Here are three reasons why a Fed rate cut won’t save Wall Street

Senior economists from both political parties say a rate cut may not work that smoothly even if the Fed says yes. And that poses risks to America's decade-long recovery as the 2020 presidential election draws nearer.
Politics

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ECB Joins Global Trend As Governing Council Discusses Rate Cuts

The European Central Bank turned dovish as expected in June, with the bank chief Mario Draghi confirming that the bank no longer has a rate-hike bias and that several policymakers raised the possibility of a deposit rate cut in the near future, as the global trade tensions hurt the economic sentiment in Eurozone.
RTT – Top Story

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Debt worries, low birth rate ring alarm bells

Two important bits of seemingly unrelated news came out last week. One got more attention than the other. You probably heard that the birth rate in the US hit a 32-year low in 2018. There were only 3.788 million babies born, a decline of 2% from the year before. The US is not producing enough…
Business | New York Post

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Philippines Cuts Key Interest Rate As GDP Growth Eases To 4-year Low

The Philippines central bank unexpectedly cut its key interest rate in May, after official data showed that the economic growth was the weakest in four years in the first quarter of this year. The Monetary Board, led by Governor Benjamin Diokno, decided to slash the overnight reverse repurchase facility rate by 25 basis points to 4.5 percent, a statement from the Bangko Sentral ng Pilipinas said.
RTT – Economic News

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Gundlach recommends buying rate volatility on long maturity U.S. Treasuries: Sohn

Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said on Monday at the Sohn Investment Conference that his best idea for investors is to buy interest rate volatility on long maturity…


Reuters: Wealth

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Fed’s James Bullard says interest rate policy is ‘a little tight’ right now

Speaking at a time when the White House is pushing the Fed to lower rates, Bullard would not commit to that course.
Economy

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Japan Rate Decision On Tap For Thursday

The Bank of Japan will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting an otherwise light day for Asia-Pacific economic activity.
RTT – Economic News

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California plan aims to slash state’s child poverty rate in half by 2039

A bill pending in the California Legislature sets an ambitious goal of cutting the state's child poverty rate in half by 2039 and also eliminating the number of kids in "deep poverty" by 2024.
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Autism rate rises 43 percent in New Jersey, study finds

A new report by the Centers for Disease Control and Prevention, which uses research by Rutgers University, shows a significant increase in the percentage of 4-year-old children with autism spectrum disorder in New Jersey. The study found the rate increased 43 percent from 2010 to 2014 in the state.
Child Development News — ScienceDaily

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We don’t need Fannie or Freddie for a fixed mortgage rate, says expert

President Trump released a memorandum last week on finance reform. Peter Wallison, AEI fellow, joins 'The Exchange' to discuss how the memorandum could cause a U.S. housing crisis.
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Fed’s Quarles says more rate hikes could be ahead ‘at some point’ as economy improves

Quarles voiced confidence in the economy and said more rate hikes likely will be appropriate, countering the prevailing market wisdom.
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The Ultimate Guide to Babysitting (Plus How to Command a Higher Rate)

Years ago, I worked as a live-in babysitter for a couple of months. I didn’t have to dress up like Mrs. Doubtfire, and the kids were OK, but the experience still might be part of why I chose to never have children.

However, if you like being around kids more than I do, you could make decent money as a baby sitter. By the end of 2018, Care.com found that the national average hourly rate for a baby sitter was $ 15.83, which was more than a 30% increase from $ 12.07 rate in 2013.

And that’s just the base rate. But more on that later.

All this is to say that babysitting is no longer just a business for teenagers; as an adult, you may be more likely to find work.

Thinking of adding a babysitting side hustle to your income? Here’s what you need to know.

How to Become a Babysitter

What makes a good babysitter? Yes, you should like children. But it’s not all fun and games, according to Connie Fong, vice president of brand, Care.com, who notes that newbies to babysitting should brush up on those invaluable soft skills.

“Taking introductory courses can help aspiring sitters learn the key skills to babysitting, like responsibility, problem-solving, decision-making and leadership,” Fong said in an email. “Places like the American Red Cross offer classes in child care that cover the basics of caring for kids and even better, many classes can be found online.”

When you’re just getting started, word-of-mouth is one of the best ways to boost your babysitting business and to find new customers. Provide great service to friends, family and neighbors, then ask them to refer you to their network of parents.

Depending on your location, you may find opportunities posted on Monster.com and Indeed.com. You can advertise your services for free on Craigslist.

If you don’t want to go it alone, there are several online platforms specifically set up for connecting parents and baby sitters, including Care.com and Sittercity. Both offer free membership options as well as paid versions that include background checks and improved placement.

When setting up your profile on babysitting sites, include more than the basic facts to attract parents who are looking for specific work history and personality traits that are a good match for their family, according to Fong.

“Share information beyond, ‘I like caring for kids,’” Fong wrote in her email. “[Babysitters should] include more specific details such as their years of experience, the types of responsibilities they have had, and special skills or passions that may help with the job.”

So maybe all those arts & crafts classes could finally pay off.

How Much Can Babysitters Make?

Your pay rate will depend on a variety of factors, including the following:

  • Location. You can charge more in cities with a higher cost of living. The Care.com calculator suggests the rate for babysitting one child in San Francisco, California, is $ 21 per hour, while in Toledo, Ohio, the going rate is $ 13.50 an hour.
  • Number of kids. You can typically charge $ 1 or $ 2 more per hour, per kid.
  • Age of sitter. Adults earn more.
  • Time. Late night and on-demand schedules typically result in higher pay. You can also charge a premium for high-demand nights like New Year’s Eve.
  • Additional qualifications.According to a 2017 Care.com Babysitter Survey, 66% of parents say they would pay more for a sitter with CPR and safety training,” Fong wrote.
  • Additional responsibilities. You can charge a higher rate for going above and beyond regular babysitting duties, such as picking the kids up from school or helping with homework.

Which Should You Be: Babysitter, Nanny or Daycare?

The line between being a baby sitter and a nanny can be a tough one to determine, but the more important question is whether you’re an independent contractor or a household employee.

First, if you don’t get paid more than $ 2,100 by any one client in a year, you’ll normally be considered an independent contractor, which means you’ll need to pay the self-employment tax along with your income tax.

If you earn more than $ 2,100 per year from one client, then the IRS considers in-home caregivers to be household employees, which means your employer has tax-compliance responsibilities like payroll taxes.

However, the IRS says, “A worker who performs child care services for you in his or her home generally is not your employee.” So babysitting in your own home makes it clearer that you’re an independent contractor and that the parents won’t need to deal with payroll taxes.

If you do decide to babysit kids in your home, you might be classified as a daycare operator, in which case you may need a license and have other legal complications. Each state has its own laws covering daycare, and you’ll want to make sure you’re on the right side of them.

For example, child care law in Illinois specifies that you need a license from the Illinois Department of Children and Family Services (DCFS) if you care for more than three children (your own are included if they’re under 12 years old). So if you live in Illinois and want to avoid the need for a daycare license, simply limit your service to watching three or fewer kids.

Consult a tax specialist if you’re in doubt about your status.

Whatever path you choose — babysitter, nanny, daycare provider — there’s plenty of responsibility involved when it comes to caring for other people’s children, so it shouldn’t be a job you enter into half-heartedly.

You may not be able to retire early on a baby sitter’s income, but expect your bonuses to come in the form of hugs and cookies — not a bad deal.

Steve Gillman is the author of “101 Weird Ways to Make Money” and creator of EveryWayToMakeMoney.com. He’s been a repo-man, walking stick carver, search engine evaluator, house flipper, tram driver, process server, mock juror, and roulette croupier, but of more than 100 ways he has made money, writing is his favorite (so far).

Tiffany Wendeln Connors, a staff writer at The Penny Hoarder, contributed to this post.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Trump says GDP would have topped 4% if Fed had halted rate hikes sooner

U.S. economic growth would be much stronger had the Fed stopped raising rates sooner, President Donald Trump said in an interview that aired Friday.
Economy

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Fed Leaves Interest Rates Unchanged, No Longer Expects Rate Hikes This Year

In a widely anticipated move, the Federal Reserve announced its decision Wednesday to leave interest rates unchanged following a two-day monetary policy meeting. The central bank’s forward projections also indicated interest rates are likely to remain unchanged for the remainder of the year.
RTT – Top Story

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Japan Rate Decision On Tao For Friday

The Bank of Japan will wrap up its monetary policy meeting on Friday and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The central bank is widely expected to keep its benchmark lending rate unchanged at -0.1 percent.
RTT – Economic News

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Trump says strong US dollar, rate hikes are hurting economy

President Donald Trump made wide-ranging speech at the Conservative Political Action Conference on Saturday.
Economy

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Japan Jobless Rate Climbs To 2.5% In January

The unemployment rate in Japan came in at a seasonally adjusted 2.5 percent in January, the Ministry of Internal Affairs and Communications said on Friday.
RTT – Economic News

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Taxing earned income at a higher rate creates a great discrepancy, says former Sen. Heidi Heitkamp

"One of the great discrepancies and inequities in our tax system is earned income is taxed at a higher rate than unearned income," Heitkamp said on CNBC's "The Exchange."
Politics

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New Zealand Jobless Rate Climbs To 4.3% In Q4

The unemployment rate in New Zealand came in at 4.3 percent in the fourth quarter of 2018, Statistics New Zealand said on Thursday – above forecasts for 4.1 percent and up from 3.9 percent in the three months prior.
RTT – Economic News

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Home values are rising at the slowest rate in more than six years

Home prices rose 4.7 percent in December, according to CoreLogic. That is the smallest annual gain since August 2012. Prices are still rising because of the shortage of homes for sale, especially on the lower end of the market.
Real Estate

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Japan Jobless Rate Slips To 2.4% In December

The unemployment rate in Japan came in at a seasonally adjusted 2.4 percent in December, the Ministry of Internal Affairs and Communications said on Friday.
RTT – Economic News

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Trump again hits Fed on rate rises; says U.S. firms present buying opportunity

President Donald Trump on Tuesday reiterated that the U.S. Federal Reserve was raising interest rates too quickly but added that U.S. companies were “the greatest in the world” and presented a “tremendous” buying opportunity for investors.


Reuters: Business News

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Fed Raises Interest Rates But Forecasts Fewer Rate Hikes Next Year

In a widely expected move, the Federal Reserve announced its decision to raise interest rates by a quarter point on Wednesday. The central bank said its Federal Open Market Committee decided to raise the target range for the federal funds rate by 25 basis points to 2.25 percent to 2.50 percent.
RTT – Top Story

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Stocks Tumble To Lowest Levels In Over A Year After Rate Hike – U.S. Commentary

Stocks saw typically post-Federal Reserve decision volatility in afternoon trading on Wednesday before ending the session sharply lower. With the steep drop late in the day, the major averages finished the session at their lowest closing levels in over a year.
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Fed’s Bullard becomes first on central bank to suggest delaying December rate hike

St. Louis Federal Reserve President James Bullard says the central bank could consider postponing its widely anticipated December rate hike by one month because of an inverted yield curve.
Economy

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African-American mothers rate boys higher for ADHD

African-American children often are reported by parents and teachers to display behaviors of ADHD at a higher rate than children from other racial and ethnic groups. For the first time, researchers have found that African-American mothers in a study rated boys as displaying more frequent ADHD symptoms than Caucasian mothers did, regardless of child race.
Child Development News — ScienceDaily

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Fed Minutes Provide Further Hints At December Rate Hike

Minutes from the Federal Reserve’s monetary policy meeting held earlier this month are likely to reinforce expectations for another quarter-point increase in interest rates next month. The minutes of the Federal Open Market Committee meeting said almost all participants agreed another increase in rates was “likely to be warranted fairly soon.”
RTT – Top Story

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Fed minutes reveal further rate hike ‘warranted soon’

Almost all Federal Reserve officials at their last meeting agreed another interest rate increase was “likely to be warranted fairly soon,” but also opened debate on when to pause further hikes and how to relay those plans to the public. Minutes of the November meeting show policymakers ticking off a series of issues, including a…
Business | New York Post

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Mental health diagnoses among US children, youth continue to rise at alarming rate

The number of children and adolescents visiting the nation’s emergency departments due to mental health concerns continued to rise at an alarming rate from 2012 through 2016, with mental health diagnoses for non-Latino blacks outpacing such diagnoses among youth of other racial/ethnic groups, according to a retrospective cross-sectional study.
Child Development News — ScienceDaily

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Fed’s new Vice Chair Clarida backs more rate hikes in first major policy speech

Federal Reserve Vice Chairman Richard Clarida, in his first major policy speech since being seated at the central bank, said more interest rate increases are likely warranted as the economy continues to gather strength.
Economy

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With homebuilding stocks down 40%, investors hope the Fed gets the message and slows rate hikes

If there's a case to be made for the Fed to hold fire on interest rate hikes, it's happening now in the housing market and the stocks that track the industry.
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States With Legal Marijuana Have a Higher Rate of Car Accidents, Study Says

As more U.S. states legalize marijuana, a debate is growing around whether greater availability of cannabis products is causing an increase in auto accidents. A report Thursday from a highway-safety research group supports the camp that believe the two are linked.

The report, issued by the Insurance Institute for Highway Safety, said that car accidents reported to police in three states that had legalized marijuana sales–Colorado, Washington, and Oregon–saw 5.2% more accidents than did their neighboring states.

A second study by the group estimated that states that had legalized cannabis saw 6% more insurance collision claims than other states.

In recent years, a number of studies have look at whether legal cannabis is linked to traffic accidents, often reaching different conclusions. Last year, a study in the American Journal of Public Health looked at traffic fatalities in Colorado and Washington to find that there was “no significant association” between pot legalization and higher fatalities.

A study published in JAMA Internal Medicine in April, however, recorded an increase in car crashes over the past quarter century on April 20, a day when cannabis enthusiasts celebrate the drug. A 2015 study by the National Highway Traffic Safety Administration “did not show a significant increase in levels of crash risk” with pot use when adjusted for demographics like age and gender.

Separately, the National Transportation Safety Board announced Wednesday its ruling on a bus crash that killed 13 people in Texas last March. The driver of a pick-up truck that collided with the bus was under the influence of marijuana and a prescription sedative, the NTSB said.

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Bank Of America Q3 Profit Surges On Asset Quality, Lower Tax Rate

Bank of America (BAC) reported that its third-quarter earnings per share was up 43% year-over-year to $ 0.66. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $ 0.62 for the quarter. Analysts’ estimates typically exclude special items. Net income to shareholders increased to $ 6.7 billion from $ 5.0 billion, previous year, driven by continuing strong operating leverage and asset quality, as well as the benefit of tax reform. Pretax income was up 18% to $ 9.0 billion.
RTT – Earnings

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Lingering Rate Concerns Contribute To Sell-Off On Wall Street – U.S. Commentary

Stocks saw substantial weakness during trading on Wednesday following the mixed performances seen in the two previous sessions. The tech-heavy Nasdaq showed a particularly steep drop, falling to its lowest closing level in over three months.
RTT – Top Story

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Cramer: If Fed chief Powell were to ‘walk back’ aggressive rate remarks, Wall Street could rally

"All he has to do is say, 'You know what, I think that everything is on the table,'" CNBC's Jim Cramer says. 
Economy

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Stocks Close Firmly Negative Amid Interest Rate Worries – U.S. Commentary

Stocks saw considerable weakness during the trading session on Thursday, extending the pullback seen in afternoon trading on Wednesday. With the drop on the day, the Dow gave back ground after ending yesterday’s trading at a record closing high.
RTT – Top Story

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