They are not bound to that. I've had my (idle) money in another bank at 1% this whole time since Barclays fell off.

e: before this becomes a whole thing, my point is that, today is not 1980, we are a modern connected society, banks aren't doing us the same favor they did back then by doing all the legwork and merely existing, and there's a much bigger selection of banks now. If there's no incentive to keep money in a bank (e.g. better than average spot rates), why would anyone use them? That's all. Consumer gripe.

This post was edited by CheatEngine on Jun 13 2022 10:52pm

And some banks will give you more than 1% to entice in new business. But to put it simply, the rate they offer is fixed to what they can reasonably make on your deposit. When the central bank pushes all rates downwards, the rate they can charge consumers for mortgages also declines. That means they make less money on your money, and so they pay you less.

yield nodes m8

So it did happen

The Federal Reserve raised its benchmark interest rates three-quarters of a percentage point in its most aggressive hike since 1994.

https://www.marketwatch.com/story/white-house-acknowledges-americans-are-concerned-about-inflation-and-the-stock-market-as-s-p-500-erases-all-gains-since-bidens-inauguration-11655233323?siteid=yhoof2

another dismal job report today too, more red incoming. that 0.75% bump was good but it’s still tiny in the grand scheme

How much worse will it get? I'm gonna say another 5-10% and then stay there for 6m-1yr

And so the painful coming months / years begins



don't try to time the market

The average bear market drops 34% from peak (on average) but could easily go more and takes on average 230ish trading days to reach its bottom and then just over 500 trading days to recover (on average)

but history doesn't always repeat itself

This post was edited by JP99 on Jun 16 2022 12:27pm

doesn't matter, ill follow it down to the bottom. i didnt choose the thug lyfe, the thug lyfe chose me

yeah, just gonna keep investing consistently

and if a big crash happens i'm gonna pile the rest of my liquid net into index's




This post was edited by JP99 on Jun 16 2022 01:08pm