It’s a question on a lot of minds. When is the next recession? Although nobody can claim to possess the trillion dollar crystal ball that predicts recessions, extensive research has been done into what causes economic downturns and where the US seems to be in the current cycle.

It may seem as though there’s always an ongoing conversation about this, and it is overwhelming to try and decipher the mixed messages coming from politicians, economists, and the media.

Uncertainty and fear about the economy can lead to inaction and missed opportunities. There is a lot you can do to prepare and stay informed in the event of a recession.

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

Editor’s note: this article has been updated from its original publish date of July 29, to include new information.

In July 2019, The Federal Reserve cut rates for the first time since the financial crisis. Now, it has cut rates again—for the fifth time in eight months. This time, it is directly tied to the spread of COVID-19—more widely known as the coronavirus.

“The coronavirus poses evolving risks to economic activity,” the Fed said in a statement. “In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate.”

Americans may want to prepare now for some changes to their finances—especially given the macroeconomics around this particular cut. This action has the potential to affect savings, credit cards, student loans, mortgages, and investment portfolios.

Curious about how the process of cutting and hiking rates works? Wondering how the rate announcement by the Federal Reserve may affect you? Read on for a high-level overview of information that may be helpful as you plan for the near future and beyond.

It hasn’t been an easy few weeks on Wall Street, and the decision to halt trading on Monday only added to the market frenzy. Between the increasing threat of the coronavirus and a major drop in crude oil prices, the market is certainly responding… drastically.

Before making assumptions on what the stock market halt means for the economy, let’s break down what a stock market circuit breaker is and its history in the New York Stock Exchange.

NO PURCHASE NECESSARY TO PLAY OR WIN.

PARTICIPATING IN THE SOFI 1 MILLION MEMBER CELEBRATION GAME (“GAME”) CONSTITUTES YOUR ACCEPTANCE OF THESE OFFICIAL RULES. BY PARTICIPATING IN THE GAME, YOU REPRESENT AND WARRANT YOU MEET THE ELIGIBILITY REQUIREMENTS STATED IN THESE OFFICIAL RULES AND ACKNOWLEDGE THAT FAILURE TO MEET ALL ELIGIBILITY REQUIREMENTS WILL RESULT IN DISQUALIFICATION.

THIS GAME IS NOT SPONSORED, ENDORSED OR ADMINISTERED BY APPLE®. GAME BEGINS AT 12:00:01 AM EASTERN TIME (ET) ON 3/9/20 AND ENDS AT 11:59:59 PM ET ON 3/31/20 OR WHEN THE LAST INSTANT WIN PRIZE IS CLAIMED (THE “GAME PLAY PERIOD”),WHICHEVER IS SOONER.

WHO MAY PLAY: Game is solely open to SoFi members through the free SoFi App (“App”) who are legal residents of the 50 United States (or the District of Columbia), age 18 or older at time of participating (collectively referred to hereafter as “Entrant” or “Entrants”) and who possess an iOS or Android mobile device. For the purposes of the Game, a “member” is defined with someone downloads the free SoFi App. Employees of Social Finance, LLC (the “Sponsor”), Ventura Associates International LLC (the “Administrator”) and their respective parent companies, subsidiaries, affiliates, advertising, public relations and promotion agencies or any company or individual involved with the development or execution of the Game (collectively, the “Game Entities”), and their immediate family members and/or those living in the same household of each, whether related or not, are not eligible to Play or win. Game governed by U.S. law. Game is subject to all applicable federal, state and local laws and regulations. Void where prohibited by law.

HOW TO PLAY FOR A CHANCE TO WIN AN INSTANT WIN PRIZE & QUALIFY FOR THE GRAND PRIZE DRAWING: Download the free App and follow onscreen instructions to create a free SoFi Invest account

(if you do not have one) and to play the Game (collectively referred to hereafter as a “game play”). If game play is submitted on a winning date/time or the game play occurs immediately after a winning date/time, you will receive the prize shown on the screen (“instant win prize”) and automatically qualify for the grand prize drawing. Receipt of a game play occurs when the server hosting the Game records the submission, resulting from playing on a winning date/time or immediately after a winning date/time (collectively referred to hereafter as an “instant win game play”). If you receive a potential winning instant win prize message, follow all onscreen instructions to claim the instant win prize by 11:59:59 PM ET on 3/31/20. For the purposes of these Official Rules, a prize claim is when an Entrant wins a prize and s/he follows all onscreen instructions to verify eligibility. If Entrant does not select a company to invest

his or her prize, then the Sponsor will randomly select the company on behalf of the winner.

If your screen does not display an instant win prize-winning message, you are not an instant win prize winner, but your game play will automatically qualify for the grand prize drawing. An Entrant is not a winner of any instant win prize until Entrant’s eligibility and the potential winning instant win game play has been verified by Sponsor and/or its agent. A screenshot is not proof or evidence of winning an © 2020 Ventura Associates International LLC instant win prize. Limit: one (1) game play per Entrant during the Game Play Period. All additional game plays that exceed this limitation will be disqualified. In the case where multiple instant win game plays are submitted at the same winning date and time, only the first instant win game play received by the App’s operating system will be verified as the potential instant win prize winner. All game plays become property of Sponsor and will not be returned or acknowledged. Normal internet access and usage charges imposed by each Entrant’s mobile service provider may apply.

INSTANT WIN PRIZE DETAILS & ODDS: The following chart illustrates the total amount of instant win prizes and their corresponding values available to be claimed during the Game Play Period: 

Odds of winning an instant win prize will depend upon whether your game play occurs at or immediately after one of the randomly-generated winning instant win date/time during the Game’s Play Period. Sponsor reserves the right to refuse or deny any instant win game play to any Entrant it feels does not meet the eligibility qualifications stated in these Official Rules. No more than the authorized number of instant win prizes and grand prize will be awarded according to these Official Rules.

ALL INSTANT WIN PRIZES THAT ARE NOT CLAIMED BY 11:59:59 PM ET ON 3/31/20 WILL NOT BE AWARDED.

GRAND PRIZE DETAILS, DRAWING DATE & ODDS: One (1) Grand Prize of $50,000.00 in Stock will be awarded at random from among all eligible game plays recorded by the App during the Game Play Period. Grand Prize random drawing will be conducted on or about 4/14/20 by the Administrator, whose decisions are final and binding. Odds of winning the grand prize depends on the total number of eligible entries received during the Game Play Period. 

All prizes are awarded as Stock. Total value of all Stock prizes available to be awarded: $1,000,000.00. Limit: one instant win prize per winner. Regardless of prize amount won, each winner’s prize will be awarded to the winner’s SoFi Invest account. Unless the winner elects to liquidate the SoFi Invest account once the prize is invested, the prize will be invested in a model portfolio at the election of the winner, which is subject to market risk, and may lose value. Detailed information regarding the services of SoFi Invest can be read at: https://www.sofi.com/legal/.

No substitution or transfer of any prize to a third party is permitted and prizes cannot be redeemed for cash value, except by Sponsor, who reserves the right in its sole discretion to substitute any prize. If applicable, all investment gains and losses, taxes, fees, federal, state, local or other expenses relating to the use, acceptance and possession of any prize are the sole responsibility of each winner. If SoFi randomly selects a company on behalf of any winner, the winner will have the option to replace it with a company of the winner’s choice.

Except where prohibited by law, participating in the Game and acceptance of prize constitutes permission for Sponsor to use each winner’s name, prize won, hometown, likeness, video tape, photographs, and statements for purposes of advertising, promotion and publicity (including online posting) in any and all media now or hereafter known throughout the world in perpetuity, without additional compensation, notification or permission.

WINNER NOTIFICATION & HOW TO CLAIM A PRIZE:  To claim prize, a potential winner will need to follow onscreen instructions and provide identity such as name, age and residency. In addition, any major prize winner of a prize valued at $600 or more must execute any required document mandated by Sponsor and/or Administrator, which must be completed, signed and received by Sponsor or Administrator by the deadline time/date on notification. Upon any major prize winner completing any required document and verification of eligibility by Sponsor and/or its agent, the corresponding prize will be awarded. At the sole discretion of the Sponsor, disqualification and forfeiture of prize may result from [1] potential winner’s failure to provide the Sponsor and/or Administrator with satisfactory proof of age, identity and residency during the onscreen or offscreen verification process; [2] potential winner’s failure to validly claim the prize by deadline imposed by the Sponsor and/or Administrator; [3] if the information provided by any winner cannot be verified by SoFi, the corresponding prize will not be awarded and SoFi shall have no further obligations to such winner; and [4] any other non-compliance with Official Rules. Should a winner be disqualified for any reason, including, but not limited to making any false statement(s) in the game’s registration process and/or if a major winner failed to return any document required by Sponsor, that winner will be disqualified and forfeit all rights to any prize won. Each winner is responsible for notifying Sponsor of changes in their email addresses or mobile number(s). An IRS form 1099 will be filed in the name of any winner of a prize valued at $600.00 or more.

CONSENT AND RELEASE: To the fullest extent possible in law, Entrants and any coordinating entity, and on behalf of their respective heirs, executors, administrators, legal representatives, successors and assigns (“Releasing Parties”), release, defend and hold harmless the Game Entities from any and all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, lost profits, indirect or direct damages, consequential damages, incidental damages, punitive or exemplary damages, judgments, extent, executions, claims and demands whatsoever, in law, admiralty or equity, whether known or unknown, foreseen or unforeseen, against Game Entities which any one or more of the Releasing Parties ever had, now have or hereafter can, shall or may have which in any way arise out

of or result from Entrant’s participation, acceptance and use or misuse of prize (if such Entrant is determined to be a winner). The Sponsor is not responsible for any mechanical or human error or failure or for any typographical or other error in the printing of the offer or administration of the Game or in the announcement of any prize. In the event Sponsor is prevented from continuing with the Game as contemplated herein by any event beyond its control, or otherwise, including but not limited to fire, flood, earthquake, explosion, labor dispute or strike, act of God or public enemy, satellite or equipment failure, riot or civil disturbance, terrorist threat or activity, war (declared or undeclared) or any federal, state, or local government law, order, or regulation, or order of any court, or other cause, Sponsor shall have the right to modify or terminate the Game. Furthermore, the Sponsor reserves the right to

terminate the Game if it becomes technically corrupted (including if a computer virus or system malfunction inalterably impairs its ability to conduct the Game). Entrants assume all liability for any injury, including death or damage caused or claimed to be caused, by participation in this Game or use or redemption of a prize (if Entrant is determined to be a winner).

ARBITRATION: This Game shall be governed by and interpreted under the laws of the State of California,U.S.A., without regard to its conflicts of laws provisions. Entrant hereby agrees that any and all disputes, claims, causes of action, or controversies (“Claims”) arising out of or in connection with this Game shall be resolved, upon the election by Entrant or Sponsor, by arbitration pursuant to this provision and the code of procedures of either the National Arbitration Forum (“NAF”) or the American Arbitration Association (“AAA”), as selected by the Entrant. IF ARBITRATION IS CHOSEN BY ANY PARTY WITH RESPECT TO A CLAIM, NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT OR HAVE A JURY TRIAL ON THAT CLAIM. FURTHER, NEITHER SPONSOR NOR ENTRANT WILL HAVE THE RIGHT TO PARTICIPATE IN A REPRESENTATIVE CAPACITY ON BEHALF OF THE GENERAL PUBLIC OR OTHER PERSONS SIMILARLY SITUATED, OR AS A MEMBER OF ANY CLASS OF CLAIMANTS PERTAINING TO ANY CLAIM SUBJECT TO ARBITRATION. EXCEPT AS SET FORTH BELOW, THE ARBITRATOR’S DECISION WILL BE FINAL AND BINDING. NOTE THAT OTHER RIGHTS THAT ENTRANT WOULD HAVE IF ENTRANT WENT TO COURT ALSO MAY NOT BE AVAILABLE IN ARBITRATION. ANY CLAIMS, JUDGMENTS AND/OR AWARDS SHALL BE LIMITED TO ACTUAL OUT-OF-POCKET COSTS ASSOCIATED WITH ENTERING THIS GAME. ENTRANT HEREBY WAIVES ANY RIGHTS OR CLAIMS TO ATTORNEY’S FEES, INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ENTRANT, WHETHER FORESEEABLE OR NOT AND WHETHER BASED ON NEGLIGENCE OR OTHERWISE. The arbitrator’s authority to resolve Claims is limited to Claims between Sponsor and Entrant alone, and the arbitrator’s authority to make awards is limited to awards to Sponsor and Entrant alone. Furthermore, claims brought by either party against the other

may not be joined or consolidated in arbitration with Claims brought by or against any third party, unless agreed to in writing by all parties. No arbitration award or decision will have any preclusive effect as to issues or claims in any dispute with anyone who is not a named party to the arbitration.Notwithstanding any other provision in this Agreement and without waiving either party’s right to appeal such decision, should any portion of this provision be deemed invalid or unenforceable, then the entire provision (other than this sentence) shall not apply.

GENERAL: In the event of a dispute as to the ownership of an email address connected with a SoFi member ID, the “authorized account holder” is the natural person assigned to the email address by an Internet service provider or other organization responsible for assigning email addresses for the domain associated with the email address used at time of game play and he or she must meet the eligibility requirements mentioned in these Official Rules. Winners may be required to show proof of being the authorized account holder. 

The Sponsor is not responsible for: (i) error, omission, interruption, deletion, defect, delay in operations or transmission, theft or destruction or unauthorized access to or alterations of Entry materials, or for technical, network, telephone equipment, electronic, computer, hardware or software malfunctions of any kind, or inaccurate transmission of or failure to receive Entry information by Sponsor on account of technical problems or traffic congestion on the Internet or at any website or any combination thereof; (iii) (iv) the failure of any third party to comply with the instructions and proper administration of this Game. Sponsor reserves the right at its sole discretion to disqualify any individual that tampers or attempts to tamper with the entry process or the operation of the Game or violates these Official Rules. LEGAL WARNING: ANY ATTEMPT BY AN INDIVIDUAL, WHETHER OR NOT AN ENTRANT, TO DELIBERATELY INTERFERE WITH THE OPERATION OF THE GAME, IS A VIOLATION OF CRIMINAL & CIVIL LAWS AND SPONSOR RESERVES THE RIGHT TO SEEK DAMAGES AND DILIGENTLY PURSUE ALL REMEDIES AGAINST ANY SUCH INDIVIDUAL TO THE FULLEST EXTENT PERMITTED BY LAW.

WINNERS LIST: For a list of winners of prizes valued at $25 or higher (available after 4/30/20), send a stamped, self-addressed envelope (postage not required for Vermont residents) by 4/30/20 to: SoFi 1 Million Member Celebration Game Winners List, c/o Ventura Associates LLC, 494 Eighth Avenue, Suite 1700 (DE/SOFI6629), New York, New York, 10001.

PRIVACY: The information Entrants provide when registering to play the Game may be sent to promotional partners. Entrants may be contacted by the Sponsor and/or any promotional partners with future promotional offers. Information provided by Entrants to participate in this Game is subject to Sponsor’s privacy policy located at www.sofi.com/privacy-policy.

SPONSOR: Social Finance, LLC, 234 1st Street, San Francisco, CA 94105.

ADMINISTRATOR: Ventura Associates International LLC, 494 Eighth Avenue, Suite 1700, New York, New York, 10001. 

THE SPONSOR’S AND ITS ADMINISTRATOR’S DECISIONS ARE FINAL AND BINDING IN ALL MATTERS RELATED TO GAME.

Information provided by Entrants to participate in this Game is subject to Sponsor’s privacy policy located at www.sofi.com/privacy-policy.

THE SPONSOR’S AND ITS ADMINISTRATOR’S DECISIONS ARE FINAL AND BINDING IN ALL MATTERS RELATED TO GAME.