Autos. also, those prices coming down a little bit. gasoline prices are down. there might be an inflation factor in here as inflation is cooling a little bit. it might be that consumers are being very, very judgmental about what they re buying. they re making different judgments here and spending on necessities and not necessary things they don t need right away. i want to give you a quick look at the job masht. we have the latest reading on jobless claims, first-time unemployment claims. those are the lowest in 11 weeks, they fell 20,000 to 211,000. that trend is still intact. a tight labor market. still have a job market that is pretty strong. we re seeing the signs and we ll watch to see if there s a trend dropping, signs that the consumer might be starting to back off a little bit. christine, quickly, isn t this what the fed wants? they re raising rates so it does cool off the economy. by the way, you raise rates, credit card rates go up and it makes it harder to spend money. is this intentional to some
Others need for defense. kicking the can down the road, the value of doing that is then you get to a republican house next year. so hopefully could get this reckless spending better under control. but that s what we re looking at, the inflation that is hitting people. their savings are at an all-time low. credit card borrowing is up. credit card rates are up. for the american people, the people back home in wyoming and i was at the grocery store over the weekend they just feel there s no end in sight, neil. neil: while i have you, sir, we re just learning that the former ftx chief, sam bankman-fried, is going to be in a bahamian until february 8th. he was arrested yesterday. democrats say republicans are angry. are you? well, we need to see what happened here. i mean, i ve been skeptical of this whole crypto effort from the beginning.
The stock market soars with hopes inflation may have peaked but credit card rates have reached a new record high. cbs s lilia luciano for what it means ahead for you in the holiday shopping season. eye on america in our unit alone, we ve lost more to suicide and stance abuse than enemyir : bs s mgare to e s. vetcltoel amera s roehoindry, whadivers fh ecked planes ii. thwi nah o donnell, reporting from the nation s capital. o donnell: good evening and thank you for joining us on this thursday night. tonight tropical storm nicole is making its way across the state of florida after slamming into the stateas east coast as a
Month. and we re seeing that all in one day. all three are on track for their best day since 2020. that means the fed will be able to stop slamming the brakes on the economy soon enough. bill dudley told me this is just one report and he stressed that the jobs market has not cooled off quite enough. one does not make a pattern, but this is definitely encouraging and welcome news. we also saw mortgage rates are up again, credit card rates have hit a record high. what more do we know on that front. well, the fed s war on inflation is making it harder for us to borrow. they re trying to cool things off by making it harder to borrow. we ve seen credit card rates hit record highs. there s never a good time to carry a credit card balance, but this is arguably the worst time.
The grocery bill is still high. credit card rates. can i mention the average credit card rate is now 19% apr. wow. keeping money if you can t pay off your credit card bill, you are getting killed out there right now. store credit cards, 29%. my advice for the holiday season is don t put it on a store credit card if you can t pay it right away. get in that wheel. absolutely. absolutely. that s what higher rates mean. so people are kind of caught in that, too. but i will say household balance sheets are much better today than they were in 2008. because they saved up a lot. because they saved up in covid. people were home for a year and a half. now they re spending money like crazy on, what? travel. flying. going out? entertainment? i wonder if there s any sugar when you said the medicine. i wonder if there s some sugar that will make the medicine i m looking for sweet.
Even start talking or thinking about a pause, which i think is an interesting point. bianna, i think there s a bit of something for everyone. maybe the fed will slow down the pace of interest rate hikes, but clearly not ready to declare victory anytime soon. rahel, i think matt s analogy is appropriate, because the last time they raised rates, powell warned this may be painful for some americans as he goes through the process of lowering inflation. what should americans be expecting to see? it s a great point. it may be painful for some. for some it probably already is. we re already seeing the impact across borrowing different classes. for example, mortgage rates, as we know, they have more than doubled year. look at credit cards rates, they re about 18.7% on arches. i spoke to an analyst from bankrate this morning, he believes credit card rates will be approaches 19% as early as
What the fed would like to see of 2%. we re far from that. the question naturally is, the fed has done five interest rates hikes so far, the expectations for the sixth today. why hasn t inflation gone down yet? what does that mean for future hikes? credit card rates at 16% already. mortgage rates at 7% right now. americans are seeing those borrowing costs go higher, but inflation hasn t come down yet and economists are saying it might take 9 to 12 months for interest rates hikes to bite into aggregate measures on inflation or the labor market. we ll have to see whether or not that bleeds through. but jay powell is going to speak at a press conference, we ll see if he has anything to offer in terms of when we should see inflation go down. when we see the stock market s response to this and their reaction to what hasn t happened yet, by the way, it s down, why is that? i mean, if everybody thinks, okay, raising the rates is good because it means the economy cools down a little bit, we