U.S. credit card balances failed to decline in the first three months of 2023 as Americans find themselves increasingly burdened by the relentless grip of chronic inflation. Total credit card debt stood at $986 billion in the first quarter, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit…
US Credit Card Debt Holds at Record High of Nearly $1 Trillion
May 15, 2023
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Fed Report Shows Record-High Annual Increase in Credit-Card Balances
May 15, 2023
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Americans find themselves increasingly burdened by credit-card debt as the relentless grip of chronic inflation tightens its hold on the cost of essential goods. The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit was just released, showing a record high 17 percent year-over-year increase in credit-card balances during the first quarter…
US Credit Card Debt Hits a Record High of Nearly $1 Trillion
May 15, 2023
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Americans find themselves increasingly burdened by credit-card debt as the relentless grip of chronic inflation tightens its hold on the cost of essential goods. The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit was just released, showing a record-high 17 percent year-over-year increase in credit-card balances during the first quarter of…
US Banks Lost Nearly $1 Trillion in Deposits Since Recent Peak
Small banks, in particular, are losing deposits to money-market funds at an alarming pace. The month of March 2023 witnessed the fastest withdrawal of funds from commercial banks in U.S. history. According to data released by the Federal Reserve, a staggering $360 billion was withdrawn from banks across the country in the last month alone. To…
Tesla Drives Toward $1 Trillion Club on Record Hertz Order
October 25, 2021
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Tesla Inc. on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order—100,000 electric rental cars for Hertz. Tesla shares were up 7.5 percent at $978, hitting a new record high Monday, following the order. Shares were also buoyed by news of the company’s Model 3 becoming…
Infrastructure Bill Would Mandate Alcohol Monitors for All New Cars
The more than $1 trillion infrastructure package would require that alcohol monitors be placed in all new cars. Within the 2,700-page infrastructure proposal is a section that mandates new vehicles have “a system that … passively and accurately detect[s] whether the blood alcohol concentration of a driver of a motor vehicle is equal to or greater…
Facebook Hits $1 Trillion Value After Judge Rejects Antitrust Complaints
June 29, 2021
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WASHINGTON—A U.S. judge on Monday dismissed federal and state antitrust complaints against Facebook Inc that sought to force the social media company to sell Instagram and WhatsApp, saying the federal complaint was “legally insufficient.” Facebook shares rose more than 4 percent after the ruling. The share price rise put Facebook’s market capitalization over $1 trillion…
Democrats Clear Path for Approval of Biden’s $1.9 Trillion COVID Package
The House of Representatives on Feb. 5 passed a budget resolution, setting up a partisan vote later this month on President Joe Biden’s COVID-19 relief package. The House approved the resolution 219-209. No Republicans voted for the resolution. Rep. Jared Golden (D-Maine) joined the GOP in voting against it. Golden was one of two Democrats…
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