ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Elisabeth Buchwald | Personal Finance & Markets Reporter @BuchElisabeth | | | | |
Happy Tuesday! I'm Elisabeth Buchwald here with your Daily Money. |
It's currently the calm before the storm, aka Fed Day Eve. But unlike Fed meetings for the past year, where it essentially boiled down to how much would the central bank hike rates, tomorrow's decision is a question of if the Fed will hike rates at all. |
That's because Silicon Valley Bank and Signature Bank's collapses have rocked the banking sector. Many economists worry that hiking interest rates will only cause the surviving banks more stress. |
But there are good reasons why the Fed may continue to hike rates anyway. For starters, inflation is still very high and the most powerful tool the Fed has to lower inflation is raising interest rates. Secondly, the optics of a pause could signal that the Fed is worried about a bigger banking crisis. |
Thinking about using your refund on a used car? You may want to think again |
Consumers who want to spend their tax refunds on a car may be disappointed: Prices are rising. |
Manheim, which auctions used cars to dealers, reported a 4.3% increase in vehicle prices in February, the largest increase for that month since 2009. Another tracker of wholesale used-car prices, Black Book, said prices rose 0.46% for the week ended March 11, the largest single-week increase since November 2021. |
January and February, typically slow sales months, showed unusual strength this year. In December, used-vehicle retail sales rose 5% from a year earlier, and 16% between December to January, Manheim said. |
For more details on what's going on in the used car market be sure to check out Medora Lee's latest story. |
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Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. |
Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here | | | | Used-car prices are rising again, reversing a recent downtrend. What's that mean for your budget, inflation, and the Fed's approach to interest rates? | | | | The next Federal Reserve meeting will be held March 21 to 22. January's meeting raised the interest rate range by a quarter percentage point. | | | | A lawsuit filed in U.S. District Court accuses General Motors of knowingly selling some 800,000 vehicles with faulty transmissions. | | | | Treasury Secretary Yellen says the banking system is 'sound' and 'situation is stabilizing' but the government could help other small banks if needed | | | | Frank Del Rio will step down as head of Norwegian Cruise Line Holdings Ltd. this summer, the company said Monday. | | | | Often when we think of sexual harassment in the workplace, we think of the victim reporting the behavior, but witnesses also play a pivotal role. | | | | Compared to February 2022, home building is down 18%, with single-family housing down 32%. Meanwhile, apartment construction was up 14% year over year. | | | | President Joe Biden issued his first veto on a block on a climate investing rule. A two-thirds majority of Congress could override Biden's veto. | | | | Inflation is a generalized raise in prices. It can be caused by several factors, such as excess spending in comparison to the product's availability. | | | | Amazon will be eliminating roles in its cloud computing unit, human resources division, advertising and Twitch, CEO Andy Jassy said Monday. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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