Are You Old Enough To Remember When…?
An entertaining hashtag on Twitter, #ImOldEnoughToRememberWhen, has been trending recently. Are you old enough to remember when this was the price of food at McDonalds?
We also couldn’t resist including this one:
Yesterday, the U.S. Federal Reserve, led by Chair Jerome Powell, cut short-term interest rates by 1/4 percent, the first interest rate cut by the Fed since 2008. This came as a surprise to virtually no one, as Powell had been strongly signaling for months that the Fed was planning on doing so.
What we find interesting is not the rate cut itself, but the motivation behind it and the potential consequences of the Fed arguably deviating from its legal mandate. With the passage of the Federal Reserve Reform Act of 1977, the Fed was formally assigned a specific directive, commonly known as the “dual mandate,” to pursue the following goals:
If you would like a quick laugh, click HERE to watch a short video of Steve getting embarrassed while being serenaded by his TPW family for his birthday!
In addition to rate cuts and pizza parties, a number of trending and notable events have occurred over the past two weeks:
- Robert Mueller testifies before Congress
- Boris Johnson becomes U.K. Prime Minister, replacing Theresa May
- Ricardo Rosselló, Puerto Rico’s governor, resigns after controversy and protests
- President Trump has war of words with Congressman Elijah Cummings
- Mass shooting at Gilroy Garlic Festival leaves four dead, 12 injured
- Huge customer data breach at Capital One
- The second round of the 2020 Democratic presidential debates took place in Detroit
- The U.S. Federal Reserve cuts interest rates for the first time since 2008
- President Trump hits China with another 10% tariff on $300 billion in Chinese imports
Lastly, please take three or four minutes to review the curated content found below, highlighted by:
- An on-site visit to Towerpoint Wealth by First Trust bond portfolio manager Nick Novosad
- A well-assembled article discussing planning strategies that can help to reducethe tax consequences of IRA and 401(k) accounts
- An excellent non-partisan analysis of the upcoming 2020 U.S. presidential election cycle
As always, we encourage you to reach out to us (info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an extremely complicated place, we are here for you, and look forward to connecting with, helping, and being a direct, fully independent, and objective expert financial resource for you.
