CBS News
JPMorgan Chase denies Trump’s claim that CEO Jamie Dimon has endorsed him
JPMorgan Chase CEO Jamie Dimon has not endorsed Donald Trump, the financial giant said Friday after the former president claimed in a social media post that the executive, America’s most prominent banking industry leader, was supporting him.
“Jamie Dimon has not endorsed anyone. He has not endorsed a candidate,” Joe Evangelisti, a spokesperson for the New York-based bank told CBS News in a statement.
The denial came after the Republican presidential nominee posted a screenshot on his Truth Social account falsely stating, “New: Jamie Dimon, the CEO of JPMorgan Chase, has endorsed Trump for president.”
Trump told NBC News he didn’t know about the post, which was still visible on his account as of 5:10 p.m. Eastern Time.
The Trump campaign did not immediately respond to a request for comment.
Seemingly coming from a verified account on X earlier in the day, the post swiftly drew attention from various pro-Trump accounts before Trump weighed in.
Before Trump won the Republican nomination for president, Dimon had expressed support for former South Carolina Governor Nikki Haley during the party’s primaries.
Friday’s Truth Social post is not the first in which Trump incorrectly suggested winning support by a high-profile person. The former president in August posted AI-generated images claiming that Taylor Swift was backing him. The superstar endorsed his opponent, Kamala Harris a few weeks later.
CBS News
What’s the CD interest rate forecast for November 2024?
When it comes to earning interest with little risk, certificates of deposit (CDs) tend to be a good option, though they require you to commit to investing for the duration of the CD term to avoid early withdrawal penalties. The upside is that you also lock in your CD rate until the CD matures. When you qualify for a good CD rate, that’s a huge benefit as your investment is FDIC insured, so it’s very low risk, and it provides a generous guaranteed ROI.
In the post-pandemic era, rates soared as the Federal Reserve repeatedly raised the benchmark interest rate in response to record-high inflation. In turn, CD rates climbed to recent record highs, driving increased investor interest.
The Fed has now changed course, though, dropping rates by 50 basis points at the recent September meeting and signaling that further cuts are coming throughout the end of 2024 and into 2025 — with the next one widely expected to happen at the Fed’s November meeting. With rate reductions anticipated, many investors have questions about how CD yields will trend in the coming months.
Find out what today’s top CD rates are now.
What’s the CD interest rate forecast for November 2024?
We’ve talked to some experts about what to expect in November to give you an idea of where things stand.
Short-term CD rates are expected to drop
CD rates have already fallen from their highs in the post-pandemic era, and most experts believe that’s likely to continue into November — especially for certain types of CD products.
“In November, short-term CD rates are likely to continue their downward trend, as the Fed is expected to announce further decreases to their target federal funds rate at the November FOMC meeting,” says Jonathan Ernest, an economics professor at Case Western Reserve University.
Ernest points to the current movement in rates to justify his prediction, explaining that “we saw returns for most CD durations decrease in October as the Fed began a rate-cutting cycle. With markets anticipating another 25-basis point reduction in the federal funds rate in November, spurred on by slower price increases but tempered by a still reasonably tight job market, returns on investments in CDs will likely decrease as well.”
Chad Gammon, CFP and owner of Custom Fit Financial agrees, pointing to the same reason for a projected decline.
“For November, CD rates are forecasted to continue a downward trend. This lowering of rates would occur with the Federal Reserve’s rate cut and lowering inflation,” Gammon says.
Compare the best CD accounts available to you here.
Rates could move higher
Although there’s clearly reason to believe rates will drop in November and beyond, there’s no uniform consensus on this issue — especially for longer-term CDs.
“If recent market events — especially those pertaining to interest rates — have taught us anything, it’s that forecasting rates is a very difficult thing to do,” says Jeff DeLarme, CFA, CFP and president of DeLarme Wealth Management, Inc. “I wouldn’t be surprised if rates on short-term CDs moved lower in the month ahead, but I’m also not convinced they couldn’t move higher.”
Rate trends may also diverge for long- and short-term CDs, especially considering that the Fed rate cuts don’t have a uniform impact on these two related products and other factors may play a bigger role in driving the yields that long-term CDs offer.
“In my opinion, the longer the CD, the more rates are likely to be driven by supply and demand and other economic factors,” DeLarme says.
“For long-term holdings, the effect is a little less clear. We saw rates for 30-year mortgages begin to fall, but then creep back up, even after the Fed’s rate-cutting in October. Similar uncertainty may seep into the market for long-term CDs, as these returns are not as tightly correlated to changes in the federal funds rate as are short-term CDs,” Ernest says.
This uncertainty may frustrate CD investors who’ve enjoyed a long run of record-high rates. However, for those displeased by the current trends, there’s a simple solution.
“If you’re looking at purchasing a CD, locking in higher rates now is an option. Or, using a CD ladder to spread maturity dates would help with the impact of any future declines,” Gammon says.
The bottom line
The reality is that CDs remain a safe option with rates still high by historical standards. This advice is worth considering in an uncertain market. Investors can find options by checking out the best long-term CDs to open before the next rate cut so they can lock in at today’s rates and worry less about fluctuations during a time of economic uncertainty.
CBS News
Latest from Harris campaign on 2024 election loss to president-elect Trump
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
Why you should invest in gold before 2025
The price of gold continues to shatter records in 2024. Not only has the price broken numerous records so far this year, but the precious metal recently hit an all-time high of $2,730 per ounce, pushing past the previous price barriers once again. Three main factors are helping to drive this explosive growth: heavy buying from central banks, ongoing inflation concerns and expected interest rate cuts by the Federal Reserve.
As a result, many investors are wondering if gold’s high price means they should wait to buy. But financial experts say the current market presents unique opportunities. They point to strong signals that suggest gold prices could climb even higher.
We consulted three industry professionals about why now might be the right time to invest in gold — even with the recent price trajectory. Here’s what they had to say.
Find out how gold could benefit your investment portfolio today.
Why you should invest in gold before 2025
Below are three compelling reasons to consider investing in gold before 2025 rolls around:
The potential for continued price appreciation
Many analysts predict gold prices will reach $3,000 per ounce in 2025, representing a significant jump from current levels.
“With favorable conditions continuing to prevail in markets today, we [may] see gold well over [that target soon],” says Brett Elliott, director of marketing at American Precious Metals Exchange (APMEX).
The U.S. national debt adds another factor that could drive prices higher.
Michael Boggiano, managing partner at Wealthcare Financial, warns that rising debt levels could devalue the U.S. dollar, potentially triggering a financial crisis. This scenario could push gold prices even higher as investors seek safer alternatives.
Start adding gold to your investment mix now.
To hedge against economic uncertainty
Recent events prove gold’s value during market turmoil.
“Take the COVID-19 pandemic for example,” notes Boggiano. “[It] caused the 2020 market crash. This [drove gold’s price] to an all-time high of almost $2,100 per ounce.”
The precious metal has also shown its strength against inflation. Elliott points out that while inflation has eaten away more than 20% of the dollar’s purchasing power since 2020, gold has risen from under $2,000 to over $2,700 per ounce in four years.
This protective power becomes even more evident in countries facing severe economic challenges, where gold has helped preserve wealth during periods of extreme inflation.
For the diversification benefits
Elliott highlights that the traditional stocks and bonds balance doesn’t work like it used to.
“[They’ve] become correlated in recent years,” he says, limiting their effectiveness for portfolio diversification.
This shift has led investors to seek alternative assets that protect their wealth during market turbulence. Gold has proven particularly effective at this role by moving independently when other investments falter.
But how much should you invest? “[It’s] best to hold a small position in gold for the ‘what-if’ scenario,” advises Mark Charnet, founder and CEO of American Prosperity Group. He recommends making systematic investments you can maintain through good and bad market cycles.
Waiting until 2025 to buy gold could be costly
History gives us a clear warning about trying to time the gold market. Elliott recalls when gold cost less than $300 per ounce in 2000.
“There were people in 2006 who looked at gold priced at $600 an ounce and said they’d rather wait for the market to cool … [and it never did],” Elliott says.
Those who held off for lower prices missed out on significant gains.
That’s why instead of trying to time the perfect entry point, experts recommend a steady approach. Consider starting with smaller purchases and adding to your position regularly over time. This strategy, known as dollar-cost averaging, helps reduce the impact of price swings while building your gold holdings responsibly.
The bottom line
A balanced approach is key when adding gold to your portfolio before 2025. While some may want to dive in heavily given current market conditions, Charnet recommends limiting gold to no more than 10% of your investment portfolio — even in good times for the precious metal. This allocation is enough to benefit from its protective qualities while maintaining healthy diversification.
If you’re new to gold investing, start with “physical gold from a sovereign mint, and avoid collectibles for your first investments,” suggests Elliott. He emphasizes sticking to reputable companies only — and that’s where a financial advisor can provide guidance.
Consult with one to devise a strategy that lines up with your long-term goals and risk appetite. Remember that gold investing works best as a steady, long-term bet rather than a short-term or speculative venture.