The Bank of Canada kept its overnight lending rate at 5% for the third consecutive meeting - where it has been since mid-July and tied for the highest rate since April 2001 - in line with Wall Street estimates, and acknowledging a stalled economy while keeping the door open to further hikes as they watch for more progress on slowing inflation https://www.zerohedge.com/markets/bank-canada-keeps-rates-5-expected-drops-language-rising-inflation-risks

As Bloomberg's Garfield Reynolds writes in the aftermath of last night's unexpected Chinese rate cut, while the nation's economic struggles were (finally) severe enough for the authorities to respond with their biggest interest-rate cut since the pandemic, there are plenty of reasons to doubt that it will be enough to help spark a turnaround. For a start, Reynolds writes, that scope "is rather less impressive when you realize the reduction in the rate on one-year PBOC loans — or medium-term lending facility — was all of 15 basis points. Most central banks faced with the sort of slowdown China is facing might well decide to cut by three times as much or more." https://www.zerohedge.com/markets/chinas-economy-verge-collapse-pboc-central-banker-calls-helicopter-money

In today's fast-paced world, financial needs can arise unexpectedly. Whether it's medical emergencies, home repairs, debt consolidation, or dream vacations, the demand for quick and accessible financial solutions has never been higher. This is where instant personal loans step in, offering a lifeline to individuals seeking immediate funds without the lengthy approval processes of traditional loans. https://www.investkraft.com #personalloan #loan #loans #businessloan #finance #pinjamanperibadi #homeloan #carloan #personalloans #money #credit #financialfreedom #loanofficer #pinjaman #kerajaan #creditrepair #creditscore #business #realestate #mortgage #instantloan #bank #homeloans #personalloanbank #refinance #swasta #investment #businessloans #lending #selangor

The weak trucking market finally has caught up to the quarterly report of Canada’s BMO, a major lender to fleets. In its quarterly earnings report, BMO breaks out the financial performance of its various lending sectors. Transportation is its own sector, and BMO officials have said about 90% of that book of business is trucking. The data is considered a strong indicator of the health of fleets both big and small as the BMO book of business is at least 10,000 customers. https://www.zerohedge.com/economics/credit-loss-provisions-soar-300-weak-truck-market-finally-shows-bmo-transportation-groups

One month ago, not long after we warned that consumer credit was about to get much tighter in the aftermath of one of the most depressing Senior Loan Officer Opinion Surveys, which saw near-record tightening in lending standards coupled with a historic plunge in credit demand, we observed that – as one would generally expect – growth in US credit card debt had ground to a crawl, as revolving credit rose by just $5 billion, down sharply from the $12.8 billion in January, down from the $13.7 billion LTM average, and the lowest single increase since April 2021. https://www.activistpost.com/2023/05/consumer-credit-shocker-credit-card-debt-explodes-at-2nd-fastest-pace-on-record-just-as-rates-hit-all-time-high.html

2. financial. Financial risks include exchange rate risk, higher lending costs and operational risks. A CBDC should be just another form of central bank money, but could governments be tempted to exchange it for current forms of money in the national currency at less than 1:1? CBDCs could result in higher lending costs. In its recent discussion paper on “New forms of Digital Money” the Bank of England identified increased lending costs as a risk resulting from a decrease in bank lending with CBDC and an increase in more expensive market-based financing. https://www.finextra.com/blogposting/21584/the-risks-to-society-of-central-bank-digital-currencies

A major banking institution and federal student loan refinancing company has called on a federal court to end the Biden administration’s pause on student loan payments, arguing that the moratorium has no legal basis. San Francisco-based SoFi Bank and SoFi Lending Corp.—a student loan refinancing company—sued the Department of Education (DOE) on Friday, according to a complaint (pdf) filed in the District Court for the District of Columbia. That complaint asked that President Joe Biden’s latest extension of the student-loan payment pause be deemed “invalidated and set aside” or, at a minimum, that the DOE be ordered to require repayment by borrowers who are not eligible for student-debt cancellation. It also asked that the court issue a permanent injunction preventing the administration from “enforcing, applying, or implementing the eighth extension of the loan moratorium.” https://www.zerohedge.com/political/student-loan-lender-sofi-sues-biden-admin-end-payment-pause-extension

Crypto lender Genesis Global Holdco LLC and two of its lending subsidiaries filed Thursday night for Chapter 11 bankruptcy protection in New York. Genesis Global is the latest firm to fold following last year's implosion of the crypto hedge fund Three Arrows Capital and the collapse of FTX. Genesis Global Holdco filed for bankruptcy protection along with Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd. Genesis Global Trading wasn't included in the filing and continues client trading operations. The filing explained Genesis Global Capital, the partner company to Gemini's defunct Earn program, had more than 100,000 creditors and between $1 billion and $10 billion in assets and or liabilities. The other entities had assets and liabilities between the $100 million and $500 million range. Genesis owes its top 50 creditors more than $3.5 billion. Some of those creditors include Gemini, VanEck's New Finance Income Fund, MoonAlpha Finance, Mirana, and Cumberland. They said talks were ongoing, productive discussions" with the advisers of its creditors, along with its parent company Digital Currency Group in the attempt to find a way to "preserve assets and move the business forward." https://www.zerohedge.com/crypto/crypto-lender-genesis-files-bankruptcy-seen-crucial-step-recover-assets

"This morning I discovered something *extremely* alarming happening in the car market, specifically in auto lending. I'm now convinced that there is a massive wave of car repossessions coming in 2023," https://www.zerohedge.com/markets/perfect-storm-arrives-massive-wave-car-reposessions-and-loan-defaults-trigger-auto-market

BankRate.com reports that the APR on the average US credit card just hot 19.40% - a new record high... Matt Schulz, the chief credit analyst for LendingTree, was quoted by Bloomberg as saying some store cards that hit 30% were lowered soon after. https://www.zerohedge.com/markets/some-store-credit-cards-hit-30-interest-rates-consumer-balances-rise