The Federal Reserve is unlikely to hike interest rates until 2023, according to a new CNBC survey of money managers, strategists, and economists. That's good news for borrowers, who will continue to see low rates on mortgages and other debt. But it also means you're likely to see low rates on your savings account.
The outlook reflects the Fed's recent change of strategy. In August, Federal Reserve Chair Jerome Powell announced the Fed would allow inflation to run higher than usual "for some time." Typically, the Fed aims to keep inflation at about 2%.
Video by Stephen Parkhurst
Walmart's membership program Walmart+ launched Tuesday. It costs $98/year or $12.95/month, with perks including unlimited free delivery on orders of $35 or more, fuel discounts of up to $0.05 per gallon, and access to an app that can help you skip store checkout lines.
The Social Security cost of living adjustment, or COLA, is a regular adjustment to Social Security payments to counteract the effect of inflation. The COLA formula is based on the Consumer Price Index and adjusts every January. It's in the news because the Social Security Administration is set to announce the 2021 COLA soon. A new analysis forecasts it will be about a 1.3% increase.
Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.
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