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The Latest Breaking News from the New York Fed

Household Debt Reaches New All-Time High, NY Fed Data Shows

U.S. household debt reached a new all-time high in the first quarter of the year, clocking in at $18.8 trillion, according to data from the New York Federal Reserve.

International Business Times

Car Loan Debt Hits $1.68 Trillion Record High As Drivers Struggle With Car Payments, Report Finds

A new analysis found that aggregate auto debt has climbed 37% since early 2018, reaching the highest level ever recorded.

Latin Times

Gas price surge hits lower-income Americans the hardest, research shows

This trend has exacerbated existing economic disparities across the nation

The Independent UK

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read the most diverse news in one place.

K-shaped economy is real, per New York Fed research

New research confirms the K-shaped dynamics (with a catch).

Axios

A 160-year-old paradox explains why AI will create more lawyers and accountants—not fewer, top economist says

Apollo chief economist Torsten Slok thinks AI doomers may be proven wrong. Just swap in "people" for "coal" in Jevons Paradox.

Fortune

Trump’s top economic adviser wants the Fed to punish its researchers. But the study that rattled him isn’t going anywhere

How dare they speak facts?

We Got This Covered

Top Trump advisor furious about true cost of tariffs being revealed, vows to punish New York Fed for ‘worst paper’ ever in history

“The paper is an embarrassment,” Kevin Hassett fumed on CNBC, calling it “the worst paper I’ve seen in the history of the Federal Reserve System.”

Fortune

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Having a college degree still matters for being one of the wealthier Americans, New York Fed says

The spending divide is visible in the past three years of data, the New York Fed says, and college degrees matter a lot.

Fortune

Federal Reserve may keep rates unchanged for months as economy shows signs of health

Federal Reserve officials are expected to keep their short-term interest rate unchanged Wednesday after three cuts last year, ignoring huge pressure for lower borrowing costs from the White House in favor of waiting to see how the economy evolves

The Independent UK

Fed likely to lower borrowing costs this week, but follow-up rate cuts face longer odds

The Federal Reserve faces an unusually contentious meeting this week that will test Chair Jerome Powell’s ability to corral the necessary support from fellow policymakers for a third straight interest rate cut

The Independent UK

Household Debt Just Hit a New Record — Are You at Risk?

GoBankingRates takes a closer look at where the debt has risen -- and whether you're at risk.

GOBankingRates

Americans haven’t been this pessimistic about finding a new job since a bleak stretch of the Great Recession

Pessimism is "most pronounced for those with at most a high school education," according to the New York Federal Reserve.

Fortune

You’re much more likely to get retrained than fired due to AI, but layoffs will rise, N.Y. Fed says

Among service companies in the New York–northern New Jersey region that are using AI, 35% said they are retraining their workers, up from 24% last year.

Fortune

200 Central Banks, Foreign Entities Dump $48B in US Treasuries as Confidence in US Assets Falters

Global central banks continue to withdraw US Treasuries from the New York Federal Reserve since Trump's tariff play in late March. This trend could force the Treasury to hike yields to attract bond buyers, which could drive up borrowing costs.

International Business Times UK

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Fortune

Student loans drive consumer debt delinquency to five-year high

The New York Fed found nearly 8% of aggregate student debt was 90 days past due as of Q1.

Fortune

How SOFR works and why it might matter for your mortgage rate

SOFR is a benchmark rate which certain variable rate financial products, for example certain mortgages, can be tied to.

Top News

Inflation Expectations Down: US Consumers Anticipate Smaller Gains Ahead

Ready to save those extra pennies? US consumers are predicting smaller inflation gains, according to the New York Fed. Find out more now!

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The Independent UK

Car buyers bear a heavy burden as Federal Reserve keeps raising rates: Auto-loan rejections are up

The Federal Reserve’s expected move Wednesday to raise interest rates for the 11th time could once again send ripple effects across the economy

The Guardian - US

There’s a deeper story to Silicon Valley Bank’s failure. What can we learn from it?

Financial deregulation led to the crash in 2008 and it could again in 2023. It’s time to make banking boring again

People

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