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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. |
| Happy Cinco de Mayo, Daily Money readers. Jayme Deerwester here with you this Thursday. |
Fed approves biggest rate hike since 2000 in fight against inflation |
| The Federal Reserve raised its key short-term interest rate by a half percentage point Wednesday, its largest hike since 2000, and signaled that further big moves may lie ahead as officials scramble to curtail a historic spike in inflation. |
| "There is a broad consensus (among Fed policymakers) that additional (half-point) rate increases should be on the table at the next couple of meetings," Fed Chair Jerome Powell said at a news conference. |
| Top economists expect the Fed to lift the rate to a range of 2.25% to 2.5% by the end of the year. |
| Stocks rallied after Powell's comment. The Dow Jones Industrial Average closed 933 points higher, or 2.8%, making it the largest one-day gain since November 2020. |
📰 More headlines you can't miss 📰 |
| CINCO DE MAYO DEALS: Chipotle, Taco Bell, Del Taco, Chili's all have specials. |
| TURBOTAX SETTLEMENT: Intuit to pay $141 million for false promises of free filing. |
| JEEPERS! Chrysler parent Stellantis tops GM, Ford earnings for first quarter. |
| YOUR NEXT WORDLE FIX: Why viral game's creator is recommending Knotwords. |
| LEFT OUT: Asian employees feel least included at work of any demographic group, including Black and LGBTQ workers. |
Um, IRS? You paid us twice |
| Earlier this week, one of my editors, Randy Essex, wrote about his two-year saga with the IRS trying to get a stimulus check reissued after it was deposited in a closed bank account. |
| In what seemed like a surprising and happy ending, his wife reached a human being by phone in April and the stimulus payment was deposited in their current bank account. |
| But wait, there's more. This week, Essex and his wife got a second U.S. Treasury payment in the mail. That's right, the IRS paid them twice. Actually, the check was $1.66 more than the direct deposit because a bit of interest accrued between the day of the deposit and the check being issued. |
| "If we thought it was hard to get money from the IRS, imagine how hard it's going to be to give it back," Essex wrote. "Remembering the rejection of our Rebate Recovery Credit on our 2020 return, I figured that when we file next year, we'll end up being accused of tax fraud." |
| Read the story to find out how you return money to the IRS. |
🎧 Mood music 🎧 |
| Man, country singers really like tequila. When I went looking for some liquored-up lyrics for today's newsletter, all I had to choose from were country songs – and the Eagles classic "Tequila Sunrise." |
| "Take another shot of courage. Wonder why the right words never come. You just get numb." |
| LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify. |
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