Some of us were really hoping for an easy-going, touch-grass, drama-free summer. You know, a time when we could lift our gaze from screaming headlines and set out for R&R on a breezy beach. There, we’d find a 20-minute nap, a gripping novel, or a bespoke beverage with gorgeous garnish. But between the whiplash of our national politics, Olympic medal squabbles across the pond, and the stomach-lurching stock market roller derby last month, here we are sliding into Labor Day pretty much shredded.
Good News Ahead?
There is at least one bright spot ahead. All signs point to a long-awaited, much-needed interest rate cut by the Fed next month. Many have said it’s long overdue. (Sen. Elizabeth Warren suggested that Fed Chair Jerome Powell should have nixed his own sweet summer vaycay to cut the interest rate earlier this summer.) With the unemployment rate jumping to 4.3% in July (marking four successive months of increasing numbers), record bankruptcy filings, and a consumer price index below 3% for the first time since 2021, the pressure is on.
So yeah, understatement of the year: a rate cut would be welcome news when the Fed meets September 17-18. If you’re gunning for more nail-biting blow-by-blows as you play out all contingencies for big financial decisions, feel free to follow along with the probabilities of that decision. Our pro-tip: unplug to wring out that last moment of summer.
“Almost everything will work again if you unplug it for a few minutes, including you.”
– Anne Lamott, American novelist
Want more Making Cents?
Join our distribution list!