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☆ Alzheimer’s Takes a Financial Toll Long Before Diagnosis, Study Finds
▼ + stars: | 2024-05-31 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

Long before people develop dementia, they often begin falling behind on mortgage payments, credit card bills and other financial obligations, new research shows. What they found was striking: Credit scores among people who later develop dementia begin falling sharply long before their disease is formally identified. The issues start even earlier: The study finds evidence of people falling behind on their debts five years before diagnosis. “The results are striking in both their clarity and their consistency,” said Carole Roan Gresenz, a Georgetown University economist who was one of the study’s authors. Credit scores and delinquencies, she said, “consistently worsen over time as diagnosis approaches, and so it literally mirrors the changes in cognitive decline that we’re observing.”

Persons: Long, ”, Carole Roan Gresenz, “ Organizations: Federal Reserve Bank of New, Georgetown University Locations: Federal Reserve Bank of New York, Equifax

☆ ‘Not all debt needs to be paid off as soon as possible,’ says CFP—what to focus on first
▼ + stars: | 2024-05-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.

Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education

☆ Fed's Williams says inflation is too high but will start coming down soon
▼ + stars: | 2024-05-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

NEW YORK — New York Federal Reserve President John Williams on Thursday said inflation is still too high but he is confident it will start decelerating later this year. With markets on edge over the direction of monetary policy, Williams offered no clear signs on where he is leaning as far as possible interest rate cuts go. Williams called policy "well-positioned" and "restrictive" and said it is helping the Fed achieve its goals. But higher than expected inflation readings have altered that landscape dramatically, and current pricing is pointing to just one decrease, probably in November. Williams said he expects PCE inflation to drift down to 2.5% this year on its way back to 2% in 2026.

Persons: John Williams, Williams, CNBC's Sara Eisen, Dow Jones Organizations: Federal Reserve Bank of New, York Federal, Economic, of New, Fed, Commerce Department Locations: Federal Reserve Bank of New York, New York, York, of New York

☆ Goldman's Beth Hammack has a new job: Cleveland Fed president
▼ + stars: | 2024-05-30 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Beth Hammack, a former Goldman Sachs executive, was just appointed Cleveland Fed president. Hammack succeeds Loretta Mester, known for her hawkish stance on inflation policies. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLongtime Goldman Sachs executive Beth Hammack, who left in February, is heading to the Federal Reserve Bank of Cleveland as its next president. Hammack replaces Loretta Mester, who is stepping down on June 30 after a decade as the Cleveland Fed's president.

Persons: Beth Hammack, Goldman Sachs, Hammack, Loretta Mester, —, She'll, Mester Organizations: Goldman, Cleveland Fed, Service, Federal Reserve Bank of Cleveland, Cleveland Fed's, Business

☆ Cleveland Fed taps Goldman Sachs veteran Beth Hammack as new president
▼ + stars: | 2024-05-29 | by ( Bryan Mena | Elisabeth Buchwald | ) edition.cnn.com time to read: 1 min

Washington CNN —The Federal Reserve Bank of Cleveland announced Wednesday that Beth M. Hammack will be its next president and chief executive officer after current president Loretta Mester retires at the end of June. Hammack, 52, joins the Cleveland Fed after three decades at Goldman Sachs. She is slated to vote on monetary policy decisions as of August 21, when her term officially starts. For the July meeting of the Federal Open Market Committee, Cleveland Fed Vice President Mark S. Meder will be voting. The central bank is currently mulling when to begin cutting interest rates after raising them to a two-decade high last summer.

Persons: Beth M, Loretta Mester, Goldman Sachs, Mark S Organizations: Washington CNN, Federal Reserve Bank of Cleveland, Cleveland Fed, Federal, Market, Fed Locations: Hammack

☆ Watch CNBC's full interview with Fed President Neel Kashkari
▼ + stars: | 2024-05-28 | 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 EmailWatch CNBC's full interview with Fed President Neel KashkariWatch CNBC's full interview with Federal Reserve Bank of Minneapolis President Neel Kashkari where he discusses the conditions needed for a interest rate cut, why he thinks the Fed should take its time, and why he's not ruling out a potential rate hike.

Persons: Neel Kashkari, he's Organizations: Federal Reserve Bank of Minneapolis

☆ 25% of consumers recently used a buy now, pay later loan, report finds. What to know as they become popular
▼ + stars: | 2024-05-28 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

As buy now, pay later programs become more common, some shoppers are using this payment structure to make ends meet. Such short-term financing plans are the second-most-used form of credit payment among consumers in the U.S., according to a new report by NerdWallet. Meanwhile, 25% said they had used BNPL services in the last 12 months. Far fewer consumers had used a cash advance app (10%) or a payday loan (6%) in the last 12 months, NerdWallet found. An equal share, 8%, expect to use BNPL for necessities in the coming 12 months.

Persons: Elizabeth Warren, NerdWallet, Sara Rathner, it's, Rathner Organizations: Federal Reserve Bank of New, NerdWallet, Finance Locations: Federal Reserve Bank of New York, U.S

The 2024 list is out — and the best cities to live in are mostly in the South and the Midwest. AdvertisementThis year's top spots include a few cities consistently ranked among the best places to live, including booming Boise, Idaho, sandstone-hued Colorado Springs, and the southern banking hub of Charlotte, North Carolina. In addition to the availability of jobs and housing, US News & World Report places a strong emphasis on the overall standard of living in each area. AdvertisementAccording to US News & World Report, here are the 15 best places to live in the US. In these spots, residents are pretty satisfied with their lives, homes are relatively affordable, and there are plenty of jobs.

Persons: —, Louis, glamor Organizations: Service, Business, Federal Reserve Bank of St, US News Locations: United States, Boise , Idaho, Colorado, Charlotte , North Carolina, Austin , Texas, Carolina, Greenville, Charleston , South Carolina, Naples , Florida, Naples

☆ Wealthy Americans are starting to spend more carefully
▼ + stars: | 2024-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

A robust stock market coupled with rising home values have boosted Americans’ wealth from 2019 through 2022, according to a Federal Reserve report on household finances. There’s been some evidence of wealthy Americans growing cautious in the latest round of company earnings results. Federal Reserve officials Michael Barr, Christopher Waller, Philip Jefferson and Raphael Bostic deliver remarks. Federal Reserve officials Christopher Waller, John Williams, Raphael Bostic, Michael Barr, Loretta Mester and Susan Collins deliver remarks. The Federal Reserve release minutes from its May policymaking meeting.

Persons: they’ve, “, ” Nanette Abuhoff Jacobson, There’s, ” Jonathan Akeroyd, Moet, The Beverly Hilton, Michael Kovac, LVMH Moët Hennessy Louis Vuitton, ”, Jacobson, ’ Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, Matt Egan, Read, Michael Barr, Christopher Waller, Philip Jefferson, Raphael Bostic, John Williams, Loretta Mester, Susan Collins, Robin, Ralph Lauren, Booz Allen Hamilton, Buckle Organizations: CNN Business, Bell, Washington CNN, Federal, Fed, Hartford Funds, CNN, Burberry, The Beverly, The Beverly Hilton Hotel, Walmart, Royal Caribbean Cruises, Jackson State University, Federal Reserve Bank of New, Palo Alto Networks, Urban Outfitters, NVIDIA, National Statistics, National Association of Realtors, Reserve, Intuit, US Labor Department, Chicago Fed, Global, US Commerce Department, Atlanta Fed, Booz, University of Michigan Locations: Washington, British, Americas, Beverly Hills , California, Jackson , Mississippi, Federal Reserve Bank of New York, Palo, Ross, Burlington

☆ Phoenix is beating the rest of the country on inflation — on paper anyway
▼ + stars: | 2024-05-18 | by ( Brian Cheung | ) www.cnbc.com time to read: +1 min

PHOENIX, AZ- The Phoenix skyline is seen from the ferris wheel at the Arizona State Fair on Oct. 8, 2022, in Phoenix, Arizona. Joshua Lott/The Washington Post | Getty ImagesPhoenix is closer to winning the war on inflation than most other cities. "Housing inflation remains my most valuable indicator for the immediate future," Federal Reserve Bank of Chicago President Austan Goolsbee said last month. And in Phoenix so far, both rents and home sales have cooled down over the last year. 'Past the worst' of a housing crunchRent's impact on inflation

Persons: Joshua Lott, Joe Biden's, Austan Goolsbee Organizations: PHOENIX, Arizona State Fair, Washington Post, Getty, Federal Reserve, Bureau of Labor Statistics, Reserve Bank of Chicago Locations: AZ, Arizona, Phoenix , Arizona, Phoenix, —, Maricopa County

☆ 1 in 7 Gen Z credit card users are ‘maxed out’
▼ + stars: | 2024-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

CNN —Ariel Barnes plunged into a credit card debt spiral in college, and a decade later she’s yet to escape. Barnes, a manager of gift processing at Jackson State University, has maxed out seven credit cards and is struggling to make minimum payments on $30,000 of credit card debt. Roughly one in seven (15.3%) Gen Z credit card borrowers have maxed out their credit cards, according to new research from the Federal Reserve Bank of New York. For instance, the median Gen Z borrower’s credit limit is just $4,500, compared with $16,300 for Millennials and $21,800 for Gen X, the NY Fed said. There’s never a good time to carry a credit card balance, but right now is arguably the worst time.

Persons: CNN — Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, ”, “ I’ve, Zers, Ted Rossman, Gregory Daco, ” Daco, haven’t, X, it’s, There’s, That’s, Daco, CNN’s Alicia Wallace Organizations: CNN, Jackson State University, Federal Reserve Bank of New, Fed, NY Fed, Bankrate.com, Wall, NY, Federal Locations: Jackson , Mississippi, Federal Reserve Bank of New York

☆ Some vacationers expect to carry summer travel debt, report finds. Here's how to avoid that
▼ + stars: | 2024-05-17 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

About 86.6% of Hopper users expect to travel this summer, but 72.5% have not booked their trips yet, according to the outlook. "Leaving a balance in your credit card is not necessarily good for your credit score." Plus you're adding to the expense of that purchase, with average credit card interest rates topping 20%. Book summer travel plans soon: The sooner you book your travel plans, the lower the upfront cost will tend to be. You might still have time to book late summer, early fall trips, she explained.

Persons: Klaus Vedfelt, Hopper, Berg, " Berg, Sally French, Cardholders Organizations: Digitalvision, Getty, United Airlines, American Airlines, JetBlue Airways, Federal Reserve Bank of New, Labor Locations: Federal Reserve Bank of New York, U.S

☆ A millennial who's been applying to jobs for a year says he's encountered ghost jobs and scammers in his struggle to find a remote role
▼ + stars: | 2024-05-16 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Martins said that in the 12 months since his layoff, he'd been actively looking and applying for jobs but hadn't had much luck. In recent years, the rise of remote work and historically high job openings have helped more people with health issues find employment. But remote jobs aren't as common as they used to be — and there's competition to land one. AdvertisementThe share of US remote job postings on LinkedIn fell from more than 20% in April 2022 to about 10% in December 2023. AdvertisementIn part because of his upcoming move, Martins said, he'd focused his job search on remote roles.

Persons: —, Felipe Martins, Martins, He'd, didn't, he'd, hadn't, he's, scammers Organizations: Service, Business, Bureau of Labor Statistics, Federal Reserve Bank of San, Social, BLS, LinkedIn, scammers, Federal Trade Commission Locations: Utah, Federal Reserve Bank of San Francisco, Washington

☆ Average consumer carries $6,218 in credit card debt, as more borrowers are falling behind on their payments
▼ + stars: | 2024-05-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Americans now owe $1.12 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. Keeping up with credit card debt is getting more difficult. "Rent, when you have it, auto loans, utilities, these are all things consumers prioritize ahead of credit cards." As a result, credit card delinquency rates are higher across the board, the New York Fed and TransUnion found. Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed reported.

Persons: Charlie Wise, TransUnion's, Young, Wise, TransUnion, Kassandra Martinchek Organizations: Federal Reserve Bank of New, New York Fed, Finance, Fed, Urban Institute Locations: TransUnion, Federal Reserve Bank of New York, , New

☆ Think corporate greed is the leading cause of inflation? Think again
▼ + stars: | 2024-05-15 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —Some progressives have frequently blamed corporate greed for fueling the high cost of living that Americans are fed up with. That’s corporate greed. That’s corporate greed. Although the paper did not directly mention corporate greed, shrinkflation or Biden, the research undercuts the argument that greedflation drove the early inflation. That report found corporate profits were to blame for 34% of inflation since the start of Covid-19.

Persons: Sen, Elizabeth Warren, ” Warren, “ That’s, It’s, —, ”, Joe Biden, ” Biden, CNN’s Erin Burnett, Biden, – we’re, shrinkflation, greedflation, Jeremy Edwards, ” Edwards, “, –, Greg Valliere, ” Valliere, Jerome Powell, Caroline Ciccone, profiteer Organizations: New, New York CNN, Federal Reserve Bank of San Francisco, Fed, SF Fed, ”, CNN, White, AGF Investments, Federal Reserve, Federal, Federal Reserve Bank of Kansas City Locations: New York, America, Kansas

☆ The pandemic has changed when Americans expect to retire
▼ + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.

Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ Live Updates: Inflation Cooled Slightly, Offering Some Relief for Consumers and the Fed
▼ + stars: | 2024-05-15 | by ( Ben Casselman | ) www.nytimes.com time to read: +6 min

But economists cautioned that one month of encouraging data was far from enough to set those worries to rest. Both overall and core prices rose 0.3 percent from the previous month, down from 0.4 percent in February and March. The encouraging inflation report on Wednesday is unlikely to change those expectations. The report is also likely to be met with relief at the White House after what has been a rough recent run of inflation data for President Biden. Gasoline prices rose a seasonally adjusted 2.8 percent in April from March.

Persons: “, ”, Stephen Stanley, there’s, Sarah House, Biden, Jerome H, Powell, we’re, Blerina Uruci, Rowe Price, Jeanna Smialek, Jim Tankersley Organizations: Labor Department, Federal Reserve, Santander, White, Federal Reserve Bank of New, Fed Locations: Wells Fargo, Amsterdam, Federal Reserve Bank of New York

☆ Debt — and delinquencies — are on the rise for Americans
▼ + stars: | 2024-05-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New data released Tuesday by the Federal Reserve Bank of New York showed that as household debt balances grew during the first quarter, delinquencies also marched higher. Notably, the percentage of credit card balances in serious delinquency (90 days or more late) climbed to its highest level since 2012. The transitions into delinquency — especially serious delinquency — increased across all debt types, according to the report. Overall household debt grew by 1.1% during the first quarter to $17.69 trillion, according to data that is not adjusted for inflation. Credit card balances dipped (as they typically do post-holidays) by $14 billion to $1.12 trillion.

Persons: delinquencies, Joelle, Delinquencies Organizations: CNN, Federal Reserve Bank of New, “, Public Policy Research, New York Fed, Credit Locations: Federal Reserve Bank of New York, York, New

☆ Credit card delinquencies rise as more Gen Z cardholders are maxed out, New York Fed research shows
▼ + stars: | 2024-05-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed found. Credit card rates top 20%At the same time, credit cards have become one of the most expensive ways to borrow money. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. "With the Fed likely to keep rates higher for longer, credit card rates should remain high for the foreseeable future," Rossman said. What to do if you're in credit card debt

Persons: Bankrate, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, New York Fed Locations: Federal Reserve Bank of New York

☆ NY Fed: One-year inflation expectations rise
▼ + stars: | 2024-05-13 | 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 EmailNY Fed: One-year inflation expectations riseCNBC's Steve Liesman joins CNBC's 'Money Movers' to discuss an inflation expectations report from the Federal Reserve Bank of New York.

Persons: Steve Liesman Organizations: Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 7.09% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.38% last week, according to Freddie Mac data, which is a nine-basis-point decrease from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Freddie Mac Organizations: Bureau of Labor Statistics, Federal Reserve, Federal Reserve Bank, Zillow, Fed Locations: Chevron

☆ These 3 metro regions still haven't recovered from the pandemic recession as Wall Street debates when the next downturn will strike
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn. The Federal Reserve Bank of New YorkBut this trend is especially distinct in the Northeast, a region that's home to particularly impacted metros. By this indicator, a recession started in October, confirmed further by accelerating job erosion, Danielle DiMartino Booth said.

Persons: —, Danielle DiMartino Booth, it's, Frances Donald, Donald, We're, Gary Schilling Organizations: Federal Reserve Bank of New, Service, US metros, QI, Bloomberg, Wall Street Locations: COVID, Federal Reserve Bank of New York, Rust Belt, California, Hawaii, New Orleans, Honolulu, San Francisco, Cleveland , Detroit, Pittsburgh, Northeast, New York City, New York

☆ These 3 metro regions still haven't recovered from the pandemic recession
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn.

Persons: — Organizations: Federal Reserve Bank of New, Service, US metros, Business Locations: COVID, Federal Reserve Bank of New York, Rust Belt

☆ Cramer's week ahead: Earnings from Home Depot, Alibaba, Walmart
▼ + stars: | 2024-05-10 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday guided investors through next week's market action, telling them to pay attention to a number of earnings reports, including Home Depot , Alibaba and Walmart . He also suggested remarks from Federal Reserve officials will continue to shape the market, saying investors should tune in on Monday to commentary from Loretta Mester, the president of the Federal Reserve Bank of Cleveland. Alibaba also reports that day, and Cramer said if the quarter is good, Wall Street may be more inclined to buy Chinese stocks. Thursday brings earnings from Walmart , Deere and Applied Materials . He added that Applied Materials could have a solid quarter as its peer Taiwan Semiconductor just released a positive sales report.

Persons: CNBC's Jim Cramer, Loretta Mester, Cramer, Alibaba Organizations: Home, Walmart, Federal Reserve, Federal Reserve Bank of Cleveland, Cisco, Deere, Applied, Taiwan Semiconductor, Dow Locations: Alibaba, Nextracker

Average 30-year mortgage rates dropped this week and have been hovering in the upper 6% range, according to Zillow data. As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should go down. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Go Down (-0.18%)The average 15-year mortgage rate is 6.11%, 18 basis points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall (-0.28%)The average 30-year refinance rate is 6.99%, 28 basis points lower than last week.

Persons: you'll, It's, refinance Organizations: of Labor Statistics, Federal Reserve Bank, Federal Reserve, Investors, Zillow, FHA Locations: Chevron

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