USA finance and payments live updates: Cost of living, inflation, mortgage, interest rates, S.S. benefits

Headlines: 18 June 2022

– The price of an average gallon of gas in the US dips below $5 for first time in a week.

– 30-year fixed-rate mortgage interest rates hit 5.78%, the highest level since late 2008. When will home loan rates fall?

Bitcoin price falls below $20,000 for the first time since 2020, registering a 32% fall in the last month – See the rise and fall of crypto

– Fed outlines reasons for 0.75 percentage point hike for interest rates – why have they increased rates?

– Pandemic-era relief measure providing free meals for school students comes to an end

– Fed Chair Powell: We are “focused on returning inflation to our 2 percent objective

Elon Musk faces $258bn lawsuits for alleged Dogecoin “pyramid scheme” 

– Biden may remove certain trade tariffs on China in a bid to reduces prices for consumers

Real wages fell 0.6 percent while inflation led to an average price increase of one percent across the market in May

– ‘Shrinkflation‘ reduces product sizes for consumers

Helpful links & Information 

– Gas prices in US: which countries have the most expensive gasoline?

– When will President Biden make a decision over student loan  forgiveness

– Do I have to pay taxes on Social Security benefits? How much?

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