Federal Reserve Chair Jerome Powell recently delivered a keynote address at the Fed’s annual retreat in Jackson Hole, Wyoming, signaling a shift in policy that may include interest rate cuts. Powell emphasized the need for policy adjustments, citing the evolving outlook and incoming data as determinants for the timing and extent of rate cuts. This
The Monterey Car Week saw a 3% decrease in auction sales compared to the previous year, with a total of $391.6 million in sales. This decline can be attributed to a shift in preferences from older classic cars to newer models, leading to a surplus of unsold classics from the 1950s and 1960s. The market
Remote work has become a significant trend in the U.S. labor market, especially during the Covid-19 pandemic. Economists have noted that this shift towards remote work is one of the most substantial changes seen in the labor market over the past couple of decades. Nick Bunker, an economic research director at Indeed, emphasized the staying
Retirees often have various sources of income, such as Social Security, pensions, retirement plans, or other investments, which may require them to withhold taxes or make quarterly payments to the IRS to avoid penalties. While the quarterly estimated tax deadlines for 2024 are April 15, June 17, Sept. 16, and Jan. 15, 2025, there is
Philadelphia Federal Reserve President Patrick Harker has made it clear that he is in favor of an interest rate cut in September. Speaking at the Fed’s annual retreat, Harker emphasized the need to start the process of moving rates down in an effort to stimulate economic growth. This endorsement comes after minutes from the last
The National Association of Realtors reported a 1.3% increase in closed sales of previously owned homes in July compared to June, reaching a seasonally adjusted annual rate of 3.95 million units. This marks the first gain in five months, offering a glimmer of hope for the housing market recovery. Despite this positive trend, sales were
Bavarian Nordic, a Danish biotech company, experienced a significant boost in its share price following the announcement of robust earnings. The company reported revenues of 1.43 billion Danish krone and an operating profit of 420 million krone, surpassing analyst forecasts. This impressive performance led to a 13% increase in the company’s shares, demonstrating investor confidence
The future of Paramount Global is still hanging in the balance as the special committee continues to review competing offers. Edgar Bronfman Jr. initially offered $4.3 billion for Shari Redstone’s National Amusements, challenging the existing merger agreement with Skydance. After submitting the initial bid, Bronfman decided to raise more funds to support a higher offer,
In retirement, one of the unavoidable financial obligations that come with funnelling money into pretax retirement accounts is required minimum distributions (RMDs). These mandatory withdrawals can be a nuisance for retirees who do not necessarily need the money, as they can trigger higher taxes. However, financial experts suggest that although RMDs may seem like an
The rise of online sports betting has had a significant impact on personal finances, especially among financially distressed individuals. A recent study, titled “Gambling Away Stability: Sports Betting’s Impact on Vulnerable Households,” emphasizes the negative consequences of this trend. The paper highlights that since the legalization of sports betting in 38 states following the Supreme