Skimm’d while challenging the status quo
March 17, 2022
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Going For a Hike

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The Story

The Fed’s raising interest rates.

How did we get here?

The pandemic brought an era of uncertainty — including for the economy. And to give it a boost, the Federal Reserve slashed interest rates down, keeping them close to zero. But fast forward to two years later, inflation is at 7.9% — the highest since 1982. Oil prices are reaching numbers we haven’t seen since 2008. And everything from the cost of rent to groceries to homebuying has gotten pricey. Now, the Fed hopes to curb inflation by upping the benchmark interest rate to 0.25%.

That doesn’t sound like a lot.

It doesn’t, but it could make a difference. Lower interest rates can make it easier for people to borrow money. An increase (even if it’s just 0.25%) could deter people from throwing around dollar bills and slow inflation down. That's because the federal interest rate can influence a person's mortgage rate or loan — meaning they're the ones who ultimately have to pay up.

In this economy?

Yup. And it can affect everything from the interest rate on your credit card balance to private student loans. There could be as many as six more interest rate increases this year. Fed Chair Jerome Powell said, “it's clearly time to raise interest rates.” But he warns Russia’s invasion into Ukraine could push inflation further. Important, since many Americans view inflation as the country’s most urgent issue — and it's been taking a hit on President Biden's approval ratings.

theSkimm

The US economy is better off than where it was two years ago. But prices are high and Americans are feeling the pinch. The Fed increasing rates might not sound great. But it could be the push needed to help everyday Americans in the long run. 

PS: Want to know more about how this change will affect your wallet? We Skimm'd it here.

And Also...This

Who struck a chord with Americans…

Ukrainian President Volodymyr Zelenskyy. Yesterday, he delivered an impassioned plea to US lawmakers to ramp up military aid, sanctions, and invoke a no-fly zone. The virtual address comes about three weeks after Russian forces invaded Ukraine. Cities are being bombarded — killing hundreds of civilians. In his speech yesterday, Zelenskyy invoked images of Pearl Harbor and the 9/11 attacks. And shared a video, saying his country is experiencing horrors “every day.” Soon after the speech, President Biden announced an additional $800 million in military aid to Ukraine. Think: anti-aircraft systems, anti-armor weapons, and drones. But Biden remains resistant to a no-fly zone, which many warn would drag the US into a direct conflict with Russia. 

Who’s headed home…

Nazanin Zaghari-Ratcliffe and Anoosheh Ashoori. Yesterday, Iran sent the British-Iranian nationals home to the UK. The two have been detained in Tehran for more than four years on charges including spying and plotting to overthrow the government. Iran has been accused of holding them as hostages as part of its nuclear deal negotiations. 

  • Iran’s play: Unsettled debts. In 1979, after the Islamic Revolution, the UK canceled an agreement with Iran to sell them more than 1,500 tanks. And led to a decades-long unsettled debt. Now, the UK has settled up. Both governments say the timing of the deal isn’t linked to Zaghari-Ratcliffe and Ashoori’s release. 

Who has to pay up…

The US gov. Yesterday, the Justice Department settled all 40 civil cases stemming from the 2018 Parkland, FL, shooting that left 17 people dead. The lawsuits centered around info that the FBI had received a tip about the gunman, but failed to act. Now, the Justice Department is paying out $127.5 million. But the gov isn't admitting fault.

When a prolonged allergy season is keeping you indoors...

More time for "Ms. Marvel" and "Servant of the People."

What the first lady's husband wants progress on...

Equal pay.

Add to Makeup Bag
Photo: Saie Beauty | Design: theSkimm

This Sunday, the clock strikes spring. Aka the perfect time for a makeup bag refresh. Saie can help with that. Their clean, high-performing products are full of luxurious, skin-loving ingredients. And yes, they’re the ones all over TikTok. Get glowing with their…

Sweet Spot

Americans are in a committed relationship with added sugar. On avg, they ingest a whopping 17 teaspoons…per day. 

Even if you try to steer clear of soda and foods with words like “fructose” and “corn syrup” on the label, your happy hour and weekend drinks could sneak up on ya. JuneShine to the rescue. Their refreshing, ready-to-drink canned cocktails are made with premium spirits, real juice, and no added sugar. In fact, there’s nothing artificial about ‘em. And they actually taste delicious. Plus, they’re 8%–10% alcohol by volume. Add to cart now to get them shipped free.

Skimm Money

For every dollar you earn, you need to pay a certain amount in taxes. But there are ways you can lower your taxable income — and your tax bill — without taking a pay cut. Like contributing to a retirement account or saving for upcoming health care expenses. Skimm four ways you can reduce what you owe to the IRS. (Psst… don’t forget to file before the April 18 deadline.)

Skimm Picks

Here are today’s recs to help you live a smarter life…

1. An easy way to straighten your teeth at home. Without scheduling dentist’s appointments or spending thousands on braces. This brand will ship clear aligners (plus a free LED whitening tool)‡ right to your door. And it all starts with their impression kit. Here’s $100 off.*

2. A credit card for anyone who hates fees.* You work hard for your money. So you should be able to spend it on the things you actually want. With Apple Card, you can kiss fees goodbye.† No annual, foreign transaction, late, or hidden fees. Apply now.

3. How to understand your employer’s health benefits. We partnered with Eden Health to break down the basics. So you can figure out whether your insurance plan is “good.” And what to do if it isn’t working for you. Read up.*

4. Chic staple tees that’ll give your spring wardrobe a quick refresh. Out with the (c)old and in with this brand’s luxuriously soft crop, classic, mini and maxi dress-style tees. That are made with sustainably sourced fabrics, btw. And Skimm’rs get an exclusive 15% off.* 

5. Bras that actually fit. Groundbreaking. This brand created an AI-powered app that can get you an (accurate) size fast. Plus a personal rec for which of their bras is right for your size and shape. Hot tip: Subscribe to their email list for 10% off.* 

*PS: This is a sponsored post.

‡Free with aligner purchase.

†Terms apply.

Skimm'rs

We like to celebrate the wins, big and small. Let us know how your friends, neighbors, coworkers (and yes, even you) are making career moves, checking off goals, or making an impact in the community.

Editing a new path…Rachel H (MN). During the pandemic, she honed in on her audio editing skills and is now working on a podcast and co-hosting another. Check them out. 

(Some) Birthdays…Rebekah Jaffe (MA), Sophia Skorup (PA), Makaela Johnston (IL), Allie Bollman (NY), Karen J Mills (NY), Tim Henderson (VA), Jillian Kemper (WA), Katie Budd (NY), Amanda Wallbrink (NY), Sarah Mooney (PA), Michael Gaier (NJ), Shannon Brunett (CO), Ashley Cleveland (OK), Beverly Howell (CA), Pat Stack (NY)

PS: Paging all members of theSkimm. Reach out here for a chance to be featured.

Skimm More

theSkimm is hiring. Interested in joining our team? Check out our career page for open roles.

Want more from theSkimm?

Skimm’d by Rashaan Ayesh, Kate Gilhool, Julie Shain, and Mariza Smajlaj

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