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Mortgage Rates Did Nothing All Week Despite Lots of Big News


Despite a week filled with lots of important news, mortgage rates did absolutely nothing all week.

Which might speak to them being more entrenched at current levels.

Or reinforce the idea that we’ll see “flat” mortgage rates in 2026.

Whatever the theory, it doesn’t appear we’ll see a ton of movement in rates this year.

Though there is still the AI wildcard. And a new Fed chair. So plenty can still happen.

Mortgage Rates Barely Budge Despite Tariff Drama and Higher Inflation

Perhaps a few things cancelled each other out. Maybe that’s the reason mortgage rates had a super boring week despite all the news.

By Mortgage News Daily’s measure, the 30-year fixed began the holiday-shortened week at 6.04%. And ended the holiday-shortened week at 6.04%.

In other words, absolutely nothing happened with mortgage rates all week, which is pretty rare.

Interestingly though, there was plenty happening during the week, including a PCE inflation report that came in hot.

By the way, the PCE report is the Fed’s preferred inflation gauge, so it carries a lot of weight.

We also had a Supreme Court ruling that reversed the tariffs, which were said to and proven to cause inflation.

That’s an interesting one though because on the one hand tariffs are said to cause inflation. But on the other the tariff revenue could reduce our debt or at least lessen Treasury bond issuance.

With fewer bonds to absorb, we could have lower bond yields, which would equate to lower mortgage rates.

GDP Comes in Low and Labor Continues to Look Okay

Other than those tariff questions, we also got GDP, which came in super low, but could be attributed to the government shutdown.

That kind of speaks to all the noise in the data at the moment, thanks to the shutdown and tariffs.

It’s easy to make excuses for things if they don’t look good, at least for now.

There was also the weekly jobless claims report, which came in below expectations, pointing to continued resiliency in the labor market.

Again, for now, despite fears that AI could take out a lot of jobs and cause unemployment to surge.

Lastly, sprinkle in some geopolitical uncertainty with a military buildup near Iran and there’s a lot going on at the moment.

Taken together, the economy seems to have opposing forces keeping it fairly balanced right now.

There are inflation concerns, but also data pointing to improvement there. And if the tariffs go away, it could look even better.

Remember, the Fed was hesitant to cut further because of the unknowns regarding the tariffs, saying they at least temporarily raised prices.

If those are swept aside, it’s one less thing standing in the way of a Fed rate cut from new chair Kevin Warsh and company.

That might be why mortgage rates are in a bit of holding pattern again, hovering just above the key 5% range.

It’s a decent spot to be in, all things considered. But it appears to be a struggle for them to breach that psychological 6% barrier.

Given all that’s going on though, it’s not surprising.

By the way, that headline you (probably) saw about mortgage rates hitting the lowest point since 2022 was courtesy of Freddie Mac mortgage rate data.

They pegged the 30-year fixed at 6.01% for the week, the lowest point since September 2022.

That’s great news, though it remains about double what it was in the beginning of 2022…

Read on: 2026 Mortgage Rate Predictions

Colin Robertson
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6 Ways to Make Strategy Resonate with Skeptical Leaders


“We don’t have a strategy,” boasted a tech company CEO in our first conversation. He was justifiably proud of what he and his team had built. “We’ve done well without one, and we’re doing fine now. Strategy feels like a good way to take our eye off the ball.” To him, strategy was a slow, political exercise that invited too much debate, increased bureaucracy, and distracted the organization from what made it successful.



Social Security Cuts: What Young Workers Face


Key Points

  • The 2025 Trustees Report projects that Social Security’s retirement trust fund will be depleted in 2033, triggering an automatic benefit reduction of about 23% if Congress does nothing.
  • For Millennials and Gen Z, the bigger long-term issues are payroll taxes, full retirement age rules, and how benefits are calculated, not a sudden disappearance of the program.
  • Social Security was designed to replace only part of pre-retirement income. For most younger workers, it should be viewed as a supplement, not a primary retirement plan.

Headlines warning that Social Security is “running out” have sparked fresh anxiety among younger investors. Some stories highlight a potential $460 monthly benefit cut. Others suggest the system may collapse entirely.

The reality is more complex.

According to the 2025 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds (PDF File), the program is facing a structural shortfall. But that does not mean Social Security is disappearing. And for workers in their 20s, 30s and early 40s, the most important questions are different from the ones driving today’s headlines.

Here’s what actually matters.

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What The 2025 Trustee Report Says

Each year, Social Security’s trustees publish a detailed financial outlook. The 2025 report shows:

  • The Old-Age and Survivors Insurance (OASI) Trust Fund (which pays retirement and survivor benefits) is projected to be depleted in 2033.
  • If that happens and Congress does not act, incoming payroll tax revenue would be sufficient to pay 77% of scheduled OASI benefits.
  • The combined OASI and Disability Insurance (OASDI) trust funds are projected to be depleted in 2034, at which point incoming revenue would cover about 81% of scheduled benefits.
  • The 75-year actuarial deficit is 3.82% of taxable payroll.
  • The open-group unfunded obligation over 75 years is $25.1 trillion in present-value terms.

Importantly, Social Security does not “go bankrupt.” Even after depletion, payroll taxes continue to flow in. And by law, benefits would be reduced to match incoming revenue.

That’s where the widely cited “23% cut” comes from – the gap between scheduled benefits and projected payable benefits after depletion.

For a retiree receiving $2,000 per month, a 23% reduction would mean roughly $1,540 instead. For those living primarily on Social Security, that would be a significant hit.

But most Millennials and Gen Z workers are decades away from retirement. For them, the issue is less about a sudden cut in 2033 and more about how policymakers may adjust the system long before they retire.

Why Social Security Is Struggling

The shortfall stems largely from demographics.

In 2024, there were about 2.7 workers per beneficiary. By 2040, that ratio is projected to fall to 2.3 workers per beneficiary. Fewer workers supporting more retirees means less payroll tax revenue per recipient.

Social Security’s costs have exceeded total income since 2021. In 2024, the program paid out $1.485 trillion in benefits and expenses, while taking in $1.418 trillion in income, drawing down trust fund reserves to make up the difference.

The 75-year shortfall equals 3.82% of taxable payroll. The trustees estimate that restoring long-term solvency would require either:

  • An immediate and permanent payroll tax increase of 3.65% points (to 16.05% total), or
  • An immediate and permanent benefit reduction of about 22.4%, or
  • Some combination of both

Those are illustrative scenarios (not policy proposals) but they frame the size of the gap lawmakers must address.

How This Will Impact Millennials And Gen Z

For younger workers, four factors matter more than the 2033 headline.

1. Payroll Taxes

Today’s Social Security payroll tax rate is 12.4% of wages, split evenly between employers and employees (6.2% each), applied up to a taxable maximum ($176,100 in 2026) .

Lawmakers could:

  • Raise the tax rate,
  • Increase or eliminate the taxable wage cap, or
  • Broaden the earnings base.

For Millennials and Gen Z, a payroll tax increase would affect take-home pay immediately. Even a one-percentage-point increase shared between workers and employers would reduce net wages over decades.

2. Full Retirement Age

The full retirement age (FRA) is already scheduled to rise to 67 for those born in 1960 or later.

One commonly discussed reform is gradually increasing the FRA further, reflecting longer life expectancy.

For younger workers, that would effectively reduce lifetime benefits unless they delay retirement. A higher FRA does not eliminate benefits, it changes the age at which full benefits are available and increases early-claiming penalties.

3. Benefit Formulas

Social Security uses a progressive benefit formula that replaces a higher percentage of earnings for lower-income workers.

Congress could:

  • Adjust the bend points in the formula,
  • Slow benefit growth for higher earners, or
  • Modify cost-of-living adjustments (COLAs).

Younger higher-income earners are more likely to see formula changes than current retirees, who are politically sensitive constituencies.

4. The Role of Social Security in Retirement

Social Security was never designed to replace full earnings.

For middle-income earners, the program typically replaces around 40% of pre-retirement income. For higher earners, the replacement rate is lower. That means 401(k)s, IRAs, pensions and personal savings remain essential.

Many Millennials and Gen Z workers are already less reliant on Social Security projections when planning retirement. Surveys consistently show skepticism about future benefit levels.

In practical terms, that may be prudent. Even if lawmakers close the financing gap, the structure of the program could change.

The Bottom Line

Social Security faces a real shortfall. The 2025 Trustees Report projects trust fund depletion in 2033 for retirement benefits and 2034 for combined funds, with automatic benefit reductions if lawmakers fail to act .

But for Millennials and Gen Z, the more relevant issues are long-term structural reforms: payroll taxes, retirement age, and benefit formulas.

The program is unlikely to vanish. It is likely to change.

For younger investors, the prudent approach is not panic but preparation.

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The post Social Security Cuts: What Young Workers Face appeared first on The College Investor.

Unfair Taxes and the Bill That Aims to Fix It


The Social Security Fairness Act signed at the beginning of 2025 is now unfair, at least when it comes to taxes, according to some representatives in Congress.

The Social Security Fairness Act eliminated the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which reduced Social Security benefits for about 3.2 million public-sector retirees who also receive pension income. The law’s effective date was retroactive to January 2024, so many beneficiaries received last year a one-time retroactive payment that may have amounted to thousands of dollars and higher monthly benefits, starting in 2025.

Those income spikes last year likely triggered more taxes for many people, experts said. To help address the potential tax bomb, Rep. Lance Gooden, R-Texas, introduced earlier in February the bipartisan No Tax on Restored Benefits Act to amend the tax code to exclude retroactive Social Security payments tied specifically to the repeal of WEP and GPO from federal taxable income.

“For hundreds of thousands of Americans, the bipartisan Social Security Fairness Act was truly transformative, ensuring they received the benefits they deserved,” said Rep. Chellie Pingree, D-Maine, cosponsor of the bill, in a news release. “But it was never intended to saddle widows, low-income seniors, and dedicated public servants with an unexpected tax bill.”

How much are the extra taxes?

How much of people’s Social Security benefits will get taxed depends on the total amount of their income, including tax-exempt interest like from a municipal bond, plus one-half of their Social Security benefits for the taxable year.

Up to 85% of your Social Security benefits can be taxed depending on how much more that combined income is over the base amount for your filing status.

The base amounts based on filing status are:

  • $25,000 if you’re single, head of household, or qualifying surviving spouse
  • $25,000 if you’re married filing separately and lived apart from your spouse for the entire year
  • $32,000 if you’re married filing jointly
  • $0 if you’re married filing separately and lived with your spouse at any time during the tax year.

If you’re married and file a joint return, you and your spouse must combine your incomes and Social Security benefits when figuring the taxable portion of your benefits. Even if your spouse didn’t receive any benefits, you must add your spouse’s income to yours when figuring on a joint return if any of your benefits are taxable.

The Social Security Administration provides a tool to help calculate whether Social Security benefits are taxable and if so, how much.

Aside from the higher share of taxable Social Security benefits, beneficiaries will also have to watch their overall income tax bracket, said Jaime Eckels, certified financial planner and Wealth Management Partner with Plante Moran Financial Advisors.

“The payments could also push individuals into a higher tax bracket or IRMMA bracket, affecting Medicare premiums,” she said.

IRMAA stands for Income-Related Monthly Adjustment Amount, which is a surcharge added to Medicare Part B and Part D premiums for people with higher incomes.

Can ‘No Tax on Restored Benefits Act’ pass?

Some experts said they doubt the bill to amend the tax code would pass.

“The chances that anything passes in this Congress is fairly low, in my opinion,” said Phillip Hulme, owner of Stars & Stripes Financial Advisors. “I think last year set a record for the least amount of legislation passed of any class of Congress.”

But also, never say never.

“Maybe this is one of the few things they (politicians) can use to rally some support for themselves,” he said. “After all, who doesn’t like free money?”

Can beneficiaries lower their taxes?

People have a few options they can try to avoid more taxes. They include, experts say:

  • If the lump-sum retroactive payment pushes your combined income above the thresholds for the tax on Social Security, the IRS will allow you to allocate it to the year you should have received it, Eckels said. You don’t have to “amend” your prior year’s tax returns either. Instead, you check the box on line 6c of your Form 1040 or 1040-SR if it lowers the taxable portion of your benefits and pay any taxes owed for the prior year with your current year’s tax return.
  • Contact your local Taxpayer Assistance Center or certified public accountant to get guidance on avoiding increases in Medicare IRMAA. “Since the back pay is not expected to continue, they could argue that their income is expected to be reduced and that they may qualify for an IRMAA exclusion,” Hulme said. “Form SSA-44 would need to be filed to claim the exception but since this is a novel use case, I can’t say for sure what the IRS will determine.” But it’s worth a try, he said.

Medora Lee is a money, markets and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.

This article originally appeared on USA TODAY: Social Security Fairness Act: Unfair taxes and the bill that aims to fix it

Reporting by Medora Lee, USA TODAY / USA TODAY

USA TODAY Network via Reuters Connect

How fandom became culture’s power center — and a blueprint for Gen Z’s economic influence



Today, fandom functions as a co-creative, identity-shaping system where fans play a meaningful role in the evolution of both the IP they love and the brands who seek to join in on the action. These fan communities, from StationeryTok to K-pop Discords and fan-fiction servers in AO3, now fulfill needs that institutions once did—a sense of belonging, a place to make meaning, and increasingly, opportunities to build skills and income. 

The irony is that fandom is joyful for young people precisely because it is free from the constraints, gatekeepers, and disappointments of the real world. It’s a space for Gen Z and Gen Alpha to play, create, express, and connect on their own terms. Yet that joy, that collective creativity, has become a form of cultural power—a currency more valuable than the money they often lack. What starts as escape ends up shaping the very systems they feel powerless against. 

A generation no longer molded by one monoculture now moves fluidly through dozens of micro-worlds, elevating what resonates from each. A fan edit can break a song. A theory can reframe an entire franchise. A creator backed by a loyal community can outpace traditional media in reach and momentum. And while fandoms have always been creative hubs, with 74% of young people now describing themselves as video creators, the speed and scale of this influence is unprecedented. What once took years to build now catches fire in weeks. Young people aren’t waiting for studios, networks, or brands to declare what matters; they’re signaling it and sustaining it long before institutions notice. 

And this cultural momentum now shapes the real economy. 

How Gen Z and Gen Alpha fans are reshaping economic behavior 

Fandoms sit at the intersection of identity, influence, and spending. Three dynamics explain their accelerating economic power. 

First, fans behave like stakeholders. Their participation shapes canon, sentiment, and demand. They revive dormant IP, elevate emerging artists, and influence what gets made. Their investment is emotional, creative, and financial. And companies are responding: Disney, famously protective of its IP, is reportedly developing generative tools with OpenAI that will let Disney+ subscribers create and share short-form content using iconic characters. This is a signal for every company that fandoms are changing entire business models.  

Brands beware: Today’s fans know their value. They understand that their engagement — views, clicks, posts, word of mouth – translates into real revenue. They don’t see themselves as an anonymous audience segment, but as stakeholders. Brands that enter these spaces incorrectly risk venomous backlash from a highly protective cohort. 

Second, creation now rivals consumption. Fans stitch, annotate, reinterpret, and expand the worlds they care about. Cultural belonging comes through contribution, and brands are adapting. Nestlé didn’t just hire podcaster Alex Cooper to market a drink; they co-created Unwell Hydration with her, seeing creator fandom as a business asset instead of a rentable audience. 

Third, fandom is a catalyst for IRL experiences. In a fragmented environment, fandom increasingly provides grounding, identity, and connection. Trust flows horizontally, between fans, not from the top down. And this trust translates directly into behavior. In a move that would’ve been hard to believe a decade ago, movie theaters are now premiering Netflix originals, like Stranger Things Season 5, because fans are demanding shared, communal experiences around their favorite universes.  

This explains why fandom is one of the few areas where youth spending remains resilient. A concert becomes a gathering point, not a luxury. Merch becomes a marker of identity, not an impulse buy. Supporting a creator becomes participation in a community that reflects their values. And Gen Z travel patterns increasingly center around viral restaurants, micro-events, and fandom-driven destinations, not geography. 

Fandom is where young people invest emotion, so it becomes where they invest money. 

How brands should move forward 

We first must accept that fans now play roles that once belonged to companies. 

The distance between audience and industry has collapsed. Fans surface new songs and shows before official channels. They create demand for products before they exist. They sustain creators through direct financial support. They distribute culture across networks that outperform institutional pipelines.  

Today, 66% of Gen Z and Gen Alpha say they spend more time with fan-created content than official content. As just one example, while Vogue’s Met Gala livestream generated 14 million views, creator-posted videos from that same night surpassed 550 million. 

This isn’t a challenge to brands; it’s a roadmap for how influence now moves. 

Brands can manufacture their own fandom, but most often seek to participate in the worlds young people care about – provided they understand the underlying emotional and cultural logic.  

Here’s how brands can translate this understanding into action: 

  1. Design for experiences, not exposure – Fandoms run on emotion, not impressions. Brands win when they elevate the moments fans already care about–reducing friction, strengthening rituals, and supporting the joy and anticipation that define these communities. The goal is to become part of the fan experience, not a disruption to it. 
  2. Provide access that feels like partnership –Fans expect proximity and participation. They want a role in shaping outcomes. Early access, co-creation pathways, transparent storytelling, and flexible licensing signal respect for fan expertise. When fans are invited inside the process, their creativity strengthens the world a brand is building. 
  3. Build belonging across platforms and places –Belonging is the true currency of fandom. Brands can nurture it by supporting the digital and physical spaces where fans gather–from micro-communities to pop-ups to IRL meetups. These spaces become extensions of the fandom: environments where identity and shared obsession live. 

The broader cultural imperative

Fandom has become the structure that fills the gaps left by collapsing institutions, offering belonging, meaning, and momentum previous generations found in schools, workplaces, or traditional media. But the scale is entirely new. No generation of young people has ever held this level of collective influence, or the tools to mobilize it so quickly. 

This isn’t accidental. When established systems, from career pathways to cultural gatekeeping, failed to adapt, young people built spaces where their creativity, identities, and communities could thrive.  

The implications extend far beyond business. Fandom reveals a generation learning to organize around passion instead of hierarchy, contribution instead of credential, and community instead of institution. It shows how culture now forms: collectively, iteratively, and from internet hubs, not geographical ones. 

Fandom isn’t new, but the circumstances Gen Z and Gen Alpha are growing up in are—and accelerated technology, weakened institutions, and unprecedented creative tools are transforming what it does and how it operates.  

For leaders across industries, the lesson mirrors the one reshaping the future of work: when the inherited systems no longer serve people, people build new ones. Gen Z and Gen Alpha already have. And the institutions that learn from how these fandoms move will be better positioned for a world no longer defined by a single mainstream, but by millions of communities creating their own. 

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

Discover Cardholders Migrating To Capital One Get $50 Travel Portal Credit (Targeted?)


The Offer

  • Capital One is adding a $50 hotel and vacation rental credit for those migrating from Discover. Credit expires 7/29/26. 

Our Verdict

Reader JP sent this in. I’m not sure if everyone who migrated got this or targeted. Personally, I haven’t yet migrated.

Employees Are Walking Away From Higher Pay. Here’s Why HR Didn’t See it Coming



Compensation still matters, but for many employees, benefits are doing the real work of retention.

Five-year prison terms handed to Fortress founders in mortgage fraud case




The decision marks a significant enforcement outcome in a case that helped reshape scrutiny of Ontario’s syndicated mortgage market.