After dropping the benchmark federal funds rate to a rock-bottom range of 0%–0.25% early in the pandemic, the Federal Open Market Committee has begun raising the rate toward more typical historical levels in response to high inflation. At its March 2022 meeting, the Committee raised the funds rate to 0.25%–0.50% and projected the equivalent of […]
Read MoreMonth: March 2022
Weekly Update as of market close March 25, 2022
Wall Street closed higher for the second consecutive week, despite several days where stock values seesawed. The tech-heavy Nasdaq led the gainers, followed by the S&P 500, the Global Dow, and the Dow. The small caps of the Russell 2000 edged lower. Information technology was the worst-performing sector, while energy had the biggest gains. Investors […]
Read MoreFederal Income Tax Returns Due for Most Individuals
The federal income tax filing deadline for individuals is generally Monday, April 18, 2022 (Tuesday, April 19, 2022, if you live in Maine or Massachusetts). Need more time? If you’re not able to file your federal income tax return by the April due date, you can file for an extension by the April due date […]
Read MoreWeekly Update as of market close March 18, 2022
Wall Street rebounded last week, enjoying its best weekly performance since November 2020. The Nasdaq advanced more than 8.0% as tech shares climbed higher. The S&P 500 rose more than 6.0%, posting its first weekly gain in three weeks. The Federal Reserve’s moderate 25-basis point interest-rate hike, coupled with a projection of future rate hikes […]
Read MoreWhat Do Rising Interest Rates Mean for Your Money?
On March 16, 2022, the Federal Open Market Committee (FOMC) of the Federal Reserve raised the benchmark federal funds rate by 0.25% to a target range of 0.25% to 0.50%. This is the beginning of a series of increases that the FOMC expects to carry out over the next two years to combat high inflation.1 […]
Read MoreWeekly Update as of market close March 11, 2022
Each of the benchmark indexes listed here closed lower for the second straight week. The war in Ukraine continued, with Ukraine’s top diplomat indicating he saw no progress in talks with Russia. Inflation continued to run hot ahead of this week’s Federal Reserve meeting. During the week, markets oscillated between panic selling and dip buying. […]
Read MoreWatch Out for These Common Tax Scams
According to the Internal Revenue Service (IRS), tax scams tend to increase during tax season and/or times of crisis.1 Now that tax season is in full swing, the IRS is reminding taxpayers to use caution and avoid becoming the victim of a fraudulent tax scheme. Here are some of the most common tax scams to watch […]
Read MoreWeekly Update as of market close March 4, 2022
Wall Street was hit hard last week as traders moved from stocks to bonds and gold. Each of the benchmark indexes listed here lost value, with the Global Dow dropping more than 4.0% and the Nasdaq declining nearly 3.0%. The Russian escalation of the war in Ukraine eclipsed strong economic data at home, including a […]
Read MoreGlobal Finance: Kicking Russia Out of SWIFT
Over the past days, the United States and other countries have imposed various sanctions on Russia for its invasion of Ukraine. One sanction that was discussed initially but not implemented immediately was blocking Russia from the SWIFT global banking network. However, the United States and European allies eventually agreed to remove selected Russian banks from […]
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