As fears of recession loom, the consumer price index up 6.5 percent and inflation at historic highs, funds that Americans saved during the COVID-19 pandemic are nearing depletion.
During the height of the pandemic, Americans were able to save more than $2.7 trillion as businesses shuttered. Investment bank Goldman Sachs estimated that 35 percent of COVID-19 relief funds have already been spent and by the end of 2023, that number will be up to 65 percent.
Lower income households have seen their savings diminish first. Folks that make under $50,000 annually saw their savings slashed by 36 percent compared to people who make between $100,000 and 15,000 who lost just 14 percent of their savings.
The use of credit has surged during this time as well, pushing the credit card debt to a new record of more than $930 billion at the end of 2022. It's a jump of 18 percent from the previous year.
Meanwhile, Treasury Secretary Janet Yellen rejected concerns that the U.S. isn't headed for a recession and believes that inflation can be eased.
"You don't have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years. What I see is a path in which inflation is declining significantly, and the economy is remaining strong," she said in an interview with ABC's Good Morning America.
Matt Hougan, CIO of Bitwise Asset Management, gives Cheddar the latest on the Securities and Exchange Commission approval of bitcoin ETFs. Hougan calls this time a 'potential major milestone for bitcoin.'
LeBron James has agreed to an exclusive deal with Fanatics Collectibles. James and his son, Bronny, will appear together on a unique sports trading card to herald the Los Angeles Lakers superstar’s new multiyear partnership with Fanatics.
Joe Zhao, Managing Partner at Millennia Capital, joined Cheddar to discuss the latest stock moves and how the market is being impacted by artificial intelligence.
Wall Street was quiet early following a lackluster session a day earlier as markets await U.S. inflation data and high-profile corporate earnings reports later in the week.
The World Economic Forum says false and misleading information supercharged with cutting-edge artificial intelligence is the top immediate risk to the global economy.
CES 2024 starts this week in Las Vegas. It's set to feature swaths of the latest advances and gadgets across personal tech, transportation, health care, sustainability and more. Here's a list of the coolest announcements so far.
Astronauts will have to wait until next year before flying to the moon and another few years before landing on it. NASA on Tuesday announced the latest round of delays in its Artemis moon-landing program.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
