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What is net metering and how does it work what is net metering in solar energy what is net income what is net force what is title 42 what is rsv what is my ip what is normal blood pressure
What Is Net Metering and How Does It Work?
What Is Net Metering and How Does It Work?
If you're interested in setting up solar panels at your home, you've likely run into a number of new concepts when it comes to how utilities handle the electricity you'll generate. Perhaps you've run into the term "net metering" otherwise known as "net energy metering" or NEM, a concept unique to commercial and residential areas that generate their own electricity.
With solar panels, you can generate enough energy to provide electricity to your home and, sometimes, more than you can use or store. When that happens, you can sell that excess electricity to the utility company to distribute elsewhere along the power grid. That process is known as net metering.
How does net metering work?
In states that offer net metering (check here to see if your state qualifies), you can sell your excess solar energy back to your utility company in exchange for credits that offset the cost of your energy usage. You may generate excess solar power when it is clear and sunny out, but see less energy than is necessary to power your home when it is cloudy or rainy. By selling your excess energy back to the utility grid, you'll be able to use the credit to cover the cost for any electricity you need to use. You end up paying only for the "net" energy, or the difference between how much you sold and actually used.
The types of net metering
There are three different models of net metering, and which one is available to you may depend on your state and your utility provider.
Net metering
Net metering is the most common arrangement, and works by selling any surplus power generated by your solar panels to the utility operator in exchange for credits, which offset any electricity you may need to use from the grid. The credit is applied at the retail rate, which means the rate that you pay for electricity. Only one meter is required to track this, though your meter may need to be upgraded when you go solar.
Buy all/sell all
The buy all/sell all model works by selling 100% of the energy that your solar panels generate to the utility company. It is sold at wholesale price, which is cheaper for the purchases. In exchange, you get 100% of your home's energy from the utility company, which you pay the retail rate to use. This requires two separate meters, and you will pay the difference -- if any -- between the amount generated and the amount consumed. It's important to note that under this model, you do not directly consume any of the energy your solar panels generate.
Net billing
Much like net metering, the net billing model allows you to use the electricity generated by your solar panels and sell the excess to the utility company at retail price. Unlike the net metering model, though, you cannot bank credits for future billing cycles. This arrangement is more common for commercial situations than residential ones.
Advertiser Disclosure: CNET's corporate partner, SaveOnEnergy, can help you find the right energy fit for your home. The SaveOnEnergy marketplace helps you search, compare, sign up and save on the right energy fit for your home — all for free. If you're interested in solar, answer a few questions to get an exact price quote from our solar advisors.
What to consider when it comes to net metering types
In some cases you won't have a choice when it comes to the type of net energy metering arrangement, as utility companies may only offer one option. However, if you can choose, you'll want to keep in mind a couple things.
Net metering is the most common option for a reason: it's the simplest to understand. You get credits for energy sold and those credits are at retail price, meaning they are paid at the same rate that you pay for your electricity. That makes the math simple.
However, that doesn't mean it's the best deal available to you. If you're in a situation where you expect to generate a lot of electricity -- a region where it is sunny most of the time and there isn't much rain or cloud cover to interfere with your panels -- a buy all/sell all option may work better. While you'll be selling at a wholesale rate, meaning it is a lower rate for you since you are acting as a provider, you'll also be selling much more than you otherwise would. All of your solar power generation will be monetized, as opposed to just the excess.
You should also keep in mind other fees associated with net metering. For instance, you may have to pay a connection fee. This is a monthly expense that you pay for connecting to the utility company's grid. It typically isn't much, between $10-20 per month, but it is an expense to keep in mind.
No matter what arrangement ends up working best for you, net energy metering a great way to get the most out of your solar panels. Not only does it allow you to power your own house or pay for your full electricity use, but it also allows you to monetize your energy generation and let others make use of it.
What States Can and Can't Do When Banning Abortion
What States Can and Can't Do When Banning Abortion
For more information about your reproductive health rights and related federal resources, you can visit the US government's
Reproductive Rights
site.
Whether someone can get an abortion or related medical procedure mostly hinges on which state they live in after the Supreme Court overturned Roe v. Wade last month and ended the constitutional right to abortion. But the switch from federal protection to state law isn't straightforward and has led to confusion and misinformation on what pregnant patients and physicians can do.
In this still developing landscape, how confident can people be that their treatment is still legal?
"The answer to all your questions is 'Who the heck knows,'" said Dr. Louise Perkins King, a surgeon and bioethicist at Harvard Medical School. "And that's the problem."
The US Department of Health and Human Services issued guidance on July 11 reminding physicians of their responsibilities under the existing Emergency Medical Treatment and Labor Act, or EMTLA, which supports the need to treat and stabilize patients in an emergency, including pregnant patients who may require an abortion. Days later, Texas sued the Biden administration over the law, which allows for medical assistance to save the life of the mother, because, Texas Attorney General Ken Paxton said, it "seeks to transform every emergency room in the country into a walk-in abortion clinic."
On Tuesday, a judge in Texas blocked the EMTLA guidance, so physicians in that state may no longer be protected by federal law if they perform an abortion when they deem it medically necessary but it falls outside of Texas' interpretation of a life-endangering pregnancy. Physicians nationwide who are members of the American Association of Pro-Life Gynecologists and Obstetricians or the Christian Medical and Dental Association are also exempt -- a total of about 18,000 health care providers, according to the court document.
Texas' new trigger law -- which will be in effect on Aug. 25 -- bans all abortions except when the pregnancy puts the mother "at risk of death or poses a serious risk of substantial impairment of a major bodily function." Physicians who perform an illegal abortion will be committing a felony. It doesn't make exceptions for rape, incest or fetal abnormalities, and it also doesn't make an exception for when the pregnant person's risk of death would come from a "claim or diagnosis" that they'll be hurt or might die in the future. (This could be interpreted to mean a doctor can't provide an abortion if a woman threatens to die by suicide because she has depression.) All abortions are currently banned in Texas after the state's Supreme Court ruled that a law from the 1920s could stand.
Legal battles within some states will continue to shape post-Roe America, with the landscape changing by the day. And lawsuits like the one in Texas clarify the country's stance on whether state law preempts federal rule on abortion or reproductive health care. Basically, can federal regulations trump state law?
"There's going to be cases that are going to have to determine this question," I. Glenn Cohen, a professor and bioethicist at Harvard Law School, said.
The argument over medication abortion access -- which is banned or restricted in many states but still available to people if they order it (not without risk) online -- will likely also be one of the first big court cases post-Roe, Cohen said. Questions of whether federal regulations on medication abortion conflict directly enough with state restrictions will continue to be center stage.
Medication abortion, for use in early pregnancy, accounts for more than half of abortions in the US. Restricting the pills is the new frontier of abortion bans.
Robyn Beck/Getty Images
Other federal guidance issued by the Biden administration includes a reminder to pharmacists that they are required to fill medication and birth control prescriptions for patients. Failing to do so is discrimination based on pregnancy status. This was in response to the many reports of women having treatment delayed or prescriptions denied while health care workers try to navigate around new state laws.
Here's what we know today.
Can states ban abortion pills? Not completely, but some are trying.
Any state with a current total ban on abortion -- including Texas, Oklahoma, South Dakota, Alabama, Arkansas, Mississippi, Missouri and Wisconsin -- also bans medication abortion. Heavy restrictions in other states, including Tennessee and South Carolina, which ban abortion after about six weeks, also extend to medication abortion. This means providers can't prescribe the medication in those states and patients can't fill prescriptions at pharmacies.
"If a state law bans abortion broadly, that includes medication abortions," Elisabeth Smith, director of state policy and advocacy at the Center for Reproductive Rights, told MedPage Today.
But abortion bans and state laws seek to punish abortion providers or people who assist them, not the person seeking the abortion (there's reason to believe this might change in the future). For now, people living in the most restrictive states can still order pills from an overseas pharmacy, including Aid Access. However, the pills could take awhile to arrive and potentially put the person past the point of pregnancy for which the medication is safe and effective (about 10 weeks).
Peter Dazeley/Getty Images
The fate of medication abortion pills in Republican-leaning states centers on mifepristone, the first pill given in the two-dose regimen of medication abortion. Because the US Food and Drug Administration approved mifepristone as a safe and effective way to end a pregnancy over 20 years ago, states shouldn't be able to restrict it, the US attorney general's office argued the same day Roe was overturned. (Misoprostol, the second pill, is used off-label for abortion and miscarriage treatment. It's also used to treat health conditions such as stomach ulcers.)
Whether this federal regulation (and the FDA's stamp of approval) supersedes state laws will need to be decided. Cohen said this is likely to be determined by the Supreme Court as "one of the first post-Dobbs cases."
"It's unclear whether that's going to be a winner of an argument, to be perfectly honest," Cohen said.
Last year, the FDA extended a pandemic-era rule that allowed patients to get medication abortion pills through the mail, instead of requiring them to be prescribed in person. This was seen as a victory for the American College of Obstetricians and Gynecologists and other medical groups, which viewed the in-person requirement as unnecessary for a medication that's safe and effective in early pregnancy.
But states have their own requirements for medication abortion, and providers licensed in Montana can't prescribe pills to patients who travel over from a restrictive state like South Dakota, NPR reported.
Read more: Worries About Post-Roe Data Privacy Put Spotlight on Period Apps
Ectopic pregnancies can't result in a delivery and require medical treatment. Symptoms can start with typical pregnancy signs, including a missed period, but can progress to abdominal or pelvic pain, vaginal bleeding, weakness and more.
Svetlana Gustova/Getty Images
Can states ban treatment for high risk pregnancies? The HHS says no, but doctors say state laws are restricting care.
Even though the most restrictive states banning abortions leave room for some degree of medical emergency, practicing physicians need to decide where the medical emergency line is – and risk prosecution if a state sees it differently.
This month, the story of a 10-year-old girl who was raped and pregnant and who traveled to Indiana from Ohio, where abortion is banned around six weeks without exception for rape or incest, made headlines. Not only was the physician publicly questioned by Indiana's attorney general on whether she followed state law, but Ohio Attorney General Dave Yost said in the aftermath that the girl should've been able to legally get an abortion under the state law's medical emergency exemption. Ohio's OB-GYNs disagreed.
"It states specifically 'medically diagnosed condition,' and as far as I can tell, adolescent pregnancy is not a medically diagnosed condition that's listed," Dr. Jason Sayat, a Columbus OB-GYN, told the Ohio Capital Journal.
The Department of Health and Human Services reminded physicians and hospitals that if they want to keep their Medicare agreement and avoid "civil penalties," they must treat pregnant patients and provide abortions if necessary as required under the 1986 Emergency Medical Treatment and Labor Act. The EMTLA, now blocked in Texas, outlines certain life-endangering pregnancies that doctors must treat regardless of state law, including ectopic pregnancies, preeclampsia and complications of pregnancy loss.
But that narrow line of abortion exceptions for medical emergencies given by states like Wisconsin is what's troubling Dr. Jennifer McIntosh, a maternal-fetal medicine physician practicing in the state. While Wisconsin's attorney general said he wouldn't enforce a ban, physicians there stopped performing abortions because the state has a pre-Roe criminal statute that prohibits most abortions. The "save the life of the mother" abortion exception language in that law can leave out health conditions which may not be an immediate emergency but can become one down the line.
"Some of what we do is to prevent emergencies from happening," McIntosh said. "To have to wait for an emergency to actually appear puts your patient's life at risk."
The treatment for an ectopic pregnancy is termination, because terminating the pregnancy is the only safe outcome when an embryo grows outside of the uterus, typically in a fallopian tube. Without treatment, the fallopian tube is likely to rupture, which can lead to internal bleeding and death. But some laws, like one in Texas, specifically restrict medications including methotrexate, which has led to access problems for people who are pregnant as well as people who are taking methotrexate for another health reason.
Complicating confusion and risk over how abortion bans will affect treatments for ectopic pregnancies is the fact that more rare types of ectopic pregnancies exist, including ones where the pregnancy is growing inside a C-section scar or other area outside the safety of the main cavity of the uterus -- but still technically in the uterus. These rarer kinds of ectopic pregnancies are also life-threatening, and may be more difficult to diagnose and treat as such in a state that bans abortions with an emphasis on the pregnancy being in the uterus.
Saul Loeb/AFP/Getty Images
States are not prosecuting people who have abortions (yet)
Current state laws -- both those in effect and those in limbo in court -- prosecute other people involved in an abortion, not the person who's pregnant.
But the health impact may be already felt when a doctor is hesitant to treat patients, or pharmacists are reluctant to fill a prescription for mifepristone before interviewing a woman to ascertain whether her pregnancy is already ended and her situation is in line with state law.
"Even in these straightforward cases of basic OB/GYN practice, the laws leave providers questioning and afraid," Dr. Carley Zeal, an OB-GYN in Wisconsin, told The New York Times. "These laws are already hurting my patients."
Aside from hesitancy among health care providers, physicians also fear that worries people have about being prosecuted for having an abortion or miscarriage will stop patients experiencing complications from any kind of pregnancy loss from seeking care.
That's because it was already happening, before Roe was overturned. According to the National Advocates for Pregnant Women, there were over 1,700 arrests or prosecutions of women from 1973 (when Roe became law) to 2020 where their pregnancies were the focus of the case against them.
So will doctors report you if they suspect you had an abortion?
"The vast majority of health care professionals will not do that, because that's not caring for their patients," King said. But, she added, "I'm sure there's a very small, but unfortunately detrimental, minority who might."
Your current access to birth control shouldn't be impacted by the overturn of Roe v. Wade. However, there's reason to believe that could change in the future.
Carol Yepes/Getty Images
Birth control is still protected under the Affordable Care Act
Right now, IUDs, birth control pills and other birth control methods are legal in all 50 states. And they should also be covered at no out-of-pocket cost for those covered under the Affordable Care Act. The right to birth control is protected under two Supreme Court rulings: Griswold v. Connecticut (1965) and Eisenstadt v. Baird. (Another Supreme Court Case, Burwell v. Hobby Lobby Stores, chipped away a little of that protection, however, finding that some corporations are exempt for religious reasons.)
Plan B or "morning after pill" brands are also not included in abortion bans, because they will not end an existing pregnancy. Most health plans should also cover them.
Legislators in Missouri last year voted to block taxpayer funding for IUDs and emergency contraception, casting doubt that all birth control devices will be protected indefinitely, at least in some states. The claims of legislators like Paul Wieland, a Republican state senator in Missouri, are that anything that has the potential to disrupt a fertilized egg's implantation into the uterus is an abortifacient.
The medical community has been clear that IUDs and emergency contraception do not cause abortions and will not end an existing pregnancy. Copper IUDs work mostly by causing a chemical change in the sperm and egg before they meet, according to the World Health Organization. Hormonal IUDs like Mirena work mostly by thickening cervical mucus so sperm can't reach the egg, and can also prevent ovulation. Plan B and similar pills likely won't work if a person has already ovulated, meaning the chances of it stopping implantation are currently understood to be slim.
Nevertheless, unlikely occurrences or instances where a fertilized egg may be prevented from implanting into a uterus could be called into question in future court cases.
Read more: Could a Post Roe v. Wade World Impact Your Access to Birth Control?
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.
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'The Rings of Power': All the Tolkien Terminology You Need to Know
'The Rings of Power': All the Tolkien Terminology You Need to Know
There's a reason folks who know a ton about the works of JRR Tolkien are often referred to as scholars. Watching The Lord of the Rings and The Hobbit is the tip of a genuinely massive iceberg, which is why a lot of people who enjoyed the films are a little confused about what's happening in all of the trailers for the upcoming Amazon series The Rings of Power.
But don't panic! You don't need to read an epic tome or watch 20 hours of Extended Editions to appreciate this new series when it comes to Amazon Prime Video on Sept. 2. Armed with whatever you remember from the last time you watched The Lord of the Rings and this quick terminology guide, you'll be prepared to enjoy this series without feeling terribly lost at these words you've never heard used in the movies before.
The Second Age
The Rings of Power takes place before what you've seen in The Lord of the Rings and The Hobbit, but not like 10 years back like you might see in lots of other prequel stories. The Rings of Power takes place thousands of years before the events of The Hobbit, during a period of time referred to as the Second Age. In this world, large segments of time are separated by major global events. For example, the scene at the end of The Lord of the Rings where everyone gets on those boats and sails away marks the end of The Third Age.
One of the cool things about The Rings of Power telling a story in the Second Age is that we'll get to see characters we've only previously experienced through legend and flashback, as well as ancient characters from the movies when they were young. Elves live impossibly long lives unless they are murdered, so in this series there will be character names we've heard before like Galadriel and Elrond and Isildur but much, much younger versions of the people we've already met.
Harfoots (pronounced har-foots)
One of the Harfoots, a race seen in The Rings of Power and ancestor of Hobbits.
Amazon Prime Video
You may have noticed in all of the trailers for The Rings of Power there are no Hobbits, at least not as you'd recognize them from the movies. There's a very good reason for this: Hobbits don't exist yet! Where Elves, Dwarves, and even Men of The Second Age live long lives and accomplish great deeds, the ancestors of Hobbits have lifespans much closer to an average human here in the real world. That means their evolution happens much faster than the other races of Middle-earth, and what we will see in The Rings of Power are one of the ancestors of Third Age Hobbits, known in this time as Harfoots.
Unlike the Stoors and Fallohides, which are other races that eventually come together with Harfoots to become Hobbits, the little folk we will see in Rings of Power are nomadic gatherers. They live off the land, with a more earthy and natural look to their clothing and behavior. A few of these Harfoots have been spotted in the trailers already, complete with the tell-tale hairy feet and shorter stature. Unlike Third Age Hobbits, Tolkien described many Harfoots as being darker skinned and are on average smaller than the characters you already know.
Expect Harfoots to play a pivotal role in this series, even if they don't get as much screen time as the films' Hobbits.
Silvan Elves (pronounced sil-vn)
Arondir's armor from The Rings of Power, on display at San Diego Comic Con 2022
Katie Aiani
One of the coolest costumes seen in trailers for The Rings of Power so far belongs to the character Arondir, who is not mentioned in any of JRR Tolkien's works. Arondir was created as a new character out of necessity; the race he represents is mentioned several times across Tolkien's works but never given the same kind of attention as many of the other races in Middle-earth.
Arondir is a Silvan Elf, and according to Tolkien these elves are separated from the others and scattered across multiple worlds. Those who made it to Middle-earth have a deep connection to nature, which is why you see Arondir in a wooden breastplate with a tree spirit or Green Man carved into it. What survives of Silvan Elves in the Second Age become part of Lorien, the area of Middle-earth we see Galadriel as ruler of in The Lord of the Rings.
Outside of looking very cool, Arondir and other Silvan Elves we see will be unique and stand out quite a bit from the Elves of this time.
Valinor (pronounced vali-nor)
The first image Amazon Prime Video shared from The Rings of Power was a still shot of Valinor with the two trees still alive.
Amazon Prime Video
The Elves you have seen across all of Tolkien's movies -- and soon this TV series -- live in Middle-earth, but they are not from Middle-earth. The Elves as we see them migrated to Middle-earth from a place called Valinor, a massive land with multiple cities and its own separate constructs of time and life. The way Elves and other creatures of Valinor lived while there is wildly different from the way they live in Middle-earth.
Elves left Valinor and came to Middle-earth because they had no choice: The two trees that allowed life to exist in Valinor were destroyed by a giant spider called Ungoliant and another being called Morgoth. Ungoliant would later give birth to the giant spider Shelob, who nearly kills Bilbo and Frodo in their respective stories. Morgoth passes his darkness to his pupil Sauron, who changes his name to Annatar when he went into hiding from those chasing the remnants of Morgoths army.
Valinor would eventually become a place Elves wish to return to, which you see at the end of The Lord of the Rings: Return of the King. The ships Bilbo, Frodo and other board at the end of the movie are traveling back to Valinor. Being allowed to return home before that point was considered a great honor, so when it's mentioned you will usually hear it in a grand context.
Númenor (pronounced noo-menor)
From a trailer for The Rings of Power, the first shot of the kingdom of Númenor
Amazon Prime Video
We've seen the massive white city of Gondor and the far-reaching lands of the horse lords called Rohan, but there was another Kingdom of Men where Aragorn's ancestors came from called Númenor. This massive star-shaped island was home to Men who lived much longer than most of their contemporaries and could build lasting relationships with Elves and Dwarves. Like Aragorn, many of the people from this island were gifted fighters and great leaders.
The Men of Númenor aren't quite like the men of the rest of Middle-Earth. They live quite a bit longer thanks to their ancestry, which frequently leads to them being treated as something different from someone you would meet in Middle-earth proper. Most Men of this era have never been to Númenor, let alone recognize it as somehow ruling all Men of the era.
Since this is the biggest kingdom of Men in the Second Age, there's a good chance a significant amount of this show will take place in Númenor.
Khazad-dûm (pronounced k'hah-zahd-doom)
Elrond and a Dwarf walking through the underground city of Khazad-dûm in The Rings of Power.
Amazon Prime Video
Most folks only know the kingdom of the Dwarves as a tomb and home to an angry Balrog who loses a fight with Gandalf. In The Lord of the Rings, we know this massive underground city as Moria, but in the Second Age it was also known as Khazad-dûm.
Unlike the scattered, separated version of the Dwarves we see in The Hobbit and The Lord of the Rings, we're going to see Dwarves in their prime throughout The Rings of Power. This is before the Arkenstone and the incident with Smaug, and before the Balrog is awakened in Moria. (All of that happens in the Third Age.) Instead, we're going to see Durin and his kin as master crafters with political agency and hopefully a will to work with the other peoples of Middle-earth.
And, unfortunately, we will probably also see whatever leads these proud people to retreat fully into their mountain.
Lindon (pronounced lin-don)
Amazon Prime Video
Middle-earth is a big place, and at this point in the world's history there are a lot of Elvish territories that currently don't look like the ethereal land Galadriel rules or the civilized kingdom Elrond presides over in the movies. Before Lothlorien and Rivendell there was Lindon, ruled by High King Gil-galad. During most of the Second Age, Elrond actually works for Gil-galad as his herald because he is not yet considered a high-ranking Elf.
Lindon is, for most Elves, the harbor used to travel to either Númenor or Valinor depending on your purpose. It's a protected harbor and in many ways the space used for the army Gil-galad sends to fight Morgoth. For the purpose of this series, it's likely Lindon will be considered the political seat of power for the Elves. And because it's an Elven city, you can expect it to be staggeringly beautiful.
Eregion (pronounced eh-reh-gee-on)
Celebrimbor, lord of Eregion in The Rings of Power.
Amazon Prime Video
While Lindon is the seat of political power for the Elves, it's not where the action will likely take place during The Rings of Power. That honor will almost assuredly go to the Elf-controlled region in the western part of Middle-earth called Eregion at this time. Eregion is located a short distance from both Khazad-dûm and what will later be known as Mordor, which means it's close to our cool Dwarven characters and nicely located for battle scenes against Sauron's army of orcs.
While Gil-galad is High King of all Elves, Eregion is led by Celebrimbor. As a descendant of Feanor, creator of the Silmarils (we'll get into those next), Celebrimbor has an unceasing desire to create something of real value for the peoples of Middle-earth. In the books, Celebrimbor and the other artists of his realm are guided by Annatar to make The Great Rings for all the kingdoms of Middle-earth.
As you probably know, that doesn't go super well for everyone and takes a few thousand years plus a couple of Hobbits to fully deal with.
Silmarils (pronounced sil-mar-ils)
A representation of the three Silmarils embedded in Galadriel's dagger.
Amazon Prime Video
A common misunderstanding about The Rings of Power is that it will be based on stories told in The Silmarillion. As Amazon was unable to secure the rights to use The Silmarillion to craft the stories in The Rings of Power, the actual source material being used will instead be the Appendices in The Lord of The Rings. It's worth noting these pages contain a ton of the timeline elaborated upon in The Silmarillion, including three jewels called the Silmarils. These are powerful magic stones created from the power within the two trees that kept Valinor alive. Instead of using those stones to restore the trees that Ungoliant and Morgoth destroyed, the stones were stolen by Morgoth and embedded in his crown to make him more powerful.
When Morgoth is eventually defeated during The First Age, the Silmarils remained behind while the Elves traveled to Middle-earth because they were too powerful to hold and drove otherwise reasonable people to lust for power. You can see a nod to the three Silmarils on Galadriel's ornamental dagger, and it will likely be a major point of discussion before Annatar becomes Sauron and forges the rings of power to give to all the leaders of Middle-earth.
While the creation of the rings will obviously be the focus of this series, the Silmarils which came before them are likely to be mentioned quite a bit in this series.
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Best Mental Health Apps for 2022
Best Mental Health Apps for 2022
Therapy can be a daunting step to take, but it is important for us to treat our mental health appropriately, so we can lead better lives. There are a number of mental health apps that can go a long way in helping you relieve stress, bring down your anxiety or even help you take the first steps in going to therapy and talking to someone. Research shows that mental health apps are also a great way to improve your well-being and keep tabs on your wellness journey.
There's a lot to love about mental health apps -- the variety, the affordability and the features. They also bring mental health resources to people who otherwise couldn't get help due to finances, disabilities or location. But they're not all created equal. Not all mental health apps are backed by research or clinical insights. With between 10,000 to 20,000 wellness apps out there, it can be difficult to find the best option for you. We've pulled together a curated list of our top choices to make the process easier.
Read more: Best Online Therapy Services
Screenshot by Taylor Leamey/CNET
Talkspace takes our top spot for the best therapy app because of its 24/7 access to medical professionals. It's an affordable online therapy option that gives you more than just helpful guides and videos to watch. You have access to a licensed therapist wherever and whenever you need them. Talkspace is a great option for someone who is not comfortable going into an office or would rather have therapy appointments online.
A 2020 study found that messaging a therapist through Talkspace reduced feelings of anxiety and depression. A different study said that using Talkspace's voice, video and text features also reduced symptoms of post-traumatic stress disorder, or PTSD. Note that the researchers of the studies had connections to Talkspace.
Within the app, you have access to video, text and audio chat to communicate with your therapist. However, users note there is a 5-minute cap on audio messages.
Talkspace is significantly more expensive than other apps on the list. However, if you're looking for an app that allows you to talk to a therapist directly, it may be worth the price.
Price: Plans start at $65/week.
Talkspace best features:
Talkspace offers therapy with a mental health professional. Not all mental health apps offer this feature.
You can change therapists.
Access to treatment and Talkspace features 24/7.
Things to consider:
Since it offers therapy, Talkspace is more expensive than other apps. Which may put it out of reach for some.
You can use insurance to pay for Talkspace, but some users have noted customer service wait times and other insurance troubles.
Screenshot by Taylor Leamey/CNET
Calm is one of the most well-known mental health apps in the wellness space, with over 100 million downloads. We consider Calm one of the best meditation apps because of its comprehensive offerings, including breathing techniques and calming exercises.
The Calm app is pretty easy to navigate and organized well. When you open the app, you are prompted to take a few deep breaths. Then you select what your main goals are so that your recommendations are tailored to your needs. You also can track statistics within the app, such as how long you have been using the app or how many sessions you've completed.
The free version of Calm is limited, but there is a 7-day trial that helps you decide if it's right for you. After the trial, you have to pay the premium to access the 100 guided meditations, sleep library and masterclasses, which is $14.99/month or $69.99/year. If you are ready to commit to Calm, it's good to go with the full-year option since it comes out to just under $6/month instead of the full $15. Or you can always stay with the limited free version.
Price: $14.99/month or $69.99/year
Calm best features:
Calm is simple to use and the exercises are easy to follow. It's a great mental health app for beginners.
Features of Calm include breathing exercises, sleep programs, relaxation and mindfulness techniques.
You have access to sleep stories narrated by celebrities like Harry Styles or Laura Dern.
Things to consider:
Calm offers a free version of the app, however, it is limited. You have to pay to access the full features.
You do have to enter payment upfront when you sign up, meaning you have to remember to cancel if you decide it's not for you.
Reviews say that the app has troubles and customer service can be difficult to work with.
Screenshot by Taylor Leamey/CNET
The Moodfit app has a lot to offer, and you can choose how to use the app. You can track sleep, nutrition, exercise and more during your wellness journey. Moodfit uses tools and sessions that help you assess your feelings, recognize negative thinking and change it.
The Moodfit app has pretty standard navigation. The "notices" tab at the bottom is what I would consider the educational section. There is a lot of good information available, like how your thoughts influence your behavior and feelings, but you will have to take the time to actually read it. Other apps have a more interactive experience with imagery, videos and readouts.
Where I think where Moodfit really shines is its analytics. With the easy-to-interpret charts, you can spot patterns in your mood and your activities. You also can track your mood down to the hour -- analytic views available are monthly, weekly, daily and hourly. Many apps do have analytics, but Moodfit puts a lot of intention behind helping you find patterns in your behavior and moods.
Price: $8.99/month
Moodfit best features:
With Moodfit, you can adapt what the app offers based on your goals. Daily reminders and exercises will keep you on track.
Moodfit has some of the best analytics available in the mental health app game.
Things to consider:
Moodfit does not offer communication with a therapist.
The basic version of Moodfit does not include all that the app has to offer. The premium version is $8.99/month, which is a few dollars cheaper than the average cost of the best mental health apps without therapist access.
Moodfit's home page features your progress and goals.
Screenshot by Taylor Leamey/CNET
Screenshot by Taylor Leamey/CNET
Sanvello is the best mental health app for stress relief thanks to its full meditation library, guided journeys, health tracking and cognitive behavioral therapy tools. I was pleasantly surprised when using Sanvello. For me, it was a lesser-known option on the list, and it did not disappoint. You can choose what goals you want to target -- reduce anxiety, feel happier, build confidence, etc., and you can select as many goals as you want.
One of my favorite parts of the Sanvello app was how connected it felt when using it. Like other apps, there is an education section. What's different is how it is presented. Sanvello uses text, videos and audio for a multimedia experience that is much easier to follow and digest. This comes down to preference, as some people prefer to read at their cadence.
The basic version of Sanvello is free. However, there are additional features that the app offers -- like coaching and guided journeys -- that are not available on the free version. There is a premium option of $8.99/month and a premium plus coaching option for $50/month which offers a coach with live connection capabilities.
Price: $8.99/month or $50/month
Sanvello best features:
You can choose which areas you want to target, which allows for personalization.
Unlike other apps, Sanvello has an option to connect with peers who are going through the same things.
Sanvello does have a therapy subscription that connects you with a licensed therapist.
Things to consider:
Unfortunately, the therapy option is not available in all states, and if not covered by insurance, it can get expensive.
There are limitations to the free app. You have to pay a subscription to access advanced features.
The Sanvello app allows you to select which goals you want to target.
Screenshot by Taylor Leamey/CNET
Screenshot by Taylor Leamey/CNET
Happify is a free mental health app that focuses entirely on your mood and helps relieve anxiety. Developed by mental health professionals, Happify's strategies are derived from cognitive behavioral therapy that helps you learn how to recognize and reorient negative thinking.
Happify had the most thorough questionnaire when signing up. I was asked about relationships, employment and medical conditions to help personalize the service. As the name suggests, Happify focuses on positivity and tries to make your journey fun with engaging games. With the relaxation and mindfulness techniques Happify offers, you can boost your mood and relieve anxiety.
The app has a different navigation setup than other apps. Instead of having the navigation bar at the bottom, there's a three-bar dropdown you have to tap to bring up the menu at the top left, making it just a little more difficult to find things.
Price: $14.99/month or $139.99/year. You also can purchase "lifetime access" for $499.99.
Happify best features:
Happify was developed by therapists. It's one of the most robust mental health apps on the list.
You can personalize how you use the app by selecting what your goals are.
When using Happify, you have access to a community forum or you can keep your account private.
Happify also has a digital coach feature available.
Things to consider:
The free features available are limited. To access the digital coach and advanced features, you have to pay for a subscription.
Various tracks are available from Happify.
Screenshot by Taylor Leamey/CNET
Screenshot by Taylor Leamey/CNET
MindShift is a free mental health app specifically designed to target anxiety. Categories within the app are broken down into general worry, social anxiety, perfectionism, panic and phobias. This allows the user to personalize which type of anxiety they want to work through.
As the name suggests, MindShift targets your mindset, meaning that it helps you identify what is making you anxious and helps you redirect your thinking to positivity. When you open the app, you're prompted to rate your daily anxiety score to track over time. The app is pretty easy to use and easier to navigate than other options simply because there is less available. One tool that stood out was the "thought journal" that helps you work through what you're worried about and how to overcome negative thoughts. "Coping cards" are also available to help you ease anxiety in the moment.
MindShift is much more interactive than other apps, as it relies on you to add anxiety scores and type responses to get the best experience. Other apps are mainly reading-based. If you want the best out of MindShift, you need to interact with the app.
Price: Free
Mindshift best features:
MindShift is a very interactive app that allows you to choose which type of anxiety you target.
It's a free app that used psychotherapy techniques.
Things to consider:
Because it's free, you have a limited number of entries a day.
The app may have technical difficulties.
Screenshot by Taylor Leamey/CNET
The unique experiences of people of color are often excluded from traditional mental health resources. The wellness app industry is traditionally not inclusive and mainly focuses on experiences that white people encounter. Only one in three Black Americans get the mental health care they need. That's why Shine is the pick for the best mental health app for people of color.
It's specially designed to target the needs and struggles of people of color, making mental health resources more accessible and inclusive. Shine offers meditations, self-care courses led by experts and monthly virtual workshops. You are also prompted to add a wellness check-in each day and are greeted with motivational messages.
Price: $14.99/month
Shine best features:
The topics and practices offered are focused on BIPOC mental health. This is unique to the mental health app space.
You have access to a peer community that offers support and empowerment.
Things to consider:
Shine offers a free app version, though you will not have access to all the features offered.
The price is about average when compared to the other options on the list.
Selection of choices for Shine app.
Screenshot by Taylor Leamey/CNET
How we chose the best mental health apps
The apps included on the best mental health app list have the best features supported by research. When selecting our picks, we examined each app's user experience, features and pricing. We also read through user reviews to tease out pain points and what people value in mental health apps.
Frequently asked questions
What are mental health apps?
Who doesn't want therapy from the comfort of home? Mental health apps are tools you can use to improve your well-being. While not all offer online therapy, they're simple to use and make managing your mental health easy. Each app will vary in what it targets. For example, Calm specializes in relaxation and breathing. Moodfit focuses on tracking your mood and finding patterns.
Mental health apps are not intended to diagnose conditions or be a replacement for therapy. Instead, they are a great tool to use for continued support daily. They offer encouragement, education and helpful activities you can use to improve several areas of your mental health.
Read more: Tips to Find the Right Therapist For You
Are mental health apps effective?
Experts are split on the effectiveness of mental health apps. Some studies have not found "convincing evidence" that apps greatly improve outcomes related to disorders like anxiety, depression or drinking. However, other research has suggested that mental health apps have potential in managing and improving symptoms of select disorders.
The research on the effectiveness of long-term treatment with apps is young. Most experts agree that they are a great tool to support your mental health, especially when you use them in addition to other treatment options. They are not intended to diagnose conditions and should be viewed primarily as a complement to traditional treatment options.
What are the benefits of mental health apps?
Mental health apps bring resources to those who otherwise may not have had access to them, whether because of financial standing or regional location. And while they are not a true replacement for therapy, mental health apps are a great way to self-regulate and be mindful of how you're feeling.
Convenience: You can track your mood, talk to a counselor or read about mental health topics from anywhere.
Price: Mental health apps are significantly more affordable than traditional therapy. Many are available for under $20/month.
Consistency: You want to be as consistent as possible during your wellness journey. With push notifications and props to check in, mental health apps ensure that you are being mindful of patterns in your behaviors or moods and how to meet your goals.
24/7 access: With a mental health app, you can access resources whenever you need them. While some of the counselors may not reply immediately, you have access to the app's other features 24/7.
They can help: Wellness apps can help you achieve your goals, whatever they are. For example, they can help you recognize patterns in your mood or improve your coping skills.
Will mental health apps be the end of therapy?
Mental health apps are great tools that supplement your experience. However, it's unlikely they would ever replace traditional therapy, even the options that offer virtual therapy. Mental health apps have limitations in crises, and there are questions about effectiveness when used alone. Mental health apps aren't the best option for everyone. While the apps are typically user-friendly, some people still prefer to meet in person and have their therapists' undivided attention. It's all a matter of preference.
Read more: What Is Cognitive Behavioral Therapy?
Do mental health apps share your data?
With mental health apps, you can't assume that everything is protected under the Health Insurance Portability and Accountability Act. Mental health apps fall in a gray area. HIPAA only protects information collected by "covered entities," including healthcare providers and insurance companies. Many of the best mental health apps on the market operate without connection to covered entities, meaning your information isn't completely private.
HIPAA applies to conversations with your therapist on an app. So you don't need to worry about what you disclose in those sessions. However, the apps' additional features -- guided meditations, CBT exercises and mood logs -- are not always kept confidential. Neither is the fact that you use a mental health app. The data you give the apps outside of therapy sessions can be sold for targeted advertising. And it's not just Facebook; your information can be shared with public health and academics for research.
Privacy will vary by platform. Make sure you read the privacy policy of each app to fully understand your protection.
Should you use a mental health app?
For many people, apps are an important tool to guide their wellness journey. While they are not a replacement for therapy, mental health apps are a great way to check in on yourself. My advice is that mental health apps are what you put into them. Many of the free ones offer helpful, educational content. But you need to take the time to read it. Others allow you to work through stressors with open-ended answer boxes. But you have to interact with the app to truly benefit from it.
A wellness app won't give the client's relationship with a counselor that traditional talk therapy offers. And for some, that's not something they are willing to give up. But if therapy is currently out of your reach, especially due to cost, then mental health apps may be a good option. You won't get the highly personalized experience you could get with another person, but you can still learn healthy habits and skills.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.
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Quiet Quitting: The Work-Life Debate Is Having Another Viral Moment
Quiet Quitting: The Work-Life Debate Is Having Another Viral Moment
Months after "the Great Resignation" entered the collective vocabulary, the question of what, exactly, a person owes their employer is having yet another viral moment.
At the end of July, @zaidlepppelin posted on TikTok about a phrase called "quiet quitting." It's the idea of meeting the requirements of a job and stopping there. The video has since racked up more than 3.4 million views, while the hashtag has more than 21 million views from other TikTokers chiming in with their views on the broader idea, and even the term itself.
The concept is reigniting another debate over work-life balance, with proponents saying it's just a necessary call for boundaries while critics bemoan a perceived lack of initiative and slacker mentality.
As always, it's not clear cut. Here's what you need to know about quiet quitting.
What is quiet quitting?
Quiet quitting is the idea of doing your job and nothing more. In the original viral TikTok, @zaidlepppelin described it like this: "You're still performing your duties but you're no longer subscribing to the hustle culture mentality that work has to be your life. The reality is it's not, and your worth as a person is not defined by your labor."
@zaidleppelin On quiet quitting #workreform♬ original sound - ruby
Is quiet quitting new?
In a word, no.
"It's popular now because of the hashtag," said Jha'nee Carter, who goes by @_thehrqueen on TikTok where she talks about leadership and employee advocacy.
Although the phrase "quiet quitting" has only gained traction in the last few weeks, the struggle to find a balance between work and personal life is far older. The National Labor Union first (if unsuccessfully) asked Congress to establish the eight-hour work day in 1866.
A century later, American pop group The Vogues sang about the bliss of being off the clock in their 1965 song Five O'Clock World: "It's a five o'clock world when the whistle blows. No one owns a piece of my time."
These days, you're more apt to hear about achieving a healthy "work-life balance."
The trend shows up globally at times, too. In July 2021, Brookings wrote about the "lying-flat" movement in China, where a culture that prioritizes overwork started to clash with a feeling of stagnation among workers, particularly among younger people. In April of that year, the concept went viral.
"For some, 'lying flat' promises release from the crush of life and work in a fast-paced society and technology sector where competition is unrelenting. For China's leadership, however, this movement of passive resistance to the national drive for development is a worrying trend," the article said, also explaining that China has aimed to "end its reliance on imported technology," hence driving a particular pressure in the tech sector.
What's the controversy?
Some of the controversy around quiet quitting surrounds the question of whether this is a healthy approach to your job, or whether you're being a slacker.
"The tether to the workplace … the expectations and exploitation of employers is so extreme now, that just doing your job is considered quitting," said Leigh Henderson. You might have run into Henderson on TikTok as @hrmanifesto, where she uses her more than 15 years of experience in the corporate world to talk about everything from dealing with your toxic job to interviewing for a new one.
She was initially confused by the idea of quiet quitting, thinking how is that "different from just work life balance, creating boundaries, having priorities, and just having a life?" Henderson says it should the be responsibility of employers to keep their employees engaged.
And on TikTok, people have questioned whether anyone should be expected to put in more work than they're being compensated for.
Not everyone sees it that way. Kevin O'Leary from ABC's Shark Tank took to TikTok to say, "Quiet quitting is a really bad idea. If you're a quiet quitter, you're a loser." O'Leary did not immediately respond to a request for comment. In a video on CNBC, he said you're hired at a company to make the business work, and you should go above and beyond because you want to – and that's how to get ahead.
@kevinolearytv What are your thoughts on quiet quitting? #kevinoleary#quietquitting#entrepreneur#career#careeradvice♬ original sound - Mr. Wonderful
TikTokers have pointed out that to the ears of an employer, quiet quitting could sound like suddenly getting less out of their employees, regardless of whether those employees were getting paid to do the extra work anyway.
What's more, the term itself – quitting – has a negative connotation. Henderson thinks of it as "quiet survival," and it's something she's done in her own career. In a follow up TikTok, Henderson said, "I was saving myself from the toxic work environment and protecting myself from the toxic work environment that my employer not only established and facilitated but continually benefited from."
Why are people talking about quiet quitting now?
The easy answer is that this particular TikTok went viral at the end of July. But circumstances have been ripe for this for much longer, according to Matt Walden, managing partner at Infinity Consulting Solutions, who has been working in the recruiting space for more than two decades. He pins some of this moment to burnout.
For one, Walden looks to the pandemic – as employees shifted to remote work, often it could be more difficult to compartmentalize work and home life. It's easy to keep your laptop open and answer a few extra emails while cooking dinner, perhaps.
"Work from home was a blessing for many. And for others, it had people working more than they've ever worked, unknowingly, in isolation," Walden said.
Quiet quitting also comes in the wake of the Great Resignation, the term for the phenomenon of American workers quitting their jobs in record numbers, often to pursue better pay, benefits and flexibility, or even just to dodge going back to an office. A July report from McKinsey called it the "quitting trend that just won't quit." Although open jobs in the US fell to 10.7 million in June from 11.25 in May, the report said it's likely openings won't return to a more normal range for a while.
Another possible facet is a backlash to hustle culture – the mentality that calls for optimizing every minute of your life for productivity and glorifies non-stop work.
Henderson also pointed out that there's a whopping four generations in the workforce now, bringing with them different perspectives, attitudes and experiences which inform their relationship with work.
"Make no mistake that Gen Z employees watched those Gen X parents stick the finger right to corporate America," Henderson said.
Who is quiet quitting?
While there are no numbers on quiet quitting, Walden said he wouldn't characterize this as a tidal wave trend. Though Gen Z is being largely associated with quiet quitting, demographic breakdowns from the Great Resignation show they're not the only generation reappraising work.
And not everyone has the luxury of quiet quitting.
"In order to climb that corporate ladder as a person of color, I believe that it's a necessity to go above and beyond," Carter said, talking about how those in minority groups, like people of color, don't always have the same resources available to them, so upping their skills, getting in the right rooms with the right people to network, and the like takes more work. She also says it takes learning to advocate for yourself in order to not end up burned out and exploited.
@_thehrqueen Can quietly quitting destroy your career? ✨ #hrqueen#quietquitting#iquit#corporateamerica#mentorforu#youngprofessionals#hrlife#hrtok#careertips#careeradvice#careeradvicedaily#leadershipdevelopment#ReTokforNature♬ Level Up - Kwe the Artist
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Will Fed Continue to Push Interest Rates Up? Here's What the Latest Inflation Stats Tell Us
Will Fed Continue to Push Interest Rates Up? Here's What the Latest Inflation Stats Tell Us
This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.
What's happening
Inflation remained unchanged in July. If prices remain steady, or decrease, throughout August, the Fed may slow the rollout of interest rate hikes.
Why it matters
If the Fed continues to drive up interest rates, there will be consequences -- most likely an uptick in unemployment, and an increase in interest rates for mortgages, credit cards and loans.
What it means for you
Soaring consumer prices, tumbling stocks, increased costs to borrow money and the threat of layoffs could prove particularly devastating for low- and middle-income Americans.
The Consumer Price Index showed that inflation slowed in July, though prices remain at record highs, with significant upticks in food and shelter over the last month. The Federal Reserve has been on a crusade to cool rising prices since the end of last year, but it's too soon to say whether -- in light of inflation's slowing pace in July -- we're seeing the fruits of its labor.
The Federal Reserve's next meeting is in September, and Fed Chair Jerome Powell has said he anticipates additional rate increases throughout the year. But, depending on inflation's pace over the next month, that could change. If inflation improves significantly in August, the Fed may slow the rollout of interest rate hikes -- or, at least, raise interest rates by a smaller amount, compared to the two previous hikes.
Raising interest rates is the main action the Fed can take to try to counter high inflation. When it costs more to borrow -- as with credit cards,mortgages and other loans -- consumers have less spending power and will buy fewer items, decreasing the "demand" side of the supply-demand equation, theoretically helping to lower prices.
Experts worry that further increases to the cost of borrowing money could contract the economy too much, sending us into a recession: a shrinking, rather than growing, economy. The Fed acknowledges the adverse effects of this restrictive monetary policy.
"We are highly attentive to inflation risks and determined to take the measures necessary to return inflation to our 2% longer run goal," Powell said during July's press conference. "This process is likely to involve a period of below-trend economic growth, and some softening in labor market conditions. But such outcomes are likely necessary to restore price stability and to set the stage for maximum employment and stable prices over the longer run."
As rates rise and inflation continues to swell, you may be wondering how we got here. We'll break down everything you need to know about what's causing record high inflation and how the Fed hopes to bring levels back down.
What's going on with inflation?
In July, inflation surged to 8.5% over the previous year, a slight decline from June's 9.1% reading, according to the Bureau of Labor Statistics. Gas prices declined significantly by 7.7% in July, but that was offset by increasing prices of food and shelter. Food increased by 1.1% last month, the latest in several month's worth of price increases.
During periods of high inflation, your dollar has less purchasing power, making everything you buy more expensive, even though you're likely not getting paid more. In fact, more Americans are living paycheck to paycheck, and wages aren't keeping up with inflation rates.
Why is inflation so high right now?
In short, a lot of this can be attributed to the pandemic. In March 2020, the onset of COVID-19 caused the US economy to shut down. Millions of employees were laid off, many businesses had to close their doors and the global supply chain was abruptly put on pause. This caused the flow of goods produced and manufactured abroad and shipped to the US to cease for at least two weeks, and in many cases, for months, according to Pete Earle, an economist at the American Institute for Economic Research.
But the reduction in supply was met with increased demand as Americans started purchasing durable goods to replace the services they used prior to the pandemic, said Josh Bivens, director of research at the Economic Policy Institute. "The pandemic put distortions on both the demand and supply side of the US economy," Bivens said.
Though the immediate impacts of COVID-19 on the US economy are easing, labor disruptions and supply-and-demand imbalances persist, including shortages in microchips, steel, equipment and other goods, causing ongoing slowdowns in manufacturing and construction. Unanticipated shocks to the global economy have made things worse -- particularly subsequent COVID-19 variants, lockdowns in China (which restrict the availability of goods in the US) and the war in Ukraine (which is affecting gas and food prices), according to the World Bank.
Powell confirmed the World Bank's findings at the Fed's June meeting, calling these external factors challenging because they are outside of the central bank's control.
Some lawmakers have also accused corporations of seizing on inflation as an excuse to increase prices more than necessary, a form of price gouging.
Why is the Federal Reserve raising rates?
With inflation hitting record highs, the Fed is under a great deal of pressure from policymakers and consumers to get the situation under control. One of the Fed's primary objectives is to promote price stability and maintain inflation at a rate of 2%.
By raising interest rates, the Fed aims to slow down the economy by making borrowing more expensive. In turn, consumers, investors and businesses pause on making investments and purchases with credit, which leads to reduced economic demand, theoretically reeling in prices and balancing the scales of supply and demand.
The Fed raised the federal funds rate by a quarter of a percentage point in March, followed by a half of a percentage point in May and three-quarters of a percentage point in mid-June. In July, the Fed raised rates by another three-quarters of a percentage point.
The federal funds rate is the interest rate that banks charge each other for borrowing and lending. And there's a trickle-down effect: When it costs banks more to borrow from one another, they offset it by raising rates on their consumer loan products. That's how the Fed effectively drives up interest rates in the US economy.
The federal funds rate now sits at a range of 2.25% to 2.5%. But the Fed thinks this needs to go up significantly to see progress on inflation, likely into the 3.5% to 4% range, according to Powell. The Fed's latest estimate is that, by the end of this year, the federal funds rate will sit at a range of 3.25% to 3.50%.
However, hiking interest rates can only reduce inflationary pressures so much, especially when the current factors are largely on the supply side -- and are worldwide. A growing number of economists say that the situation is more complicated to get under control, and that the Fed's monetary policy alone is not enough.
Could rising interest rates spark a recession?
We can't yet determine how these policy moves will broadly affect prices and wages. But with more rate hikes projected this year, there's concern that the Fed will overreact by raising rates too aggressively, which could spark a more painful economic downturn or create a recession.
The National Bureau of Economic Research, which hasn't yet officially determined if the US is in a recession, defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months." That means a declining gross domestic product, or GDP, alongside diminishing production and retail sales, as well as shrinking incomes and lower employment.
Pushing up rates too quickly might reduce consumer demand too much and unduly stifle economic growth, leading businesses to lay off workers or stop hiring. That would drive up unemployment, leading to another problem for the Fed, as it's also tasked with maintaining maximum employment.
In a general sense, inflation and unemployment have an inverse relationship. When more people are working, they have the means to spend, leading to an increase in demand and elevated prices. However, when inflation is low, joblessness tends to be higher. But with prices remaining sky-high, many investors are increasingly worried about a coming period of stagflation -- the toxic combination of slow economic growth with high unemployment and inflation.
Here's what higher interest rates mean for you
For the past two years, interest rates had been at historic lows, partially because the Fed slashed rates in 2020 to keep the US economy afloat in the face of lockdowns. The Fed kept interest rates near zero, a move made only once before, during the financial crisis of 2008.
For the average consumer, increased interest rates means buying a car or a home will get more expensive, since you'll pay more in interest. Higher rates could make it more expensive to refinance your mortgage or student loans. Moreover, the Fed hikes will drive up interest rates on credit cards, meaning that your debt on outstanding balances will go up.
Securities and crypto markets could also be negatively impacted by the Fed's decisions to raise rates. When interest rates go up, money is more expensive to borrow, leading to less liquidity in both the crypto and stock markets. Investor psychology can also cause markets to slide, as cautious investors may move their money out of stocks or crypto into more conservative investments, such as government bonds.
On the flip side, rising interest rates could mean a slightly better return on your savings accounts. Interest rates on savings deposits are directly affected by the federal funds rate. Several banks have already increased annual percentage yields, or APYs, on their savings accounts and certificates of deposit in the wake of the Fed's rate hikes.
We'll keep you updated on the evolving economic situation as it develops.
