Nearly 70% of Americans are looking for extra work to combat inflation

A few months ago, Mike Petree noticed an alarming pattern: His bank account would get uncomfortably low on the weekends before he’d get his paycheck, paid biweekly on Wednesdays. Despite no changes to their daily habits, bills for him and his family of five skyrocketed: a $120 weekly grocery bill ballooned to $200, and a … Read more

Opinion: The Federal Reserve is missing a crucial turning point in its fight against inflation because it believes in flawed data

The Federal Reserve can’t see the probable economic crash that is coming because it’s still looking into the rearview mirror, where it sees nothing but high inflation. The danger arises because the consumer price index and the personal consumption expenditure price index — the two most important inflation gauges — have a fatal flaw in … Read more

Opinion: Reset your retirement calculator now for today’s bleaker stock markets and make sure you’re still on track

When markets are down, you don’t want to look at your 401(k) statement. But with a potential “lost decade” of stock returns creation, you have to at least take a peek, because it’s time to get real about your ability to afford retirement. Economists often point to the fact that stock markets always eventually go … Read more

Fed rate hikes have made some corporate bonds very attractive. How to profit from it

As stocks sink and interest rates rise, investors are getting more excited about corporate bonds than they’ve been in a generation. One side effect of Federal Reserve tightening policy is that it has made interest rates go up everywhere — including in the corporate bond market. But as pros point out, investors need to be … Read more

Where to get the best return on your cash amid rising interest rates

When the Federal Reserve hiked the target federal funds rate by another 0.75 percentage points this monthit opened some new opportunities for savers to earn better returns on their cash. The Fed’s move is aimed at combating high inflation, which has sent costs for housing, food and energy soaring. The bad news for consumers is … Read more

Home buyers are canceling purchase contracts. What to know before you do

Steve Pfost | Newsday | Getty Images Amid higher interest rates and a softening housing market, home buyers are continuing to back out of purchase contracts at an elevated rate. About 64,000 home-purchase agreements were canceled in August, according to a new report from Redfin. That’s equal to 15.2% of home contracts initiated during the … Read more

What pumpkin spice lattes can teach us about economics

Mphillips007 | E+ | Getty Images The pumpkin spice latte is back — and the popular and meme-ified seasonal drink can teach us a lot about consumer behavior and economics. Starbucks debuted the pumpkin spice latte in 2003and the “PSL” grew to be the company’s most popular seasonal drink, selling more than 600 million since … Read more

What rising interest rates mean for your credit, loans, savings and more

Editor’s Note: This is an updated version of a story that originally ran on August 26, 2022. In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six … Read more

Residents in 17 states could get money soon

Since prices for necessities like shelter and food have risen by 8.5% year-over-year, many US state governments are cutting checks to help their residents cover household costs. The effort is mostly funded by tax revenue surpluses, either as automatic rebates mandated by state law or as part of legislation specifically to address the costs of … Read more

Brace yourselves, the Fed is about to inflict ‘some pain’ to fight inflation — here’s how to prepare your wallet and portfolio

The Fed is ready to bring the pain. Are you prepared? Weeks ago, Federal Reserve Chair Jerome Powell cautioned there would be “some pain to households and businesses” as the central bank jacks up interest rates to fight inflation that’s higher than it’s been in four decades. Powell and other members of the Fed’s Federal … Read more