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.”
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Target Is Lowering Prices , of 5,000 Items.
On May 20, the retailer said it's
cutting prices on common goods to
help people save money, NPR reports. .
Items like "milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more" will see price reductions, Target said.
We know consumers are feeling
pressured to make the most of
their budget, and Target is here
to help them save more. , Executive Vice President Rick Gomez, via statement.
1,500 items have already seen price cuts,
and more cuts will be made over the summer.
Examples of lower prices in some areas include Thomas' Plain Bagels dropping from $4.19 to $3.79.
Clorox Scented Wipes dropping from $5.79 to $4.99 .
and Good & Gather Unsalted Butter
dropping from $3.99 to $3.79.
In March, the personal consumption expenditures (PCE) price index was
up 2.7% year-over-year, NPR reports.
The Federal Reserve uses the
PCE to help measure inflation.
Typically, the agency likes the PCE to be at 2%
Credit: Wibbitz Top Stories Duration: 01:30Published
Stock Markets Rally , Amid Investor Hopes for , Interest Rate Cuts in 2024.
On the morning of May 15, both the S&P and the
Nasdaq hit all-time highs after new data suggested
inflation may be easing in line with expectations.
Quartz reports that the Dow Jones Industrial Average
is also inching toward the record-breaking
40,000 mark, which it almost hit in March. .
According to the latest Bureau of Labor
Statistics data, April saw the Consumer Price
Index, a key gauge of inflation, rise by 3.4%.
At the same time, consumer prices
increased by 0.3%, slowing slightly
from March's 0.4% increase.
The latest data also shows that core prices,
which don't include food and energy, saw the lowest
increase since April of 2021, rising just 3.6%. .
As a result, investors have a sense of
renewed hope that the Federal Reserve will
begin to cut interest rates at some point in 2024.
The latest inflation data was released one day
after the Producer Price Index, which
measures wholesale inflation, increased 0.5%. .
Over the past year, the
index has increased 2.2%.
Shortly after markets opened, the Dow
jumped up 147 points, hitting 39,705, while the
S&P 500 and the Nasdaq saw 0.5% increases.
Shares in GameStop were down 30% after
experiencing a boost earlier this week by
the online return of investor "Roaring Kitten."
Credit: Wibbitz Top Stories Duration: 01:30Published
Consumer Outlook , Plunges Amid Fears of , More Price Hikes Ahead.
CNN reports that sentiment about the economy among
consumers in the United States has plummeted
to the lowest level in the past six months.
According to the latest consumer survey by the
University of Michigan, consumers are also bracing
for more price increases in the year ahead. .
The consumer expectations gauge,
which is closely monitored by the White House,
dropped 13%, representing the most significant
single month decline since mid-2021.
The latest news is still better than
last May when inflation was at 4%
compared to the current 3.5% reading.
However, CNN points out that despite inflation
being lower than the same time last year, the numbers
have been moving in the wrong direction.
The trajectory has shifted
economist expectations for
the Federal Reserve to cut rates. .
The latest Fed report saw expectations
for year-ahead inflation increase
to 3.5% from the 3.2% forecast in April. .
At the same time, long-run
expectations for inflation also
increased to 3.1% from April's 3.0%. .
According to Chicago Federal Reserve
President Austan Goolsbee, the latest data , "bodes awful for progress on inflation.".
There isn’t, at this time,
much evidence in my view that
inflation is stalling out at 3%, Austan Goolsbee, Chicago Federal Reserve President, via CNN
Credit: Wibbitz Top Stories Duration: 01:31Published
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
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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