Latest Post

Transitional Improvements: Helping Homeless & Formerly Incarcerated Grocery Store Shooting; 1 Injured, 1 in Custody

In breaking news from the New York Fed, household debt and credit has risen by a modest 1.3% in the third quarter. While this is the highest increase in three quarters, it is still below pre-pandemic averages.

The report shows that balances for mortgages, credit cards, and autos have risen when compared to pre-pandemic levels. However, delinquency rates have only increased by 0.4 percentage points, reaching 3% which is well below the average of 5% during the pandemic. The most concerning aspect of the report is the increase in new delinquencies, specifically debts that are newly 30 plus days delinquent. These rates have risen for all types of debt, particularly for autos and credit cards.

Delinquency rates are rising more rapidly in low-income areas and among younger individuals compared to older individuals. Fed Governor Chris Waller commented on the situation, stating that the movement in the 10-year yield has had a significant impact on the labor market, which is gradually approaching pre-pandemic levels..

Leave a Reply

Your email address will not be published. Required fields are marked *