On today’s episode of Wealth!, host Madison Mills covers the biggest stories impacting the market, from June’s PCE data to the Bitcoin 2024 Conference.

June Personal Consumption Expenditures (PCE) data came in line with expectations, and Yahoo Finance Senior Reporter Jennifer Schonberger explains that the reading is good news for the Federal Reserve as it continues to tackle inflation. The print provided yet another data point strengthening the possibility of an interest rate cut in September. She notes that the Fed “can’t commit wholeheartedly because we still are going to get some more data for July and August. But it seems to be moving in the right direction.”

Billionaire Elon Musk is widely known for taking the lead on multiple ventures while juggling responsibilities as CEO of electric vehicle maker Tesla (TSLA). Julie Hyman provides an overview of the extensive coverage Musk receives on the Yahoo Finance platform, detailing Musk’s various companies and accomplishments, while also highlighting Tesla’s particular popularity among Yahoo Finance viewers and investors who use the site for research.

Mortgage rates have risen slightly over the last week as the average rate on the 30-year fixed mortgage ticked up to 6.78% Zillow Home Loans senior economist Orphe Divounguy joins the show to discuss how high rates are weighing on buyers and if an interest rate cut from the Federal Reserve could alleviate issues for the US housing market:

“People are very excited about the prospect of the Fed cutting interest rates, but I don’t think that normal rates will translate into lower mortgage rates immediately as some expect. I think mortgage rates are likely already reflecting Fed expectations,” Divounguy explains. “And if the Fed delivers fewer rate cuts or none at all, we’re likely going to see some upward pressure, not downward pressure on rates.”

Bitcoin (BTC-USD) has gained steam in the days leading up to the Bitcoin 2024 conference in Nashville, Tennessee, where former President Donald Trump and Robert F. Kennedy, Jr. are scheduled to deliver speeches. Macanomics founder and Yahoo Finance contributor Ross Mac joins Wealth! to break down the basics of crypto investing and what investors new to the space need to know. Mac suggests starting with the ETFs associated with crypto before owning the asset itself, such as the spot bitcoin and spot ether ETF products approved by the Securities and Exchange Commission (SEC).

This post was written by Melanie Riehl