THE IMPACT OF INTEREST RATES
The Federal Reserve decided at their latest meeting to hold interest rates steady. This is the eighth consecutive policy-setting meeting where interest rates have remained unchanged. Previously, they had been increasing the rates to try to combat high inflation. However, they did indicate a rate cut could be coming very soon. Many expect a rate cut to come as soon as their next meeting in September.
The Fed maintained short-term federal fund rates at 5.25% to 5.5%.
As a result, some high-yield savings accounts, money market accounts, and CD accounts are still offering rates over 5% even though rates have been slowly dropping.
Once the Fed drops interest rates, savings rates could drop at a faster rate.
M3 IN THE COMMUNITY:
ROYAL OAK CHAMBER OF COMMERCE
Looking for something to do?
The Royal Oak Chamber of Commerce (ROCC) has many activities to keep you entertained and informed. M3’s President Michael Pesendorfer is ROCC’s Chairperson for 2024. The ROCC is dedicated to bringing business persons, civic groups, local government and citizens together to advance the economic, professional, cultural, and civic welfare of the community, Check out their full calendar!
https://www.royaloakchamber.com/events
THE MONTH IN BRIEF
U.S. Markets
Stocks edged higher during a volatile month of trading as investors monitored economic reports about the Fed’s next move with short-term interest rates.
The Dow Jones Industrial Average led in July, picking up 4.41 percent. The Standard & Poor’s 500 Index added 1.13 percent while the Nasdaq Composite struggled, slipping 0.75 percent.1
1. WSJ, July 31, 2024
Advisory Services offered through Capital Analysts or Lincoln Investment, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker/Dealer Member FINRA/SIPC. www.lincolninvestment.com M3 Investment Services and the above firms are independent and non-affiliated. Social Security claiming services are not offered through, nor supervised by, TheLincoln Investment Companies.
S&P 500 Index is an index of 500 of the largest exchange-traded stocks in the US from a broad range of industries whose collective performance mirrors the overall stock market. The Dow Jones Industrial Average is a widely watched index of 30 American stocks thought to represent the pulse of the American economy and markets. Investors cannot invest directly in an index. The NASDAQ is an index that tracks the cumulative results on a market capitalization basis of all stocks trading in the NASDAQ system. Investors cannot invest directly in an index.Past performance is no guarantee of future results. 8/24