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Your Weekly Advisor Update

A Note From Natalie:

Last week, we got a double dose of favorable updates from the Department of Commerce. First, the personal consumption expenditures price index (PCE)—a key inflation indicator—showed that price growth has slowed, rising 5% annually in December, compared to 5.5% growth in November. 

On top of that, the U.S. economy grew at a better-than-predicted rate of 2.9% in the last quarter of 2022. The Q4 GDP reading is slower than the previous quarter (3.2% growth), but the current trend may indicate a soft landing for an economy that seemed headed for a recession.

This week brings you a Fed meeting preview and the latest reading from our recession tracker. We round out this dispatch with all the details Wells Fargo customers should know about possible refunds they may be owed and how iPhone users can thwart hackers.

Very best,

Natalie

Natalie Campisi

Senior Staff Writer

Consumer Finance

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

February Fed Preview: How Many Rate Hikes Are Left?

February Fed Preview: How Many Rate Hikes Are Left?

The latest Fed meeting is this week and kicks off on Jan. 31. Most Fed watchers predict another rate hike that will drive up short-term interest rates on credit cards and adjustable rate mortgages—but last week’s cooling PCE and strong GDP numbers suggest the hike might not be as steep as recent ones. 

Consumers are displaying optimism, too. The University of Michigan’s latest consumer sentiment index released last week showed a 9% increase in January. While this is 3% lower than the same time last year, it’s the second consecutive month that consumer sentiment was up.

Want to pregame for the upcoming Fed meeting? We have everything you need to know here.

Best Tax Software Of 2023

We tested and reviewed five of the top online tax software platforms: Cash App Taxes, Jackson Hewitt, TaxSlayer, H&R Block and TurboTax. To find the best of the best, we assessed their prices, free tax filing options, ease of use and customer service quality.

Best Tax Software Of 2023

Here’s what else you should know
this week:

Are We In A Recession Yet?

According to economists, 2023 was supposed to be the year of the recession. And while we’re just getting started in the new year, the economy seems to be resilient (so far). Unemployment is still low, and the price of goods have retreated. See what our recession tracker says about the chances for a recession.

Wells Fargo Owes Customers More Than $2 Billion. Here’s What You Should Know

Banking behemoth Wells Fargo owes millions of customers money, per an agreement with the Consumer Financial Protection Bureau. Various types of violations were committed across several product lines, including wrongful car repossession, incorrect denial of loan modifications, and erroneous deposit account fees. Read on to learn what consumers can do next.

Hackers Want To Crack Your Smartphone. Here Are 8 Ways To Fight Back

Every day, there’s a new fraud scheme online or through the mail. And now iPhone users need to be alert. We put together a list of hacker prevention tips to help keep your phone and your information safe.

Best Travel Credit Cards Of  2023

It’s easier than you think to leverage your credit card rewards to snag award flights and upgrades using miles and points. That said, be sure to have your credit house in order before you start earning rewards because the interest rates and fees will outweigh what you earn in rewards on a monthly balance.

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Here's The No. 1 Reason Americans Crave Travel Rewards Credit Cards

People who love their travel rewards credit cards are most eager to use them to offset vacation costs, a new Forbes Advisor survey shows. Using rewards to grab a flight to a sunny escape or to stay at an all-inclusive ski retreat is even more appealing than other card benefits—like access to a speedy airport security screening line or a private place to relax away from other travelers.

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