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☆ In hedge funds' backyard, private credit is the toast of the town
▼ + stars: | 2023-10-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Instead, people like Ken Kencel — CEO of Churchill Asset Management, a private credit division of asset management giant Nuveen — held court. In the next decade, he predicted that private credit shops and direct lenders could fill in the holes in the asset-based lending space, as well as home and auto loans. Private credit — or alternative credit or direct lending — is a subsect of finance that has grown rapidly thanks to higher interest rates and distressed banks. Higher interest rates are forcing institutions — the pensions and endowments that make up hedge funds' biggest investors — to rethink their portfolios. But while the Bridgewater founder had the rapt attention of the room, it was at a direct lending panel a couple of hours later when an ambitious audience member pitched himself to the private credit executives onstage.

Persons: Ray Dalio, Cliff Asness, Ken Kencel, —, I've, Banks, Gregory Robbins, Jan Van Eck Organizations: Greenwich Economic, Churchill Asset Management, Golub Capital, Bridgewater Locations: Greenwich, China

I have one bank that I use for investing and one that I use for credit cards and high-yield savings. Originally, I used Wells Fargo as my primary bank. This book taught me how to make my credit cards work for me and what to look for in credit cards. Now I have my credit cards, savings account, and auto loan all in one place. But if they ever pull a Wells Fargo, I have my process to find a new bank.

Persons: —, Wells, Wells Fargo, Charles Schwab, Ramit Sethi, Cash, I've, they're Organizations: Service, Vanguard, Self Locations: Wells Fargo, Wells

☆ My husband and I paid off our mortgage more than 15 years early by following a simple money rule we learned from our parents
▼ + stars: | 2023-10-04 | by ( Marisa Palmieri Shugrue | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +6 min

This July, my husband and I sent in our final mortgage payment. Why we decided it made sense to pay off our mortgage earlyAn early mortgage payoff had been a major financial goal of ours since 2016. After doing some research and calculations, we realized a combination of investing and paying off our mortgage early would give us the more flexible lifestyle we had in mind. We have not had a car payment in five years. It led us to paying off our mortgage early, which has allowed us both to choose more fulfilling work and spend more time with our daughters.

Persons: it's, We've, didn't Organizations: Ohio National Guard Locations: Cleveland

☆ The fate of this consumer watchdog is in the hands of the Supreme Court
▼ + stars: | 2023-10-03 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

New York CNN —On Tuesday, the Supreme Court began hearing oral arguments in a case that will determine the fate of the Consumer Financial Protection Bureau. The Supreme Court will have the final say on that, however. The consumer watchdog agency was created after the 2008 financial crisis by way of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If the Supreme Court finds the CFPB’s funding structure unconstitutional, it could shutter the agency and invalidate all of its prior rulings. From listening to the case on Tuesday, though, Lynyak believes the Supreme Court will rule that the CFPB’s funding structure is constitutional.

Persons: Dodd, Frank Wall, Democratic Sen, Elizabeth Warren, Ting Shen, Wells, Sam Gilford, ” There’s, Joseph Lynyak III, Lynyak, ”, Noel Francisco, Francisco, “, Sonia Sotomayor, Amy Coney Barrett Organizations: New, New York CNN, Supreme, Consumer Financial, Bureau, Community Financial Services Association of America, Appeals, Fifth Circuit, Frank Wall Street Reform, Consumer, Democratic, Harvard Law School, Federal Reserve, Bloomberg, Getty, “, Mortgage Bankers Association, National Association of Homebuilders, National Association of Realtors, Bank of America, Court, Federal Deposit Insurance Corporation, Congressional, CNN, Dorsey & Whitney, Republican Locations: New York, New Orleans, United States

☆ Here are Tuesday's biggest analyst calls: Nvidia, Rivian, Amazon, Airbnb, Warby Parker, HP, FedEx and more
▼ + stars: | 2023-10-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are Tuesday's biggest calls on Wall Street: KeyBanc reiterates Nvidia as overweight KeyBanc raised its price target on Nvidia to $750 per share from $670 and said it sees "outsized growth." Bank of America adds FedEx to the US1 list Bank of America added the stock to its top picks list. "Upgrading Clean Energy Fuels (CLNE) from Outperform to Strong Buy, with the company on the cusp of ramping up in-house RNG production." JPMorgan reiterates Amazon as a top pick JPMorgan said ignore the noise and buy the dip in shares of Amazon. Bank of America initiates Dycom as buy Bank of America said in its initiation of the telecommunications infrastructure company that it's uniquely positioned.

Persons: KeyBanc, Ally, Evercore, bode, Stifel, Churchill, CHDN, Raymond James, Baird, Vestis, Piper Sandler, Tesla, IBKR, Morgan Stanley, Rivian, it's, Warby Parker, Booz Allen Hamilton, Goldman Sachs, Wedbush Organizations: Nvidia, Aclaris Therapeutics, ISI, Citi, Arista Networks, Arista, " Bank of America, FedEx, Bank of America, FedEx Corp, Owl Capital, Swift Transportation, Evercore ISI, TAM, Energy Fuels, JPMorgan, FTC, DOJ, HP Inc, underperform Bank of America, HPQ, UBS, Booz, of America, Emerson Electric, Warner Music Group, Apple, Constellation Brands Locations: China, CY23

I loved my savings account, but an offer from a local bank convinced me to try a money market account instead. The money market account is treated as a checking account, which makes it easier for me to use. The last time I signed up for a new savings account was in the fall of 2022, when I switched to a Discover savings account. Switching to a high-yield money market accountMy community bank made sure I knew about its interest offer on money market accounts. Money market accounts can pay high APY with checking account treatmentThe fact that the community bank option was a money market account came with another bonus.

Persons: —, I've, I'd Organizations: Service, Discover, Federal Reserve, Fed Locations: Discover —

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). After a three-year pause on payments due to the pandemic, student loan payments are scheduled to resume October 1 . For many, adding student loan payments to a long list of expenses might be a struggle. Understand how student loans will fit into your financesDon't just guess whether you can afford the expense — student loan payments will require you to redo your budget. What to do about private student loansIf you owe private student loans , this might be a bit trickier.

Organizations: Consumer Financial, Social, SAVE, Federal

WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve rose in August, boosted mainly by higher gas prices. Friday's report from the Commerce Department showed that prices rose 0.4% from July to August, up from just 0.2% the previous month. Excluding volatile food and energy prices, though, “core” inflation rose by the smallest amount in nearly three years, evidence that inflation pressures continue to ease. Compared with a year earlier, overall prices rose 3.5% in August, slightly higher than the 3.4% increase in July. The inflation gauge that was issued Thursday, called the personal consumption expenditures price index, is separate from the better-known consumer price index.

Persons: ” Rubeela Farooqi, ’ paychecks, Austan Goolsbee, ” Goolsbee, “, ” Organizations: WASHINGTON, Federal, Commerce Department, Fed, Republicans, Federal Reserve Bank of Chicago Locations: July’s

☆ The US consumer is starting to crack
▼ + stars: | 2023-09-28 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementEven as interest rates skyrocketed over the past 18 months, a good job market and strong consumer spending kept the US economy moving. However, there are growing signs that the strength of the US consumer is starting to crack. Earlier this month, the Fed kept interest rates unchanged, as expected. At the start of the rate increase, borrowers, like existing homeowners, had low mortgage interest rates locked in. Even dollar stores are starting to feel the pressure of more measured spending after initially benefitting from inflation as wealthier people looked for more value.

Persons: —, Morgan Stanley, It'll, Jerome Powell, Powell, David Rosenberg Organizations: Service, Federal Reserve, San Francisco Fed, United Auto Workers, National Association of Business Economics, Bank of America, Conference Board, JPMorgan, Bloomberg, Costco Locations: Michigan

☆ JPMorgan’s top stock guru stays bearish on market, sees headwinds for any risk asset
▼ + stars: | 2023-09-27 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

"This reasoning is based on market valuations (fundamentals), investor positioning, and various macro and geopolitical considerations." Higher-for-longer interest rates from the Federal Reserve have stoked investor worry on Wall Street. Kolanovic is JPMorgan's chief global market strategist who gained notoriety for correctly calling the post-pandemic rebound in stocks, something very few on Wall Street anticipated. In the near term, the strategist believes stocks could fall further until some of these headwinds subside. Most Wall Street strategists expect the S & P 500 to rebound above 4,300 before the year is out, according to the exclusive CNBC PRO strategist survey .

Persons: JPMorgan's Marko Kolanovic, Kolanovic, CNBC's Michael Bloom Organizations: Federal Reserve, Treasury, CNBC PRO

☆ Student loan payments are about to drain $8 billion a month from consumers, and spending will start contracting early next year
▼ + stars: | 2023-09-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The resumption of student loan repayments will amount to $5.5 billion-$8.2 billion per month, Fitch said. Fitch also predicted student loan delinquency rates will quickly reach pre-pandemic levels or above. AdvertisementAdvertisementStudent loan payments resume next month, draining billions of dollars a month from consumers, who will start pulling back sharply on spending, Fitch Ratings forecast in a Wednesday report. "Debt service is expected to trend higher in the coming quarters as student loan payments resume and higher financing costs take hold for much longer." AdvertisementAdvertisementIn early August, US credit card debt topped $1 trillion for the first time — though credit spending growth has begun slowing, it has maintained levels that are about double pre-pandemic averages.

Persons: Fitch, —, Biden, Olu Sonola Organizations: Service, Fitch, Federal

☆ These 4 risks could plunge the US economy into a recession as inflection point nears
▼ + stars: | 2023-09-25 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Hopes for a soft landing in the economy could be dashed as a number of risks start to converge. These are four risks that could send the economy into a recession sooner rather than later, according to Raymond James. AdvertisementAdvertisementThe US economy is more likely to enter a mild recession than stick a soft landing, according to a Friday note from Raymond James. AdvertisementAdvertisementThese are the four risks that could ultimately tip the economy into a recession, according to Adam. Labor market is weakening"The labor market's strength is finally starting to wane.

Persons: Raymond James, Larry Adam, Adam, Banks, shutdowns Organizations: Federal Reserve, Labor, United Auto Workers

☆ First on CNN: Two out of three workers say prices are still rising faster than wages, new survey shows
▼ + stars: | 2023-09-25 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Sixty-seven percent of employees say the cost of living is outpacing growth in their salary and wages, according to a Bank of America survey shared exclusively with CNN on Monday. High inflation is a major reason why just 42% of employees say they feel financially well, according to the Bank of America survey. Likewise, 64% of employees say they are stressed about their finances. 23% of women losing sleep over moneyJust 38% of women say they feel financially well, according to the Bank of America survey. While 61% of Asian employees say they feel financially well, just 44% of White employees, 40% of Hispanic and 35% of Black said the same.

Persons: That’s, “, ” Lorna Sabbia, Joe Biden, Biden, ”, Black, Sabbia, ” Sabbia Organizations: New, New York CNN, Bank of America, CNN, Bureau of Labor Statistics, of Labor Statistics, Bidenomics The Bank of America, ABC News, Washington Post, ABC, “ Companies Locations: New York

☆ Loan approval: Why has it gotten so much harder?
▼ + stars: | 2023-09-22 | by ( Samantha Delouya | ) edition.cnn.com time to read: +8 min

Magnusson said that while she used USAA for a personal loan in the past, this time, the process felt very different. Lately, it may take more than just a good credit score for many people to get approved for a loan. Deutsche Bank recently told investors that bank lending conditions look “consistent with recession levels,” even though the US is not currently in a recession. Magnusson said she was “in tears” after spending hours on the phone with USAA to secure the loan over multiple days. McBride said that although loan application rejections are up and standards are tougher, getting a loan is still possible for those with good credit.

Persons: Cheryl Magnusson, Magnusson, “, USAA, ”, Greg McBride, —, ” McBride, Nathan Howard, McBride, William Brown, Brown, we’ve, ” Brown, “ I’ve, I’ve, Darlene Johnson, ” Johnson, Scott Olson Organizations: CNN, Federal Reserve Bank of New, Consumer, Deutsche Bank, Eccles Federal Reserve, Bloomberg, Getty, Silicon Valley Bank, Signature Bank, Navy, Suncoast Credit Union, Suncoast, Mortgage Bankers Association, Federal Reserve Locations: Arizona, Washington , DC, Silicon, Florida, Hawthorn Woods , Illinois

Girls and young women want to be homeowners by the time they're 30 — a higher priority even than getting married or earning a lot of money. About half, 52%, of young women ages 7 to 21 want a house by 30, the most of any goal, according to Girlguiding's Girls' Attitude Survey 2023 . To compare, 48% want to be married by age 30, and 39% said it's a goal to earn a lot of money. The organization polled 2,614 girls and young women in the U.K. between the ages of 7 and 21 earlier this year. Lenders look at your debt-to-income ratio to figure out how much mortgage debt you can take on.

Persons: Fannie Mae, it's, Melissa Cohn, William Raveis, Kamila Elliott, Cohn, Jessica Lautz, Elliott, Roth, Lazetta Rainey Braxton, Braxton Organizations: Fannie, William Raveis Mortgage, Federal Reserve, Wealth Partners, National Association of Realtors, CNBC, Partners, IRA, CNBC FA Council, CNBC FA Locations: New York, Atlanta

☆ The Federal Reserve leaves rates unchanged. Here's how it impacts your money
▼ + stars: | 2023-09-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

As the federal funds rate rose, the prime rate did as well, and credit card rates followed suit. The average rates for a 30-year, fixed-rate mortgage "remain anchored north of 7%," said Sam Khater, Freddie Mac's chief economist. Already, the average rate for a HELOC is up to 9.12%, the highest in 22 years, according to Bankrate. Student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: that's, Matt Schulz, Sam Khater, Freddie Mac's, Greg McBride Organizations: Treasury, Bankrate.com, LendingTree

☆ Here are 3 money moves wealthy Americans are more likely to make in times of economic uncertainty
▼ + stars: | 2023-09-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Almost regardless of how much you have in the bank, it's hard to feel financially secure. Across the board, households are facing surging child-care costs, ballooning auto loans, high mortgage rates and record rents amid economic uncertainty and recessionary fears. And nearly half, or 47%, of wealthy Americans said their financial planning needs improvement. Yet there are things millionaires do that the rest of us may not, Northwestern Mutual's report also found, which can go a long way toward improving long-term well-being. Here are three moves wealthy Americans are more likely to make:

Persons: — Organizations: Finance, Edelman Financial, Bloomberg Locations: Northwestern

☆ The Federal Reserve may not hike interest rates this week. What that means for you
▼ + stars: | 2023-09-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Artistgndphotography | E+ | Getty ImagesThe Federal Reserve is likely to skip an interest rate hike when it meets this week, experts predict. The central bank has already raised interest rates 11 times since last year — the fastest pace of tightening since the early 1980s. The average rates for a 30-year, fixed-rate mortgage "remain anchored north of 7%," said Sam Khater, Freddie Mac's chief economist. Auto loan rates top 7%Even though auto loans are fixed, payments are getting bigger because the price for all cars is rising along with the interest rates on new loans. Federal student loans are now at 5.5%Federal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves.

Persons: Greg McBride, that's, Sam Khater, Freddie Mac's, McBride Organizations: Finance, Money, Homeowners, U.S, Treasury, Auto Locations: LendingTree, Federal

REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 17 (Reuters) - Bank of Montreal (BMO) (BMO.TO) is winding down its indirect retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third-largest bank said. The bank, which announced the move on Saturday, has conducted this business in Canada and the United States. Under the indirect retail auto finance business, the bank works with car dealerships to arrange financing for buyers, who make monthly payments to the lender. "By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest," BMO said in a statement to Reuters. The remaining loans in this portfolio are primarily auto loans, but also include other loans, including loans for boats, recreational vehicles and motorcycles, Edward Jones analyst James Shanahan said.

Persons: Chris Wattie, Paul Hunsley, Edward Jones, James Shanahan, Nivedita Balu, Denny Thomas, Jane Merriman, Susan Fenton, Will Dunham, Diane Craft Organizations: of Montreal, BMO, REUTERS, Rights, Bank of Montreal, Reuters, The, Bank, Thomson Locations: Ottawa , Ontario, Canada, United States, California, Toronto

The UAW began striking at factories that make only a few vehicles – Ford Broncos and Rangers, Jeep Wranglers, Chevrolet mid-size pickups and GMC vans. Car prices were rising long before the auto workers even raised the possibility of a strike. Prices are almost certain to rise even if the strike is settled quickly, because the auto makers' labor costs will increase. “They could double our wages and not raise car prices and still make billions of dollars in profit,” he said during an online presentation to union members this week. It's all enough to make many motorists consider avoiding the car lot and keeping their current car a while longer.

Persons: Stellantis, ”, Ivan Drury, isn’t, Garrett Nelson, ” Nelson, “, we’re, Tesla, Drury, Kelley, Patrick Anderson, Shawn Fain, Edmunds Organizations: DALLAS, United Auto Workers, Dealers, General Motors, UAW, Detroit, Ford Broncos, Rangers, Jeep Wranglers, Chevrolet, GMC, Chevrolet Silverado, Tahoe, GMC Sierra, Ford, CFRA Research, GM, Fiat Chrysler, Toyota, Honda, Consumers, Federal Reserve Bank of New, Anderson Economic Group, Stellantis, “ Locations: Edmunds, Mexico, Federal Reserve Bank of New York

☆ A legendary economist who called the 2008 recession says another downturn is knocking on the door — and warns stocks will end up falling 40% by the end of this market cycle
▼ + stars: | 2023-09-16 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Legendary economist Gary Shilling says the US economy is headed toward a recession — that is, if we're not already in one. "The Fed wants to make sure they've killed inflation," Shilling said. Shilling, who called the 2008 recession, pointed out that recessions sometimes don't start until the Fed has already begun to cut rates. The Federal Reserve Bank of St. LouisTrusted recession indicators are also signaling that a downturn is coming, Shilling said. The Conference BoardAs a result of the recession, Shilling expects stocks to fall significantly.

Persons: Gary Shilling, we're, It's, Shilling, Merrill Lynch, David Rosenberg, Louis, they're, Jeremy Grantham, John Hussman, Albert Edwards, Edwards Organizations: Federal Reserve, Fed, Federal Reserve Bank of St, Conference, Societe Generale Locations: there's

Biden said that when negotiations began, he encouraged leaders of the two sides to stay at the bargaining table as long as possible. The head of the UAW said the union's negotiators “are hard at work at the bargaining table.”The UAW strike is just one of many labor disruptions. Still, a wider strike by the UAW could cause parts of the U.S. economy to shudder. The chain reaction across parts suppliers to the stores and restaurants that auto workers patronize could hurt local economies in Michigan, Wisconsin and other states that could be pivotal in next year’s election. Former President Donald Trump, the early Republican front-runner, said that union workers jobs are at risk because of Biden’s push to use of government incentives to build more EVs.

Persons: Joe Biden, autoworkers, ”, ” Biden, Stellantis, Biden, Julie Su, Gene Sperling, Shawn Fain, “, ’, Suzanne Clark, Joshua Bolten, ” Fain, Joe Brusuelas, Donald Trump, Trump, Jill Colvin Organizations: WASHINGTON, Big, White, United Auto Workers, General Motors, Ford, UAW, GM, Fiat Chrysler, Workers, Labor Department, Democratic, Business, U.S . Chamber of Commerce, RSM, Oxford Economics, Republican, NBC News Locations: Detroit, California , Oregon, Washington, U.S, Michigan , Wisconsin, China, United States, America

☆ A rise in car prices would hit consumers already facing higher payments.
▼ + stars: | 2023-09-15 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Prices are rising, options are limited and interest rates are higher than they’ve been in over 20 years. The Federal Reserve started raising interest rates in March last year to combat inflation, eventually pushing its benchmark rate to the highest level since 2001. That has had an effect on rates for auto loans, which are now about 7.4 percent on average for new cars and 11.2 percent for used cars, according to Edmunds. Higher interest rates mean those who can put off buying a new car until next year or later, probably will. High rates were the top factor holding back business for car dealers this quarter, according to a recent survey from Cox Automotive.

Persons: It’s, they’ve, “ You’re, ”, Greg McBride Organizations: Federal Reserve, Bankrate, Cox Automotive Locations: Edmunds

☆ 'We are becoming more convinced that the cracks are emerging': JPMorgan warns a host of recession risks are starting to pile up — and shares 2 trades to keep your portfolio safe
▼ + stars: | 2023-09-14 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Another is the still-inverted Treasury yield curve, meaning yields on shorter-duration government bonds are higher than those with longer durations. Inversions of the 3-month and 10-year yields have preceded every recession since the 1960s without producing a false signal. The Vanguard Energy ETF (VDE) and the Energy Select Sector SPDR Fund (XLE) offer exposure to energy stocks. The Consumer Price Index, a main measure of inflation, rose to 3.7% year-over-year in August compared to 3.2% in July. Investors can gain exposure to short-term government bonds through TreasuryDirect, their brokerage, or through ETFs like the Vanguard Short-Term Treasury ETF (VGSH).

Persons: Marko Kolanovic, Kolanovic, Michael Feroli, Cash Organizations: for Supply Management, Bank of America, Federal Reserve, Treasury, Federal, Energy, Vanguard Energy Locations: China, TreasuryDirect

☆ 10 signs the US economy may struggle in the next year
▼ + stars: | 2023-09-14 | by ( Madison Hoff | Noah Sheidlower | ) www.businessinsider.com time to read: +10 min

By raising interest rates, the Fed "wants us to buy fewer cars. There are signs that a drop in savings could be making it harder for Americans' to keep up with paying off debt. Long-term interest rates rising for non-economic reasonsLong-term interest rates are on the rise, even though economic data on the whole is improving. Higher-interest payments for the US governmentSløk also noted higher interest payments for the US government as another downside risk to the outlook. Projections published by the Congressional Budget Office show increasing estimates for the upcoming decades for federal interest payments as a share of GDP.

Persons: Torsten Sløk, Sløk, Paul Krugman, Persis Yu, Jan Hatzius, Goldman Sachs, Hatzius, it's, , you've, Andy Kiersz, That's, Brent Organizations: Service, Apollo Global Management, NYU Stern School of Business, Federal Reserve, San, San Francisco Fed, Student, Protection, CNBC, New York Fed, Banking, West Texas, Labor Statistics, US, Fitch, Congressional Locations: Wall, Silicon, San Francisco, China, Japan, Europe, Germany

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