It is time once again for world economic bigwigs to gather at the Jackson Hole Economic Policy summit.  Chair Powell gave an expectedly hawkish outlook in his comments this morning.  In other economic news, housing and transportation markets seem to be making some news, and a majority of analysts are now expecting a soft landing.  Other articles cover news on interest rates, credit and paying for college.  Happy Reading! 

Economics

• CNBC tracks the progression of economic analysts projections for recession and now the majority are projecting a soft landing. There are still a couple of things consumers should be looking out for.
• It’s the end of August which means it is time once again for the Jackson Hole Economic Conference. Jeanna Smialek gives some history and context to this high-powered if nerdy event. There will be more coverage on the Jackson Hole Conference over the weekend, but this article provides great background knowledge. (NYT)  And here is coverage of Powell's speech: (AP)
• Durable goods orders dropped dramatically in July from June, driven by a really large drop in the transportation sector. Higher borrowing costs are the driver. (Morningstar)
• It looks like climate change is now having a negative impact on shipping, as the Panama Canal has a big traffic jam due to warmer ocean temperatures and feared water shortages forced authorities to drop the maximum weight of vessels passing through. How long until price increases and supply chain issues reemerge? (Reuters)

Investing

• Riskier assets may start feeling the drag that these higher yields on treasuries places on their desirability. (Reuters)
• The Irrelevant Investor explains the upside and downside of higher interest rates.
• Here is more on the recent downgrades on many banks in the US by S&P Global on Monday. (Reuters)

Housing Market

• U.S. home sales fall in July as a result of increasing mortgage rates and low inventory of homes. (MarketWatch)
• Housing prices may have fallen off during the first half of the year, but last month saw the second monthly increase in the median sales price of homes, now over $400,000. Inventory shortages in some markets may be propping up prices at the moment. (AP News)

Managing Credit

• According to a study published on Motley Fool, only 38% of consumers pay off their credit cards in full each month. BE LIKE THEM! The article goes illustrates what happens if you don’t pay your balance in full.
• Credit card balances topped $1 trillion! What does that imply? (NYT)
• In PYMNTS sponsored research, it was found that most consumers don’t know how to raise their credit score.

Paying for College

• The new student loan relief plan, SAVE, went live. Read about who will benefit. (CNBC)
• Inside Higher Education published new analysis that suggests most families cannot actually cover the cost of college attendance. While based on 2019-2020 data from the US Department of Education, the situation cannot have gotten any better during the pandemic.
• CNBC published the results of a Princeton Review study that found the 10 best colleges for financial aid in 2023.

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.