesday the recent run-up of longer-term borrowing costs could become more important as the central bank shifts its focus from how high to raise interest rates and toward how long to hold them near a 22-year high.

Persons: Austan Goolsbee, David Paul Morris Organizations: Chicago Fed, Bloomberg, Federal Reserve, Federal Reserve Bank of Chicago

☆ Aussie 'big four' banks hike home loan rates after RBA decision
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

People use Commonwealth Bank of Australia (CBA) bank ATMs in Sydney, Australia May 3, 2018. The National Australia Bank (NAB.AX), ANZ Group Holdings (ANZ.AX) and Westpac Banking Corp (WBC.AX), the other three of Australia's "big four", had hiked their home loan rates on Wednesday by 0.25%. The rate hike by the National Australia Bank (NAB.AX) and ANZ Group Holdings (ANZ.AX) would be effective from Nov. 17, while Westpac Banking Corp (WBC.AX) would raise rates from Nov. 21, the lenders said in separate statements on Wednesday. CBA said its home loan variable rate change would be effective from Nov. 17. Reporting by Rishav Chatterjee and Upasana Singh in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, Rishav Chatterjee, Upasana Singh, Savio D'Souza, Rashmi Organizations: Commonwealth Bank of Australia, REUTERS, Thursday, National Australia Bank, ANZ Group Holdings, Westpac Banking Corp, Reserve Bank of Australia, Wednesday, CBA, Thomson Locations: Sydney, Australia, Bengaluru

“So many more people have credit cards now.”Wise says the main thing to watch for is how strapped consumers are in their overall financial condition. There are signs the consumer may still have a little left in the tank. And speaking of tanks, gas prices have been coming down, a move that will free up a little more money for consumers to spend. And this occurred while consumers repeatedly tell surveys they are feeling gloomy and pessimistic about the state of the economy. The pace of increase in consumer prices has fallen from around 9% annually in the summer of 2022 to under 4% now.

Persons: ”, Donghoon Lee, “, TransUnion, TrasnUnion, Charlie Wise, ” Wise, we’ve, ” Patrick De Haan, De Haan, Lisa Sturtevant, Goldman Sachs, Jan Hatzius, Joseph Brusuelas, Tuan Nyugen Organizations: Federal Reserve Bank of New York, New York Fed, TransUnion, “, MLS, Federal, ” Goldman, Adobe Locations: U.S, California

☆ Average credit card balances top $6,000, a 10-year high, as delinquencies rise
▼ + stars: | 2023-11-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Americans now owe $1.08 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. Credit card rates spiked more than 5% with the Federal Reserve's recent string of 11 rate hikes, including four in 2023. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. "Americans are addicted to credit cards, no question," said Howard Dvorkin, a certified public accountant and the chairman of Debt.com. How to tackle costly credit card debt

Persons: TransUnion, Charlie Wise, Wise, Greg McBride, Howard Dvorkin, Debt.com Organizations: Federal Reserve Bank of New, New York Fed, TransUnion, Federal, Finance, Bankrate, Debt.com Locations: Federal Reserve Bank of New York, TransUnion

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