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| New to the newsletter? Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. And give our news-inspired Spotify playlist a listen. It features every song quoted here. |
| Good morning and happy Thursday, Daily Money readers. it's Jayme Deerwester here with National Burrito Day and National Beer Day deals for you. |
🚨 Cash App data breach 🚨 |
| More than 8 million users of the mobile payment Cash App could be affected by a data breach instigated by a former employee, according to a report filed with the U.S. Securities and Exchange Commission. |
| The filing says that U.S. users of Cash App Investing are the only customers potentially affected, but that includes 8.2 million people. Parent company Block said it is contacting all current and former customers of the feature "to provide them with information about this incident and sharing resources with them to answer their questions." |
| The data downloaded didn't include usernames, passwords, Social Security numbers or bank account information, but it did include full names and brokerage account numbers, which are used to identify a user's stock activity on Cash App Investing. |
📰 More headlines you can't miss 📰 |
| 11 DAYS UNTIL TAX DEADLINE: What you need to know if you haven't filed yet. |
| DIVERSITY IN THE WORKPLACE: Can these issues be fixed by laws? |
| CREDIT CARDS AND KIDS: 3 questions to ask before cosigning for your children. |
| RETIREMENT POLL: Why millennials are the most optimistic generation. |
| QUIZ: How much do you know about small business in America? |
💡 Is a recession unavoidable? 💡 |
| A recession in the U.S. is brewing as the Federal Reserve is taking a more aggressive stance on raising interest rates to clamp down on inflation, according to economists at Deutsche Bank. |
| With inflation at a 40-year high, they predict the Fed will raise interest rates by half a percentage point during the next three meetings in May, June and July. In this scenario, a downturn is going to be unavoidable, the economists said in a note published Tuesday. |
| The Fed's actions will "trigger a mild recession around late 2023," the note said. "While this will eventually help to push inflation closer to target by the end of 2024, it will also come with a sharp rise in the unemployment rate." |
💸 Got a plan for how to use your tax refund? 💸 |
| Tax refunds are coming at an opportune time this year for many Americans – despite an IRS processing lag delaying the money. |
| Inflation increased nearly 8% compared with last year and household savings are drying up as cash-strapped consumers take on more credit card debt to finance purchases. |
| The processing delay – prompted in part by stimulus check mistakes – can be a blessing in disguise if you make a plan before the money arrives to avoid impulsive spending, said Sharon Powell, an educator with the Family Resiliency team at the University of Minnesota Extension Center. |
| "It's just like going to the grocery store with a list – you're more likely to stick to it." |
🎧 Mood music 🎧 |
| Today's lyric from Amy Winehouse's "Procrastination" goes out to anyone still fixin' to get ready to do their taxes. |
| "And anyway, I be thinkin' to meet you at the station. Guilty 'cause I should be home, damn procrastination. So when they ask me later, I won't tell them how it's going. But now my head is empty and the workload keeps on growing." |
| LISTEN WHILE YOU WORK: Unfortunately, this rare 2008 Amy Winehouse track isn't available on Spotify, but you can listen to it on YouTube. You can hear just about every other song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify . |
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