– Dow Jones closed 15.53% higher on Friday than it did a month ago | S&P 500 up 11.6%
– Workers in two states could see wage increases starting in January
– White House saws the economy is cooling, with inflation only rising 0.4 percent in October
- Major corporations, includingEli Lily and Lockheed Martin, see a sharp drop in stock prices after being impersonated on Twitter
– FTX cryptocurrency exchange files for bankruptcy with billions of dollars at risk
– Bitcoin plummeted dropping below $16K, struggles to surpass $17,000 mark
– Californians continue to receive relief checks
CRYPTOCURRENCY
The Fall of Young Billionaire Sam Bankman-Fried: Bankruptcy at 30
2022 MIDTERM ELECTIONS
What impact on the US economy can the midterm elections have? What to expect with a divided government
US NEWS
Student Loan Forgiveness update: Texas Court blocks Biden’s debt relief plan
Latest News
Voters in Nebraska and Nevada approved ballot initiatives to increase their state’s minimum wage
US NEWS
What did President Joe Biden say about the CPI inflation report for October?
LATEST NEWS
Cryptocurrency: Why did Binance back out of FTX deal and what is its importance?
RETIREMENT SAVINGS
Can I have a 401(k) and an IRA at the same time?
FINANCIAL ASSISTANCE
$9,600 checks: When do they arrive and who is eligible?
US NEWS
What is the unemployment rate and how is it calculated?
FINANCIAL ASISTANCE
Who is eligible to request unclaimed stimulus check payments and when is the deadline?
Reducing the federal deficit is one of the best things we can do to fight inflation. My Administration has lowered it by $1.7 trillion in two years – no president has ever done that before.
Bitcoin struggles as FTX deepens Crypto winter
Just five days ago Bitcoin was valued over $20,000, a marked fall from its all-time high of nearly $69,000. Since the collapse of FTX cryptocurrency trading platform the original digital coin has plummeted further struggling to get back above $17,000.
The precipitous collapse came after FTX founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from the exchange to his own trading company Alameda Research. Since then a source has told Reuters that between $1 billion and $2 billion has gone missing from the FTX exchange.
Political gridlock in Washington after Midterms has a silver lining, for business
The financial markets at first were taken aback by the Midterm results with no clear winner between the Democrats and Republicans for control of Congress. However, recent Consumer Price Index data showing inflation slowing has given markets wings to best one-day performance in two years.
As the dust begins to settle from the 2022 elections, although the Senate is still up for grabs, it appears that the GOP is on track to take the House. No matter what the final result, Neither party will have a strong majority and for business at least that is good news of sorts.
"Divided government leads to gridlock," said Aaron Rafferty, CEO of BattlePacs told the International Business Times in an email. That means that no significant economic and fiscal legislation will be pushed through Washington over the next two years keeping the cost of doing business down.
What are today's average mortgage rates?
The Federal Reserve's interest rate hikes have had a significant effect on the US housing market in recent months, making mortgages far more expensive for borrowers and cooling interest in property.
Here's a snapshot of typical mortgage rates as of Thursday, 10 November:
Standard 30-year fixed mortgage: 7.08%
Standard 15-year fixed mortgage: 6.38%
Student loan forgiveness portal no longer accepting applications after Texas judge blocks program
"Courts have issued orders blocking our student debt relief program. As a result, at this time, we are not accepting applications. We are seeking to overturn those orders. If you've already applied, we'll hold your application," is the message that greets student loan borrowers who are seeking to apply for President Biden's vaunted federal student loan forgiveness program.
After 18 months of waiting for Biden to fulfil his campaign promise, Biden announced that his administration would go forward with up to $20,000 in stuendt loan debt forgiveness for Americans.
However, the program was swiftly met with lawsuits from conservative groups, two of which had their pleaded stays blocked by Justice Amy Coney Barrett. Despite that, two lower courts have now imposed injunctions on the Education Department from moving forward, the second by a judge in Texas prompting the halt to accepting new applications.
"If you've already applied, we'll hold your application. Subscribe and check back here for updates. We will post information as soon as further updates are available," the notice reads.
Fast Facts on the California Middle Class Tax Refund
So far, the California Franchise Tax Board has deposited 6.03 million relief payments into bank accounts directly, with an additional 1.6 million debit cards being sent through the mail. Through direct deposit and debit cards, more than $4.10 billion have been sent back to 13 million residents.
CRYPTOCURRENCY
FTX cryptocurrency exchange files for bankruptcy: what is FTX and what happened?
Struggling cryptocurrency exchange FTX has filed for chapter 11 bankruptcy and its CEO has resigned after a collapse in the value of its linked crypto coin left a $7 billion shortfall in the companies finances.
This comes as prices collapse throughout the cryptocurrency market, with the USD value of Bitcoin falling from over $27,000 to just over $16,000 since January. This is causing problems for those who sell these assets. Read our full coverage for more details on the state of the crypto market.
2022 MIDTERM ELECTIONS
What impact on the US economy can the midterm elections have? What to expect with a divided government
A lot of analysts were expecting a resounding Republican win in these midterm elections. They were to comfortably prise both the Senate and the House away from the Democrats, meaning they could hamstring all of President Joe Biden’s plans until the next presidential election.
Instead, there is a strong possibility the Democrats will hold on to the Senate and the House remains a toss-up, with a slight Republican advantage. While it is somewhat of a success for the Democrats to not take a battering, especially when the high inflation is taken into account, Republican control of either of the legislative arms would almost certainly kill any slightly progressive economic measures.
We're seeing good news today with an easing of CPI inflation, which is welcome relief for family budgets. The Biden Administration will continue to address costs as we work to maintain steady job growth, low unemployment, and economic resilience in the face of global challenges.
Get informed on how to weatherize your house before Jack Frost is nipping at your wallet
Weatherization of your house can make a big difference in how much you pay out of pocket to keep your home warm this winter. Tune in next week for a webinar on what steps you can take to keep down your energy bills this winter.
The US Energy Information Agency has projected households could see increases in the price of their heating bills of more than twenty-eight percent.
Hello and welcome to AS USA's live blog covering financial news and relief available to residents of US states.
In October, unemployment rose to 3.7 percent, but the labor market remains tight, adding far more jobs than many projected. Additionally, inflation rose 0.4 percent, bringing the year-over-year rate to 7.7 percent.
States continue to send relief to states, many as direct payments. We will bring you the latest on this front.
Additionally, voters in Nebraska and Nevada voted to increase their state's minimum wage on Tuesday, with South Dakotans also approving a ballot measure to expand Medicaid in the state.
