A majority of Americans feel like they’re behind when it comes to saving for retirement. According to a new Bankrate survey, 55% of Americans feel their retirement savings are not where they need to be, with nearly 35% saying they’re “significantly behind.” They say inflation is a key reason why they’re not saving more. In other news, JPMorgan Chase President Daniel Pinto says we need inflation under control now and a recession may be the price we have to pay to do so. “I think putting inflation back in a box is very important,” Pinto told CNBC in an interview. “If it causes a slightly deeper recession for a period of time, that is the price we have to pay.”
Fox Business/Daniella Genovese
Inflation big setback for retirement savings
More than half of working U.S. adults feel as though they are behind on retirement savings, underscoring the hardships of the inflated economy, according to a recent report from Bankrate.
Of these adults over a third say they feel “significantly behind,” according to the consumer financial services company’s recent report.
Industry experts also estimated that this period of hardship won’t end anytime soon.
Bankrate’s data showed that while 34% of workers are contributing the same amount to their retirement savings, only a quarter of workers have been able to increase their contributions compared to last year.
You can read the full story, here.
JPMorgan president says a recession may be price to pay to beat inflation, market bottom not in yet
JPMorgan Chase President Daniel Pinto has vivid memories of what life is like when a country loses control of inflation.
As a child growing up in Argentina, Pinto, 59, said that inflation was often so high, prices for food and other goods spiked on an hourly basis. Workers could lose 20% of their salary if they didn’t rush to convert their paycheck into U.S. dollars, he said.
“Supermarkets had these armies of people using machines to relabel products, sometimes 10 to 15 times a day,” Pinto said. “At the end of the day, they had to remove all the labels and start over again the next day.”
The experiences of Pinto, a Wall Street veteran who runs the world’s biggest investment bank by revenue, informs his views at a key time for markets and the economy.
You can keep reading, here.
Kitco News/Neils Christensen
Gold investors still need to be patient
After falling to a new two-year low, the gold market was thrown another lifeline after the Wall Street Journal reported that the Federal Reserve could start to slow the pace of interest rates after its November monetary policy meeting.
Gold prices have managed to end the week back above $1,650, which has been an important short-term psychological level for many investors and technical analysts.
Unfortunately, gold investors have been burned by false hope before. Every time markets start whispering about a potential pivot, gold investors jump into the market and spark a short-term buying frenzy.
So far this year, rallies have proven to be short-lived because the reality is that with persistently high inflation, the Federal Reserve and other global central banks aren’t finished tightening monetary policies.
Continue reading, here.