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The Week in Review
• Geopolitical tensions between Russia and Ukraine along with a mixed bag of corporate earnings reports caused uncertainty on Wall Street.
• The University of Michigan's preliminary consumer sentiment reading for February soured sentiment on the Street. The figure came in at 61.7 — its lowest level in more than a decade. The reading missed expectations and fell from the previous month.
• Inflation is one item on the agenda that is still perplexing investors. The producer price index jumped 1% in January and surged 9.7% over the past year. Wall Street is still somewhat in the dark about how aggressive the Federal Reserve intends to be when it comes time to tackle price increases. A rate increase is widely expected next month, and right now the market is pricing in a high likelihood of a 1.75% point increase by the end of the year.
For more economic news and how it affects your money, visit the SoFi app.
Your Credit Card Utilization Matters Nearly as Much as Your Payment History. So What Does That Mean?
When it comes to what affects your credit score, one of the most important factors is how much credit you have available vs. how much debt you currently have. Called your credit utilization, you can calculate this number by dividing your outstanding debts by your total credit available.
Let’s say you have three credit cards with a total credit limit of $30,000. You owe $3,000 in total. So your credit utilization would be:
3,000/30,000=0.10
Your credit utilization of 10% (you’re using 10% of your total available credit) is great, as lenders generally want to see a utilization rate below 30% to approve a loan application.
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
Different rules exist for cryptocurrencies and stocks when it comes to taxing their sale, but investors may not be able to benefit for much longer.
The so-called “wash-sale rule” that applies to securities doesn’t apply to digital currencies, meaning investors can sell crypto at a loss and then immediately buy back the same position. Therefore, cryptocurrency losses could offer investors a unique opportunity when it comes to offsetting capital gains taxes.
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Medical data indicates the pandemic is easing, and Americans’ spending data show they’re ready to take advantage.
Sectors such as travel and lodging report boosted levels of activity, while entertainment venues including theme parks and restaurants are also making a comeback. Analysts say airlines and hotels can expect to have a big summer as vacations, concerts, and sporting events return in force.
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The housing market’s skyrocketing prices and extremely tight inventory have also made renting difficult.
Trends first observed during the onset of the pandemic have largely continued, with an increased number of higher-income families having left coastal cities for Sun Belt states. Those areas have seen rents rise significantly, all while many families have been priced out of the purchase market. Investors are buying up single-family homes in response to this trend.
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Deep Dives from SoFi Learn
Here are the highest-paying jobs in every state.
Whether you're part of the Great Resignation or just exploring, these are the top professions in each state that are bringing in the big bucks.
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Ever wonder why is credit important? We delve into the myriad benefits of a good credit score, from lower interest rates to increased borrowing opportunities.
Here are the eight core benefits of good credit, which highlight why it is important to have a good credit score.
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Whether your goal is to lower your taxes or just file them on time, the key is preparation.
To answer your tax questions, we’ve compiled a selection of informational articles on such key tax topics as capital gains, retirement savings, stock options, refunds, and more.
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