The Federal Reserve is the central bank of the US — here’s why it’s so powerful and how it affects your financial life

As the central bank of the US, the Federal Reserve sets financial policy and bank-industry regulations that ultimately affect every American. Hisham Ibrahim/Getty Images The Federal Reserve, or “the Fed,” is the central banking system of the US.The purpose of the Federal Reserve is to regulate banks, manage the country’s money supply, and implement monetary…

Dow surges more than 600 points as strong consumer spending report helps offset recession fears

Nicolas Economou/NurPhoto via Getty Images The Dow jumped more than 600 points as investors cheered June’s retail sales figures.  Consumer spending ticked up 1% last month, exceeding economists expectations.  Still, Deutsche Bank said in a note Friday that the market is now pricing in a 100% chance of recession this year.  US stocks closed the…

Mid-cap stocks worth $2 to $10 billion often provide investors a good balance between growth and income

Mid-cap stocks offer investors a middle path in terms of risk and reward. JOHANNES EISELE / Contributor/Getty Images Mid-cap stocks are companies that have a market values between $2 billion and $10 billion. Mid-caps are usually moderately risky but generally stable companies that still have room to expand. Since mid-caps often offer both dividends and…

TikTok’s global security chief is stepping down amid US user data controversy

TikTok’s global chief security officer (CSO) will step down from that position and shift into a strategic advisory role. Roland Cloutier’s change in duties follows concerns about how the company is handling US user data. TikTok recently admitted that employees outside of the country were able to access that information, although “robust cybersecurity controls and…