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Between their credit card balances, mortgages, auto loans, home equity lines of credit and student debt, Americans owe a record $18.2 trillion, according to a new quarterly report on household debt from the Federal Reserve Bank of New York.Still, for the most part, borrowers are managing that debt relatively well — with one exception.”Transition rates into serious delinquency have leveled off for credit card and auto loans over the past year,” Daniel Mangrum, research economist at the New York Fed, said in a statement. “However, the first batch of past due student loans were reported in the first quarter of 2025, resulting…

US Federal Reserve Chairman Jerome Powell gestures as he speaks at a press conference after the … More Monetary Policy Committee meeting in Washington, DC, on December 18, 2024. The US Federal Reserve cut interest rates by a quarter point December 18 and signaled a slower pace of cuts ahead, amid uncertainty about inflation and US President-elect Donald Trump’s economic plans. Policymakers voted 11-to-1 to lower the central bank’s key lending rate to between 4.25 percent and 4.50 percent, the Fed announced in a statement. They also penciled in just two quarter-point rate cuts for next year, and sharply hiked…

The Pakistan Cricket Board (PCB) has announced the former New Zealand cricketer Mike Hesson as the new white-ball (ODIs and T20 Internationals) head coach of the Pakistan men’s cricket team, according to a press release issued by PCB. The role was left vacant by Gary Kirsten, who resigned just seven months into the job on October 29 following differences with the PCB. Last year, Aaqib Javed was temporarily handed the responsibility as Pakis­tan’s white-ball head coach until next year’s ICC Champions Trophy. PCB Chairman Mohsin Naqvi took to X to welcome the new coach, saying “After evaluation of numerous applications…

D3sign | Moment | Getty ImagesThe U.S. economy is still in a “strong position” despite “heightened uncertainty,” according to the Federal Reserve’s latest assessment.Yet there’s a looming economic risk the U.S. hasn’t meaningfully faced for decades — stagflation.”The risks of higher unemployment and higher inflation appear to have risen,” Federal Reserve Chairman Jerome Powell said on May 7.Those two factors — along with slower economic growth — are the definition of stagflation.Stagflation is not here yet. The unemployment rate is low and inflation has come down, though it is still higher than the Fed’s 2% target, Powell noted last week.…

Pakistani all-rounder Shoaib Malik announced his resignation from the role of Domestic Cricket Mentor today through a social media post on X. He submitted his formal resignation to the Pakistan Cricket Board two weeks ago, saying he believed it was “time to move on” to ensure fairness and pay attention to multiple personal and professional responsibilities in his life. “This was not an easy choice, but after reflecting on my commitments, I realised that juggling multiple responsibilities would prevent me from giving my best — both to Pakistan cricket and to my other professional and personal priorities,” he wrote in…

D3sign | Moment | Getty ImagesSigns of strain: Grocery debt, food pantry visitsHigher food costs have influenced how many consumers pay for groceries, and how well they are able to keep up with other bills.”You can’t avoid needing to buy food, needing to buy groceries,” said Kimberly Palmer, a personal finance expert at NerdWallet.From February 2022 to August 2024, as food prices swelled, credit card delinquencies increased 39.8%, according to a recent report by the Urban Institute. In 2023, the research firm found that about a quarter of adults paid for groceries on a credit card and took on debt…

CNN  —  US inflation slowed to its lowest rate in more than four years, an unexpected and welcome development at a time when President Donald Trump’s dramatically escalated tariffs are expected to cause prices to rise. Consumer prices rose 0.2% last month, bringing the annual inflation rate to 2.3%, an unexpectedly cooler reading than the 2.4% increase seen in March, according to the latest Consumer Price Index data released Tuesday by the Bureau of Labor Statistics. It’s the lowest annual rate since February 2021. However, what’s been a yearslong unwinding of post-pandemic inflation isn’t expected to last. “The larger tariff-related…

LONDON: Tottenham Hotspur manager Ange Postecoglou believes beating Manchester United in next week’s Europa League final would break the cycle of under-achievement and mark a turning point in the history of the north London club. Postecoglou is in the strange position of leading the club to their worst ever Premier League campaign yet being one win away from ending the a 17-year trophy drought. The Australian’s future has been the source of constant speculation this season and Sunday’s 2-0 home defeat by Crystal Palace was their 20th league loss, leaving them in 17th place. Next Wednesday in Bilbao, however, victory…

ROME: Jannik Sinner cruised into the last 16 of the Italian Open on Monday after comfortably beating lucky loser Jesper de Jong 6-4, 6-2 in front of a delighted crowd in Rome. World number one Sinner continued his Foro Italico comeback from a three-month doping ban by dealing with De Jong and setting up a clash with Argentina’s Francisco Cerundolo — who defeated Sebastian Ofner 6-2, 6-4 — in the next round. Sinner was knocked out in the last 16 by Cerundolo the last time he played here, in 2023, and he is under no illusions that the 17th seed…

Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi on Tuesday announced that the remaining eight matches of the HBL Pakistan Super League (PSL) — postponed due to the conflict with India — would resume from May 17, with the final scheduled for May 25. The PSL was first moved to the UAE and subsequently postponed after an Indian drone crashed close to the Rawalpindi Cricket Stadium last week. In a post on X today, Naqvi stated that the league will pick up from where it left. “Let the aura take over as we unite and celebrate the spirit of cricket,” he…