Regional bank earnings may expose critical weaknesses, according to Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corp. Their quarterly numbers begin hitting Wall Street this week. “I’m worried about a handful of them,” Bair told CNBC’s “Fast Money” on Tuesday. “I think some of them are still overly reliant on industry deposits, … Read more
Aleksandarnakic | E+ | Getty Images When it comes to retirement, Americans have a new number in mind — $1.46 million — for how much they think they will need to live comfortably, according to new research from Northwestern Mutual. That estimate is up 53% since 2020, when Americans said they would need $951,000, as … Read more
Few college admission cycles have been as hard on students as this one. National College Decision Day — the deadline most schools set to decide on a college — is just two weeks away. But many college hopefuls are still unsure of where they stand financially, as problems persist with the new Free Application for Federal Student Aid. … Read more
Mstudioimages | E+ | Getty Images Social Security beneficiaries who owe money to the Social Security Administration may see much lower default withholding rates from their monthly checks, thanks to new policies that are going into effect. As of March 25, the Social Security Administration no longer plans to collect 100% of a total monthly … Read more
Former Gov. Martin O’Malley (D-MD), President Biden’s nominee to be the next Commissioner of Social Security, testifies during his confirmation hearing before the Senate Finance Committee at the Dirksen Senate Office Building on November 02, 2023 in Washington, DC. Kevin Dietsch | Getty Images Three months into his role as commissioner of the Social Security … Read more
The window for interest rate cuts may be closing. On the eve of the Federal Reserve’s two-day policy meeting, Wall Street forecaster Jim Bianco believes the central bank will likely stay on hold until next year. “I’m in the camp that the Fed does not change policy in the summer of an election year,” the … Read more
Pixelseffect | E+ | Getty Images Some grocery store products are providing less for your money. And everyone from President Joe Biden to Cookie Monster has noticed. Blame shrinkflation. The term — which is increasingly used in conversation — refers to products becoming smaller in size, weight or quantity as their prices stay the same … Read more
Overwhelming evidence suggests social media has a negative effect on self-esteem. That’s not only true for how people feel about their appearance and social status, but also their financial well-being and economic standing. A new term, “money dysmorphia,” aims to describe the distorted view of one’s finances that nearly one-third, or 29%, of Americans say … Read more
Shoppers are seen in a Kroger supermarket in Atlanta on Oct. 14, 2022. Elijah Nouvelage | AFP | Getty Images Consumers continued to contend with higher inflation in February, according to new government data. The consumer price index — an inflation measure that tracks changes in the prices of consumer goods and services over time … Read more
Consumers have been increasingly relying on credit cards to make ends meet, and it may be finally catching up with them. The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718 in the beginning of 2023, according to a report from FICO, developer of one of the … Read more
