PacWest sells loan portfolio for over $3.5B
PacWest Bancorp confirmed on Monday the sale of a $3.54 billion loan portfolio to asset firm Ares Management after the LA-based bank began selling real estate loans in May.
Inflation woes: Nearly half of Americans canceling summer vacations and changing plans
Inflation is pushing many Americans to cut back on summer vacations and leisure activities, according to a recent survey by ScoreSense. Some have also turned to personal loans to cover expenses.
Federal Reserve expected to raise interest rates again this year: Powell
U.S. Federal Reserve Chair Jerome Powell said the Fed expects to raise interest rates again later this year after pausing rate increases during its June meeting.
More than half of Americans fear widespread job losses: Survey
Despite evidence of job growth, 75% of Americans said they fear widespread job losses, a Morning Consult survey showed. But a strong labor market may also push the Federal Reserve to keep increasing interest rates, as Americans cope with high inflation, reports have shown.
Stocks fall as Fed's Powell confirms more rate hikes this year
U.S. Federal Reserve Chair Jerome Powell testified before a House panel on Wednesday, saying more rate hikes are on the way, after the central bank paused hikes last week.
Homebuilder sentiment upbeat for first time in almost a year
Builder confidence is up for the first time in 11 months, rising five points in May according to data compiled by the National Association of Home Builders (NAHB) on Monday.
Fewer homes are selling, but they're selling fast: Redfin
Despite low inventory, the homes for sale are selling at a fast pace, according to a report by Redfin. Here’s what you need to know.
Biden's failed economy: Here's what those inflation numbers really mean for consumers, businesses
If President Biden’s objective was a stable economy coming out the pandemic, he has miserably failed, the American people know it and it will be an issue in the 2024 election.
Bitcoin slides to $25K after Fed meeting
The price of Bitcoin and Ethereum are falling after the U.S. Federal Reserve announced on Wednesday that additional interest rate hikes were on the way in 2023.
Fed hits pause on June interest rate increase, but forecast calls for additional hikes
The Federal Reserve did not increase rates in June, which means the federal funds rate will remain in a targeted range of 5% to 5.25%, the highest level in 16 years.
Yellen says more crypto regulation 'would be appropriate'
Treasury Secretary Janet Yellen said on Wednesday that regulation "would be appropriate" in the crypto industry and she supports regulatory oversight.
The Fed is not taking future interest rate hikes off the table
A Federal Reserve governor said ongoing interest rate hikes are possible until inflation is closer to the institution's 2% objective. Meanwhile, Americans have been struggling with high interest rates and inflation, reports said.
Mortgage rates bump up as Fed holds grip on economic policy: Freddie Mac
The average rate for a 30-year fixed rate mortgage increased to 6.79% for the week ending June 1, according to Freddie Mac. Meanwhile, the Fed said it’s weighing in on the possibility of another interest rate hike.
Consumer demand for new cars and homes is why a modest recession is possible: Fannie Mae
Fannie Mae has forecasted a recession in 2023 since last April and said the tightening in credit lending would likely lead to slower future business investment this year.
US consumer spending jumped in April and inflation accelerated
Inflation remains stubborn despite the Fed's 10 rate hikes creating more uncertainty about the whether policymakers will pause at their June meeting.
America's debt hits new record of more than $17 trillion: NY Fed
Consumer debt reached a record of $17.05 trillion in Q1 2023. Many Americans still deal with high inflation and are seeking help from their financial institutions, reports say.
Household debt hit record $17T last quarter as inflation squeezes Americans
New York Federal Reserve data released Monday shows household debt hit a fresh record in the first quarter of 2023 as high inflation squeezes Americans.
Home purchase sentiment increased to highest level since last year
Home purchase sentiment increased month-over-month in April, according to the latest data by Fannie Mae. However many would-be homebuyers are still concerned over home price volatility and other factors.
Biden Fed nominee says too little has been done about inflation
The Fed has noted that the job market has a robust supply but warned that if it grew "tight" it might prompt the need for further rate hikes, which the bank is not keen to pursue.
'Biden Bucks stop here': DeSantis touts Florida's digital currency ban, warns of 'cashless society'
The team for Florida Gov. Ron DeSantis released a new video that touts the governor signing legislation to ban the use of a central bank digital currency.