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The Federal Reserve just proposed letting U.S. banks use FedNow for cross-border payments — public comments on the Regulation J rewrite close June 8

Warren Cohen3 months ago3 months ago08 mins

Banks and credit unions that want to send money across borders could soon plug into the Federal Reserve’s instant-payment rail for the domestic leg of those transfers. The Fed proposed amending Regulation J to let private intermediaries route funds through the FedNow Service on behalf of participating institutions, a change that would extend a system…

Male bearded accountant and his secretary work together in modern apartment, pose on wooden floor and discuss financial report, have serious gaze in papers, study analytics, feel comfort at home

The 30-year mortgage rate sits at 6.28% today — and Fannie Mae’s new forecast now sees that rate holding near 6.3% through every quarter of 2026 and into 2027

Warren Cohen3 months ago3 months ago08 mins

Homebuyers hoping for meaningful relief on borrowing costs will have to keep waiting. The 30-year fixed mortgage rate sits at 6.28 percent, and Fannie Mae’s latest housing forecast projects that rate will hover near 6.3 percent through every quarter of 2026 and into 2027. That extended plateau, paired with home prices that continue to climb,…

The Fed’s preferred PCE inflation gauge ran 3.77% year over year in April — and core PCE at 3.29% still sits more than a point above the 2% target

Warren Cohen3 months ago3 months ago09 mins

American households still face prices rising nearly twice as fast as the Federal Reserve wants. The Bureau of Economic Analysis reported that the PCE price index, the Fed’s preferred inflation measure, climbed 3.8% from April 2025 to April 2026, while core PCE excluding food and energy rose 3.3% over the same period. Both readings sit…

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State unclaimed-property programs are sitting on roughly $70 billion in dormant assets — and a new bipartisan SAFER Act would block states from selling escheated stocks and bonds

David Keller3 months ago3 months ago010 mins

Millions of Americans with forgotten brokerage accounts, old savings bonds, or inherited stock portfolios stand to lose real money under a system that lets state governments sell those assets and pocket the proceeds. Reps. Mike Lawler, a Republican representing New York’s 17th District, and Dave Liccardo introduced the bipartisan SAFER Act to stop states from…

Young interracial couple in the couch stressed with financial problems doing calculations with paper work

The NY Fed says 4.8% of all U.S. household debt sat in some stage of delinquency in Q1 — the highest share since 2020 on a record $18.8 trillion balance

David Keller3 months ago3 months ago09 mins

American households now owe a record $18.8 trillion, and a growing share of that debt is going unpaid. The New York Federal Reserve’s Household Debt and Credit report for the first quarter found that 4.8% of all consumer debt sat in some stage of delinquency, the highest rate since 2020. The figure lands at a…

a man holding a pen and looking at a laptop

The 2026 Roth IRA contribution limit climbed to $7,500 — and savers aged 50+ can add another $1,100 catch-up, for $8,600 in tax-free retirement contributions this year

David Keller3 months ago3 months ago08 mins

Workers saving for retirement in 2026 can now put away $7,500 in a Roth IRA, up from the prior cap, while those aged 50 and older qualify for an additional $1,100 catch-up contribution, bringing their annual ceiling to $8,600. The IRS locked in those figures through Notice 2025-67, published in Internal Revenue Bulletin 2025-49, citing…

A man sitting in the driver's seat of a bus

The 2026 IRS standard mileage rate stayed at 70 cents per business mile — a gig driver who logs 30,000 business miles a year deducts $21,000, saving about $4,620 at the 22% bracket

Warren Cohen3 months ago3 months ago09 mins

Self-employed drivers who rack up tens of thousands of business miles each year now have a slightly larger per-mile deduction to work with. The IRS set the 2026 optional standard mileage rate at 72.5 cents per business mile, effective January 1, 2026, up 2.5 cents from the 2025 rate. For a gig driver logging 30,000…

Parent PLUS borrowers have 26 days to consolidate — after June 30, they permanently lose every income-driven repayment plan and new loans jump to 9.07%

Warren Cohen3 months ago3 months ago09 mins

Parents who borrowed Federal Direct Parent PLUS Loans face a hard deadline: consolidate before June 30 or lose access to every income-driven repayment plan permanently. At the same time, new Parent PLUS loans disbursed starting July 1, 2026, will carry a fixed interest rate of 9.07 percent, the highest in over a decade. With the…

Rear View Of Loving Couple Looking At House

Mortgage refinance applications jumped 20% YoY in late May — homeowners who locked above 7% in 2023 are finally finding savings as the 30-year hovers at 6.57%

Warren Cohen3 months ago3 months ago08 mins

Homeowners who signed mortgage deals above 7% during the rate spike of 2023 are now finding real relief. Refinance applications climbed 20% compared with the same period a year earlier in late May, as the 30-year fixed rate settled near 6.57%. That gap of roughly half a percentage point or more between old and new…

The Fed meets June 16 and 17 — markets price 97% odds of no rate cut, pinning today’s 6.57% mortgage rate and 21.5% credit card APR through the summer

Warren Cohen3 months ago1 week ago09 mins

Homebuyers shopping for a mortgage and consumers carrying credit card balances face the same problem this summer: borrowing costs are not going down. The Federal Reserve’s next policy meeting is scheduled for June 16 and 17, and futures markets assign a 97 percent probability that the central bank will leave interest rates unchanged. That expectation…

The Federal Reserve just proposed letting U.S. banks use FedNow for cross-border payments — public comments on the Regulation J rewrite close June 8

The 30-year mortgage rate sits at 6.28% today — and Fannie Mae’s new forecast now sees that rate holding near 6.3% through every quarter of 2026 and into 2027

The Fed’s preferred PCE inflation gauge ran 3.77% year over year in April — and core PCE at 3.29% still sits more than a point above the 2% target

State unclaimed-property programs are sitting on roughly $70 billion in dormant assets — and a new bipartisan SAFER Act would block states from selling escheated stocks and bonds

The NY Fed says 4.8% of all U.S. household debt sat in some stage of delinquency in Q1 — the highest share since 2020 on a record $18.8 trillion balance

The 2026 Roth IRA contribution limit climbed to $7,500 — and savers aged 50+ can add another $1,100 catch-up, for $8,600 in tax-free retirement contributions this year

The 2026 IRS standard mileage rate stayed at 70 cents per business mile — a gig driver who logs 30,000 business miles a year deducts $21,000, saving about $4,620 at the 22% bracket

Parent PLUS borrowers have 26 days to consolidate — after June 30, they permanently lose every income-driven repayment plan and new loans jump to 9.07%

Mortgage refinance applications jumped 20% YoY in late May — homeowners who locked above 7% in 2023 are finally finding savings as the 30-year hovers at 6.57%

The Fed meets June 16 and 17 — markets price 97% odds of no rate cut, pinning today’s 6.57% mortgage rate and 21.5% credit card APR through the summer

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