The regional Fed bank said in its latest Quarterly Report on Household Debt and Credit that total levels of debt during the recently finished quarter rose 0.8% from the prior quarter to $17.94 trillion. Total debt levels are up $3.8 trillion since the close of ...
"An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households," said Joelle Scally, regional economic principal for the New York Fed's Household and Publicly Policy Research Division. AMERICANS ARE CARRYING A RECORD AMOUNT OF HOUSEHOLD D...
Total household debt increased to $17.05 trillion in the first quarter of 2023, the NY Fed reported. That marked an increase of $148 billion quarter-over-quarter. Overall, America’s debt balance now stands about $2.9 trillion above where it was at the close of 2019, right before the COV...
Households on average saw inflation over the next year at 2.9%, down from 3.0% in September and the lowest estimate for near-term price increases in four years, according to the New York Fed's monthly Survey of Consumer Expectations. Inflation expectations also fell a...
Read MoreHeavy burden of college debt: Sen. Warner Credit inquiries within six months—a bellwether of borrowing demand—rose by 4 million from the previous quarter, to 175 million, according to the New York Fed report. Mortgage originations, which include both new mortgages and refinancings, ...
Raising the quantity and quality of capital that banks are required to hold should help prevent asset-price bubbles, said Fed Gov. Sarah Bloom Raskin. Regulators also could hike margin requirements for short-term funding and tighten underwriting rules, she said, adding that regulators need to work...
Fed Govt to empower 2,000 women in Agribusiness The Nigerian Federal Government is set to empower 2,000 women in agribusiness from Jigawa, Adamawa, Kaduna, Kano, Anambra, Niger states, and the Federal Capital Territory, according to the Ministry of Women Affairs. A programme that supports wome...
The New York Fed survey also pointed to growing concerns about the labor market and household finances. Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, D.C., on May 3, 2023.(Saul Loeb/AFP via / Getty Images) ...