President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Seemingly everyone is on edge about the Federal Reserve's next moves — with reason.
Throughout the nearly nine-year bull market run, the Fed held rates near zero. But recent signs of rising inflation could push the central bank into hiking rates more aggressively, which will have far-reaching consequences for consumers.
"Inflation is accelerating and may well push interest rates higher, allowing the Fed to move policy rates three times this year, and perhaps even four," Rick Rieder, chief investment officer of global fixed income at BlackRock, said in a statement.
For the average American, the threat of rising interest rates isn't necessarily bad. It's generally considered a sign that the economy is doing well, which is what helped jump-start a wave of bonuses and may lead to more pay increases down the road.
"Financial markets shudder at the thought of higher inflation, simply because from an investment standpoint, inflation erodes the buying power of future earnings," said Greg McBride, chief financial analyst at Bankrate.com. For consumers, "a little bit of inflation is a good thing — that's what enables their boss to give them a raise."
However, in your daily life, higher interest rates also mean that you'll have to pay up to access credit.
"For most consumers, rising interest rates — at least at this stage — don't impact your ability to borrow, only the rate you pay to borrow," McBride said.
That includes how much you pay in interest on credit cards or a home equity line of credit.
It will have decidedly less of an effect on how much you earn in interest on savings accounts because, even after a Fed rate hike, banks have little incentive to pass on any of the increase to their customers, which means interest on deposits on average likely will remain near rock bottom. But you may find significantly higher savings rates by shopping around and switching to an online bank.
If you're concerned about what this means for everything from your student loan tab to savings account, here's a breakdown of what could happen:
"On the Money" airs on CNBC Saturdays at 5:30 a.m. ET. Check listings for air times in local markets.
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