Your Money Crasher Minute: "Some Pain"

Welcome to this week's edition of your Money Crasher Minute Having trouble viewing this email? [Click here]( # This week's financial news here at home was shaped by last Friday's remarks from the Federal Reserve. Abroad, Europe is facing energy prices that are getting out of control. But there is good news to be found too, especially for hobbyists who enjoy movies or collectibles. With Labor Day weekend coming up, maybe what we really need is to go have some fun! The challenges of the world will still be here when we get back to the office. [Jim_Cirigliano Headshot.png] Jim Cirigliano Editor Quick Market Price Check Last updated: August 31, 5:00pm EST 3,955.00 S&P 500 (-17.55% YTD) $20,174.90 Bitcoin Price (-57.74% YTD) 5.98% 30-yr fixed mortgage The Fed Plans to Bring the Pain Two little words: "some pain." That was all it took to send markets into a tailspin on Friday when Federal Reserve chairman Jerome Powell suggested the central bank would continue to raise interest rates until it hurts ("some") to bring down inflation. Are we surprised? The roughly 5% decline in the averages since Powell's remarks suggests the market was, but didn’t we already know this was coming? Inflation is closer to 10% than 2%, so what did we expect the Fed would do next? This may be one of those cases where a little bit of pain is what’s best for the patient. We may need to grin and bear it. [IMG_3522.JPG]  Europe energy prices Speaking of pain, Europe is facing an energy crisis as prices for electricity and natural gas spiral higher. British authorities estimate the average household will pay more than $4,000 in energy bills in the next year. Meanwhile, German energy costs have risen by 16x since the beginning of COVID, according to [Barron's](. Imagine an essential $100 per month energy bill becoming a $1,600 monthly bill in the span of two years. This week Russia paused the transporting of gas supplies through the Nord Stream 1 pipeline to Europe, which threatens to further exacerbate the problem. Thanks for that. $5 per gallon at the pump stank this summer, but at least we aren't barreling toward winter with energy costs like this looming. Last Chance for Free COVID-19 At-Home Kits According to [CNN]( the United States will discontinue its program offering free at-home COVID-19 test kits via the U.S. Postal Service this week (Sept. 2). The Biden administration cited a lack of ongoing support from Congress (read: we didn't fund it). If you haven't received free at-home COVID tests by mail already, be sure to order yours today, while you can. Otherwise you'll have to pay for the privilege of shoving a swap up your nose. $3 Movies This Sunday! According to [the Associated Press]( this Sunday, Sept. 3, is National Cinema Day, and the major chains and film studios are participating by offering a nationwide discount on movie tickets. Participating theaters, including Regal Cinemas and AMC, will price their tickets at no more than $3 for every Sunday showing. Labor Day weekend tends to be slow for movie theaters, so The National Association of Theater Owners hopes the promotion will draw more moviegoers back to the in-person theater experience this holiday weekend. Popcorn might still be $12, but the price to get in the door sure is right! The Best Thing That Could Ever Happen to a Baseball Card Collector A mint condition 1952 Mickey Mantle baseball card sold at auction for a record $12.6 million, making it the most valuable sports collectible ever sold, according to [NPR](. Maybe if we could just air-drop some old baseball cards over Europe we could solve the energy crisis there? Except the market for memorabilia from America's pastime might not be worth quite as many euros. And the Mick would have to survive the drop in near-perfect condition. OK, bad idea, but you can't blame a guy for thinking outside the box. Sent to: {EMAIL} [Unsubscribe]( Money Crashers, LLC, 1887 Whitney Mesa Dr #3030, Henderson, NV 89014, United States