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Wednesday’s business headlines

Wednesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.

US household debt hits record high

More borrowers are struggling to keep up as U.S. household debt reaches a record high.

Federal Reserve data says the persistent rise in the prices of essentials such as food and rent have strained household budgets, pushing people to borrow against their credit cards to pay for necessities.

As of March, 3.2% of outstanding debt was in some stage of delinquency, according to the Fed. That’s 1.5 percentage points lower than in the fourth quarter of 2019, but delinquency transition rates increased for all product types.

Fed Chair: Interest rate cut unlikely

Fed Chair Jerome Powell repeated Tuesday that it will likely take more time than previously thought before the U.S. central bank feels confident enough about the outlook for inflation to lower interest rates.

The Federal Reserve has said for almost two years now that it wants inflation to fall to 2% before cutting interest rates.

Inflation now sits around 3.5%.

Comcast to launch streaming bundle

Comcast is set to launch a streaming bundle combining its Peacock service with Netflix and Apple TV.

The new bundle, Streamsaver, will be available to all its broadband, TV, and mobile subscribers at what it says is a “vastly reduced price to anything in the market today.”

Last week, Warner Bros., Discovery and Walt Disney announced a similar bundle that will combine Disney+, Hulu, and Max streaming services.

Report: Americans place high priority on summer vacations

Americans and travelers around the world continue to place a high priority on summer vacations, according to TripAdvisor.

Ninety-five percent of respondents are planning to travel as much or more than last summer, despite some concern about economic headwinds. In fact, over 1/4 of Americans say the plan to spend $5,000 or more on their getaways.

Americans are also looking for a bit of adventure. The top international destination for Americans is Cancun, while the top U.S. destination is Las Vegas.