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☆ Delinquent debt is piling up. Here's why it's not a reason to worry about the US consumer, according to BofA CEO Brian Moynihan.
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

There's no need to worry about consumers falling behind on debt payments, BofA's Brian Moynihan said. Deliquency rates on credit card and auto loans are normalizing and are close to 2019 levels. Go to newsletter preferences Thanks for signing up! AdvertisementConsumers are falling behind on their credit card and auto loan payments, but that's actually not such a big deal for the economy, according to Bank of America CEO Brian Moynihan. Late payments on consumer credit card loans have ticked slightly higher over the last quarter, with 9.1% of credit card balances and 8% of car loans transitioning into delinquency, according to the New York Fed's latest Household Debt and Credit Survey.

Persons: BofA's Brian Moynihan, —, that's, Brian Moynihan, Moynihan shrugged Organizations: Service, Bank of America, CNBC, Credit Survey, Business Locations: York

☆ Sean ‘Diddy’ Combs: Former member of Danity Kane accuses Combs of sexual battery in new lawsuit
▼ + stars: | 2024-09-11 | by ( Sandra Gonzalez | Elizabeth Wagmeister | ) edition.cnn.com time to read: +6 min

The filing further alleges that Richard witnessed Combs “brutally beat” his then-girlfriend Cassie Ventura, including instances where Richard claims to have seen Combs choke, strangle, slap, punch and strike Venture with objects. “On many occasions, Ms. Richard tried to intervene, offering Ms. Ventura support and encouragement to leave Mr. Combs,” the claim states. Combs was seen earlier this year in a 2016 video published by CNN grabbing, shoving, dragging and kicking Ventura. While working with Combs in this capacity, the claim alleges Richard witnessed multiple instances of Combs committing acts of physical violence against Ventura. Another lawsuit accused his son Christian Combs of sexual assault, and Sean Combs is accused of aiding and abetting.

Persons: Dawn Richard, Danity Kane, Sean “ Diddy ” Combs, ”, Richard, Combs “, Cassie Ventura, Combs, Ventura, ’ ” Erica Wolff, “, Jimmy Iovine, Iovine, ’ ” Sean, Diddy, Dawn Richard of Diddy, Gareth Cattermole, Kalenna Harper, “ Mr, ’, ” Richard, Christian Combs, Sean Combs Organizations: CNN, MTV, Venture, Ventura, Interscope Records, Interscope, Bad Boy Entertainment, Combs Enterprises, Iovine, Miami, US Justice Department Locations: New York, Ventura

☆ OpenAI is fighting to keep cofounder Ilya Sutskever's files secret
▼ + stars: | 2024-09-06 | by ( Darius Rafieyan | Hasan Chowdhury | ) www.businessinsider.com time to read: +1 min

Lawyers in a lawsuit between OpenAI and authors are fighting over whose files should be subject to discovery. Co-founder and former chief scientist Ilya Sutskever is among the six disputed names. Plaintiffs in the copyright lawsuit include authors such as George R. R. Martin, and David Baldacci. Go to newsletter preferences Thanks for signing up! Lawyers in a high-profile copyright lawsuit between OpenAI and book authors are fighting over whose files should be subject to discovery.

Persons: Ilya Sutskever, George R, Martin, David Baldacci, —, OpenAI Organizations: Service, Lawyers, Author's, Business Locations: New York

Convicted former FTX executive Ryan Salame's domestic partner Michelle Bond has been indicted in New York on federal charges accusing her of conspiring to raise unlawful campaign contributions from FTX for her unsuccessful run for Congress in 2022, prosecutors announced Thursday. Salame and Bond met in June 2021, and were in a relationship by early the following year, according to the indictment. The indictment alleges that Salame, identified only as CC-1, conspired with Bond to commit the crimes, saying that Salame arranged the payment from FTX to Bond. She then allegedly used "almost entirely" all of that money "to fund her campaign illegally," the indictment says. Salame's lawyers claim prosecutors reneged on an agreement to drop their campaign finance probe of Bond as an incentive to get him to plead guilty.

Persons: Ryan Salame's, Michelle Bond, FTX, Damian Williams, Bond, Salame, Bond's, Baker, Sterling Marchand, Marchand Organizations: Manhattan U.S, New Locations: New York, FTX, Potomac , Maryland, New York's, Long, Washington, Manhattan

Ryan Salame, former co-chief executive officer of FTX Digital Markets Ltd., exits federal court in New York, US, on Tuesday, May 28, 2024. Ryan Salame, a former top lieutenant at the failed cryptocurrency exchange FTX, asked a New York federal judge Wednesday to void his guilty plea to campaign finance and money-transmitting crimes, saying prosecutors are reneging on a key element of his plea agreement. Nicholas Biase, a spokesman for the U.S. Attorney's Office, declined to comment on Salame's filing. The charges against Salame stemmed from his involvement in a multi-million dollar campaign finance scheme during his tenure at FTX. Bankman-Fried was allegedly also deeply involved in the campaign finance scheme.

Persons: Ryan Salame, Michelle Bond, Bond, Salame, Lewis Kaplan, Salame's, Nicholas Biase, Sam Bankman, Fried, Caroline Ellison, Nishad Singh, Gary Wang, Singh, Wang Organizations: FTX Digital Markets, New, New York federal, Manhattan U.S, Attorney's, Salame, Government, U.S, Bankman, Alameda Research Locations: New York, FTX

☆ Fed survey shows lows in employment, worries about finding work and dissatisfaction with pay
▼ + stars: | 2024-08-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

The thrice-yearly measure of labor activity, confidence and satisfaction reflected growing concern in July about job security and an increase in those expecting to work past typical retirement age. Similarly, those who expected to become unemployed rose to 4.4%, a 0.5 percentage point increase from a year ago and the highest in the survey's history. On wages, satisfaction with current compensation dropped to 56.7%, down more than 3 percentage points from the same period in 2023. Finally, the expected likelihood of working past age 62 nudged up to 48.3% of respondents and increased to 34.2% of those saying they expect to work past 67, an increase of more than 2 percentage points. Following their most recent meeting, Fed officials described job growth as having "moderated."

Organizations: New York Federal Reserve, Workers Locations: U.S, nonfarm

☆ More and more Americans are worried they will lose their job
▼ + stars: | 2024-08-19 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —The shape of the US labor market is changing, job growth is slowing and new survey data released Monday shows that Americans are starting to feel increasingly unsettled about it all. The Federal Reserve Bank of New York’s latest survey on consumers’ labor market experiences and expectations showed that job, wage and benefits satisfaction all sank in July. Job offer activity held steady from July 2023, and the average expected likelihood of receiving at least one job offer increased from last year. Additionally, the average reservation wage (the lowest wage one would accept for a new job) remained well above July 2023 — and significantly higher than pre-pandemic levels. Job growth has slowed, especially in recent months, as the US labor market has settled back into a more balanced state amid a slower-growing economic backdrop.

Persons: — Organizations: CNN, Federal Reserve Bank of New, New York Fed, Bureau of Labor Statistics

Economists like to say the cure for high prices is high prices. In other words, consumers eventually start to hold back on spending when they are faced with increasing costs. On Monday, the New York Federal Reserve reported that consumers' three-year inflation outlook hit a record low. Many economists credit the Federal Reserve's decision to raise interest rates starting in the spring of 2022 with helping to curb the upswing. It is that last factor that the Federal Reserve is keenly focused on.

Persons: “, Andrew Jassy, Wells Fargo, Mark Hamrick, ” Organizations: of Labor Statistics, Federal Reserve's, New York Federal Reserve, Federal, Fed, BLS, Gallup, Federal Reserve Locations: U.S, York

☆ Three-year inflation outlook hits record low in New York Fed consumer survey
▼ + stars: | 2024-08-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

The latest views from the monthly Survey of Consumer Expectations indicate that respondents see inflation staying elevated over the next year but then receding in the next couple of years after that. In fact, the three-year portion of the survey showed consumers expecting inflation at just 2.3%, down 0.6 percentage point from June and the lowest in the history of the survey, going back to June 2013. That's still a full percentage point away from the Fed's 2% goal but about one-third of where it was two years ago. While the medium-term outlook improved, inflation expectations on the one- and five-year horizons stood unchanged at 3% and 2.8% respectively. Respondents expect the price of gas to increase by 3.5% over the next year, 0.8 percentage point less than in June, and food to see a rise of 4.7%, which is 0.1 percentage point lower than a month ago.

Persons: Dow Jones Organizations: New York Federal, Federal Reserve, Labor Department, Fed Locations: New

☆ Nvidia swings again — plus, an industrial name tied to the data center boom gets an heir-apparent
▼ + stars: | 2024-08-12 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Persons: Jim Cramer, It's, Blackwell, Nvidia's, Eaton, Paulo Ruiz, Ruiz, Craig Arnold, Arnold, We're, Stanley Black, Decker, Jim Cramer's, Jim Organizations: CNBC, Treasury, Nvidia, UBS, Club, Fed, PPI, Jim Cramer's Charitable Locations: York

☆ Average consumer now carries $6,329 in credit card debt. 'People are stretched,' expert says.
▼ + stars: | 2024-08-08 | by ( Jessica Dickler | Jessica Dickler Is A Personal Finance Writer For Cnbc. | ) www.nbcnews.com time to read: +2 min

Credit card debt is on the rise. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed reported. The average credit card charges more than 20% — near an all-time high. “With credit card balances at an all-time high and the average credit card rate hovering near record territory, it’s more important than ever to pay down this debt as soon as possible,” Rossman said. If you’re carrying a balance, try consolidating and paying off high-interest credit cards with a lower interest personal loan or switch to an interest-free balance transfer credit card, he advised.

Persons: TransUnion, ”, Michele Raneri, “, Ted Rossman, Bankrate, ” Raneri, ” Rossman Organizations: Federal Reserve Bank of New, New York Fed, Consumers Locations: Federal Reserve Bank of New York, TransUnion

☆ Credit card debt hits record $1.14 trillion, New York Fed research shows
▼ + stars: | 2024-08-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowWho is falling behind on credit card billsThese borrowers "may have overextended during the pandemic," the New York Fed researchers said on a press call Tuesday. Delinquent borrowers are often renters, with shorter credit histories and lower credit limits, making them more likely to be financially vulnerable and miss a payment, the researchers said. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed found. Among the millennials transitioning into delinquency, many also entered the labor market during the Great Recession and may be experiencing the prolonged negative effects of graduating into an economic downturn, the New York Fed researchers said. Credit card rates top 20%

Persons: homeownership, Brett House, Ted Rossman Organizations: New York Fed, Columbia Business School

But you're going to struggle if you're looking for a new one. "Even a few months ago, the labor market seemed fine, the trajectory looked stable," said Guy Berger, director of economic research at the Burning Glass Institute, a think tank. The Fed therefore believes it can put a floor underneath the labor market that prevents it from deteriorating further, Berger said. "What we need to see is strong private-sector labor market growth, and outside of health care, what we've seen instead is a very, very rapid deceleration that has shown no signs yet of stabilizing," Pollak said. Pollak also said leisure and hospitality jobs — a key entry point into the labor market — have actually declined outright in recent months, putting further pressure on workers to secure employment.

Persons: Guy Berger, Berger, Jerome Powell, Bill Dudley, Julia Pollak, Pollak, we've Organizations: of Labor Statistics, Glass, Federal, Fed, New York Federal, Bloomberg Locations: U.S, haves

☆ Why the stock market is going berserk today
▼ + stars: | 2024-08-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The stock market is in shambles on Friday, with all three major indexes falling more than 2%. AdvertisementThe US stock market has plunged into chaos as investors digest a streak of negative economic data and disappointing mega-cap-tech earnings. Months ago, signs of a slowing economy would bolster expectations for Fed rate cuts, which are seen as rocket fuel for stocks. "Pressure will escalate on the Federal Reserve as market interest rates will continue the attempt to force their hand." She added: "A September rate cut is in the bag and the Fed will be hoping they haven't, once again, been too slow to act."

Persons: They're, —, John Lynch, Seema Shah, Ryan Detrick, Carson Organizations: Amazon, Service, Investors, Intel, Comerica Wealth Management, Federal Reserve, Asset Management, York Fed Locations: New York

☆ It may already be too late for the Fed to stop a recession, former central bank president says
▼ + stars: | 2024-07-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

"Although it might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily increases the risk," the former New York Federal Reserve President said. But to Dudley, even this is too late, and central bankers would do better to pivot rates at next week's policy meeting. AdvertisementAccording to Dudley, this slowdown points to fewer jobs down the road, and an uptick in unemployment could set off a near-certain recession indicator: the Sahm Rule. Despite this, Dudley suggested that the Fed might not be as concerned about breaching the Sahm Rule as it should be. According to Dudley, there are two other reasons the Fed may be waiting for September to cut rates.

Persons: —, Bill Dudley, dawdling, Dudley, Jerome Powell, Claudia Sahm, I'm Organizations: Service, Bloomberg, New York Federal, Business, Fed Locations: Dudley

☆ Why an indicator that has foretold almost every recession doesn't seem to be working anymore
▼ + stars: | 2024-07-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

According to the New York Federal Reserve, which uses the 10-year/three-month curve, a recession should happen about 12 months later. The inversion is not aloneMaking the situation even more complicated is that the yield curve isn't the only indicator showing reason for caution about how long the post-Covid recovery can last. But the rate dynamics have helped companies escape what usually happens in an inverted curve. With an inverted curve hitting their net interest margins, banks may opt to lend less, causing a pullback in consumer spending that can lead to recession. This could provide something of a self-fulfilling prophecy for the yield curve.

Persons: Alex Kent, hasn't, —, there's, it's, Mark Zandi, It's, Joseph LaVorgna, SMBC, Quincy Krosby, We've, Jim Paulsen, Paulsen, That's Organizations: New York Stock Exchange, Bloomberg, Getty, Moody's, New York Federal Reserve, SMBC Nikko Securities, Gross, National Bureau of Economic Research, Commerce Department, LPL, Federal Reserve, Fed Locations: New York, SMBC Nikko, Wells Fargo

☆ Treasury yields tick higher as markets digest comments by Fed officials
▼ + stars: | 2024-07-18 | by ( Katrina Bishop | ) www.cnbc.com time to read: +2 min

The yield on the 10-year Treasury was trading around 4.1672% at 2:20 a.m. The yield on the 2-year Treasury was also 2 basis points higher at 4.4524%. U.S. Treasury yields moved higher on Thursday as investors digested a range of comments by Federal Reserve officials and what they could mean for interest rates. It comes as traders increasingly bet on a September interest rate cut by the Federal Reserve, with a reduction in July now seen as highly unlikely. Earlier this week, Federal Reserve Chair Jerome Powell said interest rates would likely be cut before inflation reaches 2%.

Persons: Christopher Waller, John Williams, Thomas Barkin, Jerome Powell, you've, Powell, Dow Jones, —, Jeff Cox Organizations: Treasury, U.S, Federal Reserve, Federal, York Fed, Wall Street Journal, Richmond Fed, Deutsche Bank, Economic, of Washington D.C

☆ Gold shines on rising Fed rate-cut outlook
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.1% to $2,461.27 per ounce, as of 0218 GMT. Fed Governor Christopher Waller and New York Fed President John Williams both noted the shortening horizon toward looser monetary policy. Separately, Richmond Fed President Thomas Barkin said he is "very encouraged" on broadening declines in inflation. "Over the next 6-12 months, regardless of who wins the (U.S.) election, we see gold rising to $2700-$3000 and silver to $38," Citi Research said. Spot silver rose 0.2% to $30.35, platinum steadied at $994.81 and palladium gained 0.4% to $955.77.

Persons: Ryan McIntyre, Christopher Waller, John Williams, Thomas Barkin, CME's Organizations: Sprott Asset Management, Holdings, New York Fed, Richmond Fed, Federal, Citi Research, Investors, U.S Locations: U.S, ., China

☆ Why a recession will strike in 2025, according to a veteran economist
▼ + stars: | 2024-07-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US hasn't dodged a recession, and the economy is slowing too quickly to nail a soft landing, according to top economist Steve Hanke. AdvertisementM2 money supply has contracted for most of the past two years, and grew by just 0.5% year-over-year in early June, according to Fed data. That compares to early 2021, when the M2 money supply grew at 27% as pandemic stimulus juiced economic activity. The growth rate of the money supply is also well-below the 6% growth rate Hanke estimates is on par with 2% inflation. "The average guy on the street corner knows that if they goose the money supply, you're going to get inflation.

Persons: —, Steve Hanke, Johns Hopkins, Hanke, Julia La Roche, — we've Organizations: Service, Business, Federal Reserve, Fed, US, New York Fed Locations: New

☆ Fed Governor Waller sees central bank 'getting closer' to an interest rate cut
▼ + stars: | 2024-07-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Federal Reserve Governor Christopher Waller on Wednesday suggested that interest rate cuts are ahead soon as long as there are no major surprises on inflation and employment. "So, while I don't believe we have reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted." Keeping with statements from other policymakers, Waller's sentiments point to an unlikelihood of a rate cut when the Federal Open Market Committee meets later this month, but a stronger likelihood of a move in September. "Given that I believe the first two scenarios have the highest probability of occurring, I believe the time to lower the policy rate is drawing closer," Waller said. Williams noted that inflation data is "all moving in the right direction and doing that pretty consistently" and is "getting us closer to a disinflationary trend that we're looking for."

Persons: Christopher Waller, Waller, John Williams, Williams Organizations: Federal, Kansas City Fed, Market Committee, CNBC, New York Fed, Wall Street, Fed, Traders

☆ Opinion | Can We ‘Make America Affordable Again’? Should We?
▼ + stars: | 2024-07-16 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

What do they mean by making America affordable again? Depending on the interpretation, that’s either something that has already happened or a really bad idea. Before I get there, a word about falling inflation. I get many comments to the effect that whatever official statistics may say, Americans don’t see inflation coming down. Here, for example, are the results of a survey conducted by the New York Fed:

Persons: —, Donald Trump’s Organizations: Republican Party, America, New York Fed

☆ Rudy Giuliani bankruptcy case dismissed, opening door to creditors pursuing collection
▼ + stars: | 2024-07-12 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Rudy Giuliani speaks to members of the media where Florida Gov. A New York federal bankruptcy judge on Friday in a scathing ruling dismissed the Chapter 11 bankruptcy protection case of Rudy Giuliani, immediately exposing the newly disbarred former Trump lawyer to his creditors seeking repayments of his massive debts in other court venues. Those creditors include two Georgia election workers, to whom Giuliani owes $148 million in civil damages for defamation from a federal district court jury award in December. Freeman and Moss, unlike many other Giuliani creditors, supported the idea of dismissing the bankruptcy case in the Southern District of New York, which he filed days after losing the defamation judgment. In his ruling on Friday, Bankruptcy Judge Sean Lane wrote that he "finds that dismissal of this bankruptcy case with a one year bar to refiling is in the best interests of creditors."

Persons: Rudy Giuliani, Ron DeSantis, Giuliani, Ruby Freeman, Moss, Donald Trump, Freeman, New York, Joe Biden, Sean Lane, Lane, Giuliani's Organizations: Florida Gov, New, Trump, New York City, of, of Justice Locations: Florida, Manchester , New Hampshire, New York, Georgia, Southern, of New York, New, Arizona

☆ The fate of a single investor who nearly tanked the market is now in the hands of a New York jury
▼ + stars: | 2024-07-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —In lower Manhattan, a jury is now weighing a case against a little-known investor who made it big, lost everything, and briefly brought Wall Street to its knees. His positions were so large that when the stocks started falling, it had a seismic effect on the market. And on Tuesday, after a two-month trial in New York federal court, the case was handed over to a jury that will decide their fate. Before Archegos, market watchers knew unregulated family offices were a problem, and they knew that swaps going unreported was a problem. “Fifteen years after the global financial crash, we still have gross under-regulation of non-banks, and we have Wall Street megabanks engaged in high-risk activities that aren’t properly regulated,” Kelleher told me.

Persons: CNN Business ’, Bill Hwang, Wall, Bill Hwang’s, Hwang, Patrick Halligan, Halligan, Josh Naftalis, ”, Naftalis, Goldman Sachs, Morgan Stanley, Dennis Kelleher, Wang, there’s, megabanks, ” Kelleher, “ Organizations: CNN Business, New York CNN, Warner Bros, Prosecutors, Bloomberg, Southern, of, Pallas Partners Locations: New York, Manhattan, of New York

☆ Nearly half of Gen Zers get help from the bank of mom and dad, report finds
▼ + stars: | 2024-07-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

watch nowTo keep up with the high cost of living, many young adults turn to a likely safety net: their parents. "The high cost of living is certainly impacting Gen Z," said Holly O'Neill, president of retail banking at Bank of America. The financial institution polled more than 1,000 Gen Z adults in April and May. Even compared with millennials, Gen Zers are spending significantly more on necessities than young adults did a decade ago, other reports show. Fewer Americans feel financially comfortable overallBut it's not just Gen Z struggling.

Persons: Zers, —, Holly O'Neill, millennials, Gen Zers, homeownership, Brett House, O'Neill, Z, it's, Bankrate Organizations: Bank of America, New York Fed, Columbia Business School, Finance

☆ Ashley Biden diary thief arrested in Georgia on weed, other charges day before jail surrender date
▼ + stars: | 2024-07-10 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Aimee Harris, right, walks out of Manhattan federal court, Tuesday, April 9, 2024, in New York. A Florida woman was arrested Monday in Georgia on motor vehicle, marijuana, and other state charges just one day before her scheduled voluntary surrender to begin a month-long jail term for stealing and selling the diary of President Joe Biden's daughter Ashley Biden, prosecutors revealed in a New York federal court filing. Harris, 42, was sentenced in April to one month in jail and three months of home detention. She had been scheduled to surrender on Tuesday at noon to begin serving her jail sentence. "The defendant is currently in state custody in connection with those charges."

Persons: Aimee Harris, Joe Biden's, Ashley Biden, Harris, Ashley Biden's, Laura Taylor Swain, Swain Organizations: U.S, Marshals, U.S . Bureau, Prisons, Attorney's, Sunday Locations: Manhattan, New York, Florida, Georgia, Palm Beach, U.S, McIntosh County , Georgia, Carolina

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