Business Update – March 22, 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Interest rate decision expected this week

The Fed will announce a decision on interest rates this week, and many economists expect them to be lowered. Those who think rates will be raised again say it would confirm that we are headed toward a recession. The decision is expected Wednesday.

Bitcoin and other cryptocurrencies rally Monday

As a result of the government announcing that they will protect Silicon Valley Bank and Signature Bank depositors, Bitcoin saw an 18% rally to open the week.

Experts say it’s time for regulation in the AI space

Microsoft’s ethics and society team was cut during the company’s most recent layoff of 10,000 employees. The team was responsible for developing a responsible innovation toolkit to help Microsoft engineers forecast what harm could be caused by AI.

Calls for higher FDIC deposit cap amid bank failures

The FDIC guarantees bank deposits of up to $250,000, but four lawmakers have said they’d consider raising the limit. A coalition of midsize banks is asking the FDIC to insure all deposits for at least two years.

Further layoffs announced for Amazon

After a strategic review, Amazon intends to lay off 9,000 more employees on top of the 18,000 layoffs already planned. The company will hire only in strategic areas where it has prioritized allocating more resources, CEO Andy Jassy wrote in a memo.

How to financially plan for your health needs

According to certified financial planner and physician Carolyn McClanahan, when considering health as part of your financial plan, you should consider far more than insurance premiums and out-of-pocket costs. Find more of her tips here.

Tips to keep your emergency fund intact for when you need it

Building a healthy emergency fund is all about avoiding temptation. When you have money stashed away for the sole purpose of being there in case of unexpected financial distress, experts say you should keep it in a place that’s out of sight and out of mind.

What each generation needs to earn to feel financially secure

It’s no surprise that Gen Z feels they need the highest salary of all the generations, coming in at a whopping $171,633, to feel financially healthy. Americans are losing wealth faster than ever, and the younger generations aren’t far off the mark when stating what they need.

3 tips to avoid tax processing delays

The IRS has 3 tips to make sure you get your tax return sooner. Find them here.

Couple gets married in the metaverse, sponsored by Taco Bell

The future is here, and people are split on whether that’s good. The groom entered the ceremony riding an elephant, a grandmother got to attend even though she was thousands of miles away, and guests danced on an illuminated dance floor… all virtually, of course. The couple won a contest to have their entire metaverse wedding sponsored by Taco Bell.

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