🥩 The Fed Moves its Order to Medium Well

Saturday,
September 24, 2022

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The Week in Review

• US stocks fell this week as the market digested the Fed’s rate hike and comments from Chair Jerome Powell. Wednesday’s policy decision marked the central bank’s fifth hike of the year and the third-straight 75-basis-point hike. Powell also said there is no “painless way” to tame inflation, which could have added to recessionary fears.

• Investors are also waiting on a fresh round of corporate earnings reports, due in early October. While robust earnings data has helped boost sentiment throughout 2022, there have been some worrying signs recently from firms like FedEx (FDX) and General Electric (GE).

• Oil prices rose as concerns tied to the war in Ukraine have intensified. Earlier this week, Russian President Vladimir Putin ordered the mobilization of reserves, which could escalate the armed conflict. This move potentially threatens to diminish the world’s oil supply, putting upward pressure on prices.

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

Why You Should Check Your Credit Score

Monitoring your credit score is important, and to do it for free is that much better. Here, some of the most important reasons to review your number:

• You can spot discrepancies or potential fraud. Unordinary activities will reveal themselves when you keep tabs on your credit score. You can immediately spot red flags when something seems unusual (say, your score drops 40 points for seemingly no reason). This way, you can act right away, work toward getting your score back on track, or file a dispute if you detect fraud.

• You can gain insight into your financial situation. Understanding your credit score can help you determine when it’s a good time to purchase a home or refinance your mortgage. For example, if your score is less than ideal, you may want to hold off on making big moves until you boost your score. The delay may help you qualify for more favorable terms and interest rates.

• You can better compare financial products. Lenders have different criteria and credit score requirements to qualify for specific products. So, knowing your credit score can help you determine if applying for a particular product is worth it or if you should explore other options.

• You can pinpoint ways to improve your score. Having a handle on your credit score and the factors used to calculate it can help you optimize it. Some resources and websites may offer simulations so you can see how changing certain factors will alter your credit score.

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

If the Fed had previously ordered their economy cooked “medium,” this meeting’s projections moved their order to “medium well.”
SoFi’s Head of Investment Strategy weighs in on the ongoing fight against inflation and the latest move by the Fed to increase interest rates by another 75 basis points.
Read more >>

Credit card companies charge merchants up to 3% to process card transactions. Now, in the face of record inflation, merchants are starting to push back.
New legislation aims to make the credit card industry more competitive. Here’s why that could be good news for you.
Read more >>

Everywhere you look on social media and elsewhere, companies are advertising about solar panels. But how do you know if it’s a cost-effective move?
It’s important to factor in the cost of equipment, installation, and any recurring fees. Your location and type of roof are also variables. The most important thing to consider is your monthly savings – over the long term.
Read more >>

Deep Dives from SoFi Learn

With interest rates rising, you might find better deals at a new bank. But should you go to the trouble of switching?
Here’s 5 reasons why you should.
Read more >>

Becoming familiar with the top credit card scams can increase your awareness and help you better protect your identity from fraud.
Here are some of the most common credit card scams to look out for.
Read more >>

President Joe Biden’s federal student loan forgiveness plan may have tax implications in certain states.
States are not prohibited from imposing and collecting taxes on federally forgiven loans. Read on to learn the tax implications that residents of Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina, West Virginia, and Wisconsin may face.
Read more >>

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