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What the Coronavirus Could Mean for the Economy

The world has been rattled by the coronavirus outbreak. Markets are extremely volatile, the Fed has slashed rates, stores have run out of toilet paper, and many cities have been ordered to “shelter in place.”

There is a lot of fear and uncertainty around the virus and how it will impact our lives—in both the short- and long-term. Read on for a deep dive of how some macro forces are reacting.

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The Fed Rate Announcement: What You Need to Know

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

Editor’s note: this article has been updated from its original publish date of July 29, to include new information.

In July 2019, The Federal Reserve cut rates for the first time since the financial crisis. Now, it has cut rates again—for the fifth time in eight months. This time, it is directly tied to the spread of COVID-19—more widely known as the coronavirus.

“The coronavirus poses evolving risks to economic activity,” the Fed said in a statement. “In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate.”

Americans may want to prepare now for some changes to their finances—especially given the macroeconomics around this particular cut. This action has the potential to affect savings, credit cards, student loans, mortgages, and investment portfolios.

Curious about how the process of cutting and hiking rates works? Wondering how the rate announcement by the Federal Reserve may affect you? Read on for a high-level overview of information that may be helpful as you plan for the near future and beyond.

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Why Did The Stock Market Implement a Circuit Breaker?

It hasn’t been an easy few weeks on Wall Street, and the decision to halt trading on Monday only added to the market frenzy. Between the increasing threat of the coronavirus and a major drop in crude oil prices, the market is certainly responding… drastically.

Before making assumptions on what the stock market halt means for the economy, let’s break down what a stock market circuit breaker is and its history in the New York Stock Exchange.

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5 Powerful Women Investors & How They Made Their Money

International Women’s Day aims to illuminate the inequalities between genders. From the gender pay gap to unequal representation in politics and media, the day is meant to be a celebration of all that women have achieved, as well as how far they still have to go.

At SoFi, we’re celebrating International Women’s Day by highlighting five of the most powerful women investors of the past and present. Read on to learn how they made their money, and how a novice investor can learn from their strategies.

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The Bloomberg Student Loan Plan: What’s in the Details

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

While the historically large field of 2020 Democratic candidates continues to narrow, one recent addition to the race is only just now releasing some of his key plans and ideas.

On February 18, former New York City mayor and current presidential candidate Michael Bloomberg released the student loan proposal he would potentially enact as president. The Bloomberg student loan plan is similar to that of other Democrats still in the race.

These plans, including Bloomberg’s, generally focus on low- and middle-income families when it comes to student loan aid. More progressive candidates like Elizabeth Warren and Bernie Sanders want to outright cancel most, if not all, current student loan debt.

Bloomberg’s higher education plan is focused on tuition-free community college and expanding federal subsidies and grants to low-income students.

Let’s dive into the details.

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