Some credit card users suffer from what I call "serial get-out-of-debt disorder." Credit card balances spiked by $61 billion, to $986 billion, in the final quarter of 2022, according to data on household debt from the Federal Reserve Bank of New York. That surpassed the pre-pandemic high of $927 billion.
INN Insider News
Mar. 1– The U.S. economy does not appear to be close to a recession. Wall Street spent much of the past few months hoping that the Federal Reserve could achieve a "soft landing," or a scenario in which the U.S. ends up avoiding a severe recession. The unemployment rate fell to a 53- year low in January, while employers added more than half a million jobs to the economy,…
Europe experienced the biggest drop, with a -17% decline in these fortunes, followed by Australasia and the Americas. Africa and Asia, in comparison, suffered the lowest declines. "Exchange rates have had a significant impact," while "the strength of the dollar was unparalleled, driven by the Federal Reserve's unwavering commitment to one of the fastest rate hike…
WASHINGTON, Mar 1- Persistently high inflation will not necessarily force the Federal Reserve to raise interest rates more than expected, but monetary policy will have to remain tight "well into 2024," Atlanta Fed President Raphael Bostic said in an essay published on Wednesday. In his first comments since data showed the Fed's preferred inflation measure…
The Federal Reserve Board seemed disinterested in the market rally so far this year–a notable shift from communication last fall that was designed at least in part to raise credit spreads and lower equity prices. Two-year Treasury yields dropped to their lowest levels since October. The January employment report released Feb. 3 crushed economist…
Joe Biden pledges $1.6 billion to punish fraudsters who ripped off COVID relief funds and to help victims of identity theft.
Investigations stemming from the June 7, 2021 shooting deaths of the legal scion's wife and son revealed the prominent South Carolina lawyer stole millions of dollars from largely poor client's settlements and staged an attempt on his life to secure his surviving son a $12 million life insurance payout, according to authorities. Coltan Scrivner, a…
Approximately a third of the state’ s population is about to have to re-enroll in MassHealth, a massive undertaking that state officials project will ultimately remove approximately 300,000 people from state-sponsored health insurance. As of February, approximately 2.3 million people were enrolled in the state’ s Medicaid program, a 25 percent increase…
Add health care to the rising cost of basically everything as inflation continues to crush consumers. Legislators are now trying to make health coverage more affordable by making the insurance market more competitive and having the state study reforms. But even if they pass those bills, their efforts won't do much for people paying for insurance because "…
National Review:On Wednesday, the Senate voted 50-46 to block a Biden administration rule that allows retirement plan fiduciaries to consider environmental, social, and governance (ESG) factors in investment decisions.The Labor Department enacted a rule last year to make it easier for investors to take into account climate change and other social factors that are not solely focused…
WASHINGTON— Pharmaceutical giant Eli Lilly will cap the price of insulin at $35 out-of-pocket for all customers, not just those on Medicare. A $35 cap on insulin costs just for people on Medicare was included in the Inflation Reduction Act that passed last year with every Democrat in favor and every GOP lawmaker opposed. In his State of the Union address last…
Pharmaceutical giant Eli Lilly is slashing prices of commonly prescribed insulin drugs by 70 percent while capping related out-of-pocket costs at $35 a month, a move that should help address long-standing concerns about the high cost of diabetes care. The cost of its non-branded insulin, Insulin Lispro Injection, is being cut to $25 per vial from a current…
The Securities and Exchange Commission (SEC) announced on Tuesday that it had settled fraud charges against Utah-based registered investment adviser Foresight Wealth Management (FWM) and its principal, Adam E. Nugent, for violations related to a private fund they managed. The SEC is ordering them to pay more than $3 million for allegedly defrauding investors who gave roughly $19.5…
New Jersey has some of the most solar powered schools in the U.S., according to data from Generation 180, a non-profit organization that compiles data on clean energy. “California and New Jersey together account for more than HALF of the solar capacity installed on nationwide K-12 schools,” Tish Tablan, program director at Generation 180 told NJ Advance Media in…
Looking back into the pandemic origins, the geopolitical and domestic political scene has been roiled by media reports of an Energy Department "low confidence" finding that the pandemic likely stemmed from a lab leak in China. In an interview with Fox News, he also accused the Chinese government of hampering U.S. agencies from investigating the origins of the…
A federal judge in New Orleans has called owners of McClenny Moseley& Associates back into his courtroom again, this time to decide if the law firm should be sanctioned— and if so, how much— for making misrepresentations to insurers. Insurance defense attorney Matthew Monson suggested that the Houston- based law firm should be required to pay $13,938,000, which is…
The First Street Foundation, a nonprofit that works to define and communicate risks posed by climate change, says it has developed a model to assess "hyper-local climate wind risk" in the US now and into the future, in a report released Monday. Annual damages from high winds will rise by $1.5 billion to nearly $20 billion in 2053, according to the report, with damages…
The number of Boston buildings vulnerable to hurricane-caused wind damage could rise by 22% over the next 30 years, new research finds.84,700 buildings could be vulnerable by 2053, compared to 69,500 today.That's based on research from the nonprofit First Street Foundation, using peer-reviewed computer modeling of the intensity and tracks of more than 50,000 simulated tropical…
When hurricanes happen, we commonly hear about destruction in places like Florida or Louisiana. And that’s because hurricanes form in the ocean and then carry high winds and rain with them. As they move from oceanic areas to further inline, they carry more destruction in their paths. Historically, states further inland and closer to the country’s heartland can get away with not…
