Household debt rises

Marketplace All-in-One

Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 6 February 2024

⏱️ 1 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks rise; mortgage, credit card and auto loan debt increase; Cleveland Fed president expects gradual rate cuts; JP Morgan Chase plans new branches.

Transcript

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0:00.0	This is the Marketplace Minute. I'm Justin Ho. Stocks closed up on Tuesday. The Dow gained
0:07.9	four tenths percent, the S&P rose a quarter of a percent, and the NASDAQ added less than a tenth of a percent.
0:15.0	Household debt rose in the fourth quarter of last year, according to the New York Federal Reserve.
0:19.4	A lot of that was thanks to new mortgages and auto loans. Credit card balances increased too.
0:24.8	The New York Fed says delinquency rates ticked up slightly, but they're still below where
0:28.6	they were just before the pandemic.
0:31.2	The president of the Cleveland Federal Reserve, Loretta Mester, says the Central Bank will probably cut interest rates at a gradual pace.
0:38.0	Mester said there's no rush to cut rates, though she thinks cuts are likely this year.
0:42.0	And J.P. Morgan Chase plans to open... though she thinks cuts are likely this year.
0:42.9	And J.P. Morgan Chase plans to open 500 new branches
0:46.2	over the next three years.
0:47.6	Even though a lot of banking services have moved online,
0:50.3	the bank says physical branches can help it serve new markets.
0:54.0	I'm Justin Ho, with the Marketplace Man. You're going to.

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