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By Kristin Myers, Editor-in-Chief

What's Happening Today

Hope everyone enjoyed their Labor Day Holiday weekend! While this might be a short week with fewer data releases than usual, investors will be paying close attention. Several policymakers at the Federal Reserve will make remarks on Thursday morning, including Fed Chair Jerome Powell.

We are all looking for clues about the next moves from the central bank and whether we can expect another super-sized rate hike of 75 basis points. The upcoming remarks from Fed presidents come after Friday's jobs report showed that while the labor market is still going strong, job growth is slowing. Unemployment ticked upward as more people joined the labor force.

Tomorrow, the central bank will also release its "Beige Book," offering a look at the condition of the U.S. economy, which could give us all a better understanding of its strength. It's overwhelmingly expected that the Fed will hike rates yet again on September 21, as policymakers continue to argue that the U.S. economy is strong enough to handle higher interest rates.

So before rates are raised (again) it might be time for you to consider securing a home or car loan before the interest rates on those loans rise, making any money you borrow more costly in the long run. And if you're struggling with credit card debt, it might be better to try and chip away at it now.

- Kristin

Editors' Picks

US Services Gauge Rises to Four-Month High on Pickup in Demand (Bloomberg)

Riskier, But Cheaper: Are ARMs the Move for Homebuyers? (The Balance)

Junk-Loan Defaults Worry Wall Street Investors (The Wall Street Journal)

67% of Pandemic 'Boomerang Kids' Are Still Living With Mom and Dad (CNBC)

A Step-by-Step Guide To Getting Out of Debt (The Balance)

How Renting an Apartment Will Affect Your Credit Score (The Balance)

Everything To Know About Checking Accounts for Kids (The Balance)

Term of the Day

Debit Card

A debit card is like an ATM card with the functionality of a credit card. The notable difference is that when you buy something with a debit card, the money comes directly from your checking account.

Your bank may issue you a debit card or credit card, but these plastic payment options don't function the same way. The major difference is that a debit card is a type of bank card that is linked to your checking account.

When you need to pay with plastic, there are benefits to using a credit card instead of a debit card. If used responsibly and if you pay off balances every month, it can help build credit.

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