June 19, 2021

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The Week in Review

Markets began the week higher, with the S&P 500 and Nasdaq closing at new records Monday on an otherwise quiet news day. On Tuesday, stocks dipped slightly in reaction to economic data, with higher-than-anticipated producer price increases and a larger decline in retail sales.

The Federal Reserve’s much anticipated policy statement was released on Wednesday. In his statement, Chairman Jerome Powell acknowledged higher levels of inflation, and the Fed revised it’s inflation expectations higher. Officials indicated they expect to raise interest rates twice in 2023, and signalled the potential for rate increases to come as soon as 2022. Markets dipped initially in reaction, but then recovered from intraday lows.

For more economic news and how it affects your money, visit the SoFi app.

This Week’s Top Stories

This week, see what SoFi’s Head of Investment Strategy has to say about the June 16th Fed statement. Read more about it here.

Back-to-school shopping is expected to surge this year. Learn how the retailers could benefit from that increase.

Enhanced child tax credit payments begin next month. Learn more about who is eligible and how to receive them here.

Deep Dives from SoFi Learn

A direct deposit occurs when funds are electronically transferred out of one bank account and then deposited into another account. Here are the pros and cons of direct deposit.

Shorting a stock is an advanced trading method that offers the potential for big profits while carrying a high risk. Here's how shorting a stock works.

Every weekday morning, the SoFi Daily Podcast is here with the highlights to keep you up to date on important business news and stock market happenings—and how they may affect your financial life. Available on Spotify, Apple, and more. Search SoFi wherever you get your podcasts.

Get Payment Reminders for Recurring Expenses in the SoFi App

Building good financial habits can require having the right routine and finding the tools to get you there. Even small changes, over time, can add up to healthier financial habits. Set up SoFi Relay to get payment reminders.

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