"All eyes will continue to be on Washington this morning where the politico continue to prove S&P’s point in their downgrade of U.S. debt when they said that the political system was dysfunctional. The payroll tax cut extension is in jeopardy and after spending several hours reading on the current maneuvering, we don’t even know that we can properly explain what is happening today. What we know is that; The Market Today :
By Ray Birch MILWAUKEE—Auto lending is emerging as one of the biggest areas of risk for credit unions, even as the broader U.S. economy continues to perform better than many expected, according to Bill Handel, chief economist at Raddon, a Fiserv company. Delinquency trends in auto portfolios are now approaching levels last seen during the Great Financial Crisis, Handel said, driven by a combination of high vehicle prices, elevated interest rates and increasing financial pressure on lower-income consumers. “There’s probably still a lot of risk in the auto portfolios,” Handel said. “Our numbers in terms of delinquency behavior in the United States are now rivaling what they were during the Great Financial Crisis.” Economy Holding Up Better Than Expected Despite those pockets of risk, Handel said the broader economy remains surprisingly resilient. “If you look at the U.S. economy, it’s actually performing quite well—probably better than most people would have anticipated,” he said. ...
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