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As the economy proved more resilient than expected, and the US has avoided recession so far, the case for a 2023 recession has been crumbling. The stock market, which entered bull market territory just a few weeks ago, has shown little sign this year that the economy could be headed for a downturn. Still, the bond market tells a different story: The New York Federal Reserve’s recession probability model calculates the probability that the US will enter a recession in the next 12 months by tracking the spread of 3-month and 10-year Treasury yields. US stock market closes early at 1 p.m. Tuesday: US stock market closed for July Fourth.
Persons: Brian Moynihan, “ We’re, , David Grecsek, Jerome Powell, it’s, “ we’re, Russell, Outflows, Brian Mulberry, Tim Courtney, Courtney ., , Niño, Samantha Delouya, El Organizations: CNN Business, Bell, New York CNN —, Federal Reserve, Bank of America, CNN, Vanguard, JPMorgan Chase, Investors, Fed, Investment Company Institute, Zacks Investment Management, New, Federal Reserve Bank of San, Exencial Wealth, Oceanic, Atmospheric Administration, NOAA, PMI, Labor Locations: New York, Federal Reserve Bank of San Francisco, El
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCourtney: Markets are somewhat priced for a recession and bad news alreadyTim Courtney, CIO of Exencial Wealth Advisors, expects 2023 will be better than this year, because markets and investors have gone through most of the adjustment that was necessary in terms of interest rates and inflation management.
Stocks mounted their biggest rally since 2020 after October’s reading of consumer prices raised investor hopes that inflation has peaked. The Dow Jones Industrial Average jumped 1,201.43 points, or 3.7%, to 33,715.37 for its biggest one-day gain since stocks were emerging from the depths of the pandemic bear market. The S&P 500 jumped 5.54% to 3,956.37 in its biggest rally since April 2020. Treasury yields plunged after the CPI report, with the 10-year Treasury yield falling more than 18 basis points to 3.946% as traders bet the Federal Reserve would slow its aggressive tightening campaign that’s weighed on markets all year. The yield on the 2-year Treasury dropped more than 23 basis points to 4.395% (1 basis point equals 0.01%).
Ready to start saving? Do it in this order
  + stars: | 2022-03-01 | by ( Beth Braverman | ) edition.cnn.com   time to read: +6 min
Financial experts generally advise saving 10% to 15% of your income, but if that’s not possible right now, start setting aside whatever you can and increase the amount over time. A Health Savings AccountIf you have a high-deductible health plan through work, you might also have access to a health savings account. Money goes in tax-free, grows tax-free, and comes out tax-free if you use it for qualified medical expenses. Max out your 401(k) or other retirement savings accountsOnce you have your basic savings plans in order you can start really boosting your retirement savings. Individuals health plans with deductibles of at least $1,400 are considered to be high-deductible and are eligible for a Health Savings Account.
Keeping your money in the wrong place has some easy tells: Your money won't grow on its own, and you don't have cash on hand for an emergency. If money comes into your checking account and stays there, you're probably not making the most of your money. If your emergency fund isn't full and in a separate account, your money isn't in the right place. You don't have goals you're working towardsIf you don't have money goals you're working towards, there's a good chance you're keeping your money in the wrong place. Your money isn't growing on its ownThe reason people invest, for retirement or otherwise, is to keep their money growing over the long term.
Persons: , Marci Bair, It's, Monica Sipes, Marcy Keckler, it's, you'll Organizations: Service, Wealth Advisors, Ameriprise
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