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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US
- Household debt in Q3 saw the largest nominal quarterly increase since 2007, in part as credit card balances increased $38B on the quarter for a 15% Y/Y rise, the largest in more than twenty years - NY Fed.
- The NY Fed’s CCP based on Equifax credit reports show growing reliance on card spending by lower income groups but delinquency rates remain low:
- New purchase adding to credit card balances reflect robust demand amid higher prices of goods and services.
- The increases in balances have been across age ranges although the 18-29 cohort leads the way with above pre-pandemic balances.
- Those on lower incomes are more likely to have pushed credit card balances above pre-pandemic levels
- Delinquency rates have started to pick up in all income groups bar the richest quartile but remain historically low - we noted a similar trend in broader delinquencies yesterday here
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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