🥶 July CPI Showed One Month of Cooling

Saturday,
August 13, 2022

Top Story

The Week in Review

• All major averages jumped toward the end of the week, driven higher by a better-than-feared inflation report. The July consumer price index advanced 8.5% on an annual basis and was unchanged compared to June. Dow Jones economists were expecting increases of 8.7% and 0.2%, respectively. Investors sent shares of major tech companies higher. Big banks also got a boost.

• Meanwhile, the CBOE Volatility Index fell below 20 and was trading at its lowest levels since April. Wall Street’s “fear gauge,” tends to spike when investors feel uncertain about the future so the drop highlights the collective sigh of relief felt on The Street.

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

Why a Good Credit Score is Important

In a nutshell, having a good credit score provides opportunities for you financially and can help you spend less overall on financing. If you want to buy a car, a good credit score can help you find a car loan at a low rate. Similarly, having good credit is key to opening a credit card.

Having a bad credit score — generally anything under 500 on the scale of poor to exceptional credit — can limit your financial opportunities. If you have bad credit, you may not qualify for loans that you apply for, or if you do, you may have higher interest rates. You also may not get approved for a credit card, unless it’s a secured card, which requires a deposit and has a low credit limit. A bad credit score could even hamper your job search, particularly if the job involves handling money.

The bottom line is that having bad credit hinders your ability to grow financially, so it’s important to do what you can to maintain a good credit score.

SoFi Relay is a user-friendly app that allows you to monitor and keep track of your credit score, among other perks that could assist with financial planning and managing your net worth.

Check out the features SoFi Relay offers to help bolster your financial success.

This Week's Top Stories

July CPI showed one month of cooling. One month does not make a trend, but we have to start somewhere. SoFi’s Head of Investment Strategy thinks this is a decent start.
We can’t decidedly declare victory with inflation still at 8.5%, but we can look at prior inflation regimes and see how the market did during each to try to understand the risk/reward as investors.
Read more >>

Amazon (AMZN) is buying iRobot. Industry analysts say the ecommerce giant is differentiating itself from the competition.
The $1.7 billion deal will expand its current consumer-technology product line. As per usual, with Amazon, data is key. Here’s why the move may help it snag more digital advertising dollars.
Read more >>

What is “labor hoarding” and is it skewing our sense of the job market? An analysis of the trend could explain how this economic downturn is different from the 2008 financial crisis.
Shortages of every kind are on the minds of employers after the last two years of lockdowns and supply chain snarls. Some are betting it’s better to hold on to employees rather than lay them off. Here’s what that could mean for the job market overall.
Read more >>

Deep Dives from SoFi Learn

Self-care is a positive thing, and it can be practiced to improve your financial life and money management.
But what exactly does financial self-care mean and how do you start? Read on for the answer, and to learn nine money moves that you can make now.
Read more >>

Do federal student loans ever expire?
Short answer: no. Read on to learn more about why your student loans aren’t likely to expire and more effective ways to deal with student loan debt.
Read more >>

Hiring a knowledgeable mortgage lender is one of the first steps you’ll take on your journey to homeownership.
Here are some questions to ask a mortgage lender to help inform your decision.
Read more >>

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

Diversification is not a guarantee of protection from loss. SoFi can’t guarantee future financial performance.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Important: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile and involve a high degree of risk.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 08/12/2022. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet

SoFi’s Relay tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc’s service. The credit score provided to you is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Apple, the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.

234 1st Street, San Francisco, CA 94105

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

TLS 1.2 Encrypted

Equal Housing Lender