Traveling to Asia for work? This city is its most expensive business destination

Hong Kong has been named the most expensive location in Asia for business travelers — for the second year in a row, according to a new report.  ECA International’s latest Daily Rates research ranked countries based on costs for short trip expenses: four-star hotel rooms, meals, laundry, alcoholic and soft drinks, journeys by taxi and … Read more

After an 8.7% Social Security cost-of-living adjustment for 2023, next year’s increase may not be as large

Pascal Broze | Onoky | Getty Images An 8.7% Social Security cost-of-living adjustment for 2023 means beneficiaries received on average $140 per month more starting in January. Now, new research from Bank of America Institute finds faster spending growth among older generations that receive Social Security income. For the week ending Feb. 18, individuals born … Read more

Key banking crisis lesson: ‘The first line of defense should always be cash,’ advisor says

People wait outside the Silicon Valley Bank headquarters in Santa Clara, California, to withdraw funds after the federal government intervened upon the bank’s collapse, on March 13, 2023. Nikolas Liepins | Anadolu Agency | Getty Images It’s been an unsettling period for consumers and the financial markets as the collapse of Silicon Valley Bank has … Read more

The Federal Reserve is still expected to go through with a rate hike. What that means for you

Rate hikes, one year later For its part, the Fed has already hiked its benchmark fund rate eight times over the last year to its current level between 4.5% and 4.75%. The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another … Read more

‘Be mindful of your risk’: Money manager tackles Silicon Valley Bank fallout on ETFs

There’s speculation the Silicon Valley Bank collapse could expose problems lurking in ETFs tied to specific sectors. Astoria Portfolio Advisors CIO John Davi has financials topping his watch list. “You need to be mindful of your risk,’” Davi, who runs the AXS Astoria Inflation Sensitive ETF, told CNBC’s “ETF Edge” this week. The fund is … Read more

Fed poised to approve quarter-point rate hike next week, despite market turmoil

U.S. Federal Reserve Chair Jerome Powell addresses reporters after the Fed raised its target interest rate by a quarter of a percentage point, during a news conference at the Federal Reserve Building in Washington, February 1, 2023. Jonathan Ernst | Reuters Even with turmoil in the banking industry and uncertainty ahead, the Federal Reserve likely … Read more

Jim Cramer says the banking crisis is fighting inflation for Powell and the Fed

CNBC’s Jim Cramer on Thursday said the Federal Reserve no longer needs action to tame inflation — and it’s because of the banking crisis. Cramer said 10 days ago that investors were expecting a possible 50-basis-point interest rate hike from the Fed based on Chairman Jerome Powell’s recent response to January inflation data and the … Read more

One year after the first rate hike, the Fed stands at policy crossroads

U.S. Federal Reserve Chair Jerome Powell responds to a question from David Rubenstein (not pictured) during an on-stage discussion at a meeting of The Economic Club of Washington, at the Renaissance Hotel in Washington, D.C., U.S, February 7, 2023. REUTERS/Amanda Andrade-Rhoades Amanda Andrade-rhoades | Reuters The Federal Reserve is one year down its rate-hiking path, … Read more

Why this could be the ‘best time’ to contribute to a retirement plan, according to an advisor

A separate analysis from Vanguard also found that average 401(k) balances fell 20% in 2022 to $112,572, and hardship withdrawals ticked up slightly. “The concern is, in these uncertain times, do I continue adding money to my long-term plans?” said Louis Barajas, CEO of International Private Wealth Advisors, a certified financial planner and member of CNBC’s Advisor … Read more

Rent control policies are gaining support nationwide. Here’s why economists still think it’s a bad idea.

In December 2022, $1,981 was the typical monthly rent in the United States — a 7.4% increase from the year prior. But while rent has begun to stabilize nationwide, rent affordability remains difficult for many Americans.  “There’s literally nowhere in the country where a tenant is not burdened by their rent,” according to Leah Simon-Weisberg, … Read more