Good morning. US stock futures moved higher in Monday morning trading as investors prepared for the start of a busy week for corporate earnings and await the latest interest rate decision by the Federal Reserve.
📉 US credit cardholders facing “persistent debt”
As interest rates and fees spiked in 2022, more Americans had a harder time paying down their credit card debt.
According to the report, the average cardholder carried $5288 in credit card debt at the end of 2022, up 24% from 2021, and back to late 2019 pre-pandemic levels.
Nearly 10% of credit card users found themselves in “persistent debt” meaning, they were charged more in interest and fees each year than what they paid towards their principal.
💡 So what: When an individual accumulates too much credit card debt it can have several negative consequences including financial strain, limited scope for savings and investments and even the potential for bankruptcy. Keeping credit well managed is often a key element of personal financial management and provides a pathway for long term wealth creation.
Monday - No Major Economic News
Tuesday - US Consumer Confidence
Wednesday - Federal Reserve Decision On Interest Rates, Fed Chairman Powell Press Conference
Thursday - Initial Jobless Claims (wk end Oct 28)
Friday - US Unemployment Rate
💸 UAW, Ford reach tentative agreement in wage negotiations
WHY: The new deal also includes $8.1 billion in manufacturing investments and could give workers up to $70,000 in extra pay over the four and a half year life of the contract.
🛑 ECB to hold hand on rate increases…
WHY: ECB President Christine Lagarde also recently indicated that another hike isn’t currently required and markets and economists expect borrowing costs to stay at current levels into 2024.
🍗 Poultry companies unite over pollution ruling
WHY: According to a January ruling, the companies were deemed responsible for pollution of the Illinois Watershed by disposing of chicken litter or manure that leached into the river.
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