Traders work on the floor of the New York Stock Exchange. NYSE Stock markets have entered a new phase that will involve a broadening of last year’s bull market as big U.S. tech stocks come under pressure, according to the CIO of a Swiss private bank. Charles-Henry Monchau, chief investment officer at Bank Syz, told … Read more
A sharp drop in mortgage interest rates in December may have kickstarted this year’s spring housing market early. Rates are about a full percentage point lower than they were in October, and consumers expect they will fall even more. Optimism about mortgage rates increased sharply in December, according to a monthly consumer survey by Fannie … Read more
Americans are increasingly leaning on their credit cards. Altogether, card balances now total $1.08 trillion, according to the latest quarterly report from the Federal Reserve Bank of New York, a new record. “Over the past two years, Americans’ credit card balances have skyrocketed 40%,” said Ted Rossman, senior industry analyst at Bankrate. “While Americans are managing … Read more
A screen displays the Dow Jones Industrial Average after the closing bell on the floor at the New York Stock Exchange on Dec. 13, 2023. Brendan Mcdermid | Reuters The global economy is moving into a new “super cycle,” with artificial intelligence and decarbonization being driving factors, according to Peter Oppenheimer, the head of macro … Read more
A networking and hiring event for professionals of color in Minneapolis, MN. Michael Siluk | Getty Images The unemployment rate for Black Americans fell significantly in December, closing out 2023 on a positive note, according to data released Friday by the Department of Labor. Black Americans, the group with the highest jobless percentage in the country, … Read more
The U.S. labor market beat expectations again in December, adding 216,000 jobs to close out the year while the unemployment rate held steady at 3.7%. Yet the job gains were slower than the same period a year ago, with the three-month average gain dropping to 165,000 a month compared with an average of 284,000 in … Read more
Ezra Bailey | The Image Bank | Getty Images Workers are poised to get smaller raises in 2024 — and their annual pay bumps are unlikely to increase again anytime soon amid a cooler job market, labor experts said. U.S. companies plan to give salary increases of 4%, on average, this year, down from 4.4% … Read more
Treasury yields moved in mixed directions on Friday as traders weighed the U.S. economic outlook following the latest nonfarm payrolls data release. The yield on the 10-year Treasury was up 3 basis points at 4.019%, crossing back above the key 4% level. It had retreated earlier in the morning. The 2-year Treasury yield was last … Read more
St. Louis Fed names Alberto G. Musalem as new president. Source: St. Louis Federal Reserve Economist Alberto Musalem was named the next president and CEO of the Federal Reserve Bank of St. Louis on Thursday. Musalem, 55, will start on April 2. He succeeds James Bullard, who joined Purdue University last August. The St. Louis … Read more
An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Maxim Shemetov | Reuters Oil rose more than 3% on Wednesday as tensions mount in the Middle East and OPEC pledges to remain united in supporting prices. The West Texas Intermediate contract for February … Read more
