~* The official thread of stonks, tendies, safe, sound and very real professional financial advice *~

[Kal-El814]

3 minutes ago, stepee said:

 

It’s annoying because people today having to live paycheck to paycheck and not being able to save IS a problem, just not for those people. 

 

Exactly. There’s a point somewhere on the income ladder where a lack of savings becomes a choice. I’m up for a discussion as to where that is, but $250,000+ is beyond it even if you’re living in an expensive area.

[Commissar SFLUFAN]

At this point, I really do think that the only thing that can even remotely stem the bleeding in the broader financial markets is for the Fed to raise rates in the next round beyond the expected 50 basis points increase.  I'm talking 75 or even 100 basis points.

 

The market already expects an inevitable recession - the only questions that remain are its intensity and duration.  A short but sharp recession that drives a stake through the heart of inflation is what the market wants and is looking to the Fed to deliver.

[Guest]

Stock sale deepens! I’m just buying more SPY and forgetting about it

[CitizenVectron]

Yeah I'm just continuing my normal bi-monthly purchase (matched 100% by employer) of index funds. Sucks right now as it's down, but time in market > timing market. 

[Comet]

Makes sense, consistently DCA’ing is essentially the only sound move right now. No one can predict the timing of this nonsense.

[Chris-]

Curious: how many credit cards do y’all have? I currently have four, but two of them are essentially non-functional (Apple Card that I only ever used to finance my MacBook and a bank card that I just had to use to avoid having it closed out). That leaves my Chase (daily use) and CapitalOne (big purchases). My wife and I are going to open a new Chase with a 0%/15 month intro offer so we can transfer and consolidate our bigger balances, but the idea of having a fifth card (even though I don’t use them all) still feels a little bad. 

[Kal-El814]

3 minutes ago, Chris- said:

Curious: how many credit cards do y’all have? I currently have four, but two of them are essentially non-functional (Apple Card that I only ever used to finance my MacBook and a bank card that I just had to use to avoid having it closed out). That leaves my Chase (daily use) and CapitalOne (big purchases). My wife and I are going to open a new Chase with a 0%/15 month intro offer so we can transfer and consolidate our bigger balances, but the idea of having a fifth card (even though I don’t use them all) still feels a little bad. 

 

I have an Amex Gold for points, a Capital One Visa for the off place that doesn’t take Amex, an Apple Card for Apple purchases, and a Target card.

[Jason]

13 minutes ago, Chris- said:

Curious: how many credit cards do y’all have?

 

[Guest]

I have a Chase Sapphire Preferred, Chase United Explorer, and Apple Card. I plow a ton of $$$ through the two Chase cards, the CSP for personal purchases and the United Explorer for business purchases so as to easily keep the personal and business expenses separated while also not having to have a business card for every individual business.

 

I guess I also have some very old accounts that I use once a year just to keep open out of habit for the purpose of aging my average credit, but I could probably just close them at this point as I don’t really care much about my credit score anymore.

[GeneticBlueprint]

I have a Chase Amazon card that I use for daily purchases. An Amex that I use for large purchases. A Capital One for emergencies that I haven't had to use yet. And a Discover that was like my very first credit card years and years ago that I also never use.

[CitizenVectron]

47 minutes ago, Chris- said:

Curious: how many credit cards do y’all have? I currently have four, but two of them are essentially non-functional (Apple Card that I only ever used to finance my MacBook and a bank card that I just had to use to avoid having it closed out). That leaves my Chase (daily use) and CapitalOne (big purchases). My wife and I are going to open a new Chase with a 0%/15 month intro offer so we can transfer and consolidate our bigger balances, but the idea of having a fifth card (even though I don’t use them all) still feels a little bad. 

 

I have a single CC (Visa) through my bank. Canada unfortunately does not have the same reward point/cashback competition that exists in the US, so most people just go through their default bank CC. There are a few good ones here, but nothing like in the US. So I just have the one.

[Joe]

1 hour ago, Chris- said:

Curious: how many credit cards do y’all have? I currently have four, but two of them are essentially non-functional (Apple Card that I only ever used to finance my MacBook and a bank card that I just had to use to avoid having it closed out). That leaves my Chase (daily use) and CapitalOne (big purchases). My wife and I are going to open a new Chase with a 0%/15 month intro offer so we can transfer and consolidate our bigger balances, but the idea of having a fifth card (even though I don’t use them all) still feels a little bad. 

My wife and I have 10 separate card accounts between us I think.

[Jason]

5 minutes ago, Joe said:

My wife and I have 10 separate card accounts between us I think.

 

I think I'm at 5 new accounts just for 2022 so far. 

[Commissar SFLUFAN]

I have two credit cards: one Visa, one AmEx.

[Commissar SFLUFAN]

I have a feeling that this is being floated to take the "sting" out of a 75 basis points increase.

 

Wall Street Floats 100 Basis-Point Fed Hike as Inflation Stings (Bloomberg)

 

Quote

 

Pockets of Wall Street are raising the possibility that the Federal Reserve could go to extreme lengths on Wednesday in an attempt to control the hottest US inflation in four decades. 

 

While the consensus expectation for the US central bank’s interest rate increase at this week’s meeting is a half-percentage point, higher than expected consumer price index data last Friday prompted two banks, Barclays and Jefferies, to revise their calls for the potential of 75 basis points. 

 

 

[Nokra]

3 hours ago, Chris- said:

Curious: how many credit cards do y’all have? I currently have four, but two of them are essentially non-functional (Apple Card that I only ever used to finance my MacBook and a bank card that I just had to use to avoid having it closed out). That leaves my Chase (daily use) and CapitalOne (big purchases). My wife and I are going to open a new Chase with a 0%/15 month intro offer so we can transfer and consolidate our bigger balances, but the idea of having a fifth card (even though I don’t use them all) still feels a little bad. 

Just one, a Visa that I've had since 2003. 

[Commissar SFLUFAN]

Whoa boy.

 

Looks like we're getting some "market capitulation" heading into the closing bell this afternoon with the DJIA down 916 points (-3%) and the S&P 500 down 150 points (-4%)

[Zaku3]

I have one a Chase Sapphire preferred. Also have a Dell account for buying alienware laptops and Kohl's because I kinda like that store.

 

 

[Kal-El814]

13 minutes ago, Zaku3 said:

Kohl's because I kinda like that store.

 

Who hurt you?

[Fizzzzle]

I just have one credit card. I haven't used it recently because I maxed it out when I moved and haven't been able to pay it off. That's on the to-do list sometime soon.

[Zaku3]

2 hours ago, Kal-El814 said:

 

Who hurt you?

 

I go with a coworker of mine and I kinda like the clothes they sell. My mom also seems to like the store as well.

[Jason]

9 hours ago, Jason said:

I think I'm at 5 new accounts just for 2022 so far. 

 

Make that 6.

[Guest]

The only good thing about the stock market is it closes for the night.

 

The 24 hour continuous crypto slide is brutal 

[thedarkstark]

7 hours ago, Commissar SFLUFAN said:

Whoa boy.

 

Looks like we're getting some "market capitulation" heading into the closing bell this afternoon with the DJIA down 916 points (-3%) and the S&P 500 down 150 points (-4%)

Housing, tech, and crypto bubbles all about to burst there will be many bloody red days ahead, this is just the tip.

 

We are also still dealing with covid, supply chain issues, "labor shortage" (see: compensation shortage), inflation, war, etc.

 

[Jason]

Housing isn't a bubble this time.

[CastlevaniaNut18]

12 hours ago, Chris- said:

Curious: how many credit cards do y’all have? I currently have four, but two of them are essentially non-functional (Apple Card that I only ever used to finance my MacBook and a bank card that I just had to use to avoid having it closed out). That leaves my Chase (daily use) and CapitalOne (big purchases). My wife and I are going to open a new Chase with a 0%/15 month intro offer so we can transfer and consolidate our bigger balances, but the idea of having a fifth card (even though I don’t use them all) still feels a little bad. 

3. A Capital One Quicksilver for general use, an Amazon Chase for those purchases and restaurants, and an Amex that I don’t use too often. 
 

My balances are paid off monthly. 

[Ominous]

12 hours ago, Chris- said:

Curious: how many credit cards do y’all have? I currently have four, but two of them are essentially non-functional (Apple Card that I only ever used to finance my MacBook and a bank card that I just had to use to avoid having it closed out). That leaves my Chase (daily use) and CapitalOne (big purchases). My wife and I are going to open a new Chase with a 0%/15 month intro offer so we can transfer and consolidate our bigger balances, but the idea of having a fifth card (even though I don’t use them all) still feels a little bad. 

5 or so? Not sure. I don't carry a balance one month to the next, use it like a charge card. 

[marioandsonic]

13 hours ago, Chris- said:

Curious: how many credit cards do y’all have? I currently have four, but two of them are essentially non-functional (Apple Card that I only ever used to finance my MacBook and a bank card that I just had to use to avoid having it closed out). That leaves my Chase (daily use) and CapitalOne (big purchases). My wife and I are going to open a new Chase with a 0%/15 month intro offer so we can transfer and consolidate our bigger balances, but the idea of having a fifth card (even though I don’t use them all) still feels a little bad. 

I just have a credit card from my bank that I use essentially like my debit card.  I pay off my balance online often enough so I don't get hit with interest fees.

[Commissar SFLUFAN]

At this point, if the Fed DOESN'T raise by 75 basis points, I'm pretty sure the market is going react VERY negatively.

 

Fed likely to boost interest rates by three-quarters of a point this week

WWW.CNBC.COM

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Markets are beginning to anticipate an even faster pace of rate hikes, and Fed officials apparently will satisfy growing expectations.

 

Quote

 

Markets are beginning to anticipate an even faster pace of interest rate hikes, and Federal Reserve officials apparently are contemplating the possibility as well.

 

Central bank policymakers are entertaining the idea of a 75 basis point increase to the Fed’s benchmark funds rate that banks charge each other for overnight financing, according to CNBC’s Steve Liesman.

 

Changes in the economic outlook, including the likelihood that inflation hasn’t peaked and is running well ahead of the Fed’s 2% goal, could influence a bigger rate move during the two-day meeting that concludes Wednesday.

 

A 75 basis point move is “a real distinct possibility,” Liesman said.

 

 

[b_m_b_m_b_m]

Considering it took, what, 18% rates to kill inflation in the 80’s is this going to do anything

[CitizenVectron]

The fascist wave that sweeps the globe is going to be horrifying.

[Commissar SFLUFAN]

Real estate firms Compass and Redfin announce layoffs as housing market slows

WWW.CNBC.COM

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In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut.

 

Quote

 

Real estate firms Redfin and Compass are laying off workers, as mortgage rates rise sharply and home sales drop.

 

In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut.

 

Shares of both companies fell Tuesday. Redfin’s stock touched a new 52-week low.

 

Rising rates and overheated home prices, which are now up over 20% from a year ago according to various surveys, have crushed affordability. Home sales have been dropping for several straight months, and the fall is expected to worsen.

 

Mortgage demand has fallen to its lowest level in over two decades. Rates have taken off since the start of this year, rising from 3.29% in early January to 6.28% now, according to Mortgage News Daily. Rates shot up more than half a percentage point in just the past three days, as concerns over inflation hit the bond market.

 

 

[Kal-El814]

One of the most annoying things about house hunting during an industry boom is the influx of the absolutely smoothest brains into the realtor and home inspection industries. Having people who know what they're doing is invaluable, dealing with morons can be one of the costliest mistakes you can make, and it's not reasonable to expect most people to be able to sniff out the difference.

[Guest]

Housing is interesting because it isn’t a bubble per se, but the growth rate in prices is already decelerating. This really mucks with the business models of these vulture firms is to be to go really quick k to close with above market cash offers on the notion that prices would continue to rise at the dramatic rates we’ve seen the last two years.

 

Whooops

[Commissar SFLUFAN]

Looks like the mortgage market has already priced-in a 75bps increase from the Fed tomorrow.
 

30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago

WWW.CNBC.COM

---

The average rate on the popular 30-year fixed mortgage hit 6.28% Tuesday, according to Mortgage News Daily.

 

Quote

 

Mortgage rates jumped sharply this week, as fears of a potentially more aggressive rate hike from the Federal Reserve upset financial markets.

 

The average rate on the popular 30-year fixed mortgage rose 10 basis points to 6.28% Tuesday, according to Mortgage News Daily. That followed a 33 basis point jump Monday. The rate was 5.55% one week ago.

 

Rising rates have caused a sharp turnaround in the housing market. Mortgage demand has plummeted. Home sales have fallen for six straight months, according to the National Association of Realtors. Rising rates have so far done little to chill the red-hot home prices fueled by historically strong, pandemic-driven demand and record low supply.