Category: Economic News
The macro economy has a large impact on your personal finances. To help you manage your money better we track the import economic trends. Stay up to date so you can be prepared to adjust your personal finance strategies.
Economic News
Economic News
IRS Extends 2019 Tax Payment Deadline to July
As the COVID-19 outbreak worsens, the virus is also wreaking economic havoc as many businesses are forced to close. In response the White House has been floating a number of emergency measures, including bailouts for certain industries and cash payments for the majority of Americans. Additionally this week the Internal Revenue Service announced that it would be extending the payment deadline for 2019 tax returns. While taxes are famously due...
Economic News
Longest Bull Market in History Ends Amid Pandemic
Just days after celebrating its 11th anniversary, the bull market in the U.S. — the longest in history — has come to a dramatic end. Despite some rallying efforts that followed major sell-offs last week, the continued spread of COVID-19 coupled with an oil price war has sunk the markets lower. Between the World Health Organization officially calling the novel coronavirus a global pandemic, President's Oval Office address that put...
Economic News
U.S. Adds 273,000 Jobs as Economy Braces for COVID-19 Impacts
This morning's jobs report shows the United States economy adding an incredibly strong number of jobs during the short (but one-day longer than normal) month of February. Moreover the underline unemployment rate fell once again. However it seems difficult for economists to focus on that when several unknowns threaten to impact conditions going forward. As for the good news: the economy added 273,000 jobs last month. That blows the 165,000...
Economic News
Federal Reserve Cuts Interest Rates as COVID-19 Spreads
When the United States Federal Reserve cut interest rates by a quarter-point in October, it was expected that no further cuts would occur in 2020. However, with the novel coronavirus — officially known as COVID-19 — threatening the global economy, the Fed made the rare move of adjusting their benchmark rates outside of their regular quarterly meetings. What more, as CNN reports, the agency cut rates by half a percentage...
Economic News
Morgan Stanley to Acquire E*Trade
When Charles Schwab announced it was lowering its trade fees to $0 — following the lead of FinTech startups like Robinhood — it was clear that a shake up to the brokerage industry was underway. Sure enough, within days, several other firms including TD Ameritrade, E*Trade, and others revealed that they too would be putting an end to their trade fees. This was then followed by the news that Schwab...
Economic News
Fidelity Finds Average Retirement Balances Hit Record High in 2019
During his State of the Union address a couple of weeks back, President Donald Trump continued to tout the strength of the United States economy. Indeed the stock markets did have a strong (albeit bumpy at times) year in 2019 — but how does that impact the average American? Well, according to a new report from Fidelity, between new contributions and market gains, those saving for retirement saw their account...
Economic News
