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Driven by Mortgages, U.S. Household Debt Hits New High

Source: StatistaU.S. household debt climbed to a record high of $14.6 trillion at the end of 2020, as mortgage debt surpassed $10 trillion for the first time. According to the New York Fed’s latest Household Debt and Credit Report, mortgage debt increased by a whopping $183 billion over the past three months alone. The increase was mainly driven by a record volume of mortgage originations, as many households took advantage of historically low mortgage rates to refinance their mortgages and ev...
Tags: Infographic, Debt, Mortgages, Radio, Statista, New York Fed, General Interest, Mortgages U S Household Debt Hits New High


10 things you need to know before the opening bell

Drew Angerer/Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.For the latest news out of D.C., sign up here for 10 Things in Politics.Here's what you need to know before markets open.1. US stocks are set to slip after touching record highs. See what markets are doing today.2. The UK economy shrank by a record 9.9% in 2020. This was the worst contraction since records began and likely its sharpest slump overall in 300 year...
Tags: UK, US, Trends, Markets, Paypal, Barclays, Rakuten, John Williams, Robinhood, Gamestop, New York Fed, Dogecoin, Billy Markus, 10 Things Before Opening Bell, Trader Chat, Shalini Nagarajan


10 things you need to know before the opening bell

JOHANNES EISELE/AFP via Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Sign up here for Insider Investing, our weekly markets analysis newsletter full of stock picks and investing advice.1. US stocks are set to open higher as stimulus talks and vaccine rollouts gain speed. See what markets are doing today.2. Fed's Kashkari says Reddit-driven stock gains don't merit a policy response. And he is "not at all" thinking abou...
Tags: Apple, US, Trends, Markets, Bank Of America, House, Reddit, Bp, Biden, John Williams, Robinhood, Jefferies, Gamestop, Fed, RBC Capital Markets, New York Fed


The 11 crucial books that explain modern capitalism

Capitalism: It's worth understanding how it actually works. Peter Dazeley / Getty Images These classic books tell how modern capitalism in Europe and the US changed from a system that manufactured actual products into a financialized trading desk for credit derivatives and leverage. They also describe the how modern inequality developed. And they are all absolutely riveting. Visit Business Insider's homepage for more stories. Fifty years ago, capitalism in the West was based on manufac...
Tags: Firefox, Europe, Books, Politics, UK, London, Finance, Germany, US, America, Trends, Features, West, Atlantic, Capitalism, Paris


BlackBerry spikes record 65% after finalizing deal with Amazon for automotive data software

John Chen, CEO of BlackBerry, gives an interview following the opening of his company's stock at the New York Stock Exchange (NYSE) in New York, U.S., October 16, 2017. Brendan McDermid/Reuters BlackBerry surged as much as 65% on Tuesday after the company inked a multi-year deal with Amazon to develop and market its "Intelligent Vehicle Data Platform."The cloud software, called IVY, allows automakers to read vehicle sensor data and improve systems and performance, according to a press r...
Tags: Amazon, New York, Cloud Computing, Trends, Markets, Hsbc, Aws, Blackberry, Toyota, Volkswagen, Amazon Web Services, B&b, Nyse, John Chen, New York Fed, AMZN


Corporate growth could see a 10% drop in virus-slammed industries amid mounting debt levels, New York Fed says

People have lunch at Chelsea Square Restaurant as New York City restaurants open for limited capacity indoor dining on October 1, 2020 in New York. BRYAN R. SMITH/AFP via Getty Images Corporate growth could slow up to 10% among firms hit hardest by the coronavirus pandemic due to large debt overhangs and revenue contraction, researchers at the Federal Reserve Bank of New York said Monday.Firms in the travel, hospitality, and tourism industries held twice as much debt on average than busines...
Tags: UK, New York, New York City, US, Trends, Fed, New York Fed, Federal Reserve Bank of New York, Bryan R Smith, Joao Santos, Ben Winck, Chelsea Square Restaurant, Getty Images Corporate, Kristian Blickle


United States: NY Fed Executive Vice President Highlights The Complexity Of Climate Change Risk - Cadwalader, Wickersham & Taft LLP

New York Fed Executive Vice President Kevin Stiroh described the complexity of climate change risk and the challenges facing climate change risk managers.
Tags: News, United States, New York Fed, Cadwalader Wickersham, NY Fed, Taft LLP, Kevin Stiroh


Dow climbs 139 points, Nasdaq soars as tech giants rally ahead of earnings

Reuters / Brendan McDermid US equities climbed higher on Thursday as rallying tech stocks and encouraging economic data reversed some of Wednesday's plunge.Apple, Amazon, Facebook, and Alphabet led gains ahead of the companies' third-quarter reports.US GDP grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended ...
Tags: Apple, Facebook, Congress, France, Germany, US, Trends, Markets, Bloomberg, Netflix, Treasury, Oil Price, Goldman Sachs, Starbucks, Economic Growth, Gross Domestic Product


US stocks climb on record GDP growth and encouraging jobless claims data

Bryan R. Smith/AFP/Getty Images US equities edged higher on Thursday as economic data pointed to a stronger-than-expected pace of recovery.The US economy grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended on Saturday, the Labor Department said. The reading exceeded the median economist estimate of 770,000.T...
Tags: Apple, Europe, Congress, France, Germany, US, Trends, Markets, Bloomberg, Economic recovery, Treasury, Oil Price, Economic Growth, Gdp, Gross Domestic Product, US GDP


'Valuation leaves little room for error': Here's what 4 Wall Street banks expect from Apple's fiscal 4th-quarter earnings report

(Photo by Lisa Maree Williams/Getty Images) Apple is set to report fiscal fourth-quarter results on Thursday, cluing investors in on how the company performed just before its latest iPhone event.The quarter that ended in September saw Apple introduce new services and update its watch and iPad lineups.The reveal of its first 5G-capable iPhone lineup arrived later than usual, and while iPhone 12 sales won't show up in Thursday's report, commentary on iPhone demand will be closely monitored.H...
Tags: Apple, Congress, Wall Street, China, Trends, Credit Suisse, Ubs, Fed, Rbc, Wedbush, Ives, RBC Capital Markets, Robert Muller, New York Fed, Watch Apple, David Vogt


Dow falls 200 points as record GDP growth and encouraging jobless claims fail to soothe trader nerves

Bryan R. Smith/AFP/Getty Images US equities slid on Thursday, even as economic data pointed to a stronger-than-expected pace of recovery.The US economy grew at a record 33.1% annualized rate in the third quarter, the Commerce Department said Thursday. The reading exceeded the 32% estimate from economists surveyed by Bloomberg.Weekly jobless claims fell to 751,000 in the week that ended on Saturday, according to the Labor Department. The reading exceeded the median economist estimate of 770...
Tags: Apple, Europe, Congress, France, Germany, US, Trends, Markets, Bloomberg, Economic recovery, Treasury, Oil Price, Economic Growth, Gdp, Gross Domestic Product, US GDP


Oil tumbles 6% on surging COVID-19 cases and inventory buildups

Spencer Platt/Getty Images Oil futures tumbled on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty about the commodity market's recovery.West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.Resurgences in COVID-19 cases have intensified concerns about oil demand. France and Germany are reportedly set to impose new lockdown measures to...
Tags: Europe, Congress, France, Germany, US, Trends, Markets, Commodities, Oil Price, Brent Crude, Morgan Stanley, Crude Oil, Energy Information Administration, Fed, Brent Crude Oil, New York Fed


Oil tanks 6% on surging COVID-19 cases and inventory build-ups

Cabot Oil and Gas workers at a hydraulic fracturing site in South Montrose, Pennsylvania Spencer Platt/Getty Images Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market's recovery.West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.A global resurgence in COVID-19 cases has intensified conc...
Tags: Europe, Congress, France, Germany, US, Trends, Energy Information Administration, Fed, Stanley, New York Fed, Cabot Oil, CBOE, Ben Winck, South Montrose Pennsylvania, Spencer Platt Getty Images Oil, Raymond JamesA


The Fed has done nearly all it can do — and it's now up to Congress to further aid the economy, ex-New York Fed president says

President of the Federal Reserve Bank of New York Bill Dudley speaks during the Bank of England Markets Forum 2018, at Bloomberg, in central London, Britain, May 24, 2018. Victoria Jones/Pool via REUTERS The Federal Reserve has all but exhausted its policy ammo and it's up to Congress to pick up some slack, Bill Dudley, former president of the New York Fed, said Wednesday. The central bank was praised for its creative and rapid response to the coronavirus' economic fallout. Yet Fed policy ...
Tags: Congress, White House, US, Trends, Bank Of America, Bloomberg, Federal Reserve, Morgan Stanley, Fed, Reuters, Dudley, London Britain, New York Fed, Federal Reserve Bank of New York, Jerome Powell, Bill Dudley


Americans used most of their stimulus checks for saving and paying off debt, Fed study shows

In this April 23, 2020, file photo, President Donald Trump's name is seen on a stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak, in San Antonio, Texas. AP Photo/Eric Gay Americans used most of their stimulus checks on buttressing their savings and paying down debts, researchers at the Federal Reserve Bank of New York said in a new study. Roughly 36% of the relief payments went to savings, and 35% was used to pay off debt, according t...
Tags: White House, US, Trends, Ubs, Donald Trump, Irs, Fed, San Antonio Texas, New York Fed, Federal Reserve Bank of New York, Big Tech, Ben Winck, Federal Reserve Bank of New York Stimulus


10 things you need to know before the opening bell

Drew Angerer/Getty Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Here's what you need to know before markets open.1. The US economy can live with stimulus being delayed as long as it is implemented by early 2021, JPMorgan says. Relief spending could be pushed to after the elections because both Trump and Democrat challenger Joe Biden want their name on the package, he said.2. AOC says if Trump walks away from relief spending, the e...
Tags: Asia, Hong Kong, Japan, Finance, China, Germany, US, Trends, Markets, Bank Of America, Tesco, Joe Biden, Britain, Warren Buffett, Goldman Sachs, Democrat


10 things you need to know before the opening bell

Richard Drew/AP Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Here's what you need to know before markets open.1. Global stocks drop and the dollar rises after the Fed warns US economic recovery will stall without further stimulus. The sell-off in broader market indices led to a rise in the dollar. 2. The US is facing a dollar collapse by the end of 2021 and over a 50% chance of double-dip recession, economist Stephen Roach says. H...
Tags: Amazon, Hong Kong, Japan, Finance, Germany, Global, US, Trends, Markets, Tesla, Bank Of America, Economy, Britain, Treasury, Ecb, Federal Reserve


Airbnb declines takeover by billionaire investor Bill Ackman's 'blank-check' company, report says

REUTERS/Brendan McDermid Airbnb declined a merger with Bill Ackman's record-size acquisition company after early-stage talks, Bloomberg reported on Wednesday.The home-rental giant reportedly told Ackman it prefers entering public markets through a traditional IPO.Still, Airbnb hasn't completely ruled out a deal despite confidentially filing for an IPO in mid-August, sources told Bloomberg.Ackman's special-purpose acquisition company, or SPAC, made waves in July after its IPO raised a recor...
Tags: Ipo, Trends, Markets, Bloomberg, Warren Buffett, Airbnb, Bill Ackman, Merger, Initial Public Offering, SPAC, Pershing Square, New York Fed, Ackman, Ian Cassel, Bloomberg Read, Airbnb IPO


Monetary policy overhaul will more effectively boost employment and stabilize inflation, New York Fed president says

John Williams, CEO of the Federal Reserve Bank of New York Reuters The Federal Reserve's new policy framework will help it achieve maximum employment and stable price growth more efficiently, John Williams, president of the Federal Reserve Bank of New York, said Wednesday.The central bank's plan targets inflation that averages 2% over time and maximum employment, particularly in low- and middle-income communities.The updated strategy "will meaningfully improve our ability to achieve both of...
Tags: US, Trends, Markets, Economy, Williams, Inflation, Federal Reserve, John Williams, FOMC, Monetary Policy, Central Bank, Fed, Bernstein, New York Fed, Federal Reserve Bank of New York, Federal Reserve Bank


New York Fed's gold vault: How much does it hold?

Gold within the vault is protected by an intricate security system that features 24-hour surveillance including an armed police force, security cameras and motion detectors and a 90-ton steel cylinder defending the only entry, among other things, the New York Fed said.
Tags: Finance, Article, FBN, New York Fed, Fbn/markets, FOXBusiness, Fox-business/markets/commodities, Fox-business/politics/the-fed, Fox-business/topic/banking, 2f4c5647-7f2a-564a-a59d-7c39f242dbe3


United States: New York Fed Vice President Considers Impact Of FRB Emergency Lending Facilities - Cadwalader, Wickersham & Taft LLP

Federal Reserve Bank of New York ("New York Fed") Executive Vice President Daleep Singh reviewed the actions taken by the Federal Reserve Board.
Tags: News, United States, New York Fed, Taft LLP, Federal Reserve Bank of New York New York Fed, Daleep Singh


U.S. consumers' expectations deteriorated sharply in April: New York Fed Survey

In a month when Americans in most states were being asked to stay home because of the coronavirus pandemic, U.S. consumers became more fearful about losing their jobs and more pessimistic about their ability to access credit or pay their bills, according to a survey released on Monday by the New York Federal Reserve.
Tags: Money, businessNews, New York Fed


The Bailout Is Working — For The Rich

This story first appeared at ProPublica. ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. Ten weeks into the worst crisis in 90 years, the government’s effort to save the economy has been both a spectacular success and a catastrophic failure. The clearest illustration of that came on Friday, when the government reported that 20.5 million people lost their jobs in April. It marked a period of unfa...
Tags: Europe, News, Congress, Senate, Janet Yellen, Kate, Federal Reserve, Blackstone, Columbia Law School, Columbia, Fed, The Fed, New York Fed, Apollo Group, John Light, Menand


U.S. household debt reaches another record on home loans

By Alex Tanzi and Shahien Nasiripour, Bloomberg Americans increased their borrowing for the 23rd straight quarter to a total of $14.3 trillion, according to the Federal Reserve Bank of New York, the latest snapshot of household balance sheets entering what many experts believe to be a recession. Total U.S. household debt rose by $155 billion in the first quarter from the previous three-month period or 1.1%, the New York Fed’s quarterly report showed. Overall household debt is now 28.2% above the...
Tags: Business, Sport, Economy, Soccer, Fed, JPMorgan Chase, Equifax, New York Fed, Federal Reserve Bank of New York, Alex Tanzi, Coronavirus Economy, Shahien Nasiripour Bloomberg, St Louis Fed Black, Andrew Haughwout


Dirt-cheap U.S. mortgages thwarted by $5 billion in margin calls

By Shahien Nasiripour, Bloomberg The Federal Reserve’s emergency rescue of the U.S. mortgage market should have set off a celebration among lenders trying to keep up with demand from borrowers. Instead, executives at Quicken Loans got a hefty margin call. That was just a fraction of the pain the Fed unintentionally inflicted on lenders in mid-March when it announced plans to buy a massive amount of mortgage securities. The move, meant to steady the market, caught many lenders by surprise and tip...
Tags: Business, Real Estate, New York, California, Housing, India, Bloomberg, Sport, Soccer, Loans, Federal Reserve, Southwest Airlines, Southern California, Nations, Fed, The Fed


Electricity use in the US has plummeted more over the past 3 weeks than it did during the entire 2008 recession — and economists say that's a more timely picture of this downturn's true impact

Countrywide measures to contain the coronavirus outbreak have caused an economic toll, but economists say traditional economic measures can't accurately measure in real time the extent to which it has plunged.  Steve Cicala, an economist at the University of Chicago, has released data that reveals a picture of the economy using a more unorthodox measure: electricity usage, which has plunged as thousands of workers find themselves without a job.  "People may be at home consuming electricity but...
Tags: New York, China, US, Trends, Justin Wolfers, New York Times, Beverly Hills, University Of Chicago, Jeff Bezos, Lehman, Wolfers, New York Fed, Fernald, Federal Reserve Bank of San Francisco, Steve Cicala, Cicala


Fed ramps up lending, bond buying to calm financial markets

WASHINGTON — The Federal Reserve moved with unprecedented force and speed Friday to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak.The New York Federal Reserve Bank said it will offer $1 trillion of overnight loans a day through the end of this month to large banks. That is in addition to $1 trillion in 14-day loans it is offering every week. Banks, so far, have not borrowed nearly as much as the New York Fed is offering, and ...
Tags: Business, News, Congress, Washington, House, Treasury, States, Nancy Pelosi, Federal Reserve, Fed, The Fed, Friedman, Goldberg, Steven Friedman, Mackay Shields, Treasuries


New York Fed adds $500 billion in overnight repo support to keep reserves 'ample'

The New York Federal Reserve said it would offer a second overnight repo offering of up to $500 billion at 1:30 p.m. eastern on Monday.
Tags: Money, businessNews, New York Fed, New York Federal Reserve


Oldest bull market in US history is dead

• Analysis: Poof. A huge chunk of stock market gains under Trump are gone • New York Fed takes extraordinary steps to calm markets
Tags: News, US, Stories, Trump, New York Fed


Longest bull market in US history dies

• Analysis: Poof. A huge chunk of stock market gains under Trump are gone • New York Fed takes extraordinary steps to calm markets
Tags: News, US, Stories, Trump, New York Fed