68% of Americans couldn’t cover their living expenses for even a month if they lost their job, survey finds. The good news? Now is the best time in years to fix that.
The median amount of cash saved by Americans under the age of 35, not including retirement funds, was just $3,240 last year, according to government data. istock Recession — and layoff — fears loom large over many households. Nearly half of U.S. adults feel the country is already in a recession, a Morning Consult report […]
‘The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability’: Prices fell the most in these U.S. states
Americans are finding it hard to afford homes at mortgage levels now beyond 7%, according to some measures. Home prices have begun to reflect that. As mortgage rates rose in the last quarter of 2022, Americans found the cost of homeownership increasingly challenging, adding hundreds of dollars in interest to their potential monthly mortgage payment. […]
Strategist who loves challenging consensus sticks by call for 8% fed-funds rate
Dominique Dwor-Frecaut, a former associate with the New York Fed and outlier from the rest of the financial-market pack, is standing by a bold call she made a year ago: She says the Federal Reserve needs to hike its benchmark interest rate to 8%, versus the current level of 4.5%-4.75%, to stabilize inflation and could […]
California’s Budget Deficit Blows Up
California Gov. Gavin Newsom’s budget last month projected a $22.5 billion deficit, but apparently his forecast was too sunny. The Legislative Analyst’s Office (LAO) warned last week that the state’s budget hole may be a lot bigger owing to plunging revenue. Look out below. Source link
More Auto Payments Are Late, Exposing Cracks in Consumer Credit
MarketsFinanceBorrowers with low credit scores fall behind in numbers unseen since 2010 Source link
Why January’s CPI report could deal a massive blow to the stock market
The stock market’s start-of-year rally is poised to fizzle if a highly-anticipated U.S. inflation report on Tuesday dashes hopes for a quicker retreat in the cost of living in America, warned market analysts. The January CPI reading from the Bureau of Labor Statistics, which tracks changes in the prices paid by consumers for goods and […]
Fed’s Inflation Fight Pushes Up Cost of U.S. Debt
EconomyU.S. EconomyRepublicans and Democrats disagree on whether debt load is manageable Source link
Steepest Home-Price Declines in Fourth Quarter Were in the West: WSJ
U.S. home prices rose in the fourth quarter from a year earlier, but once-booming West Coast markets were among a growing number of metro areas to post price declines. Source link
Deutsche Bank says there’s a 90% chance of recession. But, without one, S&P 500 can get to 5,000.
One of Wall Street’s most pessimistic banks is conceding that the economic outlook has improved. But Deutsche Bank, in a new update of its house view, still says there’s a 90% chance of a U.S. recession this year. It says that while there’s evidence inflation has peaked, it’s still well above central-bank targets and likely […]
Fed Officials Signal Higher Interest Rates Will Be Needed to Contain Inflation
A senior Federal Reserve official said the economy will need higher borrowing costs for a few years to bring down inflation and prevent price pressures from strengthening. “We still have some work to do to get interest rates in the right place,” said New York Fed President John Williams at The Wall Street Journal’s CFO […]