Saturday,
February 25, 2023
Top Story
The week in review
• The FOMC minutes highlighted that nearly every member of the Federal Reserve committee deemed it appropriate to raise interest rates by 25 basis points. A few Fed officials even advocated for raising rates by 50 basis points, and all participants agreed ongoing rate increases would be appropriate.
• The average 30-year fixed-rate mortgage reached its highest level since mid-November at 6.62%. This marked the second week in a row with a sizable move higher, following four consecutive declines. This signals the market’s evolving response to stickier inflation and a seemingly more hawkish Federal Reserve.
• On the economic front, quarter-over-quarter GDP was revised down from 3.2% to 2.7%. The second estimate was slightly lower than analyst expectations of 2.9%, with the downward revision largely driven by adjusted consumer spending numbers.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
The best form of self-care doesn’t cost a thing. In fact, financial self-care could save you both stress and money.
Financial self-care is as important (if not more important) than traditional forms of self-care, like heading to the spa or taking a personal day off of work.
Given that 73% of Americans say money is their number-one stressor in life, practicing financial self-care and minimizing money worries may be considered one of the most healthy lifestyle habits you could adopt.
One way to reduce your financial stress is by knowing you have back-up funds in case you really need them. A healthy emergency fund stocked with at least three to six months’ worth of expenses can provide peace of mind that no matter what happens, you’ll have it covered. Here are 6 steps for starting (and keeping) an emergency fund.
