Sunday Reading - Rock 'n' roll

 

Twist and Shout

Rock 'n' roll is a form of popular music that originated in the American South in the late 1940s and early 1950s. The genre combines elements of other American musical styles—including blues, country, gospel, R&B, Tin Pan Alley, and jazz. > Explore an interactive timeline of rock 'n' roll's origins in blues, swing, country, and other genres. (More) > American blues provided the framework for rock 'n' roll, jazz, and other American musical forms. (More, w/video) Jackie Brenston's "Rocket 88" is now widely considered the genre's starting point, particularly for its use of distorted electric guitar, a defining feature that would shape the genre for decades. By the 1960s, rock 'n' roll was a part of the American mainstream and was spreading outside the country, too. > Listen to "Rocket 88," widely considered the first rock 'n' roll song. (More, w/video) > Why is the Rock & Roll Hall of Fame in Cleveland, Ohio? (More)  In the following decades, rock music continued to evolve and splinter into various styles and subgenres—including funk, punk, glam, new wave, metal, Goth, and indie—and influenced other iconoclastic pop forms like dance and hip-hop. While rock 'n' roll was once denigrated as unserious pop culture, it's now considered serious literature, with its own critics, historians, and even a Nobel laureate. > Tour the iconic Sun Studio in Memphis, the studio responsible for hundreds of hours of American music history. (More, w/video) > Find out which rock songwriter was the first to win the Nobel Prize in literature. (More) Discover more:  > Santa Cruz, California, banned rock 'n' roll in 1956, fearing the corruption of its youth. (More) > Frank Sinatra was disgusted by Elvis Presley's hip-shaking "Ed Sullivan Show" appearance. (More) > Rock became an integral part of Nigeria's civil war when it arrived in the country during the 1960s. (More) ===================================================================== Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator

Warren Buffett Steps Down

 

Warren Buffett Steps Down

 

Billionaire investor Warren Buffett stepped down as chairman of Berkshire Hathaway yesterday, with his eldest son, Howard Buffett, succeeding him. Shares closed up 0.1% with the news. Read Buffett's announcement letter here. The 96-year-old investor will serve as chairman emeritus and a board member of the conglomerate he led for over six decades. Buffett began buying shares of Berkshire Hathaway, then a struggling textile manufacturer, in 1962. He became its chairman and CEO in 1970 and turned it into an investment holding company (Buffett 101). In 2024, Berkshire Hathaway became the first US non-tech company valued at more than $1T. Business partner Greg Abel took over as CEO in January, but Buffett reportedly continued to come into the office daily; it's unclear whether this will change. Buffett has donated roughly $66B worth of stock to charity since 2006, and his three children are responsible for distributing the remainder of his roughly $150B fortune by the end of 2034.  ===================================================================== Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator

Ivory Tower IOUs (student loans)

 

Ivory Tower IOUs

 

More than 40% of US adults who pursued education beyond high school have taken out student loans. These borrowed funds are used to cover tuition, fees, living expenses, and other costs of college—and they must be repaid, usually with interest, upon leaving school. About two in five students in any given academic year take out some form of student loans. > Why most US college students don't pay the school's full sticker price. (More, w/video) > Student loans are typically just one part of student financial aid packages, which often include grants, scholarships, and more. (More, w/video) There are two primary types of student loans: federal or "public" loans, which are student loans borrowed from the US federal government, and private student loans, which are any student loans financed by a lender other than the government—such as a bank, credit union, or a student's university. Private loans accounted for only about 8% of the roughly $1.8T in total outstanding US student debt as of early 2026. > Inside the FAFSA form, which the federal government uses to determine students' eligibility for aid. (More, w/video) > The types of currently available federal student loans, explained. (More) > How to get lower rates on private student loans. (More) A student loan's interest rate determines the ultimate cost of borrowing, as well as how quickly the amount owed grows. Federal student loans tend to have lower interest rates than their private counterparts. Interest rates on federal student loans typically range from about 6% to 9% as of the 2026-27 academic year, whereas interest rates on private student loans can exceed 17%. > Why some borrowers end up with higher student loan balances than they started with, even after years of payments. (More, w/video) > More than half of student loan borrowers owe less than $25K in federally managed student debt. (More) Discover more:  > How did student loans become so prevalent? (More, w/video) > Play the role of a student in a game where you try to navigate college and remain debt-free. (More) > The GI Bill helped create the first college jazz programs. (More) ===================================================================== Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy

Fed Hikes Rates

 

Fed Hikes Rates

 

The Federal Reserve raised interest rates for the first time since 2023 yesterday, announcing a quarter-percentage-point increase in benchmark rates and bringing the range to between 3.75% and 4%. Stocks closed down on the news (S&P 500 -0.5%, Dow -1.2%, Nasdaq -0.0%). See Federal Reserve 101 here. The rise marks Chair Kevin Warsh’s first effort to combat inflation, which has remained above the bank’s 2% target for over five years. The vote, which was unanimous, came despite calls by President Donald Trump to lower rates or see him end trade with dozens of countries—any with which the US has a deficit, including China, Mexico, Vietnam, and the EU (see map). Instead, the bank signaled the possibility of at least one more rate increase this year. Long-term Treasury yields had already priced in the expected hike and did not move significantly on the news. See how credit card debt, mortgages, and other household expenses are impacted by yesterday’s decision. ===================================================================== Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator

Fed Likely to Raise Rates This Week in the Wake of New Inflation Data,

 

WASHINGTON — U.S. inflation held steady in August, but a stronger-than-expected increase in underlying prices has sharply increased expectations the Federal Reserve will raise interest rates when it meets this week.

The Labor Department reported Friday that consumer prices were up 3.4% from a year earlier, matching both July’s inflation rate and economists’ expectations.

But the details of the report offered less reassurance that inflation is moving toward the Fed’s 2% target.

Prices excluding volatile food and energy costs — the so-called core inflation measure — increased 0.3% from July, exceeding expectations and accelerating from the previous month. Core prices were up 2.4% from a year earlier.

The monthly increase interrupted two months of more encouraging inflation data that had supported Fed forecasts that price pressures would ease during the second half of 2026 as some effects of tariffs faded, the Wall Street Journal noted in its analysis.

“Both headline and core inflation accelerated monthly in August. Upside risk to the inflation outlook increased as oil prices continued to climb,” Dawit Kebede, senior economist with America’s Credit Unions, said in a statement. “A prolonged increase in energy prices could spill over into the prices of other goods and services.  The report gives hawkish members of the Federal Reserve more reason to argue for a rate hike given a strong economy and low unemployment. Markets have already increased the odds of a September hike in recent weeks.” 

Rate Hike Expectations Jump

Financial markets responded by substantially increasing bets that the Fed will raise its benchmark interest rate by a quarter percentage point at its policy meeting next week.

Interest-rate futures indicated about a 90% probability of a quarter-point increase following the inflation report, up from approximately 70% beforehand, according to the Journal.

“If you don’t raise rates now you better have a damn good story on why you didn’t,” Omair Sharif, head of advisory firm Inflation Insights, told the Journal.

Fed policymakers have been divided over whether another rate increase is necessary. Three officials dissented at the central bank’s July meeting in favor of raising rates, and other policymakers have since indicated they could support an increase if inflation failed to improve.

The decision has been further complicated by another surge in energy prices. Crude oil was trading above $99 a barrel Friday, compared with $85.76 at the end of August.

Fed’s Preferred Measure Also in Focus

Economists are using Friday’s consumer price data to estimate the personal consumption expenditures price index, the inflation gauge preferred by the Fed.

The Journal reported many economists now estimate core PCE prices increased 0.3% in August. That would put the 12-month core PCE inflation rate at approximately 3.4%, well above the Fed’s 2% target.

The official August PCE report will not be released until later this month.

Inflation has remained above the Fed’s target since mid-2021, frustrating expectations that price pressures would ease enough this year to allow policymakers to lower interest rates.

Overall inflation stood at 2.4% at the beginning of 2026. But the war involving Iran and resulting increase in energy prices, President Donald Trump’s tariffs and price pressures associated with the rapid expansion of artificial intelligence infrastructure have contributed to renewed inflation concerns, according to the Journal.

Gas, Diesel Prices Add Pressure

Energy costs have become a particularly significant source of pressure.

Regular gasoline averaged $4.07 a gallon in August, compared with $3.16 a year earlier, according to AAA figures cited by the Journal. The average had risen to $4.30 by Friday.

Diesel prices reached an average $6.06 a gallon Friday, compared with $3.71 a year earlier. Higher diesel costs could spread inflation beyond the energy sector by increasing the cost of transporting goods.

The AI infrastructure boom is creating another source of price pressure by contributing to shortages of memory and storage chips used in consumer electronics, the Journal reported.

Tariffs could also continue putting upward pressure on prices as businesses pass higher import costs to consumers. More recently imposed tariffs on Canadian goods could extend those effects.

Risk of Inflation Becoming Entrenched

Fed officials are also watching whether prolonged inflation begins changing consumer and business expectations.

If workers come to expect higher inflation, they may demand larger wage increases, while businesses expecting higher costs may raise prices. Those reactions can make inflation more persistent.