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Cash is Trash No More - Federal Reserve Moves Fed Funds Rate Up by 75 Basis Points to A Range of 1.50% - 1.75%
The Federal Reserve has finally become much more serious about controlling inflation. Inflation has gotten so hot by any measure, including core CPI, that Jay Powell can no longer keep his head in the sand. His Fed is pulling trillions... Read →
Image Copyright: WSJ
Federal Reserve Moves Fed Funds Rate up By 50 Basis Points to a Fed Funds Target of 0.75% to 1.00%
The Federal Reserve has finally begun to act according to its mandate to maintain price stability, but inflation is already running rampant. Today’s move is just the beginning of moves that will be necessary. The Fed’s statement... Read →
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Fed Liftoff Day is Here
The Federal Reserve has raised interest rates by 25 basis points today, moving the Fed funds target rate off of zero to a target of 0.25/0.50. The target rate had been at zero since COVID-19 arrived on US shores more than two years ago,... Read →
Image Copyright: Moscow Times
Four Steps to Prepare for A Russian Cyberattack on the US Financial System
I practiced law in Moscow in the 1990s. While there, I learned that Russian law is an oxymoron. I also learned a lot about Russia and its strengths. I am certain that in spite every precaution that US financial institutions have taken,... Read →
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Fed Ends January Meeting Planning to Raise Rates, but Not Until March
The Federal Reserve is going to be raising rates in 2022. This action is desperately needed to fight inflation. But, it isn’t ready to act now. It has been clear that Federal Reserve Chairman Jay Powell has been about as wrong on... Read →
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2022 Is Signaling Wealth Preservation Mode
I am old enough to remember October 1987. I was a college freshman then and I remember my floormates calling their parents to inquire whether they would be able to stay enrolled in college. I also have vivid memories of 2001 and 2008... Read →
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Federal Reserve Announces Slow Tapering, Fails to Provide Guidance on Raising Rates, Causes Loss of Purchasing Power for Savers
The Federal Reserve has tapered its bond buying, beginning to contract its $120 billion monthly bond buying purchases that propped up the economy after COVID-19 struck in March 2020. The bond buying will be decreasing by about $15 billion... Read →
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Bask Bank Launches New Online Savings Account Paying 0.60% APY, but There is a Catch
Bask Bank, a division of Texas Capital Bank, has launched a new online savings account. The account, called an Interest Savings Account, is paying 0.60% APY. The rate is clearly among the best online savings rate available at the moment... Read →
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What I Still Remember 20 Years After September 11, 2001
I was not in New York on 9-11. I was living in London at the time and I was in my office. I remember a woman coming down the hall and saying: “Aren’t you from New York?” and then telling me that the World Trade Center... Read →
Why It Might Not be Such A Bad Idea to Earn 0.40% On Your Money Right Now
As I write, in July 2021, we are living in a strange time. We are facing extraordinary risks to our democracy in the US, risks to our health as COVID-19 variants appear, and risks to our environment as it becomes increasingly clear that the... Read →
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Fed Leaves Fed Funds Target Rate at 0 to 0.25%, but Pencils In Two Hikes for 2023
The Federal Reserve today continued with its current rate stance and its current bond buying program, but is now indicating that it will back away from these easy-money policies in 2023 as inflation surges and growth accelerates. While... Read →
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Major Banks are Just Awash in Cash
The Wall Street Journal has an interesting article today which highlights how banks have become so completely awash in deposits that they are discouraging major companies from continuing to increase their cash deposits. It notes that CFOs... Read →
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An Entirely New Risk to Applying for Online Savings Accounts
BestCashCow.com has been monitoring the best savings rates nationwide for over 15 years, and for the first 14 plus, the situation for the consumer was very straightforward. You’d check to see what the best savings rate on... Read →
Image Courtesy: Washington Post
Federal Reserve Ends March Meeting Without Any Plans to Raise Interest Rates in 2021
The Federal Reserve concluded its 2-day March meeting today with no change in the Fed funds. The median forecast is for no change in interest rates through 2023 with 4 Fed officials seeing rate hikes in 2022 (up from 1 previously), and 7... Read →
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