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...— Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...The Federal Reserve will be watching closely....
...China’s “credit impulse” — the change in the flow of credit — was a “headwind for growth for much of the last year” but has now moved back into positive territory, BofA’s analysts said....
...Now that there are these other sources of credit, from non-bank lenders to private credit, is the fact that banks are losing market share to other credit providers bad news for the American economy?...
...first bargaining sessions”....
...She added: “Competition between lenders is likely to grow just as private credit faces its first real test in a sharply higher interest rate environment.”...
...If you owned rate-sensitive, high-risk stocks yesterday you have Unhedged’s permission to sell and take the rest of the year off (Carvana, Zillow, SoFi, et al rose 10 per cent or more)....
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...Auto-insurance losses were part of the reason Fitch Ratings downgraded Allstate’s credit to BBB from A- this week, as auto-policy underwriting is the insurer’s biggest line of business by premiums collected...
...Same goes for Signature and First Republic....
...This has been driven in part by the Federal Reserve’s aggressive programme of interest rate rises to try to curb inflation in the US....
...Getting behind the United Auto Workers will help on that score. Unions are rightly seen as defenders of a decent standard of living. Biden’s team is pushing Bidenomics....
...Small businesses probably can’t obtain credit from large banks on the same terms that a regional bank could provide....
...But as Steven Kelly of the Yale Program on Financial Stability pointed out to me, Yellen et al will need the goodwill of the big banks should some other bank or banks get into trouble....
...If we are right that consumer spending, despite some recent softening on the margin, is still at or above trend, that is another thing for Powell et al to fret over....
...(Myles McCormick) Data Drill All eyes in the US auto industry are on the Biden administration this week as it prepares to release long-delayed guidance on the electric-vehicle tax credit....
...But it takes too long to get things built First among the complaints was the time involved in making projects a reality....
...Daniel Martinez, director of mortgage origination in Chicago for the Self-Help Federal Credit Union, says he uses “alternative data” to score borrowers — and finds them good credit risks....
...At some point, she began discussing her case with America’s most prominent #MeToo lawyer....
...This week, the base, which is the headquarters of the US Army’s V Corps, was renamed Camp Kościuszko after the Polish revolutionary who crossed the Atlantic to fight the British (gee, thanks Thaddeus)....
...Credit unions and banks differ in some fundamental ways, but mostly it's who owns the institution....
...Credit Suisse has promoted 183 people to managing director....
...solar power plant, a key part of the country’s ambition to host the first net zero football World Cup later this year UK, the rescheduled TUC Congress gathering for trades union members begins in Brighton...
...holiday commemorating the formation of the union of the British North America provinces that created Canada in 1868 Denmark, the Tour de France begins in Copenhagen....
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