Answering some reader email and want to reiterate as the extension due date draws near, there is no Covid exception to the home office deduction rule. If you're an employee, your home office expenses aren't deductible on your 1040 even if you were required to work from home. #tax
Adjustable-rate mortgages are making another comeback as 30-year fixed mortgage rates eclipse 6%
For the past two weeks, nearly 1 in 10 of all mortgage applications have been for ARMs
Data: @MBAMortgage
“As humans we are not good at making decisions when we are emotional... Come up with metrics to decide when to hit the emergency break." money.usnews.com/money/perso…
29 days straight of declining #gasprices! We’re now down 40c/gal from the peak with Americans spending $150 million LESS on gasoline today alone vs June 14. National average $4.634/gal with over 10,000 stations at $3.99 or less. We will fall under $4.60 by the weekend.
As of this morning, the Fed Futures are now pricing in a 100% chance of at least a 75 basis points hike on July 27 and a 30% chance rates rise by 100 basis points.
Finally what does this mean? Real wages fell 2.8% over the last 12 months. That is a larger decline than any pre-pandemic year in the last forty years. (Note, I'm using private wages since 2006 since those are the better data source but to go back earlier need to switch to PNS.)
Some data reports tell you a lot about the world, affirm trends, etc.
No matter how you cut it, today's CPI was not one of those. (1/)
nytimes.com/live/2022/04/12/…
This article seems like a W for millennials. It's not.
Here's the caveat: Millennials with *boomer parents who GIFT them down payments* are the ones able to buy homes.
nbcnews.com/business/consume…
Fed gov Chris Waller on CNBC: The data was screaming at us to raise rates by 50 bps but the geopolitical situation led me to support the 25 bps move. We might need to do 50 bps at the next couple meetings.
Two years ago *today,* the Fed slashed interest rates to zero at an emergency meeting.
Seems only fitting that tomorrow will likely bring the Fed's first rate hike since 2018 — and the first of many more to come.
Our preview, via @Bankrate:
bankrate.com/banking/federal…
"Crude oil and gasoline get all the headlines. But it’s diesel that moves the economy, and prices there are skyrocketing more than gasoline." money.usnews.com/money/perso…