Apart from hurricane Ian, this week’s news was monopolized by the stock market decline, between the new UK government’s announced tax cuts’ impact on British markets and more inflation/interest rate woes worldwide.

Economics

• Personal Consumption Expenditure data were released today. Consumer spending and income rose in August after a brief dip in July. The PCE price index increased 0.3% month-over-month. Excluding food and energy, the index was up 0.6%, signaling inflation is proving to be more persistent. (CNBC) (The Hill)
• Inflation is much worse in Europe, hitting 10%. (Reuters)
• For this week’s recession-themed article, check out Michelle Singletary’s article putting a positive spin on things by listing seven ways you might benefit during a recession. (WaPo)
• Housing prices finally started to drop this summer—quickly! (CNBC)
• We were just reporting 30-year mortgage rates topping 6%--now they are over 6.5% (Reuters)
• The Fed’s increasing interest rate has not slowed down the labor market. Jobless claims hit a five-month low last week. (CNBC)

Investing

• Yahoo Finance summarizes the market movement as the third quarter comes to a close today.
• American stockholders have lost $9 trillion of wealth with the market decline. (CNBC)
• Is it possible to make money if you only ever invest at market peaks? A Wealth of Common Sense tests out this proposition.  
• The new UK government announced huge tax cuts and the response was not as expected. Stocks and the Pound dropped by huge amounts. The Bank of England had to intervene (buy bonds) to calm the markets. (BBC)
• What the 10-year treasury bond yield hitting 4% could mean for the markets. (It has since come back down a bit.)(Marketwatch)
• The US dollar keeps getting stronger. To find out just how strong against all the major currencies, read on. (Forbes)

Student Loans

• Certain loans that are commercially held but guaranteed by the government have been excluded from the recently announced student loan forgiveness program, potentially impacting about 800,000 borrowers. (NPR)

Behavioral Economics

• Lessons from a vaccine lottery—it didn’t work as hoped. (Knowledge@Wharton)

Philanthropy

• Here is an interesting look into the evolution of philanthropic giving in the US over time. Those who attempt to measure it need to evolve how/what they measure to get a clearer picture. (Vox)

Trends in Education 

• Will schools move to a four-day week? Some rural districts are trying it out, hoping to attract teachers, and results are interesting. (The Guardian)

About the Author

Beth Tallman

Beth Tallman entered the working world armed with an MBA in finance and thoroughly enjoyed her first career working in manufacturing and telecommunications, including a stint overseas. She took advantage of an involuntary separation to try teaching high school math, something she had always dreamed of doing. When fate stepped in once again, Beth jumped on the opportunity to combine her passion for numbers, money, and education to develop curriculum and teach personal finance at Oberlin College. Beth now spends her time writing on personal finance and financial education, conducts student workshops, and develops finance curricula and educational content. She is also the Treasurer of Ohio Jump$tart Coalition for Personal Financial Literacy.