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

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

What the inverted yield curve means for your portfolio

Morsa Images | E+ | Getty Images As investors digest another 0.75 percentage point interest rate hike by the Federal Reserve, government bonds may be signaling distress in the markets. Ahead of news from the Fed, the policy-sensitive 2-year Treasury yield climbed to 4.006% on Wednesday, the highest level since October 2007, and the benchmark … Read more

Bank of America to help minorities buy first homes with new mortgages

Morsa Images | digital vision | Getty Images To help narrow a homeownership gap among Black and Hispanic-Latino communities, Bank of America is launching new zero down payment, zero closing cost mortgage products to help people in minority communities buy their first homes. The program — called the Community Affordable Loan Solution — will be … Read more

How to prepare your portfolio as interest rates continue to rise

dowell | moment | Getty Images After nearly eight months of market volatility, many investors still worry about rising interest rates and how those changes affect their portfolio. Some 88% of investors are concerned about rising inflation and interest rates, according to a JP Morgan Wealth Management study published Monday, polling more than 2,000 Americans, … Read more

What stock buybacks are, and how a new 1% tax affects your portfolio

US President Joe Biden gestures as he delivers remarks on the Inflation Reduction Act of 2022 at the White House in Washington, July 28, 2022. Elizabeth Franz | Reuters The new 1% excise tax on corporate stock buybacks — a late addition to President Joe Biden’s sweeping tax, health and climate package — adds a … Read more

7 changes Americans are willing to make to fix Social Security

zimmytws | iStock | Getty Images There are just 13 years before Social Security may not be able to pay full benefits, according to a recent annual report from the program’s trustees. In 2035, just 80% of benefits will be payable if Congress doesn’t fix the program sooner. Shoring up the program will generally mean … Read more

Millennials’ average net worth doubled during pandemic, report finds

andresr | E+ | Getty Images Covid-19 relief and record-low interest rates boosted many Americans’ finances during the pandemic. That has been especially true for millennials, who have on average built significant wealth. Millennials, born between 1981 and 1996, have more than doubled their total net worth, reaching $9.38 trillion in the first quarter of … Read more