Economics

• First quarter GDP was revised up from 1.3% to 2%. Driving the number was a 4.2% jump in consumer spending. Did the 8.7% increase in Social Security benefits drive some of this? (CNBC)
• The Bank of International Settlements calls for more interest rate hikes as inflation remains stubbornly high around the world. (Reuters) 
• The Federal Reserve's 2% inflation targeting policy, explained. (CNBC)
• Planning to move to any of these cities? Here are the 7 U.S. cities where $250K salary is worth the least. (CNBC)

Investing

• Harry Markowitz, the Nobel-winning father of Modern Portfolio Theory, passed away this week. Read about his contribution here: Fisher Investments
• With the current interest rate scenario, there are plenty of solid investment options to the stock market. (NYT)
• Here is a good one for those of you who are quantitatively inclined or want to add some numbers to your Investment unit. (A Wealth of Common Sense)

Managing Credit/Student Loans

• Do student loans impact credit scores? (Equifax)
• The Supreme Court votes to down the Biden Student Debt Forgiveness Plan. (NYT)

Careers

• A lucrative new side gig is about to explode: “AI Content Assistant.” (CNBC)

Consumer News

• Are you traveling by air this holiday weekend or planning to travel later this summer? Here is a guide to what you are entitled to should you run into trouble with weather delays and flight cancellations. (AP)
• First Netflix, now Costco is cracking down on membership sharing. (Yahoo)

Advocacy

• A setback in Maine as action on L.D. 1284 was delayed until the next legislative session. (Brunswick Press Herald)

Podcast Recommendation:

• June 29 Marketplace covered a new story (how the Supreme Court’s affirmative action decision could ultimately impact business), and provides updates on stories covered in the past (Fed looking at potential regulatory changes to help prevent another SVB and refinery capacity and gas prices, last year and now.)

Here are two earlier EconExtras related to the second and third stories/updates in the podcast:

• Why Are Gas Prices so High?
• Silicon Valley Bank—A Traditional Bank Run but not a Traditional Bank Failure

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.