Author: Press Room
Unlock the US Election Countdown newsletter for freeThe stories that matter on money and politics in the race for the White HousePanama’s new president has pledged to halt illegal immigration through the notorious Darién Gap and work with the US government as it seeks to limit arrivals at its southern border ahead of its presidential election.José Raúl Mulino, the right-wing leader who won the May vote, said in his inauguration speech on Monday that the country could no longer pay the economic and social costs associated with migration.“Panama will no longer be a transit country for illegals,” he said, adding…
It takes a lot of money to be financially secure in old age. Federal Reserve data suggests that to be financially secure in retirement, people will likely need more than $500,000 in savings. In assessing how retirees are faring, it is important to go beyond simply asking people how they are feeling about their situation and look under the hood at objective measures of well-being. The Federal Reserve’s Survey of Household Economics and Decisionmaking (SHED) is designed to capture various aspects of people’s financial security. The SHED asks people how they feel about their financial situation and large numbers of…
Home prices continued to increase in March, reaching a new high despite homebuyers shying away from housing, according to the latest S&P CoreLogic Case-Shiller national home price index report. Home prices are now 6.5% above their level last year, on par with the increase registered in February. The 10-city composite increased 8.2% annually from 8.1% the previous month. At the same time, the 20-city composite posted a rise of 7.4%, up from 7.3% the previous month. The indices measure home prices in major metros across the country.Across the nation, home prices increased 0.3% month-over-month, slowing down from the 0.6% growth…
A federal judge said Friday that card issuers Visa and Mastercard could likely withstand a “substantially greater” settlement with merchants who argued they overpaid swipe fees than the proposed $30 billion settlement she rejected last week. U.S. District Judge Margo Brodie of the Eastern District of New York provided that assessment in an 88-page opinion she released Friday, just three days after she rejected the preliminary $30 billion settlement.The agreement would have lowered and capped swipe fees, also known as interchange fees, that are paid by over 12 million merchants to handle Visa and Mastercard transactions. The judge called the…
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Listen below or on the go on Apple Podcasts and Spotify Nonfarm payrolls are expected to rise by 200,000. (0:17) Why Apple may be the place to be. (3:12) Wall Street myth busting. (6:40) The following is an abridged transcript: Independence Day will mean low volume and a largely quiet week for Wall Street. But there will be some fireworks on Friday as well as Thursday for Fed nerds like me (while I’m not watching fellow colonials New Zealand take on England in cricket with the great commentary of Franke MacKay.) The stock and bond markets will close early on…
The French far-right leader Marine Le Pen and party chief Jordan Bardella wore broad smiles as they pitched their “ticket” to voters with a view to taking power in 2027 — with her as president and him as prime minister. Using the original English word, the official unveiling of their duo in January was a new move in the context of French politics, where the president is elected directly and the post holds powerful institutional functions. Prime ministers are named afterwards to run the government and often sacrificed when presidents need to reboot in a crisis.The announcement in a joint interview…
One of the most common emotions connected with money isn’t excitement, fear or even uncertainty. It’s ‘shame.’ This shame around money can cause deep havoc to the financial wellbeing because it’s often mixed with another common theme for American savers: A lack of financial education and knowledge. Both of these realities – lack of financial education and the shame around finances – work in tandem to derail goals, drive higher debts and reduce the potential for long-term security. Yet, in the U.S., financial literacy isn’t improving – and may be getting slightly worse. According to the annual P-Fin Index conducted…
Mortgage rates increased this week for the first time in a month, returning above 7% as the home affordability crisis continues to hurt demand in the housing market. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage rose to 7.03% this week from 6.94% last week. The average rate on a 30-year loan was 6.79% a year ago. The average rate on the 15-year fixed mortgage also climbed to 6.36% from 6.24% last week. One year ago, the rate on the 15-year fixed note averaged 6.18%. Read the full article…
