Mar 19, 2018

Higher deposit rates could mean more money in your pocket

The Eccles Building, location of the Board of Governors of the Federal Reserve System. Photo: Brooks Kraft / Getty Images

The Federal Reserve could soon raise the rate of interest paid on deposits of the majority of bank customers, the Wall Street Journal reports. One sign of what's to come: the average rate on a one-year certificate of deposit hit 0.49% last week, the highest in over 7 years.

Why it matters: It would mean more money in the pocket of average American, even as consumers have moved away from locking away their money in traditional CDs in recent years given the ease of moving money electronically. The dilemma, per the WSJ: "Banks don’t want to pay more than they have to, but they also don’t want to keep deposit rates so low that customers eventually leave."

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Coronavirus updates: World case count tops 600,000, Spain sees its deadliest day of outbreak

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Spain reported a record 832 coronavirus deaths in 24 hours — just one day after Italy reported nearly 1,000 deaths.

The big picture: The U.S. now leads the world in confirmed coronavirus cases, as the number of global cases nears 615,519. Governments around the world are trying to curb the medical and financial fallout of COVID-19, as infections surge across Europe and the U.S.

Go deeperArrowUpdated 2 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 614,884 — Total deaths: 28,687 — Total recoveries: 135,671.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 9 a.m. ET: 104,837 — Total deaths: 1,711 — Total recoveries: 894.
  3. Federal government latest: President Trump signed the $2 trillion coronavirus stimulus bill to provide businesses and U.S. workers economic relief.
  4. State updates: Alaska is latest state to issue stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month.
  5. World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day.
  6. Business latest: President Trump authorized the use of the Defense Production Act to direct General Motors to build ventilators for those affected by COVID-19. White House trade adviser Peter Navarro has been appointed to enforce the act.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancing.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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The one-minute coronavirus story

Illustration: Sarah Grillo/Axios

News about the coronavirus is so big and coming so fast that it's hard to remember what happened just last week, let alone last month.

Here's the quickest possible review of the story so far — how it happened and how the U.S. lost control.

Go deeperArrow18 mins ago - Health