
The week in money & markets: US card balances, SEC X account hacked
Plus, the US cities where inflation has been the highest
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Revolving consumer loans (aka credit card debt) hit a new record in the US this week: $1.3 trillion, according to the Federal Reserve’s latest release on consumer debt. At an annualized rate, the category, which mostly consists of credit card balances, spiked nearly 18% in November. Though that growth is a bit slower when smoothed out over a few months, it’s still higher than it was for most of the period between the Great Recession and the onset of the covid-19 pandemic. - Melvin Backman Read More
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As global trade flows shift amid an intensifying great power competition between Washington and Beijing, the US is moving to import less from China in an effort to reduce dependencies on its chief geopolitical rival. - Mary Hui Read More
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For decades, dentists and used car dealers have had their noses pressed up against the glass of private equity, wistfully watching all the fireworks of Blackstone’s leveraged buyouts and boardroom takeovers without the chance to throw their money into the pot. But no more. - Melvin Backman Read More
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US inflation ticked up more than expected in December, rising 0.3 percentage points to 3.4%. This indicates the Fed won’t be cutting interest rates any time soon—unfortunately for all the investors, economists, and consumers craving a soft landing for the economy. - Laura Bratton Read More
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On Jan. 9, the US Securities and Exchange Commission’s X (formerly Twitter) account made a highly-anticipated announcement: That it had approved spot bitcoin exchange-traded fund (ETF), which would open the floodgates for institutional investments. Bitcoin spiked. The only problem was that the news was fake. The SEC account was “compromised, and an unauthorized tweet was posted,” chair Gary Gensler clarified within minutes, adding that the listing and trading of spot bitcoin exchange-traded products has not been greenlit. Bitcoin plunged. - Ananya Bhattacharya Read More
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Elyse Ausenbaugh, Global Investment Strategist at JP Morgan Private Bank, tells Quartz what 2024 has in store.
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