Winners and losers: Loans are getting more and more expensive
(CRON) – Winner: Stocks advance as investors wait for the Fed
Stocks are slightly higher after investors weighed the Federal Reserve’s upcoming moves and a fresh round of quarterly results.
The benchmark 10-year Treasury yield rose above 3%, its highest level since December 2018.
The Securities and Exchange Commission nearly doubled the staff of the crypto unit to crack down on abuses in the booming market.
Crypto curiosity remains strong. Fidelity Investments is launching a bitcoin option for its 401(k) plans, but investors may still want to think long and hard about whether it’s for them.
Teachers are dropping out in record numbers and building 6-figure businesses as virtual assistants, coaches and real estate agents.
Burger King’s revenue soared 15% and Krispy Kreme launched new cinnamon milk glazed donuts.
Loser: Credit cards, car loans and mortgages are getting more and more expensive
The Federal Reserve launched an aggressive campaign of interest rate hikes to curb soaring inflation.
Tomorrow, the Fed will put rate increases on steroids by raising rates by 50 basis points, and consumers will have to dig even deeper into their wallets to repay their loans.
The move will lead to higher rates on everything from credit cards, auto loans, variable rate mortgages and HELOCs.
Your debt will become much more expensive in a hurry. There was a 2.25 percentage point increase in rate increases this year, the highest since 1994.
On the positive side, consumers, especially seniors, will finally see bank deposit rates rise from paltry levels, especially for online savings accounts and CDs.
For a credit card balance of $5,000, a half-point increase will likely add $193 in total interest on a minimum monthly payment.
A total of 2 percentage points of rate increases the rest of the year would add $800 in interest.
An ARM whose rate drops from 3.85% to 5.85% the rest of the year would increase the monthly payment of a $600,000 adjustable rate mortgage by $720.
Winner: Can ‘Top Gun’ and ‘Avatar’ Save the Movie Industry?
The US theater industry has been devastated over the past two years by the coronavirus pandemic.
The theater industry is not out of the woods yet – the box office is still down from pre-pandemic levels and will take some time to fully recover.
“Top Gun: Maverick” and “Avatar: The Way of Water” will open this year.
Warner Brothers and Disney are moving away from releasing films like “Black Widow” on their streaming services the same day as in theaters.
“Avatar: The Way of the Water” has the potential to be a game-changer for the industry.
Paramount’s long-delayed “Top Gun: Maverick,” which hits theaters May 27, will appeal to older audiences — the 45-and-over crowd that’s been slow to return to theaters.
It is estimated to gross between $95 million and $135 million for its opening weekend.
Big movie stars sell tickets in theaters. Warner Bros. invited Dwayne Johnson, one of the biggest movie stars in the world, to present his upcoming DC films, “League of Super Pets” and “Black Adam”.
Will Netflix release shows like “Stranger Things” in theaters?