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Millionaires Multiply, but Much of Their Wealth Is Stuck
Welcome to the Era
of the 'Paper Millionaire'
in case you missed it
Oct 12, 2025 1:00 PM CDT

Welcome to the Era of the 'Paper Millionaire'

Millionaires in the US are multiplying, but much of that wealth isn't liquid

(Newser) - The United States is minting more millionaires than ever, but many of them are far from living lavishly. According to a Bloomberg analysis , more than 24 million US households now have a net worth of at least $1 million—up by a third since 2017, fueled by rising home...

Gold Hits $4K an Ounce for the First Time
Price of Gold
Just Hit a Milestone
Oct 7, 2025 10:00 AM CDT

Price of Gold Just Hit a Milestone

It rises about $4K an ounce for the first time as jittery investors flock to safe havens

(Newser) - Gold reached a milestone on Tuesday, climbing above $4,000 an ounce for the first time as investors seek a safe haven for their money, reports CNBC . The rally comes amid a confluence of political and economic uncertainties reminiscent of gold's last historic leap in 1979—when inflation,...

Former Economic Chiefs Ask Justices to Block Cook's Firing

Brief warns Fed's independence is at risk

(Newser) - A bipartisan group of former top US economic officials has urged the Supreme Court to prevent President Trump from firing Federal Reserve Board member Lisa Cook, arguing that her sudden removal could undermine the central bank's independence and shake confidence in the economy. The coalition includes ex-Fed chairs...

Fed Makes First Rate Cut of the Year
Fed Delivers First
Rate Cut of 2025
Sep 17, 2025 1:10 PM CDT

Fed Delivers First Rate Cut of 2025

Central bank cuts key rate by a quarter-point

(Newser) - As markets had almost universally expected, the Federal Reserve announced its first interest rate cut of the year on Wednesday, trimming its key rate by a quarter-point to a range of 4% to 4.25%. The central bank signaled that there would be two more rate cuts this year. The...

Trump's Fed Pick Confirmed Just Ahead of Meeting

Miran becomes first sitting White House official on central bank's board

(Newser) - The Senate on Monday confirmed Stephen Miran, President Trump's senior economic adviser , to the Federal Reserve board in a tight 48-47 vote that came just two weeks after the legislative body received the nomination—the second-quickest Fed confirmation in more than 25 years, the Wall Street Journal reports....

Court: Lisa Cook Can Stay at Fed for Now

Federal court rules that embattled governor can keep her job while she fights Trump over firing her

(Newser) - A federal court ruled Tuesday that embattled Federal Reserve Governor Lisa Cook can remain in her position while she fights President Trump's efforts to fire her. The ruling, which the AP reports will almost certainly be appealed, is a blow to the Trump administration's efforts to assert more control over...

Americans Could Save $100B if Trump Caps Credit Card Rates

Vanderbilt research supports president's campaign promise, as do lawmakers of both parties

(Newser) - Americans would save roughly $100 billion a year in interest costs if President Trump's campaign proposal to cap credit card interest rates at 10% nationally is implemented, according to a paper published by Vanderbilt University on Thursday. Further, the paper finds that banks and credit card companies would be...

Trump to Fed Governor Lisa Cook: You're Fired

Move is a first in central bank's history

(Newser) - President Trump announced late Monday that he's ousting Federal Reserve governor Lisa Cook, citing allegations that she misrepresented her primary residence on mortgage paperwork. The claims, raised by Federal Housing Finance Agency chief Bill Pulte, center on Cook's 2021 mortgage applications for homes in Michigan and Atlanta—...

Tech Stocks Suggest Cracks in the AI Hype

Investors sell, shift to 'defensive plays'

(Newser) - After months of blockbuster gains, Wall Street's top tech stocks are suddenly stumbling as questions about artificial intelligence and stretched valuations unsettle even their most loyal investors. While the prospect of lower interest rates are energizing real estate, banks, and manufacturers, tech stocks are showing signs of fatigue....

Powell Hints at Rate Cut, and Markets Surge

But Federal Reserve chief doesn't offer specifics in speech

(Newser) - Fed chief Jerome Powell signaled Friday that he's ready to cut interest rates in the near future, though he offered no specifics and plenty of caveats in a closely watched speech. Still, the comments were enough to send markets surging, with the Dow rising more than 700 points as...

Powell's Last Jackson Hole Speech Could Be a Big One

It's not clear whether Fed chief will 'stick to his guns' on economic restraint

(Newser) - Federal Reserve Chair Jerome Powell is set to take center stage at the Jackson Hole summit Friday morning, where his remarks could influence the course of financial markets and monetary policy for months to come. At 10am Eastern investors will be listening closely for any hint that the Fed...

Trump Threatens 'Major Lawsuit' Against Powell

President says Fed chair has done a 'horrible, and grossly incompetent, job' with renovation

(Newser) - President Trump is weighing a lawsuit against Federal Reserve Chair Jerome Powell over the Fed's costly renovation project, a move that would escalate a long-simmering feud. Trump floated the idea on Truth Social , saying he was "considering allowing a major lawsuit against Powell to proceed because of...

Trump Wants Fed Board to Yank Control From Powell

And 'do what everyone knows has to be done!'

(Newser) - President Trump on Friday called for the Federal Reserve's board of governors to usurp the power of Fed Chair Jerome Powell, again criticizing the head of the US central bank for not cutting short-term interest rates . The Fed chair has been subjected to vicious verbal attacks by the Republican...

Hard Times Fall for 6-Figure Earners, Too

Delinquencies surge as job market cools, costs climb

(Newser) - A growing number of high-income Americans—those earning more than $150,000 annually—are starting to fall behind on credit card and auto loan payments, according to new data from credit-scoring firm VantageScore. Delinquency rates for these households have more than doubled since 2023, outpacing the increases seen among...

Trump, Powell Have 'Stunning' Clash Over Fed Renovation Costs

Trump questions Fed spending during rare visit to headquarters

(Newser) - President Trump and Federal Reserve Chair Jerome Powell clashed publicly over the ballooning costs of the Fed's headquarters renovation during a rare presidential visit to the central bank Thursday, even as Trump backed away from earlier hints he may fire Powell, CNBC reports. Trump claimed the construction expenses...

Get Ready, Powell: Trump Heads to Federal Reserve

It's the first presidential trip to central bank in nearly 20 years

(Newser) - President Trump is set to make an unusual visit to the Federal Reserve on Thursday, according to the White House, marking the first official presidential trip to the central bank in almost 20 years, per CNBC . The move stands out as a bold gesture in the ongoing dispute between...

Week's End Spurs Riskier Bets —But Not Bigger Payoffs
Investors, Beware
Those Friday Bets
new study
Jul 19, 2025 5:30 AM CDT

Investors, Beware Those Friday Bets

Study finds greater risk at end of week, month, or year, but worse returns

(Newser) - As the workweek winds down, investors are more likely to roll the dice on risky financial moves, a new study suggests. The problem is that this burst of optimism tends to result in worse returns, say researchers. The study published in the Journal of Marketing Research finds that investors...

The High-End Art Bubble Has Popped
The High-End Art
Bubble Has Popped
Jul 18, 2025 2:21 PM CDT

The High-End Art Bubble Has Popped

Auction sales have taken a hit from interest rates, changing tastes

(Newser) - The once-booming market for high-priced art is now experiencing a notable downturn. Auction sales of paintings valued at over $10 million dropped 44% last year, and 2025 shows little sign of recovery, according to ArtTactic data. A striking example: A $70 million Giacometti sculpture at Sotheby's New York...

Trump Says Jerome Powell Should 'Resign Immediately'

President echoes call for Fed chair to be investigated

(Newser) - President Trump has once again called for Federal Reserve Chair Jerome Powell to step down, this time saying Powell should "resign immediately." The demand, made Wednesday on social media, marks an escalation after Trump's earlier suggestions that Powell leave the post, the New York Times reports....

Trump Considers a Move to Undermine Fed Chief

President may announce his pick to replace Powell earlier than normal

(Newser) - President Trump is considering an early announcement of his pick to succeed Fed Chair Jerome Powell in a bid to undermine the man he calls "a very stupid person" for not cutting interest rates. Powell's term doesn't end until May. A replacement is usually announced three to...

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