Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business.
If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. From media and technology to finance and real estate, leagues and teams across the globe have matured into far more than just back page entertainment. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries.
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A coin is dropped into a piggy bank in this arranged photograph.
Tracy Alloway and
The Federal Reserve has been raising benchmark borrowing rates at the fastest pace in decades, but the interest rate paid out to millions of people with bank accounts is still stuck at almost zero. According to data from Bankrate, the average interest rate on savings accounts is just 0.23%. So what's going on? Why have many banks so far avoided raising what they pay out to depositors even as the Fed hikes, and will that eventually change? What does it mean for the financial system and also economic policy given that higher rates are, in theory, supposed to encourage less spending and more saving in order to curb higher inflation? On this episode, we dig deep into the making of bank deposit rates with Barclays strategist Joe Abate. This transcript has been lightly edited for clarity.
Omny Studio: Why Interest Rates on Savings Account...