Consumer debt is at a record high, a fact that will weigh on the market in 2024. Yet, it's safe to say central banks will keep rewriting the rules to keep the economy at full steam. While the United States Federal Reserve decided to hold interest rates at its November meeting, they remain at their highest level since well before the global financial crisis (GFC) of 2008-09. The Federal Funds rate stands at 5.25-5.5%, similar to the United Kingdom’s 5.
25%, while in the European Union it is at a record high of 4%. This is being driven by high inflation, which remains sticky throughout the developed Western world. It is so sticky that some, including Citadel’s Ken Griffin, are predicting it will hang around for a decade or more. As such, central banks are now musing on This is a significant departure from what has become the norm over the past 15 years: ultra-low interest rates facilitated by never-ending cycles of borrowing at the government, corporate and individual level
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This Week in Business: Consumer borrowing, consumer sentiment, small business updateThe Federal Reserve delivers its monthly snapshot of U.S. consumer borrowing on Tuesday. A monthly index that tracks small firms’ view of the U.S. economy and their business prospects is due out Thursday. The University of Michigan releases its preliminary report on consumer sentiment for November on Friday.
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U.S. consumer is ‘quite healthy,' VantageScore CEO says, as credit scores rise despite inflation, mounting debtLenders use credit scores to determine a borrowers ability to repay. Those scores show consumers are still in the healthy range.
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U.S. consumer is ‘quite healthy,' VantageScore CEO says, as credit scores rise despite inflation, mounting debtLenders use credit scores to determine a borrowers ability to repay. Those scores show consumers are still in the healthy range.
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Credit card debt hits record amid rising interest ratesZachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
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Household debt levels surpass $17T in Q3 as credit card debt soarsToday's Business Headlines: 11/06/23
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