Money

Newsweek - ar insurance in Florida has skyrocketed to nearly $4,000 per year, according to a new report by finance website Bankrate—the highest premiums in the country. The cost of car insurance has recently increased throughout the U.S. to reach a national average of $2,543 in 2024, with the New York City-based consumer financial services company calculating that it shot up by 26 percent over the last year alone. Florida is currently where drivers are paying the highest cost for their car insurance, at an average annual premium of $3,945, according to Bankrate.

Bloomberg - There are a lot of commercial property loans coming due. Nearly 20% of outstanding debt on US commercial and multifamily real estate — $929 billion — will mature this year, requiring refinancing or property sales. That’s far higher than an earlier estimate by the Mortgage Bankers Association, a surge attributed to loan extensions and other delays. About $4.7 trillion of debt from all sources is backed by US commercial real estate, ratcheting up concern among regulators because building values are sliding. 

NBC - While the Federal Reserve is still targeting a 2% annual inflation, economists say solid economic growth will keep forcing prices to rise. Absent a weakening labor market, price growth may be stuck, economists with Citibank said in a note to clients yesterday. As for interest rates, analysts at Bank of America said the data released this morning will help Fed officials build a case for a rate cut later this year. 

NBC - U.S. price growth cooled in January, falling from 3.4% to 3.1% on a 12-month basis, the Bureau of Labor Statistics reported.