Inflation has recently decreased but remains above the Federal Reserve's target of 2%, so many Americans are looking for ways to protect their savings. Three types of savings accounts—high-yield savings accounts, money market accounts, and certificates of deposit (CDs)—offer interest rates higher than current inflation, helping money grow despite rising prices.
Key Facts
Inflation rate in July was 3.4%, down from over 4% in May.
Core inflation, which excludes food and energy, fell slightly from 2.6% to 2.5%.
Traditional savings accounts have very low interest rates around 0.38%, which do not keep up with inflation.
High-yield savings accounts now offer interest rates above 4%, beating inflation while allowing easy access to funds.
Money market accounts pay about 3.9% interest, have check-writing abilities, and may increase rates if the Federal Reserve raises rates again.
Certificates of deposit (CDs) offer fixed rates up to about 4.4%, providing predictable earnings but require funds to stay locked in until maturity.
CDs have penalties for early withdrawal, so they are best for money you don’t need to access quickly.
These three account types can help protect savings from losing value due to inflation.
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Beverly Hills has approved the construction of The Millennium Residences, a 34-story residential tower set to become the tallest building in the city. The project will include 211 homes, with 32 affordable units, and aims to start building in 2027 to help address California’s housing shortage.
Key Facts
The Millennium Residences will be 418 feet tall and have 34 stories.
It will be located at 8300 Wilshire Boulevard in Beverly Hills.
The building will provide 211 new homes, including 32 affordable units.
The project was approved under California’s Assembly Bill 2011, which allows faster approval for housing projects that meet certain local rules.
Construction is planned to begin in 2027.
The development will require demolishing an existing mini-mall and businesses on the site.
Some local residents expressed concern about losing the mini-mall's shops and services.
The developer aims to include commercial space on the ground floor for restaurants and shops.
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The U.S. Treasury Department ended a rule that required American businesses and individuals to report information about who really owns them to a government office called FinCEN. The Treasury first suggested removing this rule in March 2025 and made it official on Tuesday.
Key Facts
The Treasury Department repealed a reporting rule for U.S. companies and individuals.
The rule required reporting beneficial ownership, meaning the real people who own or control a company.
This information had to be sent to the Financial Crimes Enforcement Network (FinCEN), a government agency that fights financial crimes.
The repeal was first proposed in March 2025.
The final decision was published in the Federal Register on Tuesday.
The change removes the obligation for businesses and individuals to provide ownership details to FinCEN.
The repeal affects rules introduced during President Biden’s administration.
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The US and Japan recently worked together to stabilize the Japanese yen, which had fallen sharply against the US dollar. This effort aims to keep the flow of cheap Japanese money used by investors to buy US assets, especially in technology, without causing market chaos.
Key Facts
The yen has fallen close to 160 yen per US dollar, near a 40-year low.
The Trump administration intervened to help stabilize the yen by selling euros and buying yen.
Japan’s low-interest-rate policies provide cheap money for global investors, who borrow yen to invest in higher-return US markets.
This “carry trade” supports investments in US stocks, including in technology and artificial intelligence.
A stronger yen or sharply rising Japanese interest rates could disrupt this cycle and force big sales of US assets.
Japan holds about $1.1 trillion in US Treasury securities, which it might sell to support the yen but doing so would raise US interest costs.
US Treasury Secretary Scott Bessent has enabled Japan to borrow dollars against its US Treasury holdings to buy yen, using Federal Reserve lending tools.
The Fed is considering raising limits on these lending facilities to provide more support.
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Young adults in Generation Z want to save money but spend more than they save, especially on small pleasures like coffee and travel. Despite worries about high living costs, many Gen Zers use extra income from multiple jobs to support their spending habits while also trying to save for the future.
Key Facts
Generation Z includes people born from 1997 to 2012.
Gen Z spends more than they save each month, having the lowest savings-to-spending ratio among generations.
Spending on things like coffee, beauty products, and travel is rising among Gen Z across all income levels.
About 66% of Gen Z currently save some money, up from 60% in 2024, with many using automatic deposits or retirement plans.
Nearly 42% of Gen Z practice “loud budgeting,” openly sharing their financial goals to encourage responsible money use.
Many Gen Zers start saving for retirement roughly 10 years earlier than baby boomers did.
Around 42% of Gen Z live paycheck to paycheck, with the number higher (73%) for those earning under $50,000 a year.
About 25% of Gen Z have more than one income source, often through gig or freelance work, to help fund their spending.
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U.S. inflation slowed down a bit in July according to new data. At the same time, the New York City Council began a detailed investigation into how prediction market companies like Kalshi and Polymarket promote their services.
Key Facts
U.S. inflation showed a slight decrease in July.
Inflation means the general rise in prices for goods and services.
The New York City Council started investigating prediction market companies.
Prediction markets are platforms where people can bet on the outcome of events.
Companies under investigation include Kalshi and Polymarket.
The probe focuses on the marketing methods used by these companies.
The investigation aims to ensure these companies operate fairly and transparently.
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Eli Lilly is suing six U.S. groups that it says are illegally selling its experimental weight loss drug, retatrutide, on the black market. The company says these sellers include pharmacies, medical spas, and online stores that claim the drug is only for research, but actually sell it for weight loss.
Key Facts
Eli Lilly is taking legal action against six U.S. entities.
These entities include compounding pharmacies, medical spas, and online sellers.
The lawsuit claims these groups sell illegal versions of retatrutide.
Retatrutide is an experimental drug designed for weight loss.
Sellers falsely state their products are meant only for research purposes.
The company aims to stop unauthorized black market sales of its drug.
Retatrutide is not yet fully approved for general consumer use.
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Placing $15,000 in a high-yield savings account now can earn about $600 in interest over one year, given current rates around 4%. High-yield savings accounts offer much better interest than traditional savings accounts, which have rates below 0.4%, while money market accounts provide slightly lower rates but more flexible banking features.
Key Facts
High-yield savings account rates currently range from about 4.00% to 4.15%.
At 4.00%, $15,000 will earn approximately $600 interest in one year.
Higher rates, like 4.10% and 4.15%, can yield $615 and $622.50 respectively on $15,000 after a year.
Traditional savings accounts have much lower average rates, around 0.38%.
Interest rates on high-yield accounts can change, affecting returns positively or negatively.
Money market accounts offer slightly lower interest rates (3.90% to 4.00%) but allow check-writing and easier access to money.
Moving money to higher-yield accounts sooner maximizes interest earnings.
Keeping money in low-rate traditional accounts results in much smaller interest gains.
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Gas prices in the United States reached the highest level ever recorded for this time of year, exceeding $4 per gallon after August 12. This information comes from GasBuddy, a company that tracks fuel prices.
Key Facts
GasBuddy tracks fuel prices across the U.S.
The national average price of gasoline surpassed $4 per gallon after August 12 for the first time ever.
Patrick De Haan is the head of petroleum analysis at GasBuddy.
The record high refers specifically to gas prices in mid-August.
The increase in gas prices affects consumers who buy fuel for their vehicles.
Gas prices can change due to supply, demand, and other factors like weather or global events.
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Economists at Goldman Sachs studied how the large amount of money being spent on artificial intelligence (AI) affects other parts of the economy. They found that AI investment does reduce some other technology spending and building projects, but the overall impact on the economy is smaller than many think.
Key Facts
AI investment in 2024 is around $600 billion, about 2% of the US economy (GDP).
This investment represents 10% of business spending on fixed assets and 15% of equipment purchases.
Spending on AI causes some reduction in other technology purchases by big companies and those using AI services.
Building new data centers for AI uses labor and equipment that could be used for other construction projects.
Data centers have higher profit margins than other building projects, attracting more resources.
Large AI-related borrowing by major tech companies has slightly increased borrowing costs for other businesses.
The increase in borrowing costs raised them by just 0.05 percentage points and may have lowered non-AI investments by about $10 billion.
Overall, the study suggests that the effect of AI investment on reducing other economic activity is smaller than often reported.
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The Los Angeles Lakers basketball team is being sold to businessman Josh Kushner and former Disney CEO Bob Iger for about $12.5 billion. This price is a new record for NBA team sales, surpassing the previous sale to Mark Walter earlier last year.
Key Facts
The NBA Board of Governors approved Mark Walter’s majority purchase of the Lakers last October for around $10 billion.
The Lakers are now being sold again, this time to Josh Kushner and Bob Iger.
The new sale price is about $12.5 billion, setting a record for NBA team sales.
Mark Walter also owns the Los Angeles Dodgers (baseball) and the Los Angeles Sparks (women’s basketball).
Bob Iger stepped down as Disney CEO in March 2024.
Josh Kushner is a venture capitalist leading Thrive Capital and Oscar Health.
Mark Walter expressed gratitude to the Lakers’ fans and city, emphasizing the team belongs to Los Angeles.
The NBA Board of Governors must approve the sale.
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Missing credit card payments leads to progressively worse consequences. After three missed payments, your credit score may drop, your interest rate might increase, the card can be suspended or closed, and collection efforts can become more serious.
Key Facts
Credit card balances rose by $21 billion to $1.26 trillion in the second quarter of 2026.
About 4.7% of household debt was overdue in some way.
Missing one payment can cause fees and hurt your credit score.
After 30 days past due, accounts are reported as delinquent to credit bureaus.
Missing three payments can trigger a penalty interest rate, increasing your debt costs.
Credit card companies may suspend or close your card after multiple missed payments.
Debt collectors may increase their efforts to recover money after about 90 days of missed payments.
Negative payment records can stay on your credit report for up to seven years.
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The Federal Reserve Bank of New York reported that fewer people with student loans are late on their payments compared to last year. About 7.8 percent of borrowers missed three or more monthly payments in the second quarter.
Key Facts
The delinquency rate refers to the share of borrowers late on payments.
In the second quarter, 7.8% of student loan borrowers missed at least three monthly payments.
This is a decrease from the same time period one year earlier.
The data comes from the New York Fed’s quarterly report on household debt and credit.
Student loan delinquency is a measure of financial difficulty for borrowers.
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CBS Mornings Deals offers special discounts on products designed to improve daily life. These deals are available through their website, cbsdeals.com, where purchases earn commissions for CBS.
Key Facts
CBS Mornings Deals features products aimed at making everyday life better.
Special discounts are available exclusively through cbsdeals.com.
Customers can visit the website to take advantage of these offers.
CBS earns a commission from sales made through their deal site.
The deals are promoted during CBS Mornings broadcasts.
The initiative helps viewers save money on useful items.
The website can be accessed via common internet browsers like Chrome and Safari.
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The Coalition plans to remove mandatory energy efficiency rules for new homes in Australia, aiming to reduce building costs by simplifying the construction code. Critics warn this could raise energy bills for residents and increase inequality by making homes less comfortable and more expensive to run.
Key Facts
The Coalition wants to cut the National Construction Code from over 2,000 pages to 80 pages.
They propose removing requirements beyond basic safety, making energy and accessibility standards optional.
Advocates say this change could cause higher energy bills and worse living conditions for renters.
The Energy Efficiency Council says minimum standards keep homes safe, comfortable, and affordable to run.
The Australian Council of Social Service warns removing standards would increase household costs and deepen inequality.
Industry groups say energy efficiency rules have increased building costs by $3,600 to $33,000.
Government studies show raising energy ratings slightly increases building costs by less than 1%.
The Coalition suggests states should set their own building codes due to different regional conditions.
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Many entry-level jobs are hard to get, and many internships do not pay students. Experts suggest that colleges and universities should include real work experiences created with employers as part of students' studies to make internships more accessible and valuable.
Key Facts
Entry-level job opportunities are becoming more limited.
Many internships remain unpaid, making them hard to access for some students.
There is a call for higher education to include structured work experiences.
These work experiences should be designed together with employers.
Embedding work experience into academic programs can help students gain practical skills.
This approach aims to make internships fairer and improve job readiness.
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Credit card debt in the United States rose to $1.26 trillion in the second quarter of 2026, close to last year’s record of $1.28 trillion. At the same time, more people are falling behind on their credit card payments, and auto loan borrowing also reached a new high.
Key Facts
U.S. credit card debt increased by $54 billion compared to the same period last year, reaching $1.26 trillion.
This amount is near the previous record high of $1.28 trillion set last year.
Credit card debt grew by $21 billion, or 1.7%, from the first quarter to the second quarter of 2026.
The share of credit card debt more than 90 days past due rose from 7.6% in late 2022 to 12.8% in early 2026, showing more people are late on payments.
Overall, 4.7% of total household debt was behind on payments between April and June 2026, slightly down from 4.8% in the prior quarter.
Other types of debt like mortgages and student loans saw a slight decline in balance.
U.S. consumers took out a record $211 billion in auto loans between April and June 2026.
Inflation remains relatively high, making it harder for families to pay bills, often causing them to rely on credit cards.
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Inflation has fallen slightly in recent months, with the Consumer Price Index rising 3.4% annually in July, down from 3.5% in June. This cooling inflation could affect mortgage rates, but other economic factors like the job market and Federal Reserve policies also play important roles.
Key Facts
Inflation measured by the Consumer Price Index rose 3.4% in July, down from 3.5% in June and 4.2% in May.
Core inflation, which excludes volatile food and energy prices, decreased from 2.6% in June to 2.5% in July.
The average 30-year fixed mortgage rate was 6.75% as of August 12, much higher than rates under 3% earlier this decade.
Mortgage rates often move with the 10-year Treasury yield, which is influenced by inflation expectations.
Lower inflation can reduce Treasury yields, potentially leading to lower mortgage rates.
The Federal Reserve does not set mortgage rates but influences market rates through its interest rate decisions.
The Fed aims for 2% inflation, and falling inflation may give it more room to lower rates in the future.
The labor market showed unexpected job losses in July, which combined with lower inflation could increase chances of future rate cuts.
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The New York City Council is investigating four companies that run prediction markets for potentially using harmful marketing to attract young people. The companies Polymarket, Kalshi, Coinbase, and Gemini Titan were asked to provide details about their advertising in New York City.
Key Facts
The investigation targets marketing practices by prediction market companies.
Four companies are involved: Polymarket, Kalshi, Coinbase, and Gemini Titan.
The focus is on whether these companies use "predatory marketing" aimed at young people.
New York City Council Speaker Julie Menin sent letters to these companies.
The companies must provide more information about their marketing in New York City.
Prediction markets allow people to bet on future events, like elections or sports outcomes.
The investigation began as of Wednesday after letters were sent on Monday.
The city council is concerned about protecting young residents from risky advertising.
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In July, sales of existing homes in the U.S. fell compared to June, partly because mortgage rates rose above 6.5 percent, making it harder for many people to afford buying a home. Home prices continued to rise in most regions, with some areas like the Northeast seeing increased sales despite higher prices.
Key Facts
Existing home sales dropped 1.7% in July compared to June, with 4.06 million homes sold.
Mortgage rates averaged 6.69% in late July, increasing for five straight weeks.
The median price for an existing home was $434,100 in July, marking 37 months of price increases.
The Northeast was the only region where home sales rose in July, increasing by 2%, even though prices there grew by 5.2% from last year.
The Midwest saw a 2% drop in sales from June but remains more affordable, with median home prices around $342,900.
The South experienced a 3.1% sales decrease from June, with home prices slightly up by 0.9% year-over-year.
In the West, sales stayed flat in July but were up 1.4% compared to a year ago, with median prices at $622,200.
Expected improvements in housing affordability did not occur this year, keeping the market slow.
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