📈Inflation Hits a 30-Year High

Saturday,
November 13, 2021

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The Week in Review

US stocks began the week by lengthening a winning streak of record highs on news of Congress passing a $1 trillion infrastructure bill. Shares of airlines rallied after the US announced that vaccinated travelers can now fly into the US from international destinations.

On Wednesday, stocks fell sharply as investors digested the October Consumer Price Index, which showed the most significant inflation spike seen in over three decades. October inflation was up 6.2% year-over-year, the largest one-year jump in prices seen in 30 years. This marks the fifth month in a row in which inflation has been above 5%. On a month-over-month basis the CPI was up 0.9% in October, up from 0.4% for September.

Stock markets traded relatively flat to end the week. On Friday morning the University of Michigan’s consumer-sentiment index for November was released, falling to 66.8 from 71.7 the previous month, producing the lowest headline figure since 2011. The reading comes amid a continued and persistent rise in inflation and worries over the Federal Reserve’s response.

The week contained several notable earnings announcements, as the latest earnings season neared its end. At this point, more than 90% of S&P 500 companies have reported earnings for Q3. Of those that have reported, asround 81% have beat Wall Street expectations. Commentary from recent earnings calls has given investors reason to believe that corporations will be able to adapt to inflation, even if it gets worse before it gets better.

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Make sure you pay at least the minimum required payment for your obligations, and if you do happen to miss a due date, make the payment as soon as you can. Track your credit score for free in the SoFi app, where the factors affecting your score are broken out to make them easier to understand.

This Week’s Top Stories

Congress Passes the Infrastructure Bill
Of the money, $110 billion will go to repair roads and bridges while $39 billion is slated to upgrade public transit. Congress has earmarked $66 billion to improve and modernize the nation’s railroads. Billions will also go toward making highways safer, implementing an electric vehicle-charging network, developing zero-emission ferries and buses, building out broadband infrastructure, and protecting the country against cyberattacks.
Read more >>

Liz Looks at: Changing Market Tides
A palpable shift is happening in markets. And it’s a shift that can be seen in multiple places. Some may call it a rotation, some may call it seasonal strength, some may call it resiliency. Liz is choosing to call it a hand-off in the longest relay race we’ve ever run. Here’s where it’s happening.
Read more >>

Inflation Surged 6.2% in October, the Fifth Month in a Row in Which Inflation Has Been Above 5%
The sustained increase in inflation is leading some economists to predict that higher prices may last for the next six months. After all, supply-chain problems are not easing as we head into the holiday season, and demand among consumers still remains strong. Consumers will probably keep paying more for certain products and services for some time.
Read more >>

Deep Dives from SoFi Learn

Will My Federal Student Loan Payment Change in 2022?
The federal student loan payment pause ends on Jan. 31, 2022. The question on many minds is: Will monthly payments be exactly what they were before the COVID-19 emergency relief measure kicked in?
Read more >>

How to Avoid These 5 Holiday Money Mistakes
Don’t make blowing your budget a holiday tradition. Avoid these 5 common money mistakes.
Read more >>

What Are the Effects of Carrying a Balance on Credit Cards?
Carrying a balance on a credit card can make it challenging to get out of debt and can cost more in interest. Dig into the effects of carrying a balance, plus some tips for reducing credit card debt.
Read more >>

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