U.S. consumer spending is experiencing a “mitigation of growth” but not a slowdown, Bank of America CEO Brian Moynihan said Friday. Interest rate hikes by the Federal Reserve are starting to be felt in the housing and auto markets, and renters will see their budgets squeezed as landlords pass on higher costs, he told CNBC’s
Month: October 2022
Asia-pacific Images Studio | E+ | Getty Images After nearly a year of stock market volatility, high inflation and rising interest rates, a growing chorus of experts are warning investors about a recession. Goldman Sachs CEO David Solomon recently told investors there’s a “good chance” the U.S. economy is heading for a recession, and JPMorgan
Brandon Bell | Getty Images It’s no secret that higher prices are taking a bite out of household budgets. They also appear to have made some people change their retirement savings habits: Inflation has caused 54% of adults to either reduce or stop their contributions, according to a new report from Allianz Life. Additionally, 43%
Saving for retirement is a young person’s game. The younger you start saving, the less sacrifice it is. Wait to save for retirement until age 50 and you need to save half of your salary to maintain pre-retirement income at retirement. Start at age 25 and you need only save a tenth of your current
If you have young grandchildren, take a fresh look at 529 education savings plans. These plans always were good estate planning tools, but changes in recent years make them more attractive ways for grandparents to help grandchildren. You can set up a 529 savings plan account for any beneficiary, and you can set up accounts
Designers, architects, inventers and imaginative homeowners are always looking for new shapes for houses. We have seen sod dwellings dug into the prairie, igloos, Buckminster Fuller’s Dymaxion House, yurts, Frank Gehry’s titanium explosions, geodesic domes – someone is always trying to get away from square and rectangular shapes for our living spaces. Sometimes they work.
In this article TSLA GM Follow your favorite stocksCREATE FREE ACCOUNT DETROIT — General Motors is suspending its advertising on Twitter following Elon Musk’s takeover of the social media platform, the company told CNBC on Friday. The Detroit automaker, a rival to Musk-led electric vehicle maker Tesla, said it is “pausing” advertising as it evaluates
In this article PINS Follow your favorite stocksCREATE FREE ACCOUNT Pedestrians pass in front of Pinterest signage displayed outside of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images Pinterest shares soared over 12% in extended trading after the company reported third-quarter earnings. Here’s how the company did. Earnings: 11 cents per
Upgrade CEO Renaud Laplanche speaks at a conference in Brooklyn, New York, in 2018. Alex Flynn | Bloomberg via Getty Images Credit card startup Upgrade is releasing a new savings account with what it says is the country’s top interest rate as competition for deposits heats up, CNBC has learned. The fintech firm’s Premier Savings
The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBC More than 72 million American households will pay no federal income taxes this year, marking a large decline from last year, according to a new analysis. An estimated 72.5 million households — or 40% of total households — will pay no federal income
Charles Rettig, IRS Commissioner, testifies during the Senate Finance Committee hearing in Washington, D.C., June 8, 2021. Tom Williams | Pool | Reuters The IRS said it has passed a milestone of hiring 4,000 new customer service workers as the agency prepares for the 2023 tax filing season. Hired over the past several months with
Planning for family members with mental health issues can be difficult. Knowing what the person can handle on their own and what they need assistance with can be hard to figure out. It can also be a moving target, changing year to year or even week to week in some cases. Often, the person has
Recent years’ tax acts don’t change trader tax status (TTS), Section 475 MTM accounting, wash-sale losses on securities, or the tax treatment on financial products, including futures (Section 1256 contracts) and cryptocurrencies (intangible property). It’s helpful to consider IRS inflation adjustments in income and capital gains tax brackets, various income thresholds and caps, retirement plan
What’s trending in residential bathrooms? Six hundred respondents to an online survey – including designers, dealers, manufacturers, remodelers and architects – answered that question in the leading industry group’s just-released 2023 Design Trends study. The National Kitchen & Bath Association’s annual report provides insights to what homeowners are requesting and what professionals are delivering. These
In this article DWAC Follow your favorite stocksCREATE FREE ACCOUNT The TRUTH Social website is seen on a mobile device with an image of former US president Donald Trump in the background in this photo illustration in Warsaw, Poland on 23 February, 2022. Nurphoto | Getty Images Shares of Digital World Acquisition Corp., the blank
Intel CEO Pat Gelsinger speaks during the Mobileye Global Inc. IPO at the Nasdaq MarketSite in New York on Oct. 26, 2022. Mobileye Global Inc., the self-driving technology company owned by Intel Corp., priced one of the biggest US initial public offerings of the year above its marketed range to raise $861 million. Michael Nagle
In this article TMUS DXCM DVA EW AMZN INTC AAPL Follow your favorite stocksCREATE FREE ACCOUNT Customers shop at the Apple Fifth Avenue store for the release of the Apple iPhone 14 in New York City, September 16, 2022. Andrew Kelly | Reuters Check out the companies making headlines in midday trading. Apple – Shares
Tom Brady and Gisele Bundchen arrive at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of “Heavenly Bodies: Fashion and the Catholic Imagination” in the Manhattan borough of New York, May 7, 2018. Eduardo Munoz | Reuters NFL superstar Tom Brady and supermodel Gisele Bündchen are getting divorced after 13 years
Shapecharge | E+ | Getty Images Investors crashed the Treasury Department website for Series I bonds on Friday as they clamored to lock in a record-high interest rate before a key deadline. I bonds have proven to be a bright spot for investors amid declines in the broad stock and bond markets this year. They
In 2006, Congress passed the Pension Protection Act that changed the world of 401(k) plans and the retirement savers they serve. Among the many things this new law encouraged, perhaps automatic enrollment has had the most beneficial impact. It has increased the percentage of people saving for retirement. But a recent Federal Reserve Bank of
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