TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, March 15.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on The Street today.
Stocks are coming off a losing session on Wall Street after back-to-back hot inflation reports weighed on investors. These reports will be key when the Federal Reserve meets on March 19th. Currently, markets are pricing in a 99 percent chance that the central bank holds rates steady.
In other news, the Biden administration is continuing its crackdown on so-called junk fees. After setting limits on credit card late fees, the FCC is sending a warning to cable companies. The agency announced that providers will now have to show one price that incorporates everything a customer would have to pay.
The new all-in pricing will have to include any miscellaneous fees that normally get tacked on to the company’s promoted price. So while your bill won’t get any cheaper, you’ll be paying the price you signed up for.
It’s estimated that between 24 and 33 percent of a customer’s bill comes from added fees, with FCC Chairwoman Jessica Rosenworcel saying, “The advertised price for service should be the price you pay when your bill arrives. It shouldn’t include a bunch of unexpected junk fees that are separate from the top-line price you were told when you signed up.”
Cable companies have pushed back on the initiative, claiming the current method of breaking out fees as separate line items on a bill is more transparent for customers.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with The Street.
