The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Thu Aug 1 2024

Daniel de Visé | Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

The Fed's long-awaited interest rate cut, a move that's likely to juice the U.S. economy and stock market, may be just weeks away.

The Federal Reserve stood pat on interest rates Wednesday but signaled it could start cutting as soon as mid-September, amid easing inflation and a cooling job market.

"The economy is moving closer to the point where it will be appropriate to reduce our policy rate," Fed Chair Jerome Powell said at a news conference. "That time is drawing near. That time could be in September if the data support that."

Here's our full report.

The latest on student loan forgiveness

Keep a sharp eye on your email inbox in the coming days and weeks, student loan borrowers. Buried amongst the spam mail and coupons may be the latest information on debt forgiveness.

The Biden administration has taken its next steps toward a solution for borrowers after the president's initial forgiveness plan was struck down in the Supreme Court in June 2023, Mary Walrath-Holdridge reports. The new initiative could provide relief for millions of Americans.

Here are the details.

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🍔 Today's Menu 🍔

"All you can eat" is a mixed blessing. You won't overspend, but you may overeat.

For better or worse, all-you-can-eat pancakes are back at IHOP.

The breakfast restaurant chain is launching the promotion just in time for back-to-school season to "help families when schedules are tight and wallets are pinched from shopping," Gabe Hauari reports.

The deal runs through September 15.

Here's all you should know.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.