The news this week will be the fight between the US Federal Reserve and the US Treasury that came to light on Friday, with Treasury Secretary Steven Mnuchin deciding to let several of the Fed’s emergency funding programs expire on December 31.
Raiz has always strived to help our customers focus not just on near-term financial goals, but on the long-term goals as well. On Thursday night we were excited that our superannuation offering, Raiz Invest Super, received the award for best FinTech Superannuation Service/Platform.
While most of us cannot access the seven wonders of the World in the immediate future, we can still access the eighth wonder of the world, compound interest. This is according to Albert Einstein, who said (allegedly) “Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn’t, pays it.”
With summer fast approaching, we can look forward to socially distanced BBQs, an Aussie Christmas in the sun, and some keenly anticipated trips to the beach with friends and family. Fitness becomes the focus for many as we approach the warmer months of the year.
Some optimistic vaccine news from Pfizer has sent markets upwards, with the Pharmaceutical giant reporting that its vaccine trial has a 90% success rate in preventing COVID-19. Markets in the US touched record highs, with the hope of life and commerce perhaps starting to shift back to how it was in 2019.
Global equities have just suffered their worst week since the market volatility in March when investors finally realised the full health and economic consequences of COVID-19. The market is attributing the sell-off to caution over the escalation in coronavirus cases and the US election, with the US tech titans the latest casualties in this selling.