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

UK mortgage borrowers are in for a nasty shock from soaring rates

London CNN Business — Millions of mortgage borrowers in the United Kingdom are bracing themselves for huge hikes to their monthly payments as a consequence of the run on the pound. Markets have been in turmoil since UK finance minister Kwasi Kwarteng announced the biggest tax cuts in 50 years on Friday, together with a … Read more

Take no prisoners: In the Fed’s inflation fight, no one is spared

new York CNN Business — Call it the “Take No Prisoners” economy. Recession worries are deepening around the world. Mortgage rates are spiking and housing is stalling. The Dow is at a two-year low and near a bear market. Global central banks are jacking up interest rates with no end in sight until high inflation … 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 it has made interest rates go up everywhere — including in the corporate bond market. But as pros point out, investors need to be careful … 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 month, it opened up 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 … Read more

A Ray of Sunshine Emerges in Residential Rental Market

Renting hasn’t represented much of an escape from high home prices and soaring mortgage rates during the pandemic. Rents have soared right along with homeownership costs. But a bit of good news has emerged on the renting side. The median asking rent for zero- to two-bedroom properties dipped 0.6%, or $10, to $1,771 in August … Read more

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

Steve Post | 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

Amid US recession fears, these steps can help protect your finances

It’s very easy to get swayed by headline news and market drops when you’re not clear on what you’re working towards. Amanda Wallace Head of insurance operations at MassMutual Meanwhile, a majority of Americans — 80% — are already worried about how a recession could impact their daily finances, MassMutual’s poll found. The survey was … Read more

Government bond yields soar as markets weigh threat of a recession

Hoxton/Sam Edwards | Getty Images Bond yields jumped this week after another major rate hike from the Federal Reserve, flashing a warning for market distress. The policy-sensitive 2-year Treasury yield on Friday climbed to 4.266%, notching a 15-year high, and the benchmark 10-year Treasury reached 3.829%, the highest in 11 years. Soaring yields come as … Read more