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The Week in Review
• The Federal Reserve enacted another 75-basis-point hike in response to rampant inflation. That said, Fed Chair Jerome Powell hinted the central bank could slow its rate hike campaign at some point. It’s possible his comments boosted sentiment on Wall Street.
• US economic growth fell 0.9% in the second quarter, which was lower than Dow Jones projections of a 0.3% gain. First-quarter GDP declined by 1.6% which means there have now been two straight quarters of decline. Some believe this constitutes a recession, however Fed Chair Jerome Powell said he doesn’t think the US is in a recession largely because of the strong job market.
For more economic news and how it affects your money, visit the SoFi app.
Recession Help Center
Although there is some debate around this topic, two consecutive quarters of decline in a country's GDP generally constitutes a recession.
Navigating a recession can be overwhelming, but being prepared for when an economic downturn hits can help you get through to the other side successfully. SoFi has created this hub to provide you with information and resources to help guide you through uncertain economic conditions and market volatility. Dive in!
This Week’s Top Stories
Regardless of the collateral damage that could result from rate hikes, it won’t stop the Fed from charging forward. SoFi’s Head of Investment Strategy explains why that’s a good thing.
The whole goal of this process is to create slack in the economy that alleviates the upward pressure on prices. But there is one possibility that keeps Liz up at night.
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Where are Americans moving to? Well, thanks to remote and hybrid work, many emerging markets can be defined as both “affordable and outdoorsy.”
These include spots in North Carolina and others dotted throughout the Midwest. As the red-hot housing market of the last two years cools off, there are spots where sellers could actually have the upper hand — over the next eight months to a year.
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Are canned cocktails and margarita-flavored beverages taking the place of hard seltzer? Is light beer making a comeback? The fizzled fad is costing beverage makers big bucks.
Boston Beer Co.’s (SAM) Truly brand sales are down year-over-year and the company just cut its forecast for the category. The numbers behind hard seltzer’s slide are pretty stunning, as those low-calorie fruity options may not be hitting like they used to.
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Deep Dives from SoFi Learn
Downsizing your financial lifestyle can help build wealth. Here, we share some of the best tips for downsizing your lifestyle.
Are you thinking about how to downsize and simplify your life? If so, you’re not alone. Many people are considering how to lower their expenses, ditch some stress, and save more as part of the bargain.
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Can the President cancel student loan debt?
Here’s an overview of some ways the next president might tackle the question of student loan forgiveness.
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The cost of attending college is more expensive than most people can afford to pay for in cash. But it still may be possible to figure out how to pay for college without loans.
From scholarships to savings — continue reading for 14 ways to make college tuition more affordable.
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