⚔️ Ready for regulated crypto?

and top rewards credit cards

Morning Download 

Personal finance + economics + markets


Good morning investors! Stocks are on fire but today could be a big day as investors are keenly waiting for the Fed meeting.

Today we cover:

  • Stocks are hitting new highs.

  • Crypto to be regulated in the US?

  • Top rewards credit cards.

Follow us on Twitter for more.

🔈 Audio version: Apple Podcasts | Spotify | YouTube

📊 Economy and News 

Investors await today’s Fed meeting as positive news arrives

US crude oil on Tuesday dropped nearly 4% shocking investors. Prices have continued to fall despite the situation in Israel and Palestine.

This, however, is a good sign as inflation is finally no longer outweighing Americans’ wages with the number now down to 3.1%. But, all eyes are now set on today's Fed session.

The Fed will update its projections on economic growth, inflation and unemployment in today’s meeting. Chair Jerome Powell also will deliver his usual post-meeting news conference.

Traders are pricing rate decreases to start in the second quarter of 2024 and continue through the year. On the other hand, Wall Street sees a more cautious approach.

This meeting can set the tone for the next five to six months.

Global hits:

📈 Stocks

S&P 500 4,643.70 (+0.46%)
DJIA 36,577.94 (+0.48%)
NASDAQ 16,354.25 (+0.82%)
BRENT CRUDE 73.42 (-3.67%)
* Prices as of Dec 13th, 12:20 AM UTC

Stock market review: stocks go higher thanks to good news

Pablo Vitar GIF by Pabllo Vittar

Gif by pabllovittar on Giphy

Stocks climbed for a fourth session on Tuesday with the S&P 500 hitting its highest intraday level since January 2022. Nasdaq and Dow also jumped touching their highest intraday levels since April and January of last year, respectively.

Inflation-related data helped push stocks higher; however, some company related news is also doing the rounds. Netflix has revealed viewing information for more than 18,000 titles, accounting for 99% of all its viewing and all titles watched more than 50,000 hours.

The company will now post “What We Watched” report every six months covering almost all of its shows and movies by the amount of hours viewed over the covering period in a bid to be more transparent.

On the other hand, OpenAI is still a mystery when it comes to finances. Its nonprofit handle generated $44,485 in revenue in 2022, mainly from investment income. However, the company is still keeping its for-profit hand revenue a secret, which many find controversial given its valuation of $86 billion.

🔐 Crypto

Bitcoin $41,339 (+0.16%)
Ethereum $2,198 (+0.01%)
Total market cap $1.56 (+0.58%)
* Prices as of Dec 13th, 12:20 AM UTC

US to regulate crypto?

Episode 19 Reaction GIF by Law & Order

Gif by nbclawandorder on Giphy

Now that the EU has taken the next step in regulating crypto, the US is. also moving in the same direction.

Massachusetts Senator Elizabeth Warren wants to crack down on money laundering and she believes crypto plays an important role in it. She claims to have the support of several other politicians and financial organizations.

Called the Digital Asset Anti-Money Laundering Act, the bill aims to close gaps in the country’s money laundering rules by classifying several crypto apps, firms, and noncustodial wallets as “financial institutions regulated under the Bank Secrecy Act.”

This proposal has some investors worried but experts say that it is unlikely to pass. A look at Warren’s old record says that only 11 of her 330 bills have ever passed. Her bill isn’t very well thought out, claim some experts.

It concentrates on surveillance at a time when legislators are more focused on other aspects of crypto. However, we do see crypto getting legalized in the country but not this year and not under this bill.

Also check:

💵 Personal Finance

Best rewards credit cards

Two days ago, we asked our subscribers what they liked the most about their credit cards and the results are above. Most said they liked rewards and cashback offers, so we thought of picking some of the best rewards credit cards.

Here they are:

You will need an excellent score (at least 700) to qualify for this card and once you do, you will be rewarded with incredible rewards, including 5x points on travel purchases, 3x on dining, and 2x on all other travel purchases. New users earn 60,000 free points that are easy to redeem. On the downside, the annual fee is a little high at $95 per year.

A little expensive at $250 per year, this card offers $60,000 points to new users once they spend $6,000 on eligible purchases within the first six months. As for rewards, you get 4x points at restaurants (including delivery and takeout) and supermarkets, 3x on flights, and 1x on all other purchases. In addition, you will enjoy a $240 credit to be divided among eligible restaurants and Uber Cash equally. This means the card is almost free.

Not all rewards cards are expensive as the Discover it® Cash Back comes with a $0 annual fee. Other perks include 0% intro APR for 15 months on purchases, 5% cash back on everyday purchases, and Unlimited Cashback Match for the first year, i.e.: a chance to double your cash back.

This card offers points worth $500 when you spend $2,000 in eligible purchases within the first 120 days. There is no annual fee for the first year, but expect to pay $95 from the second year. On the downside, a score of 740 or higher is needed to get approved.

These are all great cards. Pick one only if you need one and you’re sure you’d be able to pay it on time.

Also, check this video for some tips on choosing a credit card:

💰 Be a Better Investor

“Buy not on optimism, but on arithmetic.”

Benjamin Graham

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👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.