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☆ Arlington, Virginia gave people $500 a month. They worked less overtime and pursued education instead, a report found.
▼ + stars: | 2024-02-11 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

Read previewA guaranteed basic income program in Arlington, Virginia that gave low-income residents $500 a month with no strings attached allowed them to find their footing, seek out education, and improve their job security, a final report found. Recipients said reducing their weekend and overtime hours helped them pursue education and certifications that could lead to higher-paying jobs. Arlington is not the first city to experiment with a guaranteed basic income program. Some lawmakers in Texas, however, oppose basic income programs. One state senator asked the state attorney general to declare a similar program in the Houston area unconstitutional.

Persons: —, Uber Organizations: Service, Arlington Community Foundation, Arlington County Department of Human Services, Business, Arlington Community Fund Locations: Arlington , Virginia, Arlington, Washington, DC, Virginia, Baltimore, Boston, Austin, Denver , Minneapolis, Texas, Houston

☆ There's still time to plan next weekend's travel
▼ + stars: | 2024-02-10 | by ( Joi-Marie Mckenzie | Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

NEW LOOK 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 . I'm Joi-Marie McKenzie, the editor in chief of Life at Business Insider and your new Saturday anchor. Emily HartDispatchThere's still time to plan next weekend's travelRaise your hand if you're taking advantage of the upcoming Presidents’ Day weekend. If you’re like me and forgot to plan an amazing three-day vacation, don’t worry.

Persons: —, I'm Joi, Marie McKenzie, Let's, Emily Hart, There's, There’s, it’s, Richard Chance, Anthony Farrer, Farrer, Reed Hoffmann, Ed Zurga, RJ Sangosti, Rebecca Zisser, Taylor Swift, Swift, Andrea Chronopoulos, DINK, Tyler Le, John Goodman, Goodman, Dan Conner, Roseanne, ”, Walter Sobchak, he’d, Coen, Gilles Mingasson, Peacock, Adrienn Szabo, Abbott, Quinta Brunson's, dino, Joi, Dan DeFrancesco, Jordan Parker Erb Organizations: Business, Service, ’, Amtrak, MediaNews, Kansas City Chiefs, Super, Polygram, Entertainment, Universal Pictures, Circle Films, Paramount, Hulu Locations: Florida, Alaska, St, Lucia, Amtrak’s, American, New York

☆ Spirit's CEO says the airline has a plan to become profitable again
▼ + stars: | 2024-02-09 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +2 min

Read previewSpirit Airlines is still battling to keep its merger plans with Jet Blue alive, but in the meantime its CEO says it has a path to financial stability. AdvertisementSimilarly the annual net loss of $447 million was lower than the $554 million loss for 2022. Spirit's merger with JetBlue was blocked by a federal judge last month on the grounds that it would harm consumers. Spirit plans to sell 25 aircraft and lease them back in a move that generated $419 million, per its results. Spirit did not immediately respond to a request for comment from Business Insider made outside normal working hours.

Persons: —, Ted Christie, Christie Organizations: Service, Jet, Bloomberg, Business, JetBlue, Airbus, Pratt & Whitney, CNBC

☆ A millennial explains how he makes over $250,000 secretly working 2 remote jobs — and shares 4 tips for the overemployed
▼ + stars: | 2024-02-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

To this day, Tomas is secretly working two full-time remote jobs that pay over $250,000 a year in combined salaries, according to documents viewed by BI. Tomas is among a small group of US workers — many in the tech and IT industries — secretly holding multiple remote jobs. He’s even encouraged some colleagues to look for second jobs and provided advice on pulling it off. He said one of his jobs became much more demanding and that he wanted to adjust to the workload before he took on a second job again. All but one of his jobs were remote — he said flexible working hours enabled him to juggle a hybrid and remote role for a while.

Persons: —, Tomas, ”, overemployment, “, he’s, it’s, didn’t Organizations: Service, Business, BI Locations: Georgia

☆ I moved to Germany for a free education 8 years ago. I struggled to fit in, but here are the biggest reasons I never left.
▼ + stars: | 2024-02-09 | by ( Adriana Stein | ) www.businessinsider.com time to read: +9 min

She also says she appreciates Germany's Turkish community, ease of travel, and food transparency. It describes the tight-knit Turkish community and their ability to come together and help one another, regardless of the location. Insurance provides coverage, rather than trying to get out of payments with vague loopholesIn Germany, insurance is basically a way of life. AdvertisementNo matter where I rent a car, I use my German insurance because it has absolutely stellar coverage. My German insurance covered everything and it was a really easy process to go through.

Persons: Adriana Stein, Stein, —, I've, I'm, they've, you've, didn't, Germany hasn't Organizations: Service, Family Ministry, Social, EU, Turkish, Insurance, pharma, Big Pharma Locations: Germany, Hamburg, Kindergeld, Europe, Oregon, Turkish, South Africa

☆ Yellen: It’s ‘obvious’ that empty office buildings will create banking stress and losses
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —High commercial real estate vacancies are expected to create some stress for smaller banks, Treasury Secretary Janet Yellen said Thursday. However, she said she does not see them as causing a systemic risk to the nation’s financial system. “It’s obvious that there’s going to be a stress and losses that are associated with this,” Yellen said. On Tuesday, Yellen said she does “have a concern about commercial real estate.” She noted that higher interest rates and rising vacancy rates in office buildings have combined to cause problems — especially as real estate loans come due. New York Community Bancorp recently disclosed a surprise loss and a spike in loan losses as commercial real estate loans go bad.

Persons: Janet Yellen, Yellen, ” Yellen, ”, CNN’s Matt Egan Organizations: New, New York CNN —, Banking Committee, Silicon Valley Bank, New York Community Bancorp, Moody’s Investors Service, Bank Locations: New York, Silicon

☆ How Black Americans define success
▼ + stars: | 2024-02-08 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

New York CNN —A majority of Black Americans say they feel at least somewhat successful but nevertheless feel financial pressures regardless of income, according to a new survey released Thursday by the Pew Research Center. The survey of more than 4,700 Black Americans sought their views on what constitutes success — how they define it, how they view themselves in that context and the concerns they have in achieving it. “Most Black Americans (66%) consider themselves at least somewhat successful,” Pew researchers wrote in their analysis. And regardless of income, most Black adults said they feel financial pressures. In an analysis of Black Americans’ income in July, Pew noted that only 6% of Black adults in the US made $100,000 or more in 2021.

Persons: ”, “, Pew Organizations: New, New York CNN, Pew Research Center Locations: New York

☆ DINKs, Couples With No Kids, Are Living the New American Dream
▼ + stars: | 2024-02-07 | by ( Juliana Kaplan | Bartie Scott | ) www.businessinsider.com time to read: +12 min

DINKs are proudly emerging as an aspirational class for young people — and they're ready to live it up. So when she set up her dating profile, Johnson included in her bio that she didn't want to have kids of her own. Amy Blackstone, the author of the 2019 book " Childfree by Choice ," said that the financial gap between DINKs and couples with kids wasn't solely because of the choice about children. DINKs, GINKs, " rich aunties ," and DINKWADs — DINKs with a dog — have become aspirational identities for younger generations. There are the DINKs who can seize the American dream and the parents who are struggling to stay afloat in a country without guaranteed paid leave or affordable childcare .

Persons: Elizabeth Johnson, Johnson, DINK, DINKs, they've, there's, Amy Blackstone, it's, Alex Killingsworth, Killingsworth, Marcia Drut, Davis, Drut, Blackstone, she'd, Gen Z, That's, X didn't, Zachary P, Neal, Jennifer Watling Neal, millennials —, I've, Marcia, she's Organizations: of, Johnsons, Minneapolis townhome, Federal, Consumer Finances, Broadway Locations: Florida, Swiss, Hawaii, Oregon, Canada, Alaska, Dominican Republic, of America, Minneapolis, Texas, New York, Michigan, Drut

☆ New York Community Bank’s stock price is plunging, but that won’t tell you if it’s on the brink of failure. Here’s what will
▼ + stars: | 2024-02-07 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Some of the very first signs of banking stress in the crisis that unfolded last year were reflected in Silicon Valley Bank, Signature Bank and First Republic Bank’s nosediving share prices. That’s a considerably larger share compared to Signature Bank and Silicon Valley Bank shortly before their demises. So far, there’s no evidence that the bank is at risk of failingAs scary as it may be to see a bank’s stock price plunging, it’s not the best gauge for the bank’s viability. The best source of information on that front is a bank’s deposit flows, Chiaverini said. As of last quarter, deposits were down just 2% and declined even less excluding the custodial deposits connected to the acquisition of Signature Bank.

Persons: Bank’s, Thomas Cangemi, David Chiaverini, it’s, Chiaverini, NYCB, Janet Yellen, ” Yellen Organizations: New, New York CNN, Silicon Valley Bank, Signature Bank, First, New York Community Bancorp, Moody’s Investors Service, Wedbush Securities, ”, Silicon Valley, Bank of America, Financial Services, Federal Deposit Insurance Corporation Locations: New York, Silicon Valley

☆ The job market for startups and Big Tech is in a weird spot
▼ + stars: | 2024-02-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The big storyCareer makersInflection AI, Maven, Forage, The GrandWhich startup would you recommend a friend or family member should work at? That was the prompt for Business Insider's VC and startups team as it compiled a list of early-stage companies to bet your career on . The list doesn't have specific parameters, Leena Rao, the deputy editor of BI's VC and startups team, told me. With so much money pouring into AI startups, founders' attention will naturally be drawn to the tech when thinking about their next project. Meanwhile, the volatility among startups comes at a time of broader instability for the tech industry.

Persons: —, Elon Musk, Taylor Swift, Leena Rao, Maven, Alyssa Powell, Ben Bergman, there's, Moody's, Paul Tudor Jones, We've, Jenny Chang, Rodriguez, OpenAI, Samantha Stokes, Andrea Chronopoulos, Bob Iger, Lachlan Murdoch, David Zaslav, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, Business Insider's, Big Tech, Meta, Flagstar Bank, Facebook, YouTube, Google, BI, ESPN, Warner Bros, Fox, Walt Disney Company Locations: NYCB, New York, London

☆ Premarket stocks: Wall Street is worried about another regional banking crisis
▼ + stars: | 2024-02-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.

Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, ”, Chip Somodevilla, She’s, Powell, “, ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”

Despite mortgage rates hovering around 6%, homeownership is still a top priority for many Americans. Matt Vernon, head of consumer lending at Bank of America, says prospective homebuyers shouldn't try to time the market. Despite this, many prospective homebuyers are ready to act. According to Matt Vernon, head of consumer lending states at Bank of America, it's not worth waiting for rates to drop if you're otherwise ready to buy. For instance, approximately one-third of prospective homebuyers would consider starting an online store to sell handcrafted pieces (34%) or selling some of their belongings (31%) to save for a home.

Persons: Matt Vernon, shouldn't, —, it's, homeownership, Homeownership, Vernon, they'd, today's Organizations: Bank of America, Service, Finance

☆ Yellen Says Stable Financial System Is Key to U.S. Economic Strength
▼ + stars: | 2024-02-05 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen will tell lawmakers on Tuesday that the United States has had a “historic” economic recovery from the pandemic but that regulators must vigilantly safeguard the financial system from an array of looming risks to preserve the gains of the last three years. Ms. Yellen will deliver the comments in testimony to the House Financial Services Committee nearly a year after the Biden administration and federal regulators took aggressive steps to stabilize the nation’s banking system following the abrupt failures of Silicon Valley Bank and Signature Bank. While turmoil in the banking system has largely subsided, the Financial Stability Oversight Council, which is headed by Ms. Yellen, has been reviewing how it tracks and responds to risks to financial stability. Like other government bodies, the council did not anticipate or warn regulators about the problems that felled several regional banks. “Our continued economic strength depends on a solid and resilient U.S. financial system,” Ms. Yellen said in her prepared remarks.

Persons: Janet L, Yellen, Biden, Ms Organizations: Financial Services, Valley Bank, Signature Bank Locations: United States, “

☆ An affordability crisis is making some young Americans give up on ever owning a home
▼ + stars: | 2024-02-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away. Mortgage rates surged in recent years, hitting the highest levels in more than two decades last fall. CNN spoke with some young Americans about their thoughts on the current state of the US housing market and their plans for the future. “The housing market is not a single person’s market.”What typically happens when a regional housing market becomes too unaffordable is that people without the means simply move somewhere cheaper, such as a suburb an hour away, for example. Still, affordability takes into account mortgage rates, family incomes and single-family home prices, which remain a vexing pain point.

Persons: It’s, Baby, Brandie Grant, Grant, ”, “, ” Brandie Grant, Brandie, Ross, Emily Bunton, Ross Bunton, That’s, ” Bunton, I’m, Corey Griffis, ’, hasn’t, ” Griffis, Shyahm Aguilar, Shyahm Aguilar Shyahm Aguilar, Aguilar, we’ve, ” Aguilar, that’s, there’s, Fannie Mae’s, ” Mark Palim, Fannie Mae, Mario Tama, Daryl Fairweather, Redfin’s, Sofiya Vyshnevska, Vyshnevska, “ Young Organizations: DC CNN, Baby Boomers, CNN, San Francisco Bay Area, National Association of Realtors, Housing Administration, Montana State University, Federal, Housing Survey, “, NAR Locations: Washington, San Francisco Bay, United States, St, Louis , Missouri, Portland , Oregon, Mexico, Santa Fe , New Mexico, Santa Fe, Merida, Colorado, Phoenix, Queen Creek , Arizona, Minneapolis, Houston, Dallas, Austin , Texas, Tampa, Jacksonville, Orlando, Florida, Atlanta

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670. While your credit score will suffice for some landlords, under the Fair Credit Reporting Act, landlords are also allowed to view your credit reports. The average credit score of a Gen Z consumer is 680 compared to the average baby boomer's credit score of 745. Though these services won't directly help you build credit, keeping track of your credit score is a crucial part of the credit building process. Apartment credit score requirements frequently asked questionsCan you rent an apartment if you do not have credit?

Persons: —, TransUnion, Kendall Meade, Jay Zigmont, Will, Jamela Adam, Read Organizations: Fair, Childfree, Forbes, . News, Mint Intuit Locations: AnnualCreditReport.com, SoFi, Chevron

☆ Zelenskiy Says EU Aid Approval Will Boost Ukraine's Economy
▼ + stars: | 2024-02-01 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

KYIV (Reuters) - President Volodymyr Zelenskiy said on Thursday the EU's approval of an aid package to Ukraine would strengthen long-term economic and financial stability as the war with Russia approaches its third year. "It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity," Zelenskiy said on the X social media platform. "Continued EU financial support for Ukraine will strengthen long-term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia," he said. Ukraine expects to receive the first tranche of 4.5 billion euros ($4.9 billion) from the EU facility in March, the economy ministry said. The Latest Photos From Ukraine View All 91 ImagesUkraine critically depends on financial support from its Western allies.

Persons: Volodymyr Zelenskiy, Zelenskiy, Serhiy Marchenko, Olena Harmash, Jon Boyle Organizations: Finance, Kyiv, European Union Locations: Ukraine, Russia

☆ Ukraine: EU agrees $50bn funding deal
▼ + stars: | 2024-02-01 | by ( Luke Mcgee | ) edition.cnn.com time to read: +4 min

#Unity All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget,” the EU Council’s President Charles Michel wrote on X, formerly known as Twitter. “Grateful to @CharlesMichel and EU leaders for establishing the €50 billion Ukraine Facility for 2024-2027,” he tweeted. Orban had held up the deal on the grounds he did not want the funds to come from the EU budget, meaning funds would be taken from EU member states and sent to Ukraine. Critics of Orban were quick to accuse him of blocking the deal because the EU is currently withholding funds for Ukraine due to it breaching rule of law requirements. The diplomat said the deal as outlined by Michel does not unlock EU funds for Hungary, though the summit will continue throughout Thursday.

Persons: Viktor Orban, Charles Michel, ”, Volodymyr Zelensky, didn’t, Orban, Critics, Michel, Vladimir Putin, , Josep Borrell, ” Borrell Organizations: CNN, European Union, Hungary’s, Kyiv, EU, “ EU, Ukraine, Reuters Locations: Ukraine, Russian, United States, Washington, “, Russia, European, Hungary, Brussels, Europe

☆ European Central Bank holds rates steady, gives no hint at cuts ahead
▼ + stars: | 2024-01-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The European Central Bank on Thursday held interest rates unchanged, and reiterated it would keep them high for a "sufficiently long duration" to bring inflation to target. The central bank is holding steady for the third straight meeting, after hiking its deposit rate to 4% in September. The central bank is facing a sluggish euro area economy and fragile financial stability, but it is also focused on bringing inflation down to 2% from 2.9% currently. The ECB is highly concerned with cutting rates too soon and undoing some of the effects of the existing tightening. On Thursday morning, markets were factoring in a 62% probability of an April cut, according to LSEG data.

Persons: Christine Lagarde Organizations: European Central Bank, ECB

☆ Opinion: Three ways to help millennials overcome the cost of living crisis
▼ + stars: | 2024-01-22 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +11 min

It’s a decline not seen around the rest of the developed world, where higher education is expanding. Provide universal low-cost child careFrom my vantage point, the single highest barrier to Millennial economic stability is child care. The reasons behind that are complex, but cost is certainly among them: The United States has some of the highest child care costs in the world. Affordable, high-quality, universal child care helps mothers, and particularly low-income mothers, to stay in the workforce, which pays dividends for their families. Child care programs help to prepare kids for school and may keep them more active and socially engaged.

Persons: Jill Filipovic, CNN —, haven’t, We’ve, ’, Z, Gen Zers, isn’t, Millennials, — Organizations: Twitter, CNN, Boomers, American Boomers, Ivy League, OECD Locations: New York, Europe, States, tony

BANGKOK (AP) — US and Chinese officials have completed the third meeting of a working group established to cooperate on financial issues, in a step that continues the trend set by the two powers last November to ease tensions. Officials from the U.S. Department of the Treasury met with counterparts in the People's Bank of China to discuss issues ranging from financial stability to countering money laundering. The delegation also met with Vice Premier He Lifeng while they were in China, according to a statement from the Treasury Department Friday. In November, Yellen met with He in San Francisco. Their two-day meeting was seen as paving the way for the later meeting between U.S. President Joe Biden and China's President Xi Jinping.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, Donald Trump Organizations: U.S . Department of, People's Bank of China, Treasury Department, U.S Locations: BANGKOK, People's, China, San Francisco

Start a nest egg or emergency fundNow is the time to build a nest egg or emergency fund , whether you're starting from scratch or need to beef yours up. A nest egg puts your mind at ease because whatever happens you will be prepared," says Moore. A nest egg also keeps you out of debt . Start saving money right now so you can see great progress by the end of the year. Building a nest egg is a major step towards financial stability that really pays off down the road.

Persons: Chloe Moore, Moore Organizations: Business, Quicken, Finance

☆ A financial behavior expert says ignoring your money always makes things worse, but 3 steps can help you regain control
▼ + stars: | 2024-01-17 | by ( Jennifer Streaks | Sarah Silbert | Senior Personal Finance Reporter | ) www.businessinsider.com time to read: +4 min

Financial behavior expert Stacey Tisdale says feeling overwhelmed leads people to ignore their finances and makes things worse. Make money management less stressful by using a budgeting app or hiring a financial advisor. According to financial behavior expert Stacey Tisdale , this is the main reason people ignore the hard truths about their finances. Related storiesHere are three steps you can take to stop ignoring your finances and get your money back on track:1. Build your financial competence over time, and understand that financial stability is a journey and not a race."

Persons: Stacey Tisdale, —, Tisdale Organizations: Service, Finance

☆ How to Open a Savings Account
▼ + stars: | 2024-01-14 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +9 min

If you’re ready to get the most out of your spare dollars, take these steps to open a new savings account. Compare savings account optionsIf you plan to open a savings account online, there are hundreds to choose from. Banks may also require you to deposit a certain amount to open or maintain a savings account with them. If you want to open a savings account that will be shared with another person, like a spouse or partner, you should opt for a joint account rather than a single account. Fund the accountIf your chosen bank or credit union requires a minimum deposit to open a new savings account, you’ll need to fund it with a check, cash, credit or debit card payment, or transfer from another checking or savings account.

Persons: Kerri Anne Renzulli, Banks, You’ll Organizations: Insurance, U.S, government’s Federal Deposit Insurance Corp, National Credit Union Administration, Federal Reserve, Consumer Financial, Consumer Financial Protection Bureau, Social, ABA Locations: government’s, U.S

☆ Meet a millennial who moved from California to New Mexico after cycling through 35 roommates and a tiny home in the Bay Area
▼ + stars: | 2024-01-14 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

High housing costs in the Bay Area meant a tiny home with mold and a revolving door of roommates. AdvertisementFor Julia, 39, the straw that broke the camel's back was when she found out her tiny house was moldy. During her time in the Golden State, she went through what's come to characterize the millennial housing experience. AdvertisementRight before the pandemic, Julia felt ready to leave the city; she moved into a 250-square-foot tiny house in a former garage outside of San Francisco. "Here we were in a situation where all we could afford was a moldy tiny house that was making us sick.

Persons: Julia, —, it's, She's, we're Organizations: Service, Golden State, Business, millennials, Terner Center, Housing Innovation, UC Berkeley, Survey Locations: California, New Mexico, Bay, Golden, San Francisco, Santa Fe , New Mexico, pricier Santa Fe County

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

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