The housing market continues to face challenges as the summer season progresses. Despite hopes for a rebound following a lackluster spring, high home prices, and steady mortgage rates are preventing any significant improvement in market conditions. This is evident in the stagnant weekly mortgage demand, which has remained flat for the second consecutive week. The
The Biden administration recently announced its intention to impose inflation penalties on 64 prescription drugs for the third quarter of this year. This move is aimed at lowering costs for certain older Americans enrolled in Medicare and is part of President Joe Biden’s efforts to tackle the issue of high drug prices in the United
Morgan Stanley has recently made strides in incorporating artificial intelligence into its financial advisory services with the introduction of its new AI assistant named Debrief. This assistant is designed to streamline the work of the bank’s financial advisors by automating tasks that would typically take up thousands of hours of labor. Debrief keeps detailed records
The recent report released by Vanguard sheds some light on the state of Americans’ 401(k) plans. While it shows that Americans are saving more, there is still room for improvement. The median 401(k) balance for individuals approaching retirement age remains very low, highlighting the fact that many Americans are heavily reliant on Social Security for
Europe is at risk of lagging behind the United States and China in terms of artificial intelligence innovation, according to Prince Constantijn of the Netherlands. He voiced concerns that Europe’s focus on regulating the technology may hinder its ability to become a leader in the AI space. While regulations are important for providing clarity and
To enhance the global utilization of China’s currency, the yuan, it is imperative to broaden its applications beyond traditional trade and currency reserve purposes. Bonnie Chan, CEO of Hong Kong Exchanges and Clearing Limited, highlighted the significance of introducing more “applications” for the yuan, such as in the realm of stocks and bonds. The aim
As the specter of a retirement savings crisis looms for many Americans with 401(k) plans, there is a glimmer of hope in the form of “super savers.” These individuals, who are contributing more than 10% of their salaries towards their retirement funds, are setting an example of prudent financial planning, according to research from the
FedEx experienced a significant increase in shares, with a rise of over 15% after the company’s latest earnings report surpassed analysts’ expectations. Key figures included adjusted earnings per share of $5.41 compared to an expected $5.35, and revenue of $22.11 billion versus a projected $22.07 billion. These results reflect a positive trend for the company,
The U.S. auto sales in the first half of the year have shown a 2.9% increase compared to the previous year, but there are looming concerns regarding the sustainability of this growth for the rest of the year. Factors such as growing vehicle inventory levels, increasing incentives, and uncertainties related to the economy, interest rates,
As individuals approach retirement with sizable pre-tax retirement account balances, it is crucial to have a solid plan in place to manage future tax obligations. Certified financial planner Scott Bishop warns that retirees who have diligently saved for their future could face a “tax time bomb” once required minimum distributions (RMDs) kick in. The recent