- Curious about how banks are doing with overdraft fees? Overdraft fees dropped during the pandemic in 2020, but have jumped back up 40% over a year ago. (BankingDive).
- Ally Bank survey shows about half of adults are not talking discussing finances with their partner and launched a program to try to address this. PRNewsWire
- Tik-Tok partners with Shopify to add in-app purchase link. Sounds like a dangerous development for users susceptible to FOMO and impulse buying. (NYT)
- How expensive are rents where you live or want to live? Here is the latest from Zumper.
- The St. Louis Fed FRED blog looks at rising rents and regional differences.
- Most of the Fed’s rental assistance funding has NOT been distributed. (AP)
- The Supreme Court ruled this week that the CDC did not have authority to impose an Eviction Moratorium, ending protection for 3.5 million people. (AP)
- This Wired article details the cryptocurrency regulatory issues and development of lobbying efforts pulling senators into the fight over the regulatory pieces of the infrastructure bill.
- At last year’s (virtual) Jackson Hole Conference, Jerome Powell announced the Fed would let the economy “heat up” and wouldn’t jump at the first sign of inflation. There is speculation about what he will say at this year’s conference today (also virtual.) Jeanna Smialek breaks it down in the NYT.
- You can listen to Powell’s speech here (about 20 minutes): (CNBC)
Powell’s key points:
Inflation still appears to be transitory
Durable goods shortage is coupled with increased demand
Recovery is uneven and incomplete
Most of employment shortfall is in services sector (lower pay)
Delta variant a threat
Monetary Policy discussion referred to historical experience
Data to support taper of asset purchases is different from data to support rate hike
- This Upshot article examines how letting the economy run hot is going. It seems hard to draw conclusions this early and harder to isolate the impact of the Covid pandemic.
- Consumer spending slowed in July, and the inflation measure PCE dropped back from the June increase. (Reuters) Retail sales dropped last month. (CNBC)
- The US is experiencing a boom in productivity. (WAPO – subscription may be required.)
- Restaurant workers, who are in short supply at the moment, work in close quarters inside, and face lots of customers over a short period of time—high risk for sure. This article compares vaccine mandates to other creative incentives used to get workers vaccinated, like paying for sick leave if a worker gets Covid only if they have been vaccinated. (CNBC)
- Don’t want to get vaccinated? Be prepared to pay more for your employer-sponsored health insurance. Delta Airlines will begin charging unvaccinated employees $200 per month more. (CNN)
- How to avoid getting billed for your Covid test. (NYT)
- The New York Times researched hospital prices by insurance provider and compared to cash prices. (NYT1) If you want to dig into this, carve out some time and good luck! (NYT2)
- Another group has been given a reprieve by the Department of Education: more ITT Tech borrowers. (APNews)