that wasn't helped by data from new york federal reserve, which showed that for the first time, americansre than $1 trillion on their credit cards. traders have also been focused on corporate results, which so far have been better—than—expected. that was true for lyft, which reported results after the us market closed. uber�*s small arrival is forecasting higher revenue in the third quarter based in part on a post—pandemic rebound in ridesharing. meanwhile, electric vehicle maker rivium posted a narrower lost than expeted and raised its production guidance for the full year. meanwhile, nine companies including wells fargo have been find over half $1 billion because of their employees use of personal messaging apps. according to the us securities and exchange commission, the companies admitted that employees used platforms like whatsapp and signal to discuss company business, a move in direct violation of the sec�*s record—keeping rules. meanwhile we work says there's "substantial doubt about its to continue operating." the company also cited an increase cancelled memberships in its member

that wasn't helped by data from new york federal reserve, which showed that for the first time americanswed more than $1 trillion on their credit cards. traders have also been focused on corporate results, which so far have been better than expected. that was true for lyft was reported results after the us market close, ebbo�*s small arrival is forecasting higher revenue in the third quarter based in part on a post— pandemic rebound in road sharing. rivi and posted a narrower loss than expected and raised its production guidance for the full year. michelle fleury reporting there. elsewhere on wall street this morning, nine companies including wells fargo have been fined more than half a billion dollars because of their employees' use of messaging apps. employed in —— according to the security and exchange commission the companies admitted employees used things like whatsapp and signal to discuss company business in direct violation of the record—keeping rules. meanwhile, co— working giant we work said there is substantial doubt about its ability to continue operating. and its latest earn

the new york federal reserve reports balances have topped $1 trillion for the first time ever. that number hit in the second quarter of april through june when credit card indebtedness rose by $45 billion. fed researchers say the cause of all this new debt is people buying more sxuf and inflation. the delinquency rate is also up. >>> trying to provide more serviceance to people with serious mental illnesses. the care now being offered in the south bay to help them get back to living independently. >>> we catch up with people that we've profiled in our "bay area proud" segments. among them, people quitting their jobs to help the homeless, a trend that continues to grow. >>> that fog is rolling back into san francisco. i'll show you the impact to our imperatures coming up >>> in the south bay, santa clara county held a ribbon cutting today for a new inpatient facility next to the santa clara valley medical center. the facility has 28 beds to serve those with serious mental health issues but are transitioning back to independent living. it's supposed to be a safeguard. last year t

the new york federal reserve bank says for the first time credit card debt in this country topped $1searchers attribute the $45 billion spike to strong consumer spending and higher prices due to inflation. this as overall household debt loads were largely unchanged. >>> espn has signed a $2 billion sports betting deal with penn entertainment. the ten-year deal includes rebranding a barstool sports book app as espn bet this fall. the new app will be promoted on espn's platforms, and the deal also includes access to espn programming and talent. it comes as sports betting is rising in popularity. it's now legal in 38 states and the district of columbia. >>> and taco bell is celebrating the end of its battle with taco john's over that taco tuesday trademark. the chain will offer free tacos at some locations every tuesday for the next month. then on september 12th, in partnership with doordash the company will put $5 million to orders from any participating vendor selling mexican food. >>> that's your cbs "money watch" report for this wednesday morning. i'm shanelle kaul, cbs news, new yo

according to a survey from the new york federal reserve bank, american workers want record high wages to any job . it's as americans on average say the lowest paid they would except to change jobs is just under $79,000. that is a new record up from just over $72,000 last year. i don't blame them with rising prices. >>> trader joe's announcing another big recall for multi grain crackers with sunflower and flax seeds. check your pantry. they may contain bits of metal. the recall covers crackers with a best if used by date between march 1st and march 5th of 2024. >>> this morning we are keeping a very close eye on our satellite imagery and heading into this afternoon we are continuing to watch the leftovers from tropical storm hilary move its way into the east. how does that impact us? we will see some cloudy skies from time to time but that mugginess we noticed yesterday , whether you are in san francisco or in the inland hills, we felt it and that will not be the case today. dew point starting to decrease day by day. we get back to the dry set up . we have a big warm up around the corn

under pressure and so there is that sense if you look at credit card debt in america the new york federal reserve $1 trillion for the first time ever. that does spell some bad news, it dispels some pressure for consumers and i think that might give the federal reserve room if they wanted to hit pause and stop raising rates. as ever, thank you disney is raising prices and expanding adverts on its streaming service in a bid to try and revive the business. the entertainment giant has been struggling because of a drop in revenue from tv ad sales. and blockbusters like the new indianjones film haven't exactly lit up the box office. earlier, i spoke with georg szalai who's the global business editor at the hollywood reporter and asked him more about what sorts of changes customers will see in the coming weeks and months. the company is trying to roll out its ad—supported package which is already open in the us but you will see that coming out in europe at the end of the year. november is going to be the big date there. so what you will see, if you are struggling to pay what you are currently being char

that wasn't held by data from new york federal reserve which showed that for the first time americansalso been focused on corporate results, which so far have been better than expected. that was true for coming lift that water result after the us market closed. they are forecasting higher revenue in the third quarter based in part on a post pandemic rebound in ride sharing. meanwhile, electric fields maker posted a narrower loss than expected and raised its production guidance for the full year. in its production guidance for the full ear. ., , , ,, full year. in other business today- -- — the uk's top financial watchdog will write to banks today, asking for details on how and when they choose to dump their customers. the government has ordered a review in to so—called �*debanking' with evidence that it's frequently done because customers have close ties to politics. the financial conduct authority will be asking banks to disclose the number of accounts they have terminated or suspended and the reasons behind those decisions. hundreds of amazon sellers have complained that the online

data from the new york federal reserve shows american's credit card balances rose by $45 billion in the a record $1 trillion. that is up 4.6% from the last quarter. i want to bring in mark zandi. always great to see you. how do we interpret this, higher than pre-covid, but how concerning is this really? >> it shows a lot of stress among low/middle income households, folks in the bottom third, half of the income distribution. so less than $70,000 annual income. they are under a lot of pressure, high inflation has cut into purchasing power and they have to turn to their credit cards and consumer finance loans to help fill the void. and it is now resulting in an increase in the delinquency and default. but having said that, folks in the top half of the income distribution, no problem. they don't have any debt whatsoever. if they have a mortgage, they have got a 30 year fixed rate that is locked in at very low interest rates. so no difficulty there at all. but for low income households, i think it indicates a fair amount of financial stress. >> and just to put a fine point on it, how do we

well, the federal reserve bank of new york has revealed that america's credit card debt levels have surpassed a trillion dollars. and it's only expected to climb the new york federal reserve found that credit card balances went up by 45 billion dollars. that's about 4.6% during the 2nd quarter. the average adult in the u.s. carries about $10,000 in credit card debt. 46% of credit card users. kerry debt from month to month rackdng up interest and potentially damaging their credit. >> well, if you did not have a chance to take advantage of amazon's prime day deals last month to worry, amazon's planning another cell event this year. year. it's calling a fall event. prime big deal days do harry gincy overall one amazon store says it's going to be october. no, he didn't reveal a specific date. more details will be revealed closer to that event. well, adobe analytics says amazon's summer sale set a record for that event. >> as it's planned right now, 4500 san jose city workers will be on strike next week, but there is still some hope. we'll explain why coming up in a live david: i'm david goldberg,

america's labor force telling employers they better show them the money, according to a new york federal reserve americans' wage expectations, meaning the lowest figure to switch jobs has hit a record high of nearly $79,000. that's up 8% from last year alone. experts say the rising expectations are a sign that inflation remains alive and well. you know, sandra, i read an article this morning apparently the labor market is tightening, that there aren't so many jobs available now, which would seem to be at odds with that sentiment among workers. >> sandra: an economy unprecedented for many reasons and navigating through it is obviously difficult. but right now with inflation, you better believe people are asking for more money. i mean, any wage growth that you are experiencing is getting gobbled up. >> john: no question we need more money. >> sandra: we'll talk about the average cost of a new car in the country, approaching $50,000. we are going to dig into that next hour, john. >> john: i remember i bought my first car -- >> if we pass this plan, the economy will create 19 million jobs. good jobs

lendingtree says a new york federal reserve bank report that's now out is expected to show that credit card debt rose to a record high of 1 trillion dollars from april through june. the previous high was lower than that 986 billion dollars. credit and credit card usage among h- americans is alarming because of the current financial environment of high interest rates beyond meat is seeing a big decline in sales so far this year because of low demand. the l a based company is reporting a 30% drop in revenue in just the last 3 months. that comes despite a big price cut to try and bring back business be on. saw a big boost in sales at the end of the pandemic as restaurants started to reopen in placing big orders. but now the company is struggling to appeal to new customers management at beyond meat says that's because of the perception that plans plant based meats are unhealthy and overly processed. >> a lot more ahead here during kron. 4 news at 3 o'clock. coming up. first lady jill biden is taking on the issue of cyber security is at schools how she intends to keep students safe from bad

new york federal reserve employment survey. >> shows the average minimum acceptable salary offer to change jobs has reached an all-time high. now it is just over $78,000, which is up 8% from last year. employers have been struggling to keep up. and these demand, you know, they keep pushing up the salary that it takes for people to jump ship like you want to come over here, going to give me $78,000. plus and i'll move 10. 26 right now. up next on the kron, 4 morning news as stores continue to leave downtown san francisco. there's one retail chain that is just opening a new store on market street. but it's going to be very different than maybe your houston. >> 10, 29 right now. and i just picked all the cameras. it's all sunshine. have you found any fog or clouds sticking around? know, haven't seen a single one. half moon bay, even looking nice and clear. so it's been nice to get a good dose of sunshine so far this morning yesterday we didn't see a lot of we also saw some lingering showers yesterday after all that tropical moisture continue to push through. you're definitely feeling a little

according to a survey from the new york federal reserve bankingmerge americans on average say the lowestaccept to change jobs is $79,000. that's a new record. >>> and trader joe's announcing another big recall. this time, for multigraicrackers with sunflower and flaxseeds. they may contain bits of metal. the recall covers crackers with a best if used by date between march 1st and march 5th of 2024. and reed, they need to get it together. flies, rocks, now metal. >> i want multigrain crackers to start the morning. >>> the bay area bounce back coverage is in the city of san francisco the week and oakland next week and san jose after that. what we're doing is really focusing on people making the pivot out of this doom loop narrative. so big question. would you want to own this guy's business in chinatown? you see him out there working on it every day and would you want to get it for free? here's itay hod with the tale of tails and a twist. >> reporter: you could say talking to reporters isn't exactly john chan's favorite thing. >> i'm not good on camera. >> reporter: but when it comes to an

francisco federal reserve finds that those reserves could be gone during this quarter, causing a safety net to disappear. that means consumer spending could slow down. data from the new york federal reserve shows americans are using credit cards more often to pay bills. credit card debt, in fact, topped $1 trillion for the first time ever in june. san francisco state senator san francisco state senator scott wiener is pausing his proposed plan to raise tolls on bay area bridges. the measure would have raised the cost of tolls by $1.50 across seven state owned bridges in the bay area for five years. the goal is to boost funding to keep public transit agencies afloat. the senator, though, says he and solano county assembly member lori wilson will bring together lawmakers transit officials and others during the fall breakit d still higher require or allocation of regional money. all right. let's check on the markets. and they were mixed today on wall street following a three week losing streak. the dow was down today by 36 points. the nasdaq, though, gained 206 points and the s&p was up by 30 points. well, since the collapse of silicon valley bank financial institutions are

liz: new york federal reserve does a quarterly list of, you know, where we stand on mortgage originationsrtgage originations in the first quarter dropped to a 9-year low. again, you probably see a reverse response to your furniture business then. >> uh-huh. >> yeah. because, you know, people are shopping not just with furniture, they're looking for value. and our brand has always been affordable design that people can afford. >> it's attainable. and people, i mean, they -- if you look at anything, say you're going to go buy a bed, our bed is incredible prices, and it's quality, and it competes with everybody else, high and low. liz: in fact, "the new york post" listed the talulah bed as one of the best, most comfortable -- >> named after our daughter. [laughter] liz: exactly. and your other daughter, bela, we're -- bellamy, we're family now -- >> yes, we are. liz: it's an interesting window to look through your business. thank you very much. >> thank you. liz: the novogratz. >>> driverless electric shuttings -- shuttles are tooling around atlanta. up next, we're taking you along. there's

data from the new york federal reserve shows americans are using credit cards more to pay bills as credite first time ever in june. the country's manufacturing boom could add up to a quarter million jobs in two years. a new report from goldman sachs finds the increase, which amounts to about 2% of current levels, is due to incentives and investments for semiconductors and green technology sectors. much of this included in the biden administration inflation reduction act and the chips and science act. a possible auto workers strike involving the big three detroit automakers could cost the us economy more than $500 million a day. that's according to a new analysis from the anderson economic group. that number includes manufacturer losses and lost direct wages. the unions current contract with general motors, ford and stellantis expires on september 14th. about 150,000 uaw workers are scheduled to vote this week on whether to authorize a strike. the cost of car insurance is going up for drivers nationwide, and experts say inflation is partly to blame. with the cost of everything going up for

a survey from the new york federal reserve examined employment data.ation remains an issue and that bay area workers demand even more money due to the higher cost of living here. and macy's announced it is going to open four more small stores. the new, smaller stores are located in strip malls in suburban locations. one opened this month in indiana. the other three will open in the fall in boston, las vegas and the san diego area. macy's already has eight of those smaller stores operating, and the company says they have outperformed the larger stores. and charles schwab reducing its office space in san francisco and other cities across the country in an effort to cut costs. according to the chronicle, charles schwab is reducing the size of its office on main street in san francisco. the company also says it will be laying off some employees in the coming months. i'm pam cook. that's a look at your dollars and cents. all right, pam, thank you. time is 849. will happening today. a popular fast food chain is celebrating a big grand opening at a mall in sa

host: just this past week of the federal reserve bank of new york reported americans are now $1 trillion in credit card debt. to help us understand that and what it might mean for the broader economy, we are joined by matt schultz, chief credit analyst with lending tree.com. tell us about lending tree. what does your company do? guest: lending tree is an online marketplace where you can go and search for reddit card loans, auto loans, personal loans, mortgages. we are not a lender. we are a middleman to help people find the best prices on loans and compare rates, but we also have an editorial team that creates a lot of great content to help people make smart decisions about their money, and what to do when they have acquired credit. host: you said you are more of a broker, a guide for folks shopping for credit cards, for loans. what is lending tree's relationship with the credit card companies? guest: lending tree on the business side collects a bounty for every person who successfully applies for a credit card through our site. in my role, we have editorial independence in terms of what

coming up saturday morning, lending trees matt schultz discusses a new report from the federal reserve bank of new york on household debt, which found credit card debt hitting a record $1 trillion. in the podcast segment, talking about his new podcast and technology policy. c-span's washington journal, join the conversation live at 7:00 eastern saturday morning on c-span. c-span now our free mobile app or online at c-span.org. >> c-span is your unfiltered view of government, we are funded by these television companies now, including sparklight. >> the greatest town on earth is a place you call home. at sparklight, it's our goal too. and right now we are all facing our greatest challenge. that's when sparklight is working round-the-clock to keep you connected. we are doing our part so it's a little easier to do yours. >> sparklight support c-span is a public service along with these other television providers, giving away a front row seat to democracy. >> nasdaq ceo adina friedman, former ohio republican senator and a number of others discuss -- economic resil

coming up saturday morning, matt schulz discusses a new report from the federal reserve bank of new yorkhousehold debt, which found credit card debt hitting a record $1 trillion. then, the spotlight on podcast segment, talking about a new podcast. c-span's washington journal, join the conversation live at 7:00 eastern saturday morning on c-span, c-span now our free mobile app, or online at c-span.org. >> north dakota governor and the miami mayor were among the 2024 republican candidates to aen the iowa state fair in des moines. they met with the state governor about their campaigns and policy platforms. he fm both candidates monday 9:00 o c-span, c-span now our free mobile video app, or online at c-span.org. ♪ >> c-span is your unfiltered view of government. we are funded by these toads encompassing more including cox. ♪ >> this syndrome is extremely rare. >> hi! >> but friends don't have to be. >> this is joe.

the federal reserve bank of new york says total u.s. credit card debt just hit 1 trillion dollars. bankrate analyst ted rossman says there are a lot of reasons to expect credit card debt to grow over time increase consumer spending, which powers a lot of economic growth, more card usage because cash is less and less of a thing with each passing year, population growth. plus 53% of people pay off their credit card balances each month. lendingtree analyst matt schultz says the problem is for those who don't lingering inflation and rising interest rates have combined to trap a lot of people into this cycle of debt. and this week, bank of america reported an increase in the number of people making hardship withdrawals from their 401 k retirement accounts. the opportunity cost for that is so great. >> because that's money. that's not going to be able to compound interest for 25 30 years. will both experts say overall the economic picture isn't bad? the new figures suggest a lot of people are close to the edge even a lot of upper income households are living paycheck to paycheck. and sch

that is according to new data from the federal reserve bank of new york.h me now, mark zandia to break this down. mark, what does that mean for all of us? that u.s. credit card debt has surpassed a trillion dollars? >> well, jake, it indicates that there are some americans that are under significant financial stress. i think particularly low income households, less than $60,000 a year, $70,000 a year, they got rocked by the high inflation and if you're paying more for filling your gas tank or putting groceries on table or paying your rent, turn to credit cards to help out that purchasing power gap so i think we've seen a lot of borrowing as a result of that. middle income and high household is no probe. they're paying their cards back each month. but for lower income households i think it indicates some financial stress. >> meanwhile, the people are getting shish kabob, because inflation is so high and then the federal reserve in order to reduce inflation is raising interest rates. so their debt is becoming even more expensive. is this -- how troubled are

coming up saturday morning, lending tree discusses a new report from the federal reserve bank of new york on household debt which found credit card debt hitting a record $1 trillion. in our spotlight segment, the new podcast and technology policy. "washington journal," join the conversation live 7:00 a.m. eastern on c-span, see spun -- . >> c-span shop.org is c-span's online store. browse our products and apparel, books, home to core and accessories. there is something for every c-span fan, and every purchase help support our nonprofit operation. shop now or anytime c-span shop.org. >> c-span is your unfiltered view of government funded by these television companies and more, including buckeye broadband. >> buckeye broadband supports c-span as a public service along with these other television providers, giving you a front row seat to democracy. >> now, a discussion on national

there's a new report from the federal reserve bank of new york that finds that delinquencies have surpassedid levels. they are now sitting at 7.2% in the second quarter. auto loan delinquencies were at 7.3. more mortgage delinquencies remain low. experts say much of that is due to inflation and higher interest rates. and a new survey finds that parents are worried about their children not understanding the value of a dollar return from one poll surveyed, 2000 parents of school age children and found that a majority of respondents believe that money habits begin to form. at 15 years old, 85% agree that parents should teach their children about money and how to manage it before they are teenagers. more than 80% of parents also agree that children should be taught financial literacy and money management at school. it's moving day. you see berkeley. thousands of cal students and their families who'll be making their way to dorm rooms and homes surrounding the campus today. there you see a live picture for police in berkeley will be closing some of those streets like dana street and channing. wa

federal reserve bank in new york by the previous government. that money was frozen by the by that administration, when the taliban swept back to power. in the wake of the chaotic us withdrawal from the country last year, president biden announce he intended to transfer half of that to a trust fund that supports you mandatory and assistance in afghanistan. but then that notion was blocked him and claims the afghan central bank was independent from the taliban. adjunct professor of economics that cobbles, cardon university, quite small. hummadi believes that the afghan people don't get past the money frozen by the us. the humanitarian situation in the country could become even more dire, and i'm going to point out the world. this money is restricted and not given to the island people. it will lead to the avalon economy, north timing, leading to floating security and more refreshing poverty and of employment and lack of healthcare organizations or the organization. it means that so the 20 years of war and dropping bombs on of let us on the island,

continues to demand the return of more than $7000000000.00, which had been placed in the us federal reserve bank in new york by the previous government. that money was frozen by the by the administrative sion when the taliban swept back into power. in the wake of the chaotic us withdrawal from the country last year, president biden, and now see intended to transfer half of that to a trust one that supports humanitarian assistance in afghanistan. but then that notion was blocked and made claims. the asked in central bank wasn't independent from the taliban government. adjunct professor of economics that couples part on university quite small hummadi believes that if asking people don't get back. so money frozen by the us. the humanitarian situation in the country could become even more dire. i'm going to point out the world, this money is restricted and not given to the island people. it will lead to the avalon economy, north diving, leading to for the security and most of the attrition poverty and of employment and lack of healthcare and education for the nation. it means that for the 20 years of war and dr

federal reserve bank in new york by the previous government. that money was frozen by the by the end, administrative sion when that's how been swept back to power in the wake of the k arctic us withdrawal from the country last year, president biden announced he intended to transfer half of that to a trust fund that supports humanitarian assistance in afghanistan, but then that notion was blocked at mid claims. the ask in central bank wasn't independent from the taliban. adjunct professor of economics that couples cardon university quite small, hummadi believes if the gap people don't get back the money frozen by the us. the humanitarian situation in the country could become even more dire, and i'm going to point out the world. this money is restricted and not given to the island people. it will lead to the i want economy north styling leading to for the secure, a general, depression, poverty and of employment, and lack of healthcare and education for the organization. it means that for the 20 years of war and dropping bombs on, understand that

continues to demand the return of more than $7000000000.00, which had been placed in the us federal reserve bank in new york by the previous government. that money was frozen by the by that administration, when the taliban swept back into power. in the wake of the k, r. us withdrawal from the country last year, president biden announced he intended to transfer half of that to a trust fund that supports humanitarian assistance in afghanistan. but then that notion was blocked to mid claims. the asked in central bank was an independent from the taliban governments. adjunct professor of economics at couples, pardon, university place mul. hummadi believes they feel asking people don't get back to money frozen by the us. the humanitarian situation in the country could become even more dire. and i'm going to point out the war of this money is restricted and not given to the island people. it will lead to the i want economy north styling leading to floating, secure, a general depression, poverty and of employment, and lack of healthcare organizations or the organization. it means that for the 20 years of war and dr

had $9500000000.00 us dollars in rivers of which $7000000000.00 was actually at the federal reserve bank in new york. and those funds were frozen by the, by an administrator and following the by the administration of the calendar withdrawal from afghanistan. and 2 years ago, i lost ya biden, announced he intended to transfer hop of those frozen assets to a trust fund that supports humanitarian assistance in the country. however, of the recent order for us to look to the move, say the scan central bank wasn't politically independent from the taliban government. well, lecture at the american university of i've gotten this done all by the, by here to believe that washington doesn't have the rights to do what it wants with the money that belongs to the scan. what we've seen so far, um the creation of the trust fund was a mechanism to get out of the debt locked. the united states itself does not have the right to do whatever it will split the money, whoever the signature you off the funds is they have to decide what happens to the money. however, right now we don't have a signature for the funds, and tha

new york. lizzy: now for more news from the u.s. the federal reserve's bank supervision in san francisco is set to retire on october the 31st. he along with san francisco fed president mary daly came under scrutiny in march following the sudden collapse of silicon valley bank and other lenders. he will be temporarily replaced by neil liedson a former minneapolis fed official. now to u.s. politics former u.s. president donald trump will head to trial on march 4 next year on federal charges of trying to overturn the 2020 election. that is the day before the super tuesday primaries that are central to his bid to gain the white house. trump wanted to delay the trial until april 2026 long after voters decide whether he will get a second term. trump denies any wrongdoing. ukrainian defense minister says his forces have pierced the first line of russian fortifications in the nations southeast. resnick off also says they are fighting to widen the breach in a bid for a potential breakthrough after its counteroffensive was bogged down. and now here is what we are

1000000000 us dollars in international reserves, which 7 did, and it was deposited at the federal reserve bank of new york. now this was frozen by the, by ministration for the hasty withdrawal, the american suit from i guess on in august 2021. i'll see you present jo buttons that analysis that he intended to take 3 and a half $1000000000.00 from the afghanistan's bank accounts in the us and move them to a trust fund and to support that support samantha and assistance in afghanistan. by joining me now is abdulla but here a lecture at the american will see about parents, and by do the, i'm sorry if i'm mispronouncing her name, but thanks for joining me. that was a we heard from a humanitarian aid is needed in app guides. so we know the us has this pro is the, has frozen assets of africa, songs, money 1st it's a why has it taken so long for job? i'm even though he's intended i'm sense so. so i'm fees and get the a to to i've kind of stopped. uh, thank you for having me on air um 1st of all as needed. it is not the answer. it has never been the answer. it just creates further dependencies, it stifles any poss

feder. busy reserve bank in new york by the previous government, that money was frozen by the byte and administration when the taliban swept back to power. in the wake of the chaotic us withdrawal from the country. last year, president biden announced he intended to transfer half of that to a trust fund that supports humanitarian assistance in afghanistan. but then that notion was blocked him in claims to ask in central bank lessons independent from the taliban. adjunct professor. 6 of economics at pulse the card and university kind of smell. hummadi believes if the asking people don't get back the money frozen by the us. the amount of turn situation in the country could become even more dire. and i'm going to point out the war of this money is restricted and not given to the avalon people. it will lead to the i want economy north styling leading to for the secure, a general, depression, poverty and of employment, and lack of healthcare and education for the nation. it means that for the 20 years of war and dropping bombs on a flat us on the island, people should also be able to claim the same thing

different from the prior one for the year ahead you heard it from the president of the federal reserve bank of new york that if inflation was headed down convincingly and in the coming year that monetary policy need not stay as restrictive. that is the bull or dovish case. how we respond over the next few months to this and whether or not this is persistent inflation is still the ongoing issue the stock market is taking great comfort from the drop in headline inflation from 9 to 3 we still think by the end of the year, headline inflation will be higher at 3.5% what has happened with monetary policy is dramatic from where we were from 2020 and 2021 with zero policy rate for qe. i think the dip for cpi and lower if the federal reserve doesn't ease out into 2024 that is the big picture. >> if that is the case, that is not terrible it feels like this economy could be resilient enough to avoid a hard landing or recession scenario is the market, i guess -- the question is is the market priced for perfection given what we have seen p with the economic data is it setting up for disappointment if the inflation

think he's going to basically follow the lead of john williams, the president of the federal reserve bank of new york, and say look, we're seeing some signs of progress on bringing inflation down and if it continues to come down, we're probably going to have to lower intere interest rates next year. i'm expecting him to say that. i think he realizes if he doesn't say that and the bond yield goes parabolic as joe said, that would be a disaster for the banking system in terms of commercial real estate defaults. >> you know, ed, i want to come back to you on something you suggested earlier about your level of bullishness after we had kind of first half we haven't -- >> yeah. >> you have an extraordinarily lofty target - >> correct. >> some would suggest for the s&p and, you know, it was only a few weeks ago in which you suggested there was still a lot of room to run for this bull market which you suggested this undeniably was >> yeah. look, i think we've been in a bullish channel in the market. i did think that when we got to 4600 at the end of july, that that was my target for the end of the year and,

the federal reserve bank of new york just released data showing total credit card debt levels surpassedonder if credit card companies will have a lot of people just walking away from the debt they owe we've got shelby mcfaden actually picking a credit card company. she is a senior analyst at "motley fool" asset management joining us now. shelby, i'm intrigued and i'm intrigued about the reason you like this particular credit card company. name it and give me your reason? >> yeah. one of the reasons we like mastercard they're heavily involved in all things consumer spending. so they're on both sides. they're on credit card transactions where they make the biggest transaction fee and on the debit side. in particular consumer environment it is concerning about the level of credit card spending especially compared to savings and debit spending, mastercard as payment processing network will win on either side of that. when we look double-edged sword of inflation keeping prices high and locked down behaviors of increasing spending hard to break we note that will keep some consumer spending el

the federal reserve bank of new york says credit card debt has topped $1 trillion for the first time.nan joins me for cnbc on msnbc. hey, morgan, what else does this report say? and what does it mean for millions of folks out there? >> that's right. well, chris, $1 trillion, that's trillion with a t. let that number sink in because americans have never racked up that much debt on credit cards before, going back to when the new york fed first started reporting the data in 2003. the trillion dollar mark was crossed after credit card balances jumped 5% in the april through june period. it marked the 7th straight quarter of year over year growth, and what it signifies is americans have been turning to their credit cards to make ends meet heading into the summer. there are a few reasons for this. strong consumer spending in the face of inflation. in other words, americans are buying more and doing so at higher prices even as all of the access savings accrued by households during the pandemic continue to dwindle. something else to watch. although delinquency rates are growing, more folks ar

host: just this past week of the federal reserve bank of new york reported americans are now $1 trillionit card debt. to help us understand that and what it might mean for the broader economy, we are joined by matt schultz, chief credit analyst with lending tree.com. tell us about lending tree. what does your company do? guest: lending tree is an online marketplace where you can go and search for reddit card loans, auto loans, personal loans, mortgages. we are not a lender. we are a middleman to help people find the best prices on loans and compare rates, but we also have an editorial team that creates a lot of great content to help people make smart decisions about their money, and what to do when they have acquired credit. host: you said you are more of a broker, a guide for folks shopping for credit cards, for loans. what is lending tree's relationship with the credit card companies? guest: lending tree on the business side collects a bounty for every person who successfully applies for a credit card through our site. in my role, we have editorial independence in terms of what we put

federal reserve and the interest rates. michelle, thank you, as ever. michelle, our correspondent in new york.ars, properties and watches were among the luxury items seized by anti—money laundering police in a series of raids on tuesday. ten people, all of whom hold foreign passports, were arrested. more than $700 million us dollars of assets have been seized in what's being described as one of the biggest cases of its kind singapore has seen. our asia business reporter katie silver has been following the story. those who were arrested aged between about 31 and 44 years of age. they were charged with money laundering, forgery and resisting arrest. we understand from police here that eight more people are wanted and none of the people were either singaporean citizens or permanent residents here, instead their passports were from everywhere, the likes of turkey, cyprus, cambodia, saint kitts and nevis and the dominican republic. all also, it seems, had chinese passports. as you mention, these were simultaneous raids across ireland. as you mention, these were simultaneous raids across island. the

host: just this past week of the federal reserve bank of new york reported americans are now $1 trillionard debt. to help us understand that and what it might mean for the broader economy, we are joined by matt schultz, chief credit analyst with lending tree.com. tell us about lending tree. what does your company do? guest: lending tree is an online marketplace where you can go and search for reddit card loans, auto loans, personal loans, mortgages. we are not a lender. we are a middleman to help people find the best prices on loans and compare rates, but we also have an editorial team that creates a lot of great content to help people make smart decisions about their money, and what to do when they have acquired credit. host: you said you are more of a broker, a guide for folks shopping for credit cards, for loans. what is lending tree's relationship with the credit card companies? guest: lending tree on the business side collects a bounty for every person who successfully applies for a credit card through our site. in my role, we have editorial independence in terms of what we put out

the figures suggest the federal reserve's monetary policy is succeeding in taming soaring prices but thejob might not be done just yet. michelle fleury has more from new yorkthe us government reported that inflation increased 3.2% from a year earlier. that was up from a 3% annual rise injune. the increase is due in part to higher housing, car insurance and food costs. but once you strip out things like volatile food and energy prices, so—called core inflation was 4.7%, the lowest since october 2021. the good news is that inflation has drifted down from last summer's a0 year highs, but it is still well above what the federal reserve thinks of as normal prices and with the overall trend heading in the right direction, policy makers, well, they may feel that they don't need to raise interest rates further. the us central bank, you may recall, raised its benchmark interest rate to more than 5.25% percent, the highest level in 22 years, all in a bid to cool the economy and ease the pressures pushing up prices. so while it's too early to say mission accomplished from the white house to wall street, there is a sense that progress is being made in the world's larg

the young hayek, who studied the federal reserve's policy at nyu knew when he visited new york in the early 1930s. and as caldwell closing a tell us, was forced to earn his money washing dishes, criticized the monetary authorities attempt to keep the price level stable in an economy with strong productivity growth, as was the case in spades for the u.s., the 1920s. prices a natural tendency to decline, he said. in fact, if think about it, the entire nature of a capitalist system is to generate productivity, which everything else being equal should bring down the price level. any attempt to resist this movement required the central banks to keep interest rates unnaturally low below what economists call the natural rate of interest credit. newly created by commercial banks. then took then takes the place of genuine savings. this involved what hayek called force savings and the hidden inflation of the credit boom. such policies in the short run could could succeed in delivering an unchanging price, but they would doomed to failure eventually. interest rates would have to rise to inflatio

look at the message, i think you will agree with john williams, the president of the federal reserve bank of new yorking progress on inflation and if we continue to do that, we will have to lower interest rates next year. jonathan: do you think you will entertain the conversation, the idea you don't want real rates to get more restrictive and keep a consistent? edward: i do. i think john williams is influential at the fed and i think he and powell tends to talk to each other quite a bit and williams tends to be the year rotation and powell is the pragmatist that implements policy. they can't really afford to see this bond yield keep going up so they have got to calm the bond market down and i think they will have to concede or acknowledge inflation has come down. the cpi excluding shelters of only 2% year-over-year basis in july. the cpi core excluding shelters up to .5%. we are under 2%. all we have to do is we for shelter in relation to come down. lisa: where is the neutral rate then once we get to the 2% and how high had it be to allow the stockmarket rally to get predicting? edward: i have to tel

we have seen inflation explode which led to 12 federal reserve increases, devastating homebuyers today. stuart: monica crowley with us in new york trump organization, you worked in the trump white house i believe, treasury department. what do you make, you would agree with tim scott, everything he said. >> absolutely. tim scott got the question about out-of-control government spending. the truth is republicans and democrats over many decades have spent beyond what they should be spending and now we are hitting a tipping point where the next administration is going to have to rein in spending and speak on lauren: the american people about it. senator scott was right about the trump -- trump record, donald trump delivered an economy through tax cuts, regulatory relief, unleashing the energy sector and fair trade deals. that was paris covid and we had to up emergency levels of spending. the problem is biden and the democrats kept up the emergency levels of spending absent the actual emergency and we are $1 trillion plus in additional debt that the democrats have created. stuart: donald trump is expected to surrender at fulton count

federal reserve. think about it like this. the federal reserve tries to chart a path to the future. but it's very much like a speeding going down the holland tunnel in new york, bouncing from one side to another. at the end of which it says, we made through in a straight path. so, so we may be asking too much of federal reserve to execute that mission, but but not answering your question. but but i think that there's a larger question behind. your question. and we'll go next. oh, okay. steve hayward, currently an inmate at, uc berkeley, and, you know, a panel budgeting in the 1921 budget. control and empowerment. this is seriously wonky stuff. and i love but i'm sufficiently provoked by bill beach's presentation the story arc i completely agree. but i think things are actually even worse than you laid it out. so i want to make a and then in the following the jeopardy rule make it a question for you at art pope rightly points out we were the last major democracy to adopt an executive budget control system that makes perfect sense in parliamentary governments, which are unified. but in our unique constitution, with the separation of powers and the explicit art