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☆ Americans have an average of $6,300 in credit card debt: Here's how much you'd pay monthly to clear it in 1, 2 or 3 years
▼ + stars: | 2024-09-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The average American has thousands of dollars of credit card debt. As a whole, Americans hold a record $1.14 trillion in credit card debt as of the second quarter of this year, according to the Federal Reserve Bank of New York's August report. "Credit card debt is easy to get into and hard to get out of," Rossman says. Carrying credit card debt can cost youCarrying a balance from month to month can make your credit card debt more expensive in the long run due to accruing interest. How to pay off your credit card debt

Persons: Ted Rossman, Bankrate, Rossman, it's Organizations: Federal Reserve Bank of New, CNBC Locations: LendingTree

☆ Australia's central bank keeps rates on hold, stays hawkish
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: +2 min

Reserve Bank of Australia (RBA) at the central bank's building in Sydney, Australia on May 2, 2022. The hawkish stance sent the Australian dollar 0.4% higher to $0.6864, the highest this year, and markets pared the chance of a December rate cut to 59% from 64% before the decision. Markets had wagered heavily on a steady outcome given underlying inflation remained sticky and the labor market held up surprisingly well. Governor Michele Bullock has used every opportunity recently to stress that the central bank does not expect a near-term rate cut. The RBA already trails other central bank in cutting rates, and the political pressure is ramping up for an easing.

Persons: Michele Bullock Organizations: Bank of Australia, Federal Reserve, Reserve Bank of Australia, Wednesday, Greens, Monday Locations: Sydney, Australia, Australia's

☆ CNBC Daily Open: Fedspeak reassures markets
▼ + stars: | 2024-09-24 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets regain momentumU.S. markets rose Monday, with the S&P 500 and Dow Jones Industrial Average notching fresh closing highs. Asia-Pacific stocks mostly climbed Tuesday, with the Chinese and Hong Kong markets popping over 3% on Beijing's announcement of policy easing measures. PBOC policy easingThe People's Bank of China Governor Pan Gongsheng on Tuesday announced a cut to banks' reserve requirement ratio.

Persons: Neel Kashkari, The Beverly Hilton, Pan Gongsheng Organizations: Federal Reserve Bank of Minneapolis, The Beverly, CNBC, Dow Jones, People's Bank of China, Boeing, Tech, Big Tech, Companies, Nomura Locations: Beverly Hills , California, U.S, Asia, Pacific, Hong Kong, China, Beijing

☆ Americans are drowning in credit card debt. Trump’s proposed cap on interest rates probably won’t help
▼ + stars: | 2024-09-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

At $1.14 trillion, Americans’ credit card debt is at a record high, according to data from the Federal Reserve Bank of New York. “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at a rally last week. You may not be able to count on your credit card for purchasesThe average American has racked up $6,500 in credit card debt, according to Experian data from the third quarter of last year. The reason: Interest rates are how credit card companies manage the risk that a customer won’t pay their credit card bill on time. Your favorite credit card rewards could be jeopardizedEven if you don’t currently have any credit card debt and have a top-tier credit score, you could be left worse off from a 10% credit card fee cap.

Persons: New York CNN —, Donald Trump’s, ” Trump, Republican Sen, Josh Hawley, Sen, Bernie Sanders, Alexandria Ocasio, Matt Schulz, “, Schulz, Karoline Leavitt, ” Leavitt, Banks, Joe Biden’s, ” Schulz, ” Organizations: New, New York CNN, Federal Reserve Bank of New, Republican, CNN, Trump Locations: New York, Federal Reserve Bank of New York, Congress, Alexandria, Cortez

☆ Asia-Pacific markets open lower after Federal Reserve rate cut optimism sent markets higher last week
▼ + stars: | 2024-09-23 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

A Chinese flag in Pudong's Lujiazui Financial District in Shanghai, China, on Sept. 18, 2023. Asia-Pacific markets opened lower Monday as investors assessed monetary policy decisions from Japan and China on Friday after U.S. Federal Reserve's sharp rate cut sent markets higher last week. Despite growing calls for lower interest rates, the People's Bank of China unexpectedly left its key benchmark rate on hold on Friday. The Reserve Bank of Australia starts its two-day policy meeting on Monday, where central bankers will decide on the country's monetary policy path on Tuesday. Overall year-on-year CPI is expected to have cooled to 2.15%, compared to 2.40% the previous month

Organizations: National Bureau of Statistics, People's Bank of China, Reserve Bank of Australia Locations: Lujiazui, Shanghai, China, Asia, Pacific, Japan, Federal, Singapore

☆ Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes'
▼ + stars: | 2024-09-21 | by ( Leslie Josephs | ) www.cnbc.com time to read: +7 min

Matt Mills Mcknight | ReutersRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long. Boeing 737 Max planes sit at the airport in Renton, Washington. Boeing Machinists union members count votes to accept or reject a proposed contract between Boeing and union leaders and whether or not to strike if the contract is rejected, at the Aerospace Machinists Union Hall in Seattle, Washington, on September 12, 2024. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.

Persons: Matt Mills Mcknight, Cash, Boeing machinists, Boeing hasn't, Kelly Ortberg, Leslie Josephs, Louis, Jake Meyer, Meyer, Ron Epstein, Jason Redmond, today's, Ortberg, Biden, Pete Buttigieg, CNBC's Organizations: Boeing, Reuters, CNBC, Max, state's, Financial Management, Federal Reserve Bank of St, Bank of America, Aerospace Machinists, Hall, AFP, Getty, International Association of Machinists, Aerospace Workers, Workers Locations: Renton , Washington , U.S, Reuters RENTON, Wash, Seattle, Pacific Northwest, Renton , Washington, Renton, machinists, Washington, South Carolina, Seattle , Washington, Pacific, Oregon

Read previewNikki, a recent college graduate, has been struggling to find a job after completing her degree in biochemistry this year. While a cooling job market has made it harder for Americans of all ages to find work, young college grads are among the groups being hit the hardest. This means young college grads have been more likely to be unemployed than the broader population, even as the job market has returned to a more normal post-pandemic state over the past two years. "If you don't have a job, if you're a new grad, finding a job is actually unusually difficult." AdvertisementAre you a recent college graduate who's struggling to find a job?

Persons: —, Nikki, She's, Zers, grads, Julia Pollak, Pollak, Gen Zers, that's, Nick Bunker, who's Organizations: Service, Business, Federal Reserve Bank of New, LinkedIn, Federal Reserve Locations: Federal Reserve Bank of New York

☆ Watch CNBC's full interview with Shaktikanta Das, Reserve Bank of India's Governor
▼ + stars: | 2024-09-19 | by ( Tanvir Gill | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Shaktikanta Das, Reserve Bank of India's GovernorCNBC's Tanvir Gill spoke to Shaktikanta Das, Reserve Bank of India's governor, in an exclusive interview for CNBC Conversations. He discussed the strength of the Indian Rupee, India's inflation outlook, as well as the RBI's interest rate considerations.

Persons: Shaktikanta Das, CNBC's Tanvir Gill Organizations: Reserve Bank, India's, CNBC

☆ 3 couples who recently got mortgage interest rates under 3% share how they did it
▼ + stars: | 2024-09-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +10 min

Read previewOver the past few years, US mortgage rates have fluctuated wildly, leaving both homebuyers and sellers scrambling. AdvertisementThis can lead to significantly lower interest rates, making monthly mortgage payments more affordable and saving thousands over the life of the loan. The Federal Open Market Committee, which oversees US monetary policy, is expected to cut interest rates at its meeting this week. This could lead to further declines in mortgage rates in the coming months. Here are the stories of three homebuying couples who secured mortgage rates below 3% since March 2023 using assumable mortgages.

Persons: —, Louis, Freddie Mac, aren't, Grace Lucchese, Mickey Ricard, Boston —, Lucchese, Ricard, Riccard, Brian Sankey, Fort Knox, Sankey, Brian Sankey Sankey, wouldn't, Amy Yzaguirre, Yzaguirre, I've Organizations: Service, Federal, Fed, Federal Reserve Bank of St, Business, Federal Housing Administration, Department of Veterans Affairs, Market Committee, Boston, Lucchese, assumable Veterans Affairs, Veterans Affairs, Army, Toyota Tacoma Locations: Lucchese's, Sudbury , Massachusetts, Boston, couple's Massachusetts, Elizabethtown , Kentucky, Fort, Elizabethtown, Oregon, Idaho, Tigard, Portland, Sherwood

But a series of data points showing worsening economic conditions has made some analysts believe a 0.5% cut is more likely — and perhaps even necessary. “We do not seek or welcome further cooling in labor market conditions,” Fed Chair Jay Powell said in a speech last month. “A (0.5%) cut is usually done in emergencies,” like the Covid-19 pandemic, said Mark Zandi, chief economist at Moody’s financial group. Mortgage interest rates have hit their lowest level since February 2023, while auto loan rates are also falling. A 0.5% cut would more directly affect rates tied to the fed funds rate, including credit cards, home equity lines of credit and small-business loans.

Persons: Steve Liesman, Jay Powell, Bill Dudley, ” Dudley, Preston Mui, Mui, ”, “, Mark Zandi, Greg McBride, ” McBride Organizations: Federal, CNBC, Wall, Minneapolis Federal Reserve, Federal Reserve Bank of New, Bloomberg News, Fed, Bankrate Locations: Minneapolis, Federal Reserve Bank of New York, America

☆ Elizabeth Warren calls for emergency-like Fed rate cut ASAP
▼ + stars: | 2024-09-17 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —The American economy appears to be just hours away from a major milestone: The first interest rate cut from the Federal Reserve since Covid. Yet there remains an unusual amount of drama over the magnitude of that rate cut, with some in Washington calling for a supersized move. Massachusetts Democratic Sen. Elizabeth Warren wants the Fed to slash interest rates at a pace rarely seen outside of a full-blown crisis. “It is clearly the time for the Fed to cut rates. For instance, in early 2008 the Fed slashed interest rates by three-quarters of a point or more on three occasions.

Persons: Massachusetts Democratic Sen, Elizabeth Warren, Jerome Powell, Warren, “, ” Warren, Sheldon Whitehouse, John Hickenlooper, Powell, Bill Dudley, “ dawdling, Dudley, ” Dudley, panicking, David Kelly, ” Kelly, ” Organizations: New, New York CNN, Federal Reserve, Massachusetts Democratic, Sens, Wall, Fed, Federal Reserve Bank of New, CNN, Democrats, Asset Management Locations: New York, Washington, Massachusetts, Federal Reserve Bank of New York

☆ CNBC Daily Open: Rate cuts might not benefit tech the most
▼ + stars: | 2024-09-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Record close for DowThe S&P 500 and Dow Jones Industrial Average rose on Monday, with the Dow notching a record close. Next move for the BOJThe Bank of Japan won't be raising interest rates at its September meeting, according to a CNBC survey of 32 analysts. [PRO] "Golden age of fixed income"The U.S. Federal Reserve is poised to cut interest rates this week.

Persons: Shaktikanta Das, Biden, Rick Rieder Organizations: Trade Center, CNBC, Dow, Dow Jones, Nasdaq, Nikkei, U.S ., Midea Group, Hong Kong, Bank of Japan, Bank of India, Intel, U.S . Federal Locations: Manhattan, Jersey City , New Jersey, Asia, Pacific, Hong

☆ India's central bank chief plays down fears of a deposit crunch
▼ + stars: | 2024-09-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +3 min

Speaking to CNBC in an exclusive interview, Reserve Bank of India (RBI) Governor Shaktikanta Das discussed the issue of slowing growth in bank deposits underperforming an expansion in loans. "So there is a gap of 350 to 400 basis points," he said, referencing the difference between credit and deposit growth. Annual figures from August put loan growth at 13.6% with deposit growth at 10.8%, according to Reuters. When lending outpaces deposits, net interest margins — or the difference between what a bank earns on loans and pays out for deposits — take a hit. India's GDP slowed to 6.7% in the second quarter compared to last year's 8.2%, piling pressure on the central bank to reverse a recent hiking cycle.

Persons: Shaktikanta Das, Das, Ashish Gupta, CNBC's Organizations: CNBC, Reserve Bank of India, Reuters, Mutual Fund, Monetary, MPC Locations: India

☆ RBI Governor: Monitoring for any signs of stress in banking sector
▼ + stars: | 2024-09-16 | 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 EmailRBI Governor: Monitoring for any signs of stress in banking sectorShaktikanta Das, the Governor of the Reserve Bank of India, spoke at length about the strict regulation of the NBFC sector, highlighting the RBI's commitment to maintaining India's financial stability.

Organizations: Shaktikanta Das, Reserve Bank of India

☆ RBI Governor: interest rate decision will be based on the future trajectory of inflation and growth
▼ + stars: | 2024-09-16 | 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 EmailRBI Governor: interest rate decision will be based on the future trajectory of inflation and growthShaktikanta Das, governor of the Reserve Bank of India, joins CNBC's Tanvir Gill in an exclusive interview, discussing India's inflation outlook, as well as the RBI's interest rate considerations.

Persons: Das, Tanvir Gill Organizations: Reserve Bank of India

☆ We are not artificially keeping the Indian Rupee strong, says RBI Governor
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are not artificially keeping the Indian Rupee strong, says RBI GovernorShaktikanta Das, Reserve Bank of India's Governor discusses the reasons behind Indian Rupee's relative stability against the U.S. dollar the past 2 years.

Persons: Shaktikanta Das Organizations: Reserve Bank, India's, U.S .

☆ RBI Governor: 7.5% GDP growth for India is sustainable
▼ + stars: | 2024-09-16 | 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 EmailRBI Governor: 7.5% GDP growth for India is sustainableThe Governor of the Reserve Bank of India, Shaktikanta Das, joins CNBC's Tanvir Gill in an exclusive interview to discuss India's long-term growth trajectory.

Persons: Shaktikanta Das, Tanvir Gill Organizations: Reserve Bank of India Locations: India

☆ Axis AMC CIO: Banking earnings to "be more muted" this year
▼ + stars: | 2024-09-16 | 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 EmailAxis AMC CIO: Banking earnings to "be more muted" this yearAshish Gupta, CIO at Axis Mutual Fund sees a pickup in Indian IPOs in response to increased demand to invest in the Indian market, but a more muted earnings picture for banks as the Reserve Bank of India looks to cut rates in 2024.

Persons: Ashish Gupta Organizations: Mutual Fund, Reserve Bank of Locations: Reserve Bank of India

☆ India can achieve sustainable growth of up to 8% in the coming years, central bank chief says
▼ + stars: | 2024-09-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

Punit Paranjpe | Afp | Getty ImagesIndia can achieve sustainable economic growth of up to 8% over the medium term, according to the country's central bank governor. The figures have ratcheted up pressure on the central bank to launch its own rate-cutting cycle sooner rather than later. Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during the Global Fintech Fest 2024 in Mumbai, India, on August 28, 2024. Nurphoto | Nurphoto | Getty ImagesIt comes as major central banks have started to ease monetary policy in recent months, including the European Central Bank, the Bank of England and the Swiss National Bank. Women (silhouetted) walk past Reserve Bank of India (RBI) logo displayed at Global Fintech Fest exhibition in Mumbai.

Persons: Punit Paranjpe, CNBC's Tanvir Gill, Shaktikanta Das, Das, Goldman Sachs Organizations: Afp, Getty, Reserve Bank of India, International Monetary Fund, Nurphoto, European Central Bank, Bank of England, Swiss National Bank, The U.S . Federal Reserve, ECB, Bank of India, Global Locations: Mumbai, India, Japan, Germany, U.S, China

☆ 'Reasonable sense' that consumption in India will rebound, economist says
▼ + stars: | 2024-09-13 | 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 Email'Reasonable sense' that consumption in India will rebound, economist saysKrishna Bhimavarapu, Asia-Pacific economist at State Street Global Advisors, shares his prediction on when the Reserve Bank of India will cut interest rates.

Persons: Krishna Bhimavarapu Organizations: State Street Global Advisors, Reserve Bank of Locations: India, Asia, Pacific, Reserve Bank of India

☆ CNBC's Inside India newsletter: What happens when the Fed cuts rates?
▼ + stars: | 2024-09-12 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Historically, a rate cut has been a signal for central banks in emerging markets, like India, to follow by easing monetary policy in their regions. The latest data shows that the inflation rate appears to be heading in the wrong direction in India. The headline inflation rate rose in August to 3.65% compared to 3.6% in the previous month. Instead, markets have simply hit snooze on a rate cut by the Reserve Bank of India for the moment. If there's no global recession, a risk-on sentiment will likely help push up emerging market equities in the medium term after the U.S. central bank cuts rates.

Persons: Shah, Mahesh Nandurkar, Surendra Goyal, CNBC's, BofA, Banks Organizations: Federal, Reserve Bank of India, Reserve Bank, Capital Economics, India, greenback, Federal Reserve, Jefferies, Bank of America, Citi, India Research, Bank Locations: India, U.S

☆ 'Rush' hour isn’t what it used to be. Working 10-to-4 is the new 9-to-5, commuting data shows
▼ + stars: | 2024-09-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Afternoon commuters sit in traffic on southbound Interstate 5 near downtown San Diego on March 12, 2024. Kevin Carter | Getty Images"Rush" hour isn't what it used to be. Ridership sank during the pandemic, Federal Reserve Bank of St. Louis data shows, and never fully recovered. The result is a surge in traffic congestion throughout the peak midday and evening hours, according to Pishue. "Pre-Covid, the morning rush hour would be a peak and then the evening peak would be much larger," he said, describing two apexes with a valley in between.

Persons: Kevin Carter, Bob Pishue, Louis, Gallup Organizations: INRIX Inc, Midday, Federal Reserve Bank of St Locations: San Diego

☆ If Your Debt Is Ballooning, There Are Steps You Can Take
▼ + stars: | 2024-08-23 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Americans are increasingly struggling with credit card debt and other loans, and consumers are paying more for basic banking services like A.T.M. And 42 percent of households carrying balances on credit cards reported that their overall debt level was “unmanageable,” up from 38 percent in 2022, the network found. More borrowers have been falling behind on credit card payments, especially those who have maxed out spending on their cards, according to the Federal Reserve Bank of New York. Making payments on credit cards as well as car loans, student loans and other installment loans has been increasingly challenging for consumers, the financial network found. (The analysis, which the network publishes annually, is based on public data and a nationally representative survey of consumers.)

Persons: ”, Hannah Gdalman Organizations: Financial Health Network, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

☆ Markets are now wondering whether the Fed might cut by half a point in September
▼ + stars: | 2024-08-23 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Traders continued to price in a greater likelihood that the Fed will kick off what is expected to be a protracted easing campaign in September with a quarter percentage point, or 25 basis point, reduction. "My base-case scenario is that we are on a journey of 25 basis point cuts, probably for the next eight meetings, a couple hundred basis points cumulative," economist Paul McCulley said on CNBC's " Squawk on the Street ." "But if we see weaker growth, and particularly weaker jobs, then I think we could have a bit of front-loading and start the process with 50 basis point cuts." That, among other vows to support the economy now that inflation has waned, provided some indication that a 50 basis point move is at least on the table. Markets expect the central bank to knock off a full percentage point this year and at least that much in 2025.

Persons: Jerome Powell, Paul McCulley, Powell, Joseph LaVorgna, you've, Raphael Bostic, Bostic, Rick Rieder, Goolsbee Organizations: Federal, Traders, CME, Cornell, Georgetown, Fed, Nikko Securities, CNBC, Federal Reserve Bank of Chicago Locations: Powell's, Jackson Hole , Wyoming, Atlanta, Chicago

☆ 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

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