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36% of U.S. Workers Plan to Leave Their Job in 2023: Weekly Stat

More than a third of employees are staying, however, due to positive relationships with their companies and co-workers. Despite unpredictable markets and rising interest rates, executives have shown they are still mindful of devoting effort and money toward employee retention. Organizations giving employees flexible work environments and… Read More »36% of U.S. Workers Plan to Leave Their Job in 2023: Weekly Stat

Fed warns of ‘low’ market liquidity in $24 trillion Treasury market, in latest financial stability report

The Federal Reserve on Friday confirmed what many investors were saying for some time: the $24 trillion Treasury market has been experiencing low levels of market liquidity in recent months. The central bank has been rapidly increasing interest rates since March as part of a… Read More »Fed warns of ‘low’ market liquidity in $24 trillion Treasury market, in latest financial stability report

Newly released IRS Data Book numbers confirm the decline in audit rates

Along with frustrating backlogs, declining audit rates have been the topic of many accountant discussions regarding how IRS budget constraints have affected taxpayers. The latest IRS statistics confirm the declining audit numbers. On May 26, 2022, the IRS released its Data Book, 2021 (Publication 55-B). The Data… Read More »Newly released IRS Data Book numbers confirm the decline in audit rates

Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

KEY POINTS The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the fourth time in a row on Wednesday, marking an unprecedented pace of rate hikes. The U.S. central bank has raised the benchmark short-term borrowing rate a total of six times this year,… Read More »Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

FASB seeks input on proposed changes to accounting for joint ventures

FASB issued a proposed Accounting Standards Update (ASU) on Thursday that is intended to provide investors and other allocators of capital with more “decision-useful information” in a joint venture’s separate financial statements and to reduce diversity in practice in this area of financial reporting. The proposed… Read More »FASB seeks input on proposed changes to accounting for joint ventures

63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

KEY POINTS With persistent inflation eroding wage gains, the number of Americans living paycheck to paycheck is near a historic high, according to a recent report. Almost half of those earning more than $100,000 say they are just getting by. As rising prices continue to… Read More »63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

U.S. GDP accelerated at a 2.6% pace in Q3, better than expected as growth turns positive

KEY POINTS Gross domestic product rose 2.6% in the third quarter versus the estimate of 2.3%. A narrowing trade deficit and increases in consumer spending and government outlays boosted the number. A sharp pullback in housing subtracted from the number, part of a broader decline… Read More »U.S. GDP accelerated at a 2.6% pace in Q3, better than expected as growth turns positive

SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

The Securities and Exchange Commission on Wednesday adopted two final rule packages. The first rule, approved in a 5-0 vote, requires mutual funds and exchange-traded funds to provide investors with concise, tailored shareholder reports that highlight key information, such as fund expenses, performance, and portfolio holdings.… Read More »SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

Early Earnings Reports Worry Investors Already Battered by Stock Selloff

Hopeful economic signs compete with challenges to profits including inflation, rising rates, and a strong dollar Early results from the third-quarter earnings season haven’t provided much comfort to jittery investors. While some corporate leaders noted glimmers of hope for consumers and the economy, many have reported a host… Read More »Early Earnings Reports Worry Investors Already Battered by Stock Selloff

Consumer spending was flat in September and below expectations as inflation takes its toll

KEY POINTS Retail and food services sales in total were little changed in September against the estimate for a 0.3% gain. Excluding autos, sales rose 0.1%, vs. the estimate for spending to be unchanged. The numbers are not adjusted for inflation, indicating that consumer spending… Read More »Consumer spending was flat in September and below expectations as inflation takes its toll

IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions, and credits for 2023, and—no surprise—today’s four-decade-high inflation has translated into some big hikes. Consider the standard deduction, now claimed (instead of itemized deductions) by more than 85% of taxpayers.… Read More »IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey shows. Additionally, 74% said their concerns about inflation have increased. If you are worried about job loss during a recession, be sure to make arrangements… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

Americans nearing retirement know the advice all too well: When it comes to Social Security, good things come to those who wait. And those who can’t wait? Their benefits get slashed. Those reduced benefits can add up. If you take Social Security before full retirement… Read More »Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

‘Retirement risks faced by workers are greater than ever before’ Almost half of baby boomers and more than one-third of Generation X expect to work past age 70 or do not plan to retire at all, highlighting the need for backup plans in case life’s… Read More »The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey shows. Additionally, 74% said their concerns about inflation have increased. If you are worried about job loss during a recession, be sure to make arrangements… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

KEY POINTS Social Security beneficiaries can expect an 8.7% boost to benefits in 2023, the Social Security Administration announced. The increase tops the 5.9% cost-of-living adjustment for 2022, which at the time was the highest in four decades. Amid record-high inflation, Social Security beneficiaries will… Read More »Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

KEY POINTS JPMorgan Chase CEO Jamie Dimon said the U.S. economy was “actually still doing well” at present and consumers were likely to be in better shape compared to the 2008 global financial crisis when the world tips into recession. “But you can’t talk about the economy… Read More »‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

The biggest U.S. banks are expected to report weaker third-quarter profits as the economy slowed and volatile markets put the brakes on dealmaking. Four of the nation’s largest lenders – JPMorgan Chase & Co (JPM.N), Wells Fargo & Co (WFC.N), Citigroup Inc (C.N), and Morgan Stanley (MS.N) – will report third-quarter… Read More »PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

With new laws from Colorado to Rhode Island, employers are under growing pressure to publicly share how much a job pays. Last week, California became the largest state to join the push for salary transparency when Gov. Gavin Newsom signed the measure, which takes effect next year. Though it was not… Read More »Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

KEY POINTS Nonfarm payrolls increased by 263,000 for the month, short of the Dow Jones estimate of 275,000. The unemployment rate was 3.5%, down 0.2 percentage points as the labor force participation rate edged lower. Average hourly earnings rose 5% from a year ago, slightly… Read More »Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

Governments around the world are determined to bring down inflation whatever the cost, but a growing chorus of voices is pointing out that aggressive monetary policies could have some serious and long-lasting consequences on the world economy. Central banks in the U.S., Europe and the U.K. have pursued relentless monetary tightening policies… Read More »‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth

Financial decision-makers lowered their expectations for real growth in gross domestic product during the third quarter amid concerns over inflation and trouble finding skilled labor, according to the results of The CFO Survey, a collaboration of Duke University’s Fuqua School of Business and the Federal… Read More »CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth

ESG funds are ‘definitely at a crossroads’: EY executive

When the United Nations (UN) first laid out principles for environmental, social, and corporate governance (ESG) investing in 2006, then-Secretary General Kofi Annan hailed the considerations as critical to underpinning “responsible investing” in the financial markets. Amid growing scrutiny from conservative lawmakers and accusations of greenwashing at some of… Read More »ESG funds are ‘definitely at a crossroads’: EY executive

The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown

From the best of times to the worst of times: The market for initial public offerings has fallen off a cliff in 2022. Investors faced with high inflation and rising interest rates have ditched high-flying growth stocks and turned to safer, more profitable alternatives. The… Read More »The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown

Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you

KEY POINTS The Federal Reserve raised interest rates by three-quarters of a point, citing persistent inflation. Everything from mortgages and credit cards to student and car loans will be impacted by another major rate hike. Here’s what it could mean for your monthly expenses. The Federal… Read More »Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you

Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting

The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage points and signaled additional large increases were likely even though they are raising the risk of recession. Fed officials voted unanimously to lift their benchmark federal-funds rate to a range between 3% and 3.25%, a level last… Read More »Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting

Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 6.25% from 6.01%. Applications to refinance a home loan, which are usually very sensitive to big rate swings, actually rose 10% for the week, although… Read More »Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement

One surprise that hits retirees in their first few years is that even without the costs of working and contributing to retirement accounts, they end up spending more than when they held down a job. Don’t miss Mitt Romney says a billionaire tax will trigger… Read More »Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement

Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples

Stocks fell and government bond yields rose to multiyear highs Tuesday ahead of the next decision by the Fed’s rate-setting committee  Stocks fell Tuesday ahead of the Federal Reserve’s next policy decision as investors grappled with the impact of rising rates on corporate earnings and valuations. The… Read More »Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples

Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings

Higher rates and shrinking margins are among key concerns Goldman likes companies with the highest returns on capital After a hotter-than-expected inflation print and FedEx Corp.’s shocking profit warning, top Wall Street strategists see mounting risks for US earnings and equity valuations. Both Morgan Stanley’s Michael J. Wilson… Read More »Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings

There could be a record high Social Security cost-of-living adjustment in 2023, but it’s not set in stone: 3 things to watch

KEY POINTS The Social Security cost-of-living adjustment for 2023 could be 8.7%, according to a new estimate from The Senior Citizens League. An increase that high would be the biggest cost-of-living adjustment in four decades, surpassing this year’s 5.9% cost-of-living adjustment. There is still one… Read More »There could be a record high Social Security cost-of-living adjustment in 2023, but it’s not set in stone: 3 things to watch

IRS delays in processing NOL refund claims cost taxpayers millions in interest

The Internal Revenue Service’s backlog is having an impact in many areas, including the handling of noncorporate applications for refund claims on net operating losses. The Internal Revenue Service’s continuing backlog is having an impact in many areas, including the processing of noncorporate applications for… Read More »IRS delays in processing NOL refund claims cost taxpayers millions in interest

Congress And IRS Need To Focus On Those Backlogged Employee Retention Credit Claims

The Employee Retention Credit (ERC) remains one of the best tax benefits out there for small and medium businesses – as well as tax-exempt entities – to keep doors open and employees on payroll during this difficult economy. As I’ve previously written in detail, the ERC provides… Read More »Congress And IRS Need To Focus On Those Backlogged Employee Retention Credit Claims

Is it possible to save too much for retirement? Here are the top 3 signs you’re going way overboard

When it comes to retirement, you can’t save enough money — until you do. Saving for a post-work world is now a near-universal ideal: The 50-something workers who fret over their nest eggs have been joined by younger workers, who during the pandemic tasted new… Read More »Is it possible to save too much for retirement? Here are the top 3 signs you’re going way overboard

Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors

KEY POINTS If you’re feeling unsteady amid stock market volatility, high inflation, and rising interest rates, you may wonder how much cash you really need to have handy. Experts may suggest three months, six months, or one year of expenses, depending on your situation. If… Read More »Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors

Job openings top 11.2 million in July, well above estimate and nearly double the available workers

There were nearly 1 million more job openings than expected in July, an inflationary sign that the U.S. labor market is still extremely tight, the Bureau of Labor Statistics reported Tuesday. Available positions totaled 11.24 million for the month, well in excess of the 10.3… Read More »Job openings top 11.2 million in July, well above estimate and nearly double the available workers

SEC adopts ‘pay versus performance’ disclosure rules

The SEC on Thursday adopted amendments that require specific disclosures about the relationship between a public company’s executive compensation and its financial performance. Registrants must begin to comply in proxy and information statements that are required to include Item 402 executive compensation disclosure for fiscal years ending… Read More »SEC adopts ‘pay versus performance’ disclosure rules

Inflation Gets a Boost From Higher Wages and Import Prices, New York Fed Study Says

Pass-through effects have increased during the pandemic Imported input prices have a larger effect on US inflation US consumer inflation, which is running near the fastest pace in 40 years, has been increasingly affected by higher wages and import prices, according to a new study from the… Read More »Inflation Gets a Boost From Higher Wages and Import Prices, New York Fed Study Says

We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers, and buyers

KEY POINTS Sales of existing homes were down last month by 20.2% to 4.8 million properties from 6 million a year earlier. However, the median price last month was $403,800, up 10.8% from July 2021, and homes are still selling quickly. There are implications for… Read More »We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers, and buyers

Fed Jackson Hole preview: Powell to stress a recession won’t stop Fed’s fight against high inflation

Federal Reserve Chairman Jerome Powell will use his closely-watched Jackson Hole speech this week to stress that the central bank is going to bring down the high U.S. inflation rate even if it means a recession, economists said. “The core message will be the Fed’s… Read More »Fed Jackson Hole preview: Powell to stress a recession won’t stop Fed’s fight against high inflation

Fed sees interest rate hikes continuing until inflation eases substantially, minutes show

Federal Reserve officials at their July meeting indicated they likely would not consider pulling back on interest rate hikes until inflation came down substantially, according to minutes from the session released Wednesday. During a meeting in which the central bank approved a 0.75 percentage point rate hike,… Read More »Fed sees interest rate hikes continuing until inflation eases substantially, minutes show

Fed expected to stick with hawkish rate hikes until data show further slowing in inflation

KEY POINTS The Federal Reserve is unlikely to pivot from its hawkish interestrate hikes despite positive signs this week that inflation in the U.S.could be easing, according to market strategists.As both CPI and PPI soften, markets have started to moderate theirexpectations for Fed rate hikes.But… Read More »Fed expected to stick with hawkish rate hikes until data show further slowing in inflation

House passes Inflation Reduction Act, sending climate and health bill to Biden

House Democrats on Friday approved a sprawling bill to lowerprescription drug costs, address global warming, raise taxes on somebillion-dollar corporations, and reduce the federal deficit, sendingto President Biden the long-delayed, last component of his economicagenda in time for this year’s elections. The 220-to-207 vote marked… Read More »House passes Inflation Reduction Act, sending climate and health bill to Biden

Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

KEY POINTS The consumer price index rose 8.5% in July from a year ago, belowexpectations, due largely to slumping energy prices.Excluding volatile food and energy prices, so-called core CPI rose5.9% annually and 0.3% monthly, compared with respective estimates of6.1% and 0.5%.The report was good news… Read More »Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it

KEY POINTS A new Wells Fargo analysis looked at the best 20 days for the S&P 500between August 1992 and July 2022. Almost half of them occurred amid adownturn.The findings underscore the impossibility of timing the market, withthe dips and upswings being so jumbled together.… Read More »On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it

Bills extend the statute of limitation for prosecuting PPP, and EIDL fraud

President Joe Biden signed two bills on Friday that give the federalgovernment more time to catch and prosecute fraud related to two ofthe most popular COVID-19 small business relief programs — thePaycheck Protection Program (PPP) and COVID-19 Economic InjuryDisaster Loans (EIDL). The bills are: H.R.… Read More »Bills extend the statute of limitation for prosecuting PPP, and EIDL fraud

Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

KEY POINTS Senate Democrats on Sunday passed their climate, health, and taxpackage, including nearly $80 billion in funding for the IRS.The Inflation Reduction Act allocates $79.6 billion to the agency overthe next 10 years, with more than half of the money going toenforcement. Senate Democrats… Read More »Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

Equifax issued wrong credit scores for “millions” of customers, report says

Equifax this spring sent out incorrect credit scores for millions ofcustomers applying for home and auto loans, the Wall Street Journalreported on Tuesday. As one of three major credit-reporting companies in the US., Equifaxprovides financial information and scores for consumers, affectingwhether people are approved for… Read More »Equifax issued wrong credit scores for “millions” of customers, report says

Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth

KEY POINTS Despite seeing real wage gains this year, Americans must contend witha higher cost of living, which is growing at the fastest annual pacein more than four decades.As inflation outpaces wage growth, credit card balances jumped in thesecond quarter of 2022.Americans now say they… Read More »Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth

U.S. economy continues to shrink and many aren’t prepared for an economic downturn. Here’s what advisors are telling clients as recession fears grow

KEY POINTS The U.S. economy shrank for a second straight quarter, one definitionof a recession, the Bureau of Economic Analysis reported Thursday.However, fewer than half of Americans feel “financially secure enough”for another prolonged economic downturn, according to a PersonalCapital survey.“People are being very short-term defensive,… Read More »U.S. economy continues to shrink and many aren’t prepared for an economic downturn. Here’s what advisors are telling clients as recession fears grow

Fed hikes interest rates by 0.75 percentage points for the second consecutive time to fight inflation

KEY POINTS The Federal Reserve on Wednesday enacted its second consecutive 0.75percentage point interest rate increase, taking its benchmark rate toa range of 2.25%-2.5%.Chair Jerome Powell said there will be a point where the Fed starts toslow hikes to assess their impact.“We actually think we… Read More »Fed hikes interest rates by 0.75 percentage points for the second consecutive time to fight inflation

Investors Bet Fed Will Need to Cut Interest Rates Next Year to Bolster the Economy

As the Federal Reserve prepares to meet this week, Wall Streetinvestors are betting that officials will raise interest ratesaggressively through the end of the year and then turn around andstart cutting them in six months. The unusual nature reflects investors growing sense that the Fed… Read More »Investors Bet Fed Will Need to Cut Interest Rates Next Year to Bolster the Economy

What to know about the financial risks of becoming your own boss

Amid the “Great Resignation,” many people continue to relish the ideaof being their own boss. While autonomy and flexibility can bealluring, there are also important financial considerations. This is especially important advice given that new businessapplications remain historically strong, albeit down 2.5% in June fromthe… Read More »What to know about the financial risks of becoming your own boss

40% of workers are considering quitting their jobs soon—here’s where they’re going

More than 4 million people have left their jobs each month in the U.S.so far this year — and according to new research, this record-breakingtrend isn’t going to quit anytime soon. About 40% of workers are considering quitting their current jobs inthe next 3-to-6 months,… Read More »40% of workers are considering quitting their jobs soon—here’s where they’re going

Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point

Federal Reserve officials have signaled they’re likely to raiseinterest rates by 0.75 percentage points later this month for thesecond straight meeting as part of an aggressive effort to combat highinflation. Policymakers left the door open to a larger full percentage pointincrease at the July 26… Read More »Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point

Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify

KEY POINTS The consumer price index increased 9.1% from a year ago in June, abovethe 8.8% Dow Jones estimate.Excluding food and energy, core CPI rose 5.9%, compared with the 5.7% estimate.Costs surged for gasoline, groceries, rent, and dental care.Adjusted for inflation, workers’ hourly wages fell… Read More »Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify

How remote work is changing tech pay: Seattle startup comp equals Silicon Valley, study says

Remote work is equalizing tech startup pay across the country, withSilicon Valley and San Francisco as the benchmark, and Seattle asExhibit A. That’s one insight from a recent study by financial technology companyCarta: compensation packages at tech startups in the Seattle regionnow match those in… Read More »How remote work is changing tech pay: Seattle startup comp equals Silicon Valley, study says

Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month

Monthly consolidated financials need to be prepared within a few daysto be of use to operational leaders. Consolidated financial statements enable organizations with a parentcompany and subordinate reporting units (e.g., subsidiaries, regionaloperations, or multiple locations) to report their finances as asingle enterprise for creditors, investors,… Read More »Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month

Commerce Secretary Warns against ‘Talking Ourselves into Recession’

Commerce Secretary Gina Raimondo on Sunday expressed doubt that thenation will head into a significant economic downturn but warnedagainst “talking ourselves into a recession.” She said it’s typical for the Federal Reserve’s hikes in interestrates to slow economic growth. For over two years, the U.S.… Read More »Commerce Secretary Warns against ‘Talking Ourselves into Recession’

As states and cities raise minimum wage rates, some experts say a higher federal rate is long overdue

KEY POINTS The federal minimum wage has been $7.25 per hour since 2009.Starting this month, workers in Connecticut, Nevada, Oregon, andWashington, D.C., are seeing higher minimum pay rates.Some experts say a higher federal standard for hourly pay is needed. Workers earning minimum wage are getting… Read More »As states and cities raise minimum wage rates, some experts say a higher federal rate is long overdue

Rising mortgage rates are hitting Americans’ wallets. Here’s how to adjust your housing budget

Homebuyers are feeling the squeeze of rising mortgage rates. On top ofthat, housing prices remain high. That may lead many to rethink theirbudget. “As mortgage rates go up, it raises the cost of buying a home with amortgage,” explained Danielle Hale, chief economist at Realtor.com.… Read More »Rising mortgage rates are hitting Americans’ wallets. Here’s how to adjust your housing budget

FASB issues standards to improve fair value guidance for equity securities

FASB issued an Accounting Standards Update (ASU) that improvesfinancial reporting for investors and other financial statement usersby increasing the comparability of financial information acrossreporting entities that have investments in equity securities measuredat fair value that are subject to contractual restrictions preventingthe sale of those securities.… Read More »FASB issues standards to improve fair value guidance for equity securities

Fed: Sharply higher rates may be needed to quell inflation

Federal Reserve officials were concerned at their meeting last monththat consumers were increasingly anticipating higher inflation, andthey signaled that much higher interest rates could be needed torestrain it. The policymakers also acknowledged, in minutes from their June 14-15meeting released Wednesday, that their rate hikes could… Read More »Fed: Sharply higher rates may be needed to quell inflation

NY Times: The IRS Is The Gatekeeper For Charities, But Approves 99.96%Of All Applications; Form 1023EZ = EZ Fraud

The tax agency is the gatekeeper for America’s charity system, butreduced vetting has opened the door to scams. The “American Cancer Society of Michigan,” state authorities say, wasa fake charity. And not even a good fake. It was not in Michigan, for one thing. When… Read More »NY Times: The IRS Is The Gatekeeper For Charities, But Approves 99.96%Of All Applications; Form 1023EZ = EZ Fraud

FASB issues standards to improve fair value guidance for equity securities

FASB issued an Accounting Standards Update (ASU) that improves financial reporting for investors and other financial statement users by increasing the comparability of financial information across reporting entities that have investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale… Read More »FASB issues standards to improve fair value guidance for equity securities

Just keep your returns: Stores weigh paying you not to bring back unwanted items

The chaotic mix of record fuel prices and an unending supply chaincrisis have retailers considering the unthinkable: Instead ofreturning your unwanted items, just keep them. In recent weeks, some of the biggest store chains, including Target(TGT), Walmart, (WMT) Gap (GPS), American Eagle Outfitters (AEO), andothers… Read More »Just keep your returns: Stores weigh paying you not to bring back unwanted items

Many US companies move to pay travel costs for employees seeking abortions

Tech firms and banks, including Bank of America, Goldman Sachs,Citigroup, and JPMorgan Chase, add a ‘critical healthcare’ package Many large US corporations have moved swiftly to provide support andfinancial assistance to employees seeking abortions in states thatoutlawed the procedure after the US supreme court’s decision… Read More »Many US companies move to pay travel costs for employees seeking abortions

High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash

KEY POINTS The percentage of people who are uncomfortable with the money theyhave set aside is now 58%, up from 44% two years ago, a newBankrate.com survey finds.“Inflation being at four-decade highs will erode your comfort level inthe buying power of your emergency savings,” said… Read More »High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash

Federal Reserve Chair Jerome Powell will testify before 2 congressional panels

NPR’s Leila Fadel talks to Stephen Cecchetti, professor ofinternational finance at Brandeis University, for a preview ofPowell’s testimony which follows the Fed’s biggest rate hike since1994. LEILA FADEL, HOST: Inflation is also the focus of lawmakers today. They’re questioningFederal Reserve chairman Jerome Powell. Last week,… Read More »Federal Reserve Chair Jerome Powell will testify before 2 congressional panels

Analysis: Investors brace for recession, more market turmoil after Fed’s supersized hike

NEW YORK, June 16 (Reuters) – Investors’ faith in a soft landing forthe U.S. economy is being heavily tested, as a jumbo-sized interestrate hike from the Federal Reserve stirs worries over the recessionand more volatile trading ahead. Analysts and investors said they believe a recession… Read More »Analysis: Investors brace for recession, more market turmoil after Fed’s supersized hike

Fed hikes its benchmark interest rate by 0.75 percentage points, the biggest increase since 1994

KEY POINTS The Federal Reserve raised its benchmark interest rates three-quartersof a percentage point in its most aggressive hike since 1994.According to the “dot plot” of individual members’ expectations, theFed’s benchmark rate will end the year at 3.4%, an upward revision of1.5 percentage points from… Read More »Fed hikes its benchmark interest rate by 0.75 percentage points, the biggest increase since 1994