CNN reports that 2023 has been
a strange time for mid-sized
banks in the United States.
Earlier this year, three regional banks collapsed.
Last week, PacWest and Bank of California
announced an emergency merger.
.
The banking industry shakeup has
been exacerbated by aggressive
rate hikes by the Federal Reserve.
On July 28, another small bank failed.
This time it
was Heartland Tri-State Bank of Elkhart, Kansas.
However, CNN reports that recent surveys suggest that
confidence remains high among middle-income customers
(households with income between $47,000 and $142,000).
A survey conducted by Santander, the 30th largest
U.S. bank, found that almost 80% of households
said the recent banking crisis did not impact them.
.
A survey conducted by Santander, the 30th largest
U.S. bank, found that almost 80% of households
said the recent banking crisis did not impact them.
.
We started this survey because
there were a lot of mixed
economic signals out there.
The majority of our clients here in the United States are middle-income households, and we want to understand how inflation is impacting them, how higher auto prices are impacting them, how they’re thinking about their behaviors and payments, Tim Wennes, Santander (SC) US CEO, via CNN.
The majority of our clients here in the United States are middle-income households, and we want to understand how inflation is impacting them, how higher auto prices are impacting them, how they’re thinking about their behaviors and payments, Tim Wennes, Santander (SC) US CEO, via CNN.
68% of those surveyed even said they were
on track to achieve financial prosperity, with 79%
of them seeing it happening in the next decade.
According to the bank, prosperity was defined as , “thriving financially, being able to cover
living expenses, handle emergencies, and
pursue life goals without significant tradeoffs.”
Justin and Hailey Bieber , Make Big Pregnancy Announcement.
'E Online' reports that Hailey
and Justin Bieber are expecting
their first baby together. .
The happy couple shared the
news on Instagram on May 9.
The Grammy winner and the Rhode Skin
founder revealed the news with a video
of their Hawaiian vow renewal. .
The news comes almost six years
after the couple wed at a New York City courthouse in September of 2018.
One year later, the couple celebrated their marriage
with a lavish wedding ceremony in South Carolina.
One year later, the couple celebrated their marriage
with a lavish wedding ceremony in South Carolina.
The 'Love Yourself' singer first hinted at the couple's
plans to start a family in October of 2019, posting
a video of a father with his child, writing "this is
something I look forward to" on Instagram. .
The 'Love Yourself' singer first hinted at the couple's
plans to start a family in October of 2019, posting
a video of a father with his child, writing "this is
something I look forward to" on Instagram. .
In February of 2020, Justin explained in an interview
with Zane Lowe that he and Hailey wanted to "enjoy
being married for a little bit" before having kids.
In February of 2020, Justin explained in an interview
with Zane Lowe that he and Hailey wanted to "enjoy
being married for a little bit" before having kids.
In an appearance on Ellen DeGeneres' talk show,
Justin noted that the couple doesn't have
a set number of kids in mind, saying , "I'd love to have myself a little tribe, but yeah,
it's her body and whatever she wants to do.".
In an appearance on Ellen DeGeneres' talk show,
Justin noted that the couple doesn't have
a set number of kids in mind, saying , "I'd love to have myself a little tribe, but yeah,
it's her body and whatever she wants to do.".
In the Amazon Prime documentary, 'Justin
Bieber: Our World,' the couple gave fans
a glimpse of their family planning discussion. .
In the Amazon Prime documentary, 'Justin
Bieber: Our World,' the couple gave fans
a glimpse of their family planning discussion. .
My intention for 2021 is to continue
to set goals and have fun while
doing them. Make sure I put
my family first. And, hopefully,
we squish out a little nugget, Justin Bieber, 'Justin Bieber:
Our World', via Amazon Prime.
My intention for 2021 is to continue
to set goals and have fun while
doing them. Make sure I put
my family first. And, hopefully,
we squish out a little nugget, Justin Bieber, 'Justin Bieber:
Our World', via Amazon Prime
Credit: Wibbitz Top Stories Duration: 01:34Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
~HT.178~PR.282~ED.101~GR.124~
Experts Say Fed's , Rate Hikes Could Impact , Housing Market for Decades.
Yahoo Finance reports that the housing market
has been showing signs of bouncing back as
this year's spring home-buying season begins.
For the second week in a row, mortgage rates
fell, reaching the lowest level in over a month. .
According to Freddie Mac, the average rate
on a 30-year fixed mortgage dropped to
6.74% from 6.88% the week before.
At the same time, supply is also
starting to rebound, with new listings
hitting a 17-month high in February. .
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
According to economist Gary Shilling, the Fed's
campaign has created a "perfect storm,"
with higher rates causing would-be
home sellers to put their plans on hold. .
It won't continue
indefinitely, but it certainly
is disruptive right now, Gary Shilling, Economist, via Yahoo Finance.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
There's going to be low
supply for a long time to
come. What the Fed did…
will have a 30-year tail on it, Glenn Kelman, Redfin CEO, via Yahoo Finance.
Yahoo Finance reports that mortgage rates may be
unlikely to fall much further in the near term, meaning
that a more substantial rebound may still be far off.
Credit: Wibbitz Top Stories Duration: 01:30Published
The 45-year-old man who stole and destroyed a Jackie Robinson statue in Kansas pled guilty on Thursday to multiple charges, including theft, and is now facing.. TMZ.com
Deadly Storms , Forecast to Cross , 1,000 Miles of the US.
'Newsweek' reports meteorologists have warned
that a life-threatening storm could impact millions of
people across the central United States this week.
On April 23, AccuWeather issued a warning regarding , "one of the most widespread severe
weather events so far in 2024.".
According to AccuWeather, the incoming storm , "will unleash tornadoes, hard-hitting hail
and damaging winds across a dozen states.".
On April 25, the first storm of the system is set
to arrive, closely followed by subsequent storms
expected to last throughout the weekend.
AccuWeather warned the storms are expected to pose a , "significant risk to lives and property.".
All modes of severe weather
are likely with the multiple-day
event in the central U.S, Bernie Rayno, AccuWeather Chief
On-Air Meteorologist, via 'Newsweek'.
Two storms, off the Pacific
coast on Tuesday, will swing
across the West and cause
moisture to surge northward from
the Gulf of Mexico while, at the
same time, temperatures surge, Bernie Rayno, AccuWeather Chief
On-Air Meteorologist, via 'Newsweek'.
'Newsweek' reports that the
states at greatest risk are:, Illinois, Indiana, Iowa, Missouri, Arkansas,
Oklahoma, Kansas, Kentucky, Tennessee,
Mississippi, Louisiana and Texas.
According to AccuWeather, the storm is expected to cross
an estimated 1,000 miles on April 26, passing into
central Texas all the way from southern Minnesota. .
In addition to dangerous storm conditions,
the National Weather Service has warned
that critical fire weather conditions, "will also be present across parts of the
Southwest into the southern High Plains."
Credit: Wibbitz Top Stories Duration: 01:30Published
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