The coronavirus pandemic changed the way U.S. consumers use credit, as lower interest rates spurred a boom in home buying and refinancing and virus-related shutdowns led to a drop in credit card use and an increase in paying off debt, according to a report released on Wednesday by the New York Federal Reserve. Total household debt last year increased by $414 billion to $14.56 trillion at the end of December, the New York Fed found in its quarterly household debt and credit report. "The COVID pandemic and ensuing recession have marked an end to the dynamics in household borrowing that have characterized the expansion since the Great Recession, which included robust growth in auto and student loans, while mortgage and credit card balances grew more slowly," New York Fed researchers wrote in a supplemental blog post published on Wednesday.
Dollar hits five-month highs vs yen as U S yields rise
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Dollar hits four-month high against yen as yields jump on inflation bets
msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Black leaders want targeted federal funds for Black businesses hit hard by pandemic
Civil rights activists and business leaders have asked President Joe Biden’s administration to include targeted funding for Black-owned businesses in the next Covid-19 relief package. They also say that without the federal aid many businesses could be forced to close their doors in the next 90 days.
Members of the National Urban League and the U.S. Black Chambers are among the groups demanding that Biden’s $1.9 trillion stimulus plan allocate money that will exclusively go to Black entrepreneurs.
“It should be specific,” said Ron Busby, president and CEO of U.S. Black Chambers. “It should not be minority, it should not be underserved, it should be Black.”