The new math says you should be saving 10% of salary for retirement. That’s according to the Employee Benefits Research Institute in a study released this week.
Fed Chairman reinforced the markets belief that there will be an interest rate cut in July. The consensus is .25% (25 basis points). One Fed Governor, Neil Kashkari, thinks 1/5% (50 basis points) is warranted. I’ll never be smart enough to be a Fed Governor but to me that is sheer lunacy.
If you’re considering a mortgage, a 30-year fixed may get comfortably below 4% in the coming weeks.
The Dow Jones Industrial Average closed the week at an all-time high of 27,332 while the S&P 500 had its first close in history above 3,000 (3,013).
The old saying is “don’t fight the Fed”. Stock market records were achieved this week on the expectation of a Fed rate cut this month. Watch the news from the Federal Reserve on July 31st.
Tensions with Iran are escalating, requiring British tankers to have armed escorts. Every day, 21 million barrels of oil, valued at $1.2 billion passes through the Strait of Hormuz, a narrow waterway which Iran threatens to turn into a chokepoint.
Business associates of mine attended a meeting in Washington D.C. put on by the U.S. Chamber of Commerce. Some of the speaker messages included:
Here’s to a profitable week!
