Peter Rudegeair

speaker

756 appearances 12 recordings 1 series first heard Nov 2017 last heard May 2021

Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Consumers Shaking Off Rate Increases...For Now · 16 Oct 2018 podcast

The interest rate you might pay on a home equity line of credit is tied to the prime rate. matched

So immediately, banks get a benefit to their bottom line from being able to charge you more for borrowing. matched

Exactly. matched

We heard last week we had JP Morgan, we had Wells Fargo, we had Citigroup all report earnings. matched

All were pretty big double-digit gains in net income. matched

And what they said was the U.S. matched

consumer, at least in terms of some of those types of loans I just mentioned, credit cards in particular, they still want to borrow, right? matched

So credit card balances were up at each of those institutions, despite having to pay more to borrow on credit cards. matched

What you're starting to see, though, is certain longer-term loans that aren't as tied to what the Federal Reserve does, but are tied to what the bond market does. matched

So that's a mortgage, for instance. matched

Consumers are starting to taper off some of their borrowing. matched

So we had mortgage originations matched

at JP Morgan and Wells Fargo fall by double digits, just because mortgage rates now are approaching 5%. matched

Yes. matched

So long-term interest rates were rising. matched

The week before, we had banks reporting folks were worried about the pace of matched

Federal Reserve rate increases and how that might factor and filter through to companies, how much they pay to borrow, how much consumers pay to borrow for homes. matched

In some of the commentary we heard from the executives about whether they were worried about consumers not being able to afford higher borrowing costs, they were actually pretty optimistic. matched

So Jamie Dimon, the CEO of J.P. matched

Morgan, said that most of the consumer credit written since the Great Recession is pretty damn good, in his words. matched

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