During an Illinois Chamber of Commerce event in Chicago on Thursday, Federal Reserve Bank of Chicago President Charles Evans said the economy is stressed with “very high” inflation and an acute labor shortage. He said workers have different attitudes these days, especially after the pandemic.
The only good thing is that you can get higher interest rates on savings. Discover Bank/Capitol One Bank/Ally and more are paying at least 2.15% and going up all FDIC insured. CD’s are higher depending on term.
If pension funds are investing some of the cash on hand and getting a few percent that will offset the 3% compounding a little but big banks are still only paying 0.1%.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The only good thing is that you can get higher interest rates on savings. Discover Bank/Capitol One Bank/Ally and more are paying at least 2.15% and going up all FDIC insured. CD’s are higher depending on term.
If pension funds are investing some of the cash on hand and getting a few percent that will offset the 3% compounding a little but big banks are still only paying 0.1%.