The financial news that actually matters
A restaurant server in Dallas who takes home $20,000 a year in tips. A warehouse worker in Columbus pulling 10 extra hours a week at time-and-a-half. A first-time car buyer in Michigan financing a new sedan off the lot. Starting with their 2025 tax returns, all three can claim a brand-new federal deduction that didn’t…
A married couple filing jointly in 2026 will be able to earn $32,200 before owing a penny in federal income tax, up $2,200 from the $30,000 standard deduction in 2025. For a household living paycheck to paycheck, that difference could mean roughly $500 or more in annual tax savings, depending on their bracket. The increase…
When Chase launched the Sapphire Reserve in 2016 with a $450 annual fee, the price tag was considered audacious. Lines formed outside bank branches. Financial blogs debated whether anyone would actually pay that much for a credit card. Less than a decade later, that same card charges $550, and it is no longer even close…
Just five months ago, a homebuyer could lock in a 30-year fixed mortgage at 5.75%. That window has closed. The average rate climbed to 6.46% in late May 2026, according to Freddie Mac’s Primary Mortgage Market Survey, the highest reading in roughly seven months and a painful reversal for anyone who assumed borrowing costs would…
Of the 129 largest metropolitan areas tracked by the Federal Housing Finance Agency’s House Price Index, 39 lost value in the first quarter of 2025. Cape Coral-Fort Myers, Florida, posted the steepest decline among major metros, with the FHFA repeat-sales index showing a year-over-year drop of approximately 9%. Detroit posted the largest gain, with the…
Savers earning north of 4% on their cash have had a remarkably long run. The Federal Reserve just extended it, but also made clear it won’t last forever. At its May 2025 meeting, the Fed held its benchmark interest rate steady for the third consecutive time, keeping the federal funds rate in the 5.25%-to-5.50% target…
Jerome Powell will stop running the Federal Reserve on May 15, but he will not stop voting on interest rates. And the White House says that is fine. When his term as chair expires later this month, Powell plans to remain on the Board of Governors, a seat he holds through January 31, 2028. The…
Kevin Warsh is one vote away from running the Federal Reserve. The Senate’s full vote is expected May 11, 2026, and it could be the most partisan Fed chair confirmation in history. Warsh cleared the Senate Banking Committee on a strict 13-to-11 party-line split, with every Republican voting yes and every Democrat voting no, according…
For much of the past two years, the spring homebuying season has been a season in name only. Mortgage rates above 6%, stubbornly high prices, and a shortage of listings kept would-be buyers on the sidelines while sellers refused to give up their locked-in low rates. That dynamic is finally starting to crack. For the…
For the roughly 4 million workers in the United States who earn a significant share of their income from tips, a campaign trail promise just became tax law. In June 2026, the Treasury Department and IRS finalized regulations under the One Big Beautiful Bill that spell out which occupations qualify for a new federal tax…