Weekend Money Markets Roundup January 13, 2024

Image for article titled The week in money & markets: US card balances, SEC X account hacked

Photo: Jeffrey Greenberg/Universal Images Group via Getty Images (Getty Images), Cliff Hawkins (Getty Images), Mike Blake (Reuters), Ulrich Baumgarten via Getty Images (Getty Images), Andrew Kelly (Reuters), Image: Carlo Allegri (Reuters)

A customer scans an item at a self-service checkout.

Photo: Jeffrey Greenberg/Universal Images Group via Getty Images (Getty Images)

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

Downtown Miami, Florida

Downtown Miami, Florida
Photo: Cliff Hawkins (Getty Images)

Inflation has hit consumers across the US hard. Prices on grocery and energy bills jumped, housing prices surged, and the Fed’s responding interest rate hikes have pushed mortgage and credit card interest rates to record highs. – Laura Bratton Read More

Container ships at the Port of Los Angeles

Container ships at the Port of Los Angeles
Photo: Mike Blake (Reuters)

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

A one-dollar banknote in a glass piggy bank.

Photo: Ulrich Baumgarten via Getty Images (Getty Images)

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

New York Federal Reserve President John Williams

New York Federal Reserve President John Williams
Image: Carlo Allegri (Reuters)

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

Image for article titled The week in money & markets: US card balances, SEC X account hacked

Photo: Andrew Kelly (Reuters)

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

Will the rally in tech and weight loss drug stocks continue in 2024? | Smart Investing

Elyse Ausenbaugh, Global Investment Strategist at JP Morgan Private Bank, tells Quartz what 2024 has in store.