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U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend at the start of the second quarter in a boost to financial market expectations for a September interest rate cut.
New data released Tuesday by the Federal Reserve Bank of New York showed that as household debt balances grew during the first quarter, delinquencies also marched higher. Notably, the percentage of credit card balances in serious delinquency (90 days or more late) climbed to its highest level since 2012.
Entrepreneur and former Los Angeles Dodgers owner Frank McCourt said on Wednesday his organization, Project Liberty, is forming a consortium to buy social media platform TikTok in the United States.