Saturday,
June 17, 2023
Top Story
The week in review
• In his speech following the Fed’s interest rate decision, Chairman Jerome Powell emphasized that nearly all committee members supported additional hikes later this year. He went on to say that the current pause is simply a break to assess the long and variable lags of rate increases already implemented.
• Americans now hold a record amount of credit card debt just shy of $1 trillion at $988 billion. On average, individuals carry around $5,700 in credit card debt, with Americans aged 40 to 49 carrying the highest average at $7,600. With interest rates at decade-high levels, the cost of carrying that debt has also increased to more than 20%, compared to 16% a year ago.
• The European Central Bank raised its key policy rate by 25 basis points to 3.5% in an attempt to bring down record-high inflation across the region. The latest inflation reading showed prices cooling down at a faster-than-expected pace, with headline inflation coming in at 6.1% in May and core inflation coming in at 5.3%. However, poor economic performance in the region may limit the ECB's ability to increase rates further.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Home improvement: keep up with curb appeal.
Getting your home’s exterior in tip-top shape can be especially important if you plan to sell your property. You want to make a great first impression, after all!
• Consider a new front door. You might even paint it a bright color (red or yellow) to make a statement. A new front door has been found to return more than 100% on the amount paid.
• Mow the lawn, plant some color-coordinated flowers, and consider some shrubs. Landscaping can add value and eye appeal — here’s how much you can expect these projects to cost.
• If your home has eyesores that mean new siding or energy-efficient windows are needed, consider a home improvement loan to help your place shine.
