On March 22, Federal Reserve Chairman Jerome Powell and officials at the Central Bank unanimously voted to raise interest rates by a quarter point for the ninth time in a year, effectively bringing the benchmark...
Read MoreIn a report released on March 13, Moody’s Investor Service announced the change of their outlook on the U.S. banking system from ‘stable’ to ‘negative.’ The statement accompanied actions on seven financial institutions, that were...
Read MoreOn March 6, FDIC Chairman Martin Gruenberg spoke at the Institute of International Bankers where he discussed the risks facing banks brought on by macroeconomic uncertainty. In discussing the trends that will likely affect banks’...
Read MoreThe Consumer Financial Protection Bureau (CFPB) released its updated report on Buy Now, Pay Later (BNPL) trends. BNPL usage is widespread among borrower with incomes of less than $50,000 and younger than 35. Not only do BNPL...
Read MoreThe Wall Street Journal reports that despite low unemployment at the end of 2022, 9.3% of auto loans extended to low credit score borrowers were delinquent (30 days late or more) according to Moody’s Analytics. This is...
Read MoreThe New York Fed’s quarterly report showed a $16.9 trillion increase in household debt, as credit card balances increased by $61 billion in Q4 2022. Credit card debt increased $130 billion since 2021, representing the largest year-over-year...
Read MoreDemand For Pre-Owned Vehicles is Slowing During and after the pandemic, the used-car market hit record high prices—the average cost was $31,095 in April 2022—as broken supply chains and chip shortages reduced inventory of new...
Read MoreFed’s 25bp Rate Hike Marks Beginning of ‘Disinflationary Process’ In his announcement of a 25bp rate increase, Fed Chair Jerome Powell acknowledged the slowing of inflation and referred to the relatively modest increase as the...
Read MoreDavos World Economic Forum Spurs Talks of Global Recession On January 16, the World Economic Forum hosted its annual meeting in Davos, Switzerland where economists warned of the likelihood of a global recession this year....
Read MoreConsumers Increasingly Using Credit Cards to Cover Household Expenses As reported by Bloomberg News, the U.S. Census Bureau’s Household Pulse Survey found that more than 35% of respondents are using credit cards or loans to...
Read MoreJob Openings Report Higher Than Expected as Fed Watches for Change Economists had expected the Bureau of Labor Statistics’ November report, the Job Openings and Labor Turnover Survey (JOLTS), to fall to 10 million job...
Read MoreEconomists at Largest Banks Predict Recession in 2023 The Wall Street Journal reports that more than two-thirds of economists at 23 of the largest primary dealers forecast a recession this year. Factors in the latest...
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