🔥 Why are credit-card APRs so high? ‘There’s no reason other than greed,’ consumer advocates say
Credit-card APRs averaged 22.8% last year, but there are still ways cardholders can save money.
Credit-card issuers have been padding their interest rates, causing cardholders to pay inflated borrowing costs, according to new research from federal regulators.
Though credit-card annual percentage rates have climbed since the Federal Reserve began hiking its benchmark interest rates in 2022, a new analysis from the Consumer Financial Protection Bureau says that’s just part of the reason why it’s more expensive to have unpaid credit-card debt.
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Credit-card APRs averaged 22.8% last year, but there are still ways cardholders can save money.
Credit-card issuers have been padding their interest rates, causing cardholders to pay inflated borrowing costs, according to new research from federal regulators.
Though credit-card annual percentage rates have climbed since the Federal Reserve began hiking its benchmark interest rates in 2022, a new analysis from the Consumer Financial Protection Bureau says that’s just part of the reason why it’s more expensive to have unpaid credit-card debt.
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🔥 AT&T Says Outage Caused by Software Update, Not A Cyberattack
After a flurry of service outages Thursday, AT&T thinks it found the problem.
“Based on our initial review, we believe that today’s outage was caused by the application and execution of an incorrect process used as we were expanding our network, not a cyber attack,” the company said in a statement Thursday evening. “We are continuing our assessment of today’s outage to ensure we keep delivering the service that our customers deserve.”
Regulators, including the Federal Communications Commission, said they were keeping tabs on the situation. “We are aware of the reported wireless outages, and our Public Safety and Homeland Security Bureau is actively investigating.”
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After a flurry of service outages Thursday, AT&T thinks it found the problem.
“Based on our initial review, we believe that today’s outage was caused by the application and execution of an incorrect process used as we were expanding our network, not a cyber attack,” the company said in a statement Thursday evening. “We are continuing our assessment of today’s outage to ensure we keep delivering the service that our customers deserve.”
Regulators, including the Federal Communications Commission, said they were keeping tabs on the situation. “We are aware of the reported wireless outages, and our Public Safety and Homeland Security Bureau is actively investigating.”
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🔥 AI is Coming to Your Smartphone. Samsung, Google Take on Apple’s iPhone
Artificial intelligence is coming to the smartphone and it could change everything. That’s the key topic at Mobile World Congress, the world’s largest mobile and communications trade show, which is back in Barcelona next week.
In recent years, MWC has become a broader technology show. However, this year the smartphone will be back on center stage as manufacturers pitch AI as the next game changer for mobile devices.
Apple won’t be there - it will save its own AI announcements for its developers’ conference in June - but that means its rivals can try to steal a march on the iPhone maker.
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Artificial intelligence is coming to the smartphone and it could change everything. That’s the key topic at Mobile World Congress, the world’s largest mobile and communications trade show, which is back in Barcelona next week.
In recent years, MWC has become a broader technology show. However, this year the smartphone will be back on center stage as manufacturers pitch AI as the next game changer for mobile devices.
Apple won’t be there - it will save its own AI announcements for its developers’ conference in June - but that means its rivals can try to steal a march on the iPhone maker.
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🔥 Google parent loses $70B in market value after ‘woke’ AI chatbot disaster
Google’s parent company lost more than $70 billion in market value in a single trading day after its “woke” chatbot’s bizarre image debacle stoked renewed fears among investors about its heavily promoted AI tool.
Shares of Alphabet sank 4.4% to close at $138.75 in the week’s first day of trading on Monday. The Google’s parent’s stock moved slightly higher in premarket trading on Tuesday.
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Google’s parent company lost more than $70 billion in market value in a single trading day after its “woke” chatbot’s bizarre image debacle stoked renewed fears among investors about its heavily promoted AI tool.
Shares of Alphabet sank 4.4% to close at $138.75 in the week’s first day of trading on Monday. The Google’s parent’s stock moved slightly higher in premarket trading on Tuesday.
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🔥 ECB has fallen to its biggest loss in almost 20 years
Central bank losses are likely to be seized on by
critics of their recent massive bond purchases, with one case against this still pending in the German constitutional court.
Public finances will also be hit by an end to the big dividends finance ministers were used to receiving from central banks.
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Central bank losses are likely to be seized on by
critics of their recent massive bond purchases, with one case against this still pending in the German constitutional court.
Public finances will also be hit by an end to the big dividends finance ministers were used to receiving from central banks.
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🔥 CBDC Anti-Surveillance State Act Back in the Senate
The CBDC Anti-Surveillance State Act has been reintroduced in the Senate with the support of five U.S. senators. “As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal,” said one senator who supports the bill. A central bank digital currency (CBDC) “would open the door for the federal government to surveil and control the spending habits of all Americans,” he stressed.
The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC.
As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal and control the spending habits of all Americans.
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The CBDC Anti-Surveillance State Act has been reintroduced in the Senate with the support of five U.S. senators. “As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal,” said one senator who supports the bill. A central bank digital currency (CBDC) “would open the door for the federal government to surveil and control the spending habits of all Americans,” he stressed.
The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC.
As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal and control the spending habits of all Americans.
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🔥 Today's Market News
💥 New York Community Bancorp stock plunges nearly 30% upon CEO change at the market open
💥 Tesla expands charging to Ford, GM, eyeing billions in revenue
💥 Musk sues OpenAI, alleging deviation from AI mission
💥 Congress averts shutdown with short-term funding bill
💥 Euro Zone inflation eases, but core figures exceed expectations
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💥 New York Community Bancorp stock plunges nearly 30% upon CEO change at the market open
💥 Tesla expands charging to Ford, GM, eyeing billions in revenue
💥 Musk sues OpenAI, alleging deviation from AI mission
💥 Congress averts shutdown with short-term funding bill
💥 Euro Zone inflation eases, but core figures exceed expectations
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🔥 Market Forecast: EUR/USD, GBP/USD, DXY, PMI, CPI, and Consumer Sentiment
US economic indicators set the stage with Core PCE Price Index, unemployment claims, and Chicago PMI.
Pending Home Sales decline signals potential shifts in consumer behavior and housing market dynamics.
Key upcoming events include ISM Manufacturing PMI, UoM Consumer Sentiment, and FOMC members' speeches.
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US economic indicators set the stage with Core PCE Price Index, unemployment claims, and Chicago PMI.
Pending Home Sales decline signals potential shifts in consumer behavior and housing market dynamics.
Key upcoming events include ISM Manufacturing PMI, UoM Consumer Sentiment, and FOMC members' speeches.
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💥 US GDP "grew" $334 billion in Q4.... That growth cost $834 billion in debt
According to the Biden administration’s Bureau of Economic Analysis, US GDP rose 3.2% in Q4 2023, a modest drop from the 3.3% reported in the first estimate one month ago, and below the 3.3% consensus estimate.
Nominal GDP rose from $27.61 trillion in Q3 to $27.94 trillion in Q4, which shows that the US economy increased some $334.5 billion in absolute nominal dollar terms.
In other words, it cost $834.2 billion in debt during Q3 to grow the US economy by $334.5 billion, or exactly $2.5 in debt for every $1 in GDP "growth."
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According to the Biden administration’s Bureau of Economic Analysis, US GDP rose 3.2% in Q4 2023, a modest drop from the 3.3% reported in the first estimate one month ago, and below the 3.3% consensus estimate.
Nominal GDP rose from $27.61 trillion in Q3 to $27.94 trillion in Q4, which shows that the US economy increased some $334.5 billion in absolute nominal dollar terms.
In other words, it cost $834.2 billion in debt during Q3 to grow the US economy by $334.5 billion, or exactly $2.5 in debt for every $1 in GDP "growth."
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🔥 GOLD RUSH Mark Zuckerberg among millionaires Doomsday prepping by hoarding gold as election & cell outages spark end-of-times fear
MILLIONAIRES and elites are hoarding gold as part of their doomsday preparations as they look to barter with it, an expert has revealed.
Rose, the CEO of Genesis Gold Group in Beverly Hills, California, said he deals with people buying the precious metal for doomsday-prepping purposes every day.
Rose highlighted how doomsday prepping has become popular among millionaires such as Mark Zuckerberg and Sam Altman, along with pro athletes and other elites.
“You’re reading all these stories and these millionaires are buying gold and building bunkers and you're like ‘What the heck is going’ and it's a trend that everyone is doing.”
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MILLIONAIRES and elites are hoarding gold as part of their doomsday preparations as they look to barter with it, an expert has revealed.
Rose, the CEO of Genesis Gold Group in Beverly Hills, California, said he deals with people buying the precious metal for doomsday-prepping purposes every day.
Rose highlighted how doomsday prepping has become popular among millionaires such as Mark Zuckerberg and Sam Altman, along with pro athletes and other elites.
“You’re reading all these stories and these millionaires are buying gold and building bunkers and you're like ‘What the heck is going’ and it's a trend that everyone is doing.”
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🔥 US Judge Backs SEC: Trading of Certain Cryptocurrencies on Secondary Markets Are Securities Transactions
A U.S. district judge has sided with the Securities and Exchange Commission (SEC) in a ruling that declares the trading of certain crypto assets on secondary markets to be securities transactions. This decision emerged from an insider trading case involving crypto exchange Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend Sameer Ramani.
Default judgments aren’t contested. The whole point is that the defendant didn’t show up from his hideout in India or wherever to contest anything. So the judge literally has the SEC on one side and no one on the other.
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A U.S. district judge has sided with the Securities and Exchange Commission (SEC) in a ruling that declares the trading of certain crypto assets on secondary markets to be securities transactions. This decision emerged from an insider trading case involving crypto exchange Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend Sameer Ramani.
Default judgments aren’t contested. The whole point is that the defendant didn’t show up from his hideout in India or wherever to contest anything. So the judge literally has the SEC on one side and no one on the other.
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🔥 Emergency Fed bank effort that bouyed banks amid banking collapse ends lending
Wall Street banks are hunting for alternative ways to shore up their coffers as an emergency lending tool that helped resolve last year’s regional banking crisis expires.
It’s a crucial test for the Federal Reserve, which is still shrinking its balance sheet via so-called quantitative tightening after years of stimulus meant to spur a pandemic recovery. If cracks start to appear in the funding market, that process stands to stall — and the stability of the banking system could teeter again.
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Wall Street banks are hunting for alternative ways to shore up their coffers as an emergency lending tool that helped resolve last year’s regional banking crisis expires.
It’s a crucial test for the Federal Reserve, which is still shrinking its balance sheet via so-called quantitative tightening after years of stimulus meant to spur a pandemic recovery. If cracks start to appear in the funding market, that process stands to stall — and the stability of the banking system could teeter again.
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🔥 Fed Chair Powell: No immediate plans for US CBDC
BREAKING: Fed Chair Jerome Powell has confirmed to the Senate Banking Committee that the Federal Reserve currently has no plans to launch a central bank digital currency (CBDC), alleviating concerns over privacy and government surveillance.
Powell’s statements come amid global developments in digital currencies, with other countries advancing their CBDC projects, and political debates in the U.S. regarding the future of a digital dollar.
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BREAKING: Fed Chair Jerome Powell has confirmed to the Senate Banking Committee that the Federal Reserve currently has no plans to launch a central bank digital currency (CBDC), alleviating concerns over privacy and government surveillance.
Powell’s statements come amid global developments in digital currencies, with other countries advancing their CBDC projects, and political debates in the U.S. regarding the future of a digital dollar.
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🔥 The World’s First Major AI Law Has Arrived. What the EU’s Rules Mean for Big Tech.
The world’s first comprehensive legal framework for artificial intelligence has been finalized. European Union lawmakers on Wednesday approved the bloc’s AI Act, which is likely to shape the approach of U.S. technology companies.
As whole, the legislation aims to protect European citizens’ rights from certain applications of AI and bring stricter oversight to the technology overall.
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The world’s first comprehensive legal framework for artificial intelligence has been finalized. European Union lawmakers on Wednesday approved the bloc’s AI Act, which is likely to shape the approach of U.S. technology companies.
As whole, the legislation aims to protect European citizens’ rights from certain applications of AI and bring stricter oversight to the technology overall.
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🔥 Financial Markets Tense as Inflation Rise Suggests US Central Bank May Keep Rates Steady
The U.S. Consumer Price Index (CPI), experienced a 3.2% increase over the 12 months ending in February, marginally higher by 0.1% compared to January’s CPI. This development is not being well-received by the financial markets, as the U.S. Federal Reserve might postpone any reductions in the benchmark federal funds rate.
A Fed rate cut in May is now very unlikely, but we still expect upcoming inflation data to be sufficiently improved to allow for a June cut.
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The U.S. Consumer Price Index (CPI), experienced a 3.2% increase over the 12 months ending in February, marginally higher by 0.1% compared to January’s CPI. This development is not being well-received by the financial markets, as the U.S. Federal Reserve might postpone any reductions in the benchmark federal funds rate.
A Fed rate cut in May is now very unlikely, but we still expect upcoming inflation data to be sufficiently improved to allow for a June cut.
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🔥 RFK Jr. on AI and how to save freedom of speech
Independent presidential candidate Robert F. Kennedy Jr. talks about how AI is ‘lying to people’ and called AI is “terrifying.”
Elon Musk said AI will take our jobs, then kill us. There are frightening anecdotes of AI lying to people, Kennedy said. The U.S. must develop responsible AI use, because AI is a deepfake security crisis.
Further, social-media sites must “permitting free speech."
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Independent presidential candidate Robert F. Kennedy Jr. talks about how AI is ‘lying to people’ and called AI is “terrifying.”
Elon Musk said AI will take our jobs, then kill us. There are frightening anecdotes of AI lying to people, Kennedy said. The U.S. must develop responsible AI use, because AI is a deepfake security crisis.
Further, social-media sites must “permitting free speech."
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