Decision Day
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What's Happening Today Good morning! It's Kristin with your daily morning digest.
U.S. equity markets are on the rise as investors wait to hear results from this week's Federal Reserve Open Market Committee meeting at a press conference later this afternoon, at 2 p.m. Eastern. The central bank is not expected to raise rates just yet, but the Fed's announcement could provide more insight on policymakers' timetable for hikes later this year, including a signal that interest rate hikes are coming in March.
Unfortunately for taxpayers in high tax states like New York, Connecticut, and California, reports out of Washington, D.C. suggest that Senate Democrats might not raise or eliminate state and local income tax (SALT) caps as part of Build Back Better, the expensive social infrastructure bill (paid family leave, subsidized child care, etc.) that has stalled in Congress. SALT allows taxpayers to deduct property taxes, and state and local taxes or sales taxes (but not both). While the Tax Cuts and Jobs Act doubled the standard deduction in 2018, it capped the maximum amount of state and local taxes that could be deducted, hurting taxpayers in high tax states.
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Off the Charts The pay gap between women and men narrowed for the third year in 2021, but the gain was relatively small once again, recent government data showed.
A woman earned 83.1% of what a man did in 2021, up from 82.4% in 2020 and the most since at least 1979, as far back as the Bureau of Labor Statistics data goes. But as the chart below shows, recent progress has been small and uneven. Number of the Day 5 - That's how few days (actually fewer than 5) it would have taken for companies to exhaust their supply of key semiconductors last year, down from 40 days in 2019.
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More From The Balance If your 401(k) is losing money, you may be wondering what to do. Learn about past market performance and what to consider when evaluating your own portfolio and options. Whipsaw is when a stock, market or trading indicator quickly moves in the opposite direction. Here's how it works and how traders can profit from it. The fed funds rate has ranged from 0% to 20% between 1971 and 2021. Learn about its highs and lows as well as the events that have impacted it over time.
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