3/15/10 - theGrio & CNBC Market Update

3/15/10 - theGrio & CNBC Market Update

TheGrio and CNBC team up to deliver a weekly report of money matters and market updates for our community. CNBC's Shartia Brantley reports: Last week, "Bank of America":http://www.bankofamerica.com announced that starting this summer, it will cut debit card overdraft fees for its customers, and the "federal government is encouraging other banks":http://www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm to take similar measures. "Household net worth grew by more than $680 billion":http://www.federalreserve.gov/releases/z1/Current/ during the fourth quarter of 2009, while Americans cut debt by more than $25 billion. Following a party conflict, "the Senate passed the latest jobs bill in a series":http://firstread.msnbc.msn.com/archive/2010/03/05/2220423.aspx intended to extend unemployment benefits and tax breaks for workers. The Senate and the House must pass and reconcile each bill, exposing the legislation to procedural and political hurdles before President Obama can sign it into law. This week, investors await data on interest rates, housing and inflation. On Tuesday, the "Federal Reserve Open Market Committee":http://www.federalreserve.gov/monetarypolicy/fomc.htm (FOMC) convenes to discuss the finance and banking industries and set monetary policy for upcoming months. The Fed funds rate, which affects mortgage rates, credit card interest rates, and student loan rates, has been near zero since December 2008. Observers are carefully watching the current Committee meeting for "actions that might reflect or influence potential economic recovery.":http://www.cnbc.com/id/35840623 We'll get a read on housing Tuesday with the "February 2010 Housing Starts report":http://www.census.gov/const/www/newresconstindex.html from the "Census Bureau.":http://www.census.gov/ New home construction rose by nearly 3 percent in January, but building permits, a key indicator for future building activity, declined by nearly 5 percent. Analysts are considering "what the mixed residential construction indicators might mean":http://www.cnbc.com/id/35589633/Housing_Recovery_Is_Looking_A_Lot_Shakier_Than_Expected for overall trends in the housing market. In the manufacturing sector, the "February 2010 Industrial Production report":http://www.federalreserve.gov/releases/g17/Current/default.htm is due Monday from the "Federal Reserve.":http://www.federalreserve.gov The January 2010 report showed a 0.9 percent improvement month-to-month in nationwide industrial production, with manufacturing, mining and utilities each posting gains over the previous month. Are consumer prices on the rise? We'll get a read on household costs and inflation Thursday with the "February 2010 Consumer Price Index":http://www.bls.gov/cpi/ (CPI) from the "Bureau of Labor Statistics.":http://www.bls.gov/ The CPI tracks prices changes for everyday consumer expenses such as food, energy and cars. The January 2010 index for all items increased 0.2 percent month-to-month, reflecting slight inflation, driven largely by changes in food and energy prices. **Watch the video, exclusively on theGrio.com.**