Declines in the stock market and a deterioration in sentiment in recent days were partially due to sharp banking sector declines this week. These stemmed from worries over what started as capital crisis in a couple of specific California banks (SVB Financial/Silicon Valley Bank and Silvergate), ending their failures within a few days.
The Federal Reserve Open Market Committee raised the Fed funds rate today by 0.25% to a range of 4.50-4.75%. The vote was unanimous, and continued a deceleration in tightening, after four straight 0.75% moves in 2022, and capped by 0.50% in December. Last year’s hiking pace was the fastest and steepest since the early 1980s.
Happy New Year! We think most of you would agree that we are thankful to see 2022 in the rearview mirror. It was a challenging year on a whole host of levels with inflation spiking up to levels not seen in many decades, a new war in Europe that shows no sign of abating anytime soon and the actions of the Fed in pushing up interest rates. All this has unsettled markets and provided ample grist for speculation about the timing of the next recession.
To our friends who are tax and estate planning professionals,
We hope you're staying warm and healthy. Here is a list of articles that caught our eyes recently. We hope you find them interesting and helpful to your practice as well. It’s hard to believe, but it was only a year ago when a 30-year fixed mortgage rate was around 3%. The sudden and rapid rise of the rate has been unnerving for homebuyers and sellers (and observers) alike. What are we to make of it? Well, we are grateful for our trusted partner and mortgage professional, Scott Bothel of North Pacific Mortgage, for his insight and thoughtful explanation on today’s mortgage environment and what it means for us.
Have you ever considered inviting your parents to live with you and your children? If so, you’re not alone. Our trusted partner and real estate professional, Brooke Knight of Good Knight Homes, tells us that according to census data, multi-generational households have increased four-fold between 1971 and 2021. We are grateful for her knowledge and willingness to share her insights on building a happy multi-generational home.
|
AuthorCultivant team & Archives
June 2023
Categories
All
|