Morning news brief
Russian President Putin heads to China for a two-day summit. Nearly one out of five credit card users have maxed out on their borrowing. Wildfire season is underway in Mexico and Canada.
Economy
Consumer Price Index report for April gives an idea of where inflation stands
The latest report, will not only give an update on inflation, it could also indicate if the Federal Reserve will resume lowering interest rates.
Americans are struggling to pay off credit card debt; Tiny Desk Contest's 2024 winner
Nearly 1 in 5 Americans have maxed out their credit card borrowing, according to the Federal Reserve Bank in New York. Tiny Desk Contest crowns its 10th anniversary winner.
Nearly 1 out of 5 credit card users have maxed out on their borrowing
The Federal Reserve Bank of New York says a growing number of card user are falling behind on their monthly credit card bills. Fallout from years of rising prices and high interest rates.
More Americans are falling behind on credit card bills
Credit card delinquencies rose in the first three months of the year. That's a sign of the growing financial stress that some families are feeling in an era of rising prices and high interest rates.
It was a classic rap beef. Then Drake revived Tupac with AI and Congress got involved
AI can conjure the voice or likeness of a dead celebrity with just a few clicks. This opens a host of legal questions about the rights of the deceased and their heirs to control their digital replicas
With 'bleisure' and fewer workers, the American hotel is in recovery
A new type of traveler is part of the post-pandemic reset at U.S. hotels, along with fewer daily cleanings and pancake-slinging machines.
A federal judge temporarily halts U.S. plan to lower credit card late fees to $8
The temporary injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies. The plan was set to go into effect next week.
Biden will keep Trump's China tariffs, and add new ones on electric vehicles
The Biden administration is finally wrapping up its review of President Donald Trump's tariffs on Chinese imports. It will keep those tariffs, and add more on things like electric vehicles.
Tax revenue jumps 22% in April, but U.S. deficit still looms large
The U.S. Treasury ran a surplus last month, thanks in part to the April 15th tax deadline. But the federal government is still expected to end the year more than $1.5 trillion in the red.