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The Week in Review
• New York Fed President John Williams said the target rate will probably need to go up to 4.5% over time. At present, the federal funds rate is set between a lower limit of 3% and an upper limit of 3.25%. This figure helps guide what banks and lending institutions charge each other for overnight deposits.
• The Biden Administration previewed its student loan forgiveness website. The White House described the process as “short and simple” adding it’s expected to launch next month. In August, Biden announced borrowers are eligible to have up to $10,000 in student loan debt forgiven if they make under $125,000 annually. Pell Grant recipients are eligible to have up to $20,000 canceled.
• Oil prices fell as the US dollar strengthened. Due to its widespread use in international trade, a strong US dollar can cause disruptions.
For more economic news and how it affects your money, visit the SoFi app.
Earnings Calls: Definition, Importance, and How to Listen
Earnings season, in which publicly traded companies share financial information from the most recent quarter, kicks off this week.
Earnings calls provide investors with valuable insights into a company’s financial performance and outlook. These calls, paired with quarterly earnings reports, give investors a thorough understanding of the company, which helps with making investment decisions. Here are some things to look out for when you join an earnings call — and ways to use that information.
This Week’s Top Stories
ByteDance, TikTok’s parent company, announces plans to expand its music streaming business called Resso globally. Resso is already live in India, Brazil, and Indonesia.
Resso’s first wave of expansion won’t include the US. But, there are still a few reasons why major streaming companies should be nervous about this news.
Read more >>
Delta (DAL) and Stabucks (SBUX) are combining loyalty programs to bring more value to consumers.
Like the sound of free coffee and airline miles? If so, you may want to hear what this new rewards program has to offer.
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Historical data suggests October is the best time of year to buy a home. Compared to May, in which buyer’s pay 10.5% higher than market value, October buyers pay a premium of 3.3%.
There are a number of reasons why this is the case including colder weather and kids being in school. But this year there is an additional x-factor to consider, which connects to Fed policy.
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Deep Dives from SoFi Learn
Is it illegal to check someone else’s credit report?
The Fair Credit Reporting Act (FCRA) provides legal guidelines on who can and can’t check consumer credit reports.
Read more >>
Cases of credit card fraud are skyrocketing: Schemes that target individual consumers rose more than 70% in 2021 over the previous year.
Almost 3 million consumers collectively lost more than $5.8 billion to fraud in 2021 alone. We share the top 8 financial shakedowns, with enough details to help you recognize red flags, and statistics that will blow your mind.
Read more >>
A growing list of businesses accept cryptocurrencies like Dogecoin as a form of payment, especially as crypto itself becomes more widespread and commonplace.
Twitch, Newegg, and Gamestop are among the businesses that can accept Dogecoin as payment. Learn more about which companies take DOGE.
Read more >>
