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July 17, 2021

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Top Story

The Week in Review

US stocks climbed slightly Monday. A number of large companies reported their second-quarter earnings this week. As a result, many investors held off on trading Monday while they waited to see how corporations have performed over the past quarter.

US stocks traded lower Tuesday. A higher-than-expected inflation report overshadowed positive second-quarter earnings reports. The Labor Department shared that inflation climbed at the fastest rate seen in almost 13 years in June. Many analysts still believe inflation will be temporary and that economic recovery will mean the Federal Reserve is able to reduce its asset purchases by the end of 2021 or early 2022.

US stocks were little changed Wednesday in spite of comments from Federal Reserve Chairman Jerome Powell, who said the Fed is still “a ways off” from reducing asset purchases and altering policy. The head of the central bank noted that inflation has “been higher than expected,” sparking questions about how prolonged price increases will impact the Fed's 2% target. Powell said he is "monitoring the situation very carefully" and that inflation is coming from “a small group of goods and services that are directly tied to the reopening of the economy.”

US stocks were mixed Thursday, despite the fact that a host of second-quarter earnings results continued to beat analyst estimates. The S&P 500 had been hovering around record highs in recent sessions so if anything, the slight pullback could be related to profit-taking measures. Mega-cap names showed some weakness, but value and cyclical sectors helped offset the downward price pressure.

US stocks wavered Friday despite strong retail sales figures and robust earnings reports. Instead, a worse-than-expected consumer sentiment reading captured investors’ attention after it was released on the final day of the week.

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

This Week’s Top Stories

The pause on student loan debt repayment is scheduled to end on October 1. Learn why some lawmakers and nonprofits are calling for the moratorium to be extended.

On Wednesday, Federal Reserve Chairman Jerome Powell gave his semiannual testimony before Congress. Powell said that the central bank will wait to change its easy monetary policies, despite high inflation. Learn more about the Fed’s decision and what this could mean for the future of the economy.

Every week, SoFi’s Head of Investment Strategy shares her economic and market insights in order to help empower readers to take a more active role in their financial futures. This week, see what Liz has to say about the growth vs. value conundrum.

Deep Dives from SoFi Learn

Even when you have debt for good reasons, actually being in debt doesn’t feel great—especially if high-interest rate credit cards are monopolizing your monthly paycheck. Luckily, there are plenty of great resources and techniques to help you create your debt payoff plan. Learn about the different debt payoff methods and learn which one is right for you.

The hefty price tag that comes with college can be daunting. In this post, we are giving tips on paying for college if you didn’t get enough financial aid.

Are you ready to make an offer on a house? Here’s some tips on what you need to know about making an offer on a house that will help make you an informed buyer.

SoFi Member Rewards Earn You Points for Making Moves Toward Financial Independence

SoFi lets you invest, borrow money for school, refinance loans, and more. The more you use SoFi to help you achieve financial independence, the more points you can earn.

You can redeem your SoFi Points into cash in your SoFi Money account, into fractional shares in your SoFi Active Invest account, into cryptocurrency in your SoFi active invest account, as an extra payment applied to your SoFi Personal Loan or SoFi Student Loan Refinance, or as a statement credit on your SoFi Credit Card—all from the SoFi app.

Watch the video below for how to get started.


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