In recent years, there has been a shift in the way consumers make payments. While cash was once the preferred method of payment, more people are now using credit cards for their transactions. According to the Federal Reserve, cash payments have decreased from 31% in 2016 to 18% in 2022, while credit card transactions have
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Federal Reserve Governor Christopher Waller recently made comments suggesting that he believes further interest rate increases may not be necessary due to easing inflation. While Waller acknowledged that central bankers should never say never, he pointed to various data indicating that inflation is not accelerating. Impact of Fed’s Higher Rates Waller highlighted the impact of
The mortgage rates have been on a rollercoaster ride this year, starting significantly higher and then slightly decreasing last week. This slight dip in rates sparked new demand, especially in the refinancing sector. The average interest rate for 30-year fixed-rate mortgages also saw a slight decrease, which fueled the interest of potential buyers looking for
Disney has spent the past five years investing heavily in its streaming services, and it seems that investment is starting to pay off. In the second quarter, Disney nearly broke even in its streaming units, showing a significant improvement from the previous year’s loss. With Disney+, Hulu, and ESPN+ all showing promising signs of profitability,
The Public Service Loan Forgiveness program, established in 2007, has recently undergone a partial processing pause starting from May 1 to allow for significant changes to be implemented by the Biden administration. This pause is expected to last until July, affecting borrowers who were hoping to benefit from this federal student loan relief program. Over
The U.S. Department of the Treasury has just released an announcement stating that Series I bonds will now pay an annual interest rate of 4.28% from May 1 through October 2024. This rate, which is linked to inflation, represents a decrease from the previous 5.27% rate that was in effect since November. It is also
During this tax season, over 140,000 taxpayers were able to successfully file their returns using the IRS Direct File program. This program, which is free of charge, was available to certain taxpayers in 12 states starting in early March. According to the U.S. Department of the Treasury and the IRS, filers using Direct File saved
BlackRock, the biggest asset manager in the world, has recently introduced a groundbreaking product called LifePath Paycheck. This innovative product is designed to assist workers in transitioning their retirement savings into a consistent income stream that mirrors the paychecks they received during their working years. The CEO of BlackRock, Larry Fink, described this product as
Kering, the French luxury group behind brands like Gucci and Yves Saint Laurent, has been facing a challenging time in the luxury market. The company recently issued a warning that it expects a significant decline in first-half profits, leading to a sharp drop in its stock price. This can be attributed to waning demand for
The Biden administration recently released a final rule aimed at regulating the investment advice given to retirement savers by advisors, brokers, insurance agents, and other financial professionals. This rule, issued by the U.S. Department of Labor, expands the scope of when intermediaries must act as fiduciaries, ensuring that their recommendations are in the best interests