More on the mortgage rate lock-in effect. Redfin says 17% of homeowners w/ mortgages have a rate of at least 6%, the highest share in nearly a decade. But 55.2% are still below 4%, and 21.3% are sub-3%.

An HSA offers a triple-tax advantage (beating a Roth IRA and 401k). But 91% of people aren't using it to its full potential. How to maximize your HSA for financial freedom:

Home sellers have the right to exclude listing their properties on the MLS for privacy concerns. Yet stand to gain much more exposure by listing it on the MLS and getting it in front of way more eyeballs. And consumer surveys like this appear to support that.

What I Read This Week… The Federal Reserve is losing credibility with markets. What's going on? The Federal Reserve has reduced the Federal Funds Rate by 1% since September, justifying their rate-cutting cycle by claiming job gains were slowing and inflation was moving toward their 2% target. However, recent data contradicts both claims: job gains remain solid (256,000 in December, though the reliability of this number is questionable), and inflation shows persistence rather than moving toward the 2% target. Meanwhile, long-term bond markets have directly challenged the Fed's policy - the 10-year Treasury yield has risen from 3.6% to 4.77% despite rate cuts, a rare occurrence seen only twice since the 1980s, and Bank of America now predicts rate hikes may be more likely than cuts in 2025. Why does Fed credibility matter? The Fed's monetary policy works largely through market expectations - when the Fed says it will do something, markets need to believe it for its monetary policies to be effective. When the Fed cuts rates, it's trying to make borrowing cheaper throughout the economy. But if markets don't believe in the Fed's economic assessment or policy decisions, they can push back through higher long-term rates, essentially canceling out the Fed's intended effects. This is exactly what we're seeing now - the unusual rise in Treasury yields despite Fed rate cuts suggests markets fundamentally disagree with the Fed's view of the economy, making their policy tools less effective at a time when they might need them most.

All eyes should be on the bond market. The 10-year Treasury yield is up well over a percentage point in the past three months and is closing in on 5%. There’s a bunch of reasons for the higher rates, but most significantly is the prospect for broad-based tariffs, immigrant deportations and deficit-financed tax cuts. These policies will add to inflation and the nation���s debt load. And then mix in the possible political dysfunction around increasing the Treasury debt limit and latent worries about Fed independence, and you have a noxious brew. Highly (over) valued stock and other asset markets are increasingly at risk of a sell-off if interest rates push up much more. Today’s job report for December shows the economy is strong, but not for long if they do.

“Trump likes big deals and this would be the biggest deal in history,” wrote Ackman. “I am confident he will get it done.” By @mvol4ok