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• The market received a boost from overseas, as the Bank of England confirmed it will begin selling bond holdings at the end of the month. The UK bond market has been in turmoil but the situation has improved after government officials agreed to abandon some planned tax cuts.
• The US Census Bureau said Septemberās single-family home starts fell to their lowest level in two years. As mortgage rates continue to rise, demand among would-be homebuyers has plummeted.
• Industrial production rebounded in October, exceeding expectations. This was largely due to increased manufacturing output, especially within the auto sector, as supply chain disruptions eased.
For more economic news and how it affects your money, visit the SoFi app.
IKYMI: The Department Of Education Is Now Accepting Applications For Federal Student Loan Forgiveness.
The Department of Education is officially accepting applications for federal student loan forgiveness via its StudentAid site .
Once you submit an application, the DOE says it will contact you if it needs more information. Otherwise, your loan servicer will contact you when your relief has been processed.
Reminder: The White House announced the new one-time plan this summer to cancel up to $10,000 in federal student loan debt for individuals making less than $125,000 a year or as much as $20,000 in federal student loan debt for eligible borrowers who were also Pell Grant recipients. We will continue to follow this and bring you the latest here in the Daily newsletter, at our On the Money page, and through our Forgiveness Guide.
This Weekās Top Stories
With inflation at its highest level in 40 years, the IRS is taking steps aimed at avoiding ābracket creep.ā Tax brackets are being adjusted higher, and standard deductions are also going up.
When employees receive cost of living increases they sometimes get bumped up into a higher tax bracket, offsetting the original intention. Hereās what you need to know about the announcement.
Read more >>Most American workers estimate, on average, theyāll need $1.7 million saved up for retirement. But per a recent survey, less than half are on pace to meet that goal.
Making contributions early is key, as is strategically adjusting the amount you invest over time. Weāre looking at how to check your progress, and some of the ways to get there.
Read more >>On Friday, grocery giant Kroger (KR) announced it had agreed to buy rival Albertsons (ACI) at $34.10 per share. The combined company will be an even closer second place to industry leader Walmart (WMT) ā if regulators approve the deal.
The FTC and consumer advocacy groups are concerned about potential price control, especially given market overlap between the two companies. Hereās how the deal could impact your experience while shopping for groceries.
Read more >>
Deep Dives from SoFi Learn
Scammers are actively looking to exploit President Bidenās student loan forgiveness program to access consumersā private financial information and collect payment for unnecessary services.
Keep reading to better understand how these scams work and how to avoid getting duped.
Read more >>Financial infidelity in a marriage can lead to a loss of trust and even divorce. Read on for ways to recover from and guard against financial infidelity.
Financial infidelity occurs when one person in a relationship hides, manipulates, or falsifies information about their financial position, bank accounts, or transactions.
Read more >>If you are considering paying off a debt, itās natural to wonder how that financial move may affect your credit score.
Paying off a debt can either raise or reduce your credit score, depending on your personal circumstances and overall credit profile. Learn more about the factors involved.
Read more >>
