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Federal Reserve Bank

All articles tagged with #federal reserve bank

finance1 year ago•2 min saved

"Rising Debt: The Growing Financial Burden on Americans"

According to a report from the Federal Reserve Bank of New York, U.S. households are grappling with a record $1.13 trillion in credit card debt, signaling increasing financial strain, particularly among younger and lower-income Americans. Factors such as inflation and higher interest rates are contributing to this rise in debt, with 49% of credit cardholders carrying debt from month to month. Additionally, credit card delinquencies have surged by over 50% in the past year, reaching 6.4% of all accounts being 90 days past due, while mortgage and auto loan balances have also increased.

via CBS News|

#credit-card-debt #federal-reserve-bank #finance

finance1 year ago•3 min saved

"Rising Delinquencies: Millennials and Auto Loans Under Financial Stress"

The Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit reveals a $212 billion increase in total household debt in the fourth quarter of 2023, with rising delinquencies in credit card and auto loan transitions, particularly among younger and lower-income households. Mortgage balances, home equity lines of credit, credit card balances, and auto loan balances all saw increases, while delinquency transition rates for credit cards and auto loans rose. The report provides insight into U.S. consumer credit conditions and aims to help various entities better understand and respond to trends in borrowing and indebtedness at the household level.

via Federal Reserve Bank of New York|

#auto-loan #credit-card #delinquencies

finance2 years ago•0 min saved

"Credit Card Delinquencies Reach Decade High as Consumer Debt Surpasses $5 Trillion"

A study by the Federal Reserve Bank of Philadelphia has revealed that credit card delinquency rates have surged to their highest level in over a decade, surpassing pre-pandemic levels. The report indicates that almost 3.2% of card balances were at least 30 days past due as of the end of September, with the share of borrowers making only the minimum payment exceeding 10% for the first time since 2019. Additionally, the share of debts that are 60 and 90 days late has also seen a significant increase.

via Bloomberg|

#credit-card #debt #delinquency-rates

economics2 years ago•4 min saved

"US Inflation Expectations Hit 3-Year Low, According to NY Fed Survey"

The December 2023 Survey of Consumer Expectations by the Federal Reserve Bank of New York reveals a decline in inflation expectations across short-, medium-, and longer-term horizons, reaching the lowest level recorded since January 2021 at the short-term horizon. Earnings and spending growth expectations also decreased, while perceptions of credit access and households' financial situations improved slightly. The survey provides insights into Americans' views on job prospects, earnings growth, spending, and access to credit, and includes measures of uncertainty regarding consumers' outlooks.

via Federal Reserve Bank of New York|

#consumer-expectations #economics #federal-reserve-bank

climate-activism2 years ago•3 min saved

Climate Activists Demand Federal Reserve to Divest from Fossil Fuels

Climate activists blockaded the Federal Reserve Bank in New York, calling for an end to funding for coal, oil, and gas. The action, organized by a coalition of local and national organizations, aimed to highlight the role of big banks in climate change. Over 100 people were arrested during the protest. The activists emphasized the need to address both public and private fossil fuel financing, with government subsidies reaching a record high and major private banks providing trillions of dollars to the fossil fuel industry. This action follows a series of global protests targeting financial institutions and coincides with the United Nations Climate Ambition Summit.

via The Guardian|

#climate-activism #climate-activists #climate-change

economy2 years ago•4 min saved

US Inflation Expectations Hit Two-Year Low in May

The Federal Reserve Bank of New York's May 2023 Survey of Consumer Expectations shows that short-term inflation expectations have declined to their lowest level in two years, while medium- and longer-term expectations have slightly increased. Labor market expectations were mixed, with expected earnings growth declining and unemployment expectations and perceived job loss risk improving. Households' perceptions and expectations for credit conditions and their own financial situations all deteriorated slightly. The survey is a nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads.

via Federal Reserve Bank of New York|

#consumer-expectations #economy #federal-reserve-bank