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Verizon clears $10M in debt for North Carolina residents impacted by Hurricane Helene

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Verizon is teaming up with ForgiveCo to clear $10 million in consumer debt for more than 6,500 North Carolinians impacted by Hurricane Helene.

The communications company said the debt relief campaign is aimed at assisting with the ongoing recovery following the September 2024 storm.

ForgiveCo’s “random acts of kindness” purchased the debts in the form of medical, financial and other debts of necessity in the affected areas without any applications required and notified the lucky recipients through surprise letters, emails and text messages.

HURRICANE HELENE DEVASTATION COULD COST UP TO $34B, MOODY’S SAYS

ForgiveCo

ForgiveCo CEO Craig Antico and his son, Erik.  (ForgiveCo)

 “Unpayable debt is a heavy burden that causes hardship for countless hardworking Americans,” said Craig Antico, ForgiveCo Founder and CEO.Often triggered by sudden medical events or accidents, the impact of natural disasters can further destabilize families and limit opportunities for generations. Through this effort, Verizon will bring transformative change to the lives of North Carolinians in crisis, leaving a lasting mark on future generations.”

A news conference at Verizon’s South Asheville store announced that the debt had been forgiven and that no other action would be required by the recipients.

North Carolina

Workers, community members, and business owners clean up debris in the aftermath of Hurricane Helene in Marshall, North Carolina on Monday, Sept. 30, 2024.  (Jabin Botsford/The Washington Post via Getty Images / Getty Images)

The random act of kindness was in addition to Verizon’s initial $400,000 donation to United Way of North Carolina following the storm.

 “Verizon believes in the power of connection, not only through our technology but through the bonds we build with the communities we serve,” said Leigh Anne Lanier, president of Verizon’s Atlantic South Market. “To the 6,500 individuals impacted by this initiative and the broader Western North Carolina community, we are with you. We will always stand by you, not just as a business, but as a partner and a neighbor.”

NORTH CAROLINA LAWMAKER WARNS HURRICANE HELENE RECOVERY COULD TAKE ‘YEARS’

verizon

In this photo illustration Verizon Wireless logo seen displayed on a smartphone and in the background. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images) (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images / Getty Images)

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Basketball Hall of Fame coach and Asheville native, Roy Williams, signed on to deliver the news to the impacted families.

“Verizon’s random acts of kindness will lift up thousands of North Carolinians that were left vulnerable to Hurricane Helene’s devastation. These are challenging times, but I’ve seen the strength and resilience of this community. Verizon’s support is a powerful reminder that no one is alone, and together, we’ll rise stronger. It’s a privilege to share this message of hope with the incredible people of North Carolina,” he said.

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China needs to boost its tech sector more than ever. How to play it

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Expanding access to private credit

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Alternative investments: Pros and Cons

They’re generally reserved for the ultrawealthy and financial institutions.

But the exchange-traded fund industry is looking to give retail investors more access to alternative investments including private credit.

BondBloxx’s Joanna Gallegos thinks it’s a great idea despite the asset class’ reputation for charging high fees and academic research that have shown sluggish returns. Her firm launched the BondBloxx Private Credit CLO ETF (PCMM) about three months ago.

“We don’t believe in the velvet rope. We believe in connecting markets,” the firm’s co-founder and chief operating officer told CNBC’s “ETF Edge” this week. “People have not had access to it. It makes sense in a portfolio. People should have access to … a power tool like that in their portfolio.”

The fund invests around 80% of its holdings in private credit collateralized loan obligations, according to the BondBloxx website. Since its Dec. 3 debut, Gallegos’ fund is up 1%.

While the S&P 500 and tech-heavy Nasdaq just saw their worst weekly performances since last September, the BondBloxx Private Credit CLO ETF closed virtually flat.

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BondBloxx Private Credit CLO ETF Performance

Gallegos, who’s the former head of global ETF strategy at J.P. Morgan Asset Management, thinks criticism surrounding alternative investment ETFs will fade.

“We heard the same push back [on] high-yield ETFs: ‘Oh, you can’t price that. It’s too expensive,”‘ she said. “Then, the ETF connected that market in a way that allowed investors to participate, [and] drove the prices down in the category in terms of distributed funds.”

‘Most people don’t need it’

But Strategas Securities’ Todd Sohn contends the so-called velvet rope isn’t worth going through. He said skeptical access to alternative investments will provide meaningful benefits to retail investors.

“Most people don’t need it,” the firm’s managing director of ETF and technical strategy said. “If you have a diversified portfolio of five low-cost ETFs, you’re pretty good, right?”

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Powell says Fed is awaiting ‘greater clarity’ on Trump policies before making next move on rates

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U.S. Federal Reserve Chair Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress,” at Capitol Hill in Washington, U.S., Feb. 11, 2025.

Craig Hudson | Reuters

NEW YORK — Federal Reserve Chairman Jerome Powell said Friday that the central bank can wait to see how President Donald Trump‘s aggressive policy actions play out before it moves again on interest rates.

With markets nervous over Trump’s proposals for tariffs and other issues, Powell reiterated statements he and his colleagues have made recently counseling patience on monetary policy amid the high level of uncertainty.

The White House “is in the process of implementing significant policy changes in four distinct areas: trade, immigration, fiscal policy, and regulation,” he said in a speech for the U.S. Monetary Policy Forum. “It is the net effect of these policy changes that will matter for the economy and for the path of monetary policy.”

Noting that “uncertainty around the changes and their likely effects remains high” Powell said the Fed is “focused on separating the signal from the noise as the outlook evolves. We do not need to be in a hurry, and are well positioned to wait for greater clarity.”

The comments seem at least somewhat at odds with growing market expectations for interest rate cuts this year.

Markets price in three cuts from the Fed this year

As markets have been roiled by Trump’s shifting positions on his agenda — specifically his tariff plans — traders have priced in the equivalent of three quarter percentage point reductions by the end of the year, starting in June, according to the CME Group’s FedWatch gauge.

However, Powell’s comments indicate that the Fed will be in a wait-and-see mode before mapping out further policy easing.

“Policy is not on a preset course,” he said. “Our current policy stance is well positioned to deal with the risks and uncertainties that we face in pursuing both sides of our dual mandate.”

The policy forum is sponsored by the University of Chicago’s Booth School’s Clark Center for Global Markets and included multiple Fed officials in the audience. Most central bank policymakers lately have said they expect the economy to hold up and inflation to fall back to the Fed’s 2% goal, with the rate climate still unclear as Trump’s policy comes more clearly into view.

In his assessment, Powell also spoke in mostly positive terms about the macro environment, saying the U.S. is in “a good place” with a “solid labor market” and inflation moving back to target.

However, he did note that recent sentiment surveys showed misgivings about the path of inflation, largely a product of the Trump tariff talk. The Fed’s preferred gauge showed 12-month inflation running at a 2.5% rate, or 2.6% when excluding food and energy.

“The path to sustainably returning inflation to our target has been bumpy, and we expect that to continue,” Powell said.

Fed Governor Adriana Kugler, who was not at the forum, said in a speech delivered Friday in Portugal that she sees “important upside risks for inflation” and said that “it could be appropriate to continue holding the policy rate at its current level for some time.”

The remarks also came the same day that the Labor Department reported a gain of 151,000 in nonfarm payrolls for February. Though the total was slightly below market expectations, Powell said the report is more evidence that “the labor market is solid and broadly in balance.”

“Wages are growing faster than inflation, and at a more sustainable pace than earlier in the pandemic recovery,” he said.

Average hourly earnings rose 0.3% in February and were up 4% on an annual basis. The jobs report also indicated that the unemployment rate edged higher to 4.1% as household employment dipped.

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