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☆ Homeowners are tapping into home equity to get cash
▼ + stars: | 2023-08-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

That means homeowners are now collectively sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve. Other reasons that borrowers gave for taking out a HELOC or home equity loan included debt consolidation and emergency cash management. Hidden source of valueA homeowner’s equity in their home can be a tremendous source of wealth. A homeowner’s equity will fluctuate over time as they make payments on their mortgage and real estate market dynamics impact the current value of the home. Mortgage balances stay high because of home equity loansNationally, mortgage balances remain near record highs as some people turn to home equity loans, rather than HELOCs, according to a quarterly report from TransUnion.

Persons: ”, Marina Walsh, ” Walsh, HELOC originations, Joe Mellman, Freddie Mac, Mellman Organizations: DC CNN, Louis Federal Reserve, Equity Lines of, Mortgage, Association, TransUnion, “, refinances Locations: Washington, originations, U.S

☆ The freight recession is getting worse as the economy detoxes from the pandemic trucking boom
▼ + stars: | 2023-08-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Unemployment for truck drivers could move higher as larger carriers, like Yellow, feel more pain. The freight recession may also signal a "detox" from the artificial demand spikes and gross margins seen in the pandemic. Retail demand for trucking, too, trended downward in July after a brief uptick early in the month. "This further supports the idea that the freight recession will remain through the rest of 2023." To be sure, much of the freight recession may actually point to a reversion to pre-pandemic trends after years of elevated demand for e-commerce.

Organizations: Motive, Service, Louis Locations: Wall, Silicon, COVID

☆ The top 10 U.S. cities for retirees — No. 1 isn’t in Florida
▼ + stars: | 2023-07-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Many cities in Florida remain popular retirement destinations, but a Pennsylvania city ranks as the best place to spend your post-work years. A second Pennsylvania city, state capital Harrisburg, is No. It's clear Pennsylvania and Florida dominate the top spots on the list of best places to retire. Florida doesn't tax income and Pennsylvania doesn't tax retirement pensions and distributions from 401(k)s, IRAs or Social Security, according to Kiplinger. Here are the top 10 U.S. cities for retirees, according to U.S. News & World Report:Lancaster, Pennsylvania Harrisburg, Pennsylvania Pensacola, Florida Tampa, Florida York, Pennsylvania Naples, Florida Daytona Beach, Florida Ann Arbor, Michigan Allentown, Pennsylvania Reading, PennsylvaniaWhile lists like these can be helpful while researching potential retirement locations, remember that everyone's ideal retirement is unique and shaped by different priorities.

Persons: Lancaster, Warren Buffett Organizations: U.S . News, U.S ., . News, U.S . Census, Tax Foundation, Louis Federal Reserve Bank, Pensacola, Security, Kiplinger Locations: Florida, Pennsylvania, Lancaster , Pennsylvania, U.S, Puerto Rico, Lancaster, Harrisburg, Lancaster , Pennsylvania Harrisburg , Pennsylvania Pensacola, Florida Tampa , Florida York, Pennsylvania Naples, Beach , Florida Ann Arbor , Michigan Allentown , Pennsylvania Reading

☆ James Bullard, president of St. Louis Fed, to step down
▼ + stars: | 2023-07-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —St. Louis Federal Reserve President James Bullard announced Thursday he is stepping down from his position in mid-August. “It has been both a privilege and an honor to be part of the St. Louis Fed for the last 33 years, including serving as its president for the last 15 years,” Bullard said in a statement released Thursday afternoon. With the exception of the president of New York Fed, four regional bank presidents from the remaining 11 branches serve one-year terms on the Federal Open Market Committee on a rotating basis. Kathleen O’Neill Paese, the St. Louis Fed’s first vice president and chief operating officer, was confirmed Thursday by the bank’s board and assumed Bullard’s duties “immediately” in the interim, according to the statement. The St. Louis Fed said it is hiring “a national executive search firm” to help identify Bullard’s permanent successor.

Persons: James Bullard, Louis Fed, ” Bullard, Bullard, Purdue University’s Mitchell E, Daniels, Jr, Jerome Powell, won’t, Kathleen O’Neill Paese, Louis Fed’s, “, Bullard’s Organizations: New, New York CNN, Louis Federal Reserve, Purdue, School of Business, Fed, New York Fed, Federal, Seven, Governor Locations: New York, St

☆ San Francisco Fed president: ‘It’s really too early to declare victory on inflation’
▼ + stars: | 2023-07-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Despite promising signs that inflation is abating, San Francisco Federal Reserve Bank President Mary Daly said the fight against price increases isn’t over. But she cautioned, “It’s really too early to declare victory on inflation.”The latest Consumer Price Index report published on Wednesday showed that annual inflation slowed from 4% to 3% in June, the lowest level since March 2021. However, the Fed’s preferred gauge of inflation, the Personal Consumption Expenditures index, showed that inflation was double its 2% target in May. Daly acknowledged there’s a risk the Fed will raise rates higher than what’s ultimately needed to get inflation down to 2%. Daly, who will be voting on interest rates at the Fed’s meetings next year, said she wouldn’t necessarily consider cutting rates once inflation hits 2%.

Persons: Mary Daly, ” Daly, “ It’s, Daly, there’s, “ can’t, ”, Daly’s, James Bullard Organizations: New, New York CNN, San Francisco Federal Reserve Bank, CNBC, Louis Federal Reserve Bank Locations: New York, San, St

☆ St. Louis Fed President Bullard says he's stepping down in August
▼ + stars: | 2023-07-13 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

James Bullard, president and chief executive officer of the Federal Reserve Bank of St. Louis, delivers a speech in London, U.K., on Tuesday, Oct. 15, 2019. The St. Louis Federal Reserve announced Thursday that Jim Bullard will step down from his post as president, effective Aug. 14. "It has been both a privilege and an honor to be part of the St. Louis Fed for the last 33 years, including serving as its president for the last 15 years," Bullard said in a statement. "I am also grateful to have worked alongside such dedicated and inspiring colleagues across the Federal Reserve System." The St. Louis Fed said it will hire a "national executive search firm" to assist in seeking Bullard's successor.

Persons: James Bullard, Louis, Jim Bullard, Purdue University's Mitchell E, Daniels, Jr, Bullard, Louis Fed Organizations: Federal Reserve Bank of St, Louis Federal Reserve, Purdue, School of Business, Federal Reserve's, Market, Federal Reserve Locations: London, The St

He said in the statement released by the St. Louis Fed that the regional bank "is well-positioned for ongoing success and impact." The St. Louis Fed said Kathleen O'Neill Paese, the regional bank's first vice president and chief operating officer, will act as interim president. The regional bank said its search committee will look nationally for a new leader, noting that its search will be "robust, transparent, fair and inclusive." While they operate under the oversight of the Board of Governors in Washington, regional Fed banks are quasi-private institutions technically owned by member banks. With Bullard's exit, there will be two unfilled regional Fed bank slots.

Persons: James Bullard, Bullard, Louis Fed, Mitchell, Daniels, Jr, doesn't, Tim Duy, Duy, Derek Tang, LH Meyers, Wrightson ICAP, Kathleen Bostjancic, Kathleen O'Neill Paese, Louis Fed's, Esther George, Michael S, Ann Saphir, Chizu Nomiyama, Paul Simao Organizations: Louis Federal Reserve, U.S, Purdue, St, School of Business, Federal, Macro, Fed, Purdue University, Minneapolis Fed, Nationwide, Brookings Institution, Governors, Kansas City Fed, Derby, Thomson Locations: Indiana, St, Washington

☆ U.S. Black employment falls despite wider job market stability
▼ + stars: | 2023-07-07 | by ( Safiyah Riddle | ) www.reuters.com time to read: +4 min

The Black unemployment rate rose to 6.0% last month, the highest since last August, from 5.6% in May, even as the overall jobless rate ticked down a notch to 3.6%. In fact, the majority of the 239,000 person decrease in Black employment came from the people who left the labor force altogether in June, according to the report. The exact cause of the recent weakening in Black employment is not yet clear. Reuters GraphicsNonetheless, a spike in the Black unemployment rate can be a strong predictor of an impending recession, since Black workers have historically been the first to be fired during an economic downturn. Su also said the rise in Black unemployment and the decline in participation is something the Biden administration would "continue to track."

Persons: William M, Rodgers III, Louis, Rodgers, it's, Rakeen Mabud, Julie Su, Su, Biden, Safiyah Riddle, Chizu Nomiyama, Dan Burns Organizations: U.S, Labor, Labor Department, Blacks, Reuters, Louis Federal Reserve's Institute of Economic Equity, Reuters Graphics Reuters, Thomson Locations: U.S

☆ Morning Bid: The UK consumer is feeling the heat
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Vidya RanganathanIt's not just the heatwave. UK consumers are paying through their noses for fish and chips too, and Friday brings the next quarterly survey of their views on inflation and rates. As Britain contends with one of the highest inflation rates among major advanced economies, the BOE seems set to hike rates a lot more. The stock has soared 17% this year, but pared some gains as grocers across Europe cap some prices. St. Louis Federal Reserve Bank President Bullard speaks in Oslo, NorwayEarnings/updates: Tesco (TSCO.L)Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Vidya Ranganathan It's, BOE, Bullard, Sam Holmes Organizations: Bank of England, Reuters, Tesco, Asda, June University of Michigan, Louis Federal Reserve Bank, Thomson Locations: Vidya, gilts, Europe, Brussels, Italy, Oslo, Norway

☆ Fed Pres. Bullard: 'Data does not yet show a June pause is appropriate'
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Pres. Bullard: 'Data does not yet show a June pause is appropriate'CNBC's Steve Liesman joins 'Halftime' with breaking news from St. Louis Federal Reserve President Jim Bullard about the likelihood of another June rate hike.

☆ Fed's Bullard: disinflation prospects 'good' but not guaranteed
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

"Monetary policy is now at the low end of what is arguably sufficiently restrictive given current macroeconomic conditions," Bullard said in remarks prepared for delivery to a monetary policy conference at the Hoover Institution. Inflation expectations, which had risen last year, are now back down to levels Bullard said is consistent with the Fed's 2% inflation target. Accordingly, he said, "the prospects for continued disinflation are good but not guaranteed." Bullard said earlier this month he has an open mind about June, though rates may need to rise further. He did not specifically address the June meeting in his prepared remarks on Friday.

☆ Mattress M&A is stuffed with sweet dreams
▼ + stars: | 2023-05-10 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

Memory foam bedmaker Tempur Sealy International (TPX.N)agreed to buy rival Mattress Firm in a $4 billion cash-and-stock deal that combines manufacturing and retail. Mattress Firm filed for bankruptcy in 2018. Tempur’s superior 17% EBITDA margin, nearly double that of Mattress Firm, also helps make a deal stack up. Boosting Mattress Firm’s operating profitability from 10% to 13% could double those synergy projections. The buyer will retain slightly more than 83% of the combined company while Mattress Firm’s owners will hold the rest.

☆ Stocks advance, US 10-year yield slips as earnings roll in
▼ + stars: | 2023-04-19 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Reuters GraphicsGoldman peer Bank of America (BAC.N) veered between gains and losses in choppy trading after its earnings beat estimates, and was last up 0.63%. "Earnings season so far has actually been better than expected by far on both earnings and revenues," said Randy Frederick, managing director, trading and derivatives at Charles Schwab in Austin, Texas. The pan-European STOXX 600 index (.STOXX) rose 0.38% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.24%. The yield on 10-year Treasury notes was down 1.3 basis points to 3.578% while the two-year U.S. Treasury yield, which typically moves in step with rate expectations, was up 2.8 basis points at 4.216%. U.S. crude settled up 0.04% at $80.86 per barrel and Brent was at $84.77, up 0.01% on the day.

☆ European markets set for flat open as investors digest comments by Fed officials
▼ + stars: | 2023-04-19 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a flat open Wednesday as earnings season continues and investors digest mixed signals from U.S. Federal Reserve officials on the trajectory of interest rate hikes. Atlanta Federal Reserve President Raphael Bostic told CNBC that he sees one more rate hike of 25 basis points, before pausing to see its impact on the economy. That would take the U.S. Federal Funds rate to 5% to 5.25%. Bostic's words come as St. Louis Federal Reserve President James Bullard told Reuters that he favors a higher terminal rate of between 5.50% and 5.75%. Asia-Pacific markets traded mixed overnight.

Asia-Pacific markets traded mixed on Wednesday as Wall Street's earnings season continued and U.S. Federal Reserve officials delivered mixed signals on future rate hikes. Atlanta Federal Reserve President Raphael Bostic told CNBC that he sees one more rate hike of 25 basis points, before pausing to see its impact on the economy. This would take the U.S. Federal Funds rate to 5% to 5.25%. Bostic's words come as St. Louis Federal Reserve President James Bullard told Reuters that he favors a higher terminal rate of between 5.50% and 5.75%. Australia's S&P/ASX 200 was 0.11% up in early trading, while Japan's Nikkei 225 dipped 0.27% and the Topix fell 0.3%.

J&J (JNJ.N) shares fell 2.8% after the healthcare conglomerate cautioned investors over the lingering impact of inflation-driven costs this year. Goldman (GS.N) shares dropped 1.7% after the Wall Street firm's profit fell 19% as dealmaking and bond trading slumped. The early quarterly results from S&P 500 companies come as investors have been bracing for a gloomy reporting season, fearing the economy may be on the cusp of a downturn. S&P 500 company earnings are expected to have declined 4.8% in the first quarter from a year earlier, according to Refinitiv IBES data as of Friday. The S&P 500 posted 28 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 143 new lows.

Investors may see rate cuts in the Fed's near future, part of a recession-breeds-accommodation view of the world, but "the labor market just seems very, very strong. The bulk of Fed policymakers as of March felt one more rate increase, which would raise the benchmark overnight interest rate to a range between 5.00% and 5.25%, was all that would be needed. Some policymakers and analysts worry it is those final steps that could push the economy into a recession. Reuters Graphics Reuters GraphicsLIMIT GUIDANCEGiven how inflation and the economy are behaving, Bullard said, the fewer promises made the better. Recession forecasts "are coming from models that put too much weight on the idea that interest rates went up quickly," Bullard said.

☆ Morning Bid: Bank angst persists, unnerves Europe
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +5 min

But banks boosted borrowing under the Fed's newly launched Bank Term Funding Program to $53.7 billion - almost 5 times its first outing the previous week. European bank stocks fell 3% early on Friday, with Deutsche Bank shares (DBKGn.DE) down for a third day - losing 5% amid rising market costs for insuring against the risk of default. European Central Bank President Christine Lagarde is due to attend Friday's European Union summit in Brussels and update leaders on the state of affairs in the financial system. Wider markets were lower in Asia and Europe and U.S. stock futures were in the red again ahead of the open. With less than a 50% chance of another Fed rate rise in this cycle now priced into the futures, almost 80 basis points of rate cuts are now seen by year-end.

☆ Signature Bank buyer gets a crisis dividend
▼ + stars: | 2023-03-20 | by ( John Foley | ) www.reuters.com time to read: +4 min

The failure of lender Signature Bank (SBNY.O) has forced them to abandon their consolidation-skeptic principles, resulting in a sizeable crisis dividend for Signature’s new owner. Bank mergers almost never happen so quickly, and nobody knows that better than Community Bancorp boss Thomas Cangemi. A study by the St. Louis Federal Reserve found that failed bank selloffs did lessen competition, but not by much. Community Bancorp said it has taken on $13 billion in loans and $25 billion in cash as part of the deal. The FDIC has been given equity appreciation rights in New York Community Bancorp that could be worth up to $300 million.

☆ Fed's James Bullard pushes for faster rate hikes, sees 'good shot' at beating inflation
▼ + stars: | 2023-02-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

St. Louis Federal Reserve President James Bullard expressed confidence that the central bank can beat inflation and advocated Wednesday for stepping up the pace in the battle. "It has become popular to say, 'Let's slow down and feel our way to where we need to be.' But Bullard said the more aggressive move would be part of a strategy that he thinks ultimately will be successful. "Our risk now is inflation doesn't come down and reaccelerates, and then what do you do? Let's be sharp now, let's get inflation under control in 2023."

☆ The economy is stronger than previously expected and markets are repricing to adjust to blowout data, Fed President Bullard says
▼ + stars: | 2023-02-22 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

St. Louis Fed President James Bullard says the US economy is proving more resilient than the central bank thought. Bullard says strong labor market data has caused investors to prepare for further tightening. Bullard says markets are reacting to this "blowout" data, which indicates that US economic growth has not slowed enough to pull back on rate hikes. "You have a very strong labor market combined with more momentum coming out of the second half of 2022 than we previously thought," Bullard told CNBC's 'Squawk Box' on Wednesday. "Our risk now is inflation doesn't come down and reaccelerates, and then what do you do?"

☆ James Bullard's comments don't change market dynamics: Kayne Anderson Rudnick's Julie Biel
▼ + stars: | 2023-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJames Bullard's comments don't change market dynamics: Kayne Anderson Rudnick's Julie BielJulie Biel, portfolio manager at Kayne Anderson Rudnick, joins 'Squawk Box' to discuss St. Louis Federal Reserve President James Bullard's recent comments, how Biel would be positioned in today's markets, and more.

☆ St. Louis Fed's James Bullard pushes for faster rate hikes
▼ + stars: | 2023-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSt. Louis Fed's James Bullard pushes for faster rate hikesJames Bullard, St. Louis Federal Reserve president, joins ‘Squawk Box’ to discuss if he is happy with recent moves in Treasury yields, where he's at in terms of a terminal federal funds rate and more.

☆ St. Louis Fed Pres. Bullard: U.S economy is stronger than we thought
▼ + stars: | 2023-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSt. Louis Fed Pres. Bullard: U.S economy is stronger than we thoughtSt. Louis Federal Reserve President James Bullard joins CNBC's 'Squawk Box' to discuss whether he is happy with recent moves in treasury yields, where he is at regarding a terminal federal funds rate, and more.

St. Louis Federal Reserve President James Bullard said Thursday that he pushed for a higher interest rate increase at the last meeting and could see a more aggressive move ahead. The policymaker said he advocated for a half percentage point rate increase at the Jan. 31-Feb. 1 Fed meeting and said he wouldn't rule out pushing for one at the March session. Cleveland Fed President Loretta Mester also said Thursday she wanted a higher increase than the quarter-point approved by the Federal Open Market Committee. Bullard added that he sees the larger economic trend moving toward disinflation, despite recent high readings for inflation. "In part due to front-loaded Fed policy during 2022, market-based measures of inflation expectations are now relatively low," Bullard said.

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