Saturday,
April 13, 2024
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The week in review
• The New York Fed released data showing consumers expect inflation to rise over the next three years. The next question is what this means for their spending.
• Shares of Alphabet rose 1.1% to a new all-time high after unveiling a new custom chip built by Arm to make cloud computing more energy efficient and affordable.
• In commodity markets, gold prices hit a fresh record of more than $2,370 per ounce.
For more economic news, visit On the Money ā SoFiās one-stop-shop for news, trends, and tips!
Inflation rose again in March. Hereās how to make sense of it
For four straight months, inflation measures have come in hotter than expected, complicating the Federal Reserveās job and making the market nervous about when the central bank might finally cut policy rates.
The March consumer price index rose 0.4% in March, driven by higher costs of shelter and gasoline. Year-over-year, inflation increased at a rate of 3.5%, well above the Fedās 2% target.
So where does this leave us? Is there a chance we wonāt see any rate cuts this year if prices keep rising? SoFi Head of Investment Strategy Liz Young makes sense of the CPI report.
This weekās top stories
Higher and lower-income earnings feel differently about the economyThis is important because consumer spending is key to economic growth. The U.S. economy has proven resilient in the face of high inflation as people kept spending. But if people change their behavior, there could be real repercussions.
Read more >> Everyoneās over spending big on streamingGen Z and Millennials donāt like how much theyāre spending on their streaming services, and thatās a real issue for Netflix and its competitors.
Read more >> What on earth is going on with gold?Gold prices are going through the roof, and there are a lot of reasons buyers may be opting for the yellow metal. Weāre breaking it down.
Read more >>Deep dives from SoFi Learn
Taxes and homeownership, what you need to knowIf youāre thinking about buying a home, you also want to think about the taxes you may owe. Hereās your primer for property taxes.
Read more >> Are you on time to file your taxes? Else, file an extensionTax Day is around the corner, but if youāre not ready to file just yet, donāt forget to get your extension in on time. Hereās what you need to know.
Read more >> When can you expect your tax refund?If you already filed your taxes, and are due a refund, but the money hasnāt hit your account yet, there may be a reason for it. Hereās how long it takes the IRS to process your return.
Read more >>