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Good morning, Daily Money readers. It's Bailey Schulz here to bring you the day's top stories. |
The Federal Reserve is expected to raise its key short-term interest rate one more time this year with a 25 basis point hike to help curb inflation. The Fed will reveal its decision at 2 p.m. | Federal Reserve Chair Jerome Powell speaks during a news conference Wednesday, Dec. 14, 2022, at the Federal Reserve Board Building, in Washington. Jacquelyn Martin, AP |
How the Fed's rate hike could affect you |
Climbing interest rates have already tested some borrowers' ability to repay their debts. Another quarter-point hike would cost consumers an additional $1.7 billion over the next 12 months, bringing the annual cost of the Fed's recent rate hikes to a total of more than $33 billion, WalletHub estimates. |
The average APR on a new credit card offer – already its highest in decades at 23.84% – is expected to go even higher if interest rates are raised, making it harder to pay off credit card debt. |
But there's good news for homebuyers. Since this week's hike is expected, it should not impact mortgage rates. Confirmation of a pause could actually lead to some mortgage rate relief. |
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The musician and son of Ethiopian immigrants has partnered with Blue Bottle Coffee on Samra Origins, a new brand of coffee products named after The Weeknd's mother. The brand, which honors his Ethiopian roots and the culture of the country long considered the birthplace of coffee, debuts on May 9. |
Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. | | | | The Fed continues to push the federal funds rate higher to curb inflation, which has slowed but still poses an economic threat. | | | | The Federal Reserve may raise interest rates for the 10th time in a row and then, pause. Americans already reeling, though, may not feel relief. | | | | The Fed will almost certainly raise the Federal funds rate, say experts. How will that affect the housing market? | | | | The Weeknd teamed with Blue Bottle Coffee of Oakland, California on a new Ethiopian coffee named Samra Origins, paying tribute to his parents. | | | | Subway CEO John Chidsey said he aims to have a deal signed by early June. | | | | Is Tuesday Morning closing all its stores? Yes. Items are marked up to 30% off the lowest ticketed price. Gift cards will be honored through May 13. | | | | According to its website, the company has about 500 Jenny Craig weight-loss centers in the United States and Canada. | | | | Airport lounges are getting crowded as more travelers take advantage of their perks. Here's what goes on inside and what to consider before joining. | | | | For someone willing to doing their research, there undoubtedly are some gems amidst 88,500 cards. | | | | Constant bickering between co-workers may require mediation to resolve their differences. Challenge them to reach a compromise to work things out. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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