The California Assembly has passed legislation to end a 34-year era during which non-bank lenders have been free to charge consumers unlimited interest rates on loans from $2,500 to $10,000. By setting a 36% annual rate cap on such loans, Assembly Bill 539 by Assembly Banking and Finance Committee Chairwoman Monique Limón,...
Chairman Says Fed Ready to Respond to Trade Conflicts
WASHINGTON — Chairman Jerome Powell said Tuesday the Federal Reserve is prepared to respond to the Trump administration's trade conflicts to protect the U.S. economy, signaling the Fed will cut interest rates if necessary. Powell's comments gave a lift to stock markets, with the Dow Jones industrial average up over...
Walters: Capping High Interest Rates on Loans Doesn't Fix Poverty
Last month, the Federal Reserve System issued a report on “the economic well-being of U.S. households” and it contained a rather disturbing bit of data. “If faced with an unexpected expense of $400,” a survey of American households found, “61% of adults say they would cover it with cash, savings,...
Wall Street Keeps Hitting Records. What Do Investors Do Now?
The S&P 500 just hit an all-time high, recovering from last year's dramatic plunge. The economy seems to be on fairly solid footing, still it's anyone's guess what happens next for the stock market. So what does this mean for the average investor? Here are answers to some questions about...
Stocks Fall as Bond Market Flashes a Recession Warning
By Matt Phillips The bond market smells a recession. On Friday, stock investors caught a whiff, too. Economic forecasters and Wall Street traders have been watching for months as interest rates on long-term U.S. government bonds have dropped toward the rates on short-term debt. Investors normally demand higher yields to buy...
Powell Says Trump’s Attacks Played No Role in Rate Pause
WASHINGTON — Federal Reserve Chairman Jerome Powell says political attacks by President Donald Trump played no role in the Fed's decision in January to signal that it planned to take a pause in hiking interest rates. He also said in an interview broadcast Sunday that he can't be fired by...
Are You Getting a Raise? US Wages Climb Fastest Since 2009.
WASHINGTON — The pace of hiring in the United States quickened in August, and wages grew at their fastest pace in nine years — evidence that employers remain confident despite the Trump administration's ongoing conflicts with its trading partners. The economy added a strong 201,000 jobs, and the unemployment rate...
Rise in Interest Rates Could Be Short-Lived: CNBC Report
The Federal Reserve meets today and Wednesday and a published report suggests that the central bank could halt the rise of interest rates earlier than expected. Should that happen, analysts speculate, the economy's prolonged expansion could last longer than previously forecast. CNBC reports that while the Fed is expected to...
California Cities Work Both Sides of the Street on Climate Change: Walters
Officials in five cities and three counties have filed lawsuits alleging that companies knowingly emitted greenhouse gases that will damage those communities as oceans rise, and should pay for it, Dan Walters writes in his Feb. 12 CALmatters column. So, what's the rub? Explains Walters: "It’s easy to file a...
California Cities Work Both Sides of the Street on Climate Change: Walters
Officials in five cities and three counties have filed lawsuits alleging that companies knowingly emitted greenhouse gases that will damage those communities as oceans rise, and should pay for it, Dan Walters writes in his Feb. 12 CALmatters column. So, what's the rub? Explains Walters: "It’s easy to file a...