GO in the Know: Baby Formula Warnings, More Rate Hikes Coming & Top Financial News for May 19

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Another day, another edition of the top financial stories you need to know. Be careful out there, folks.

The Big Lead: FTC Warns of Baby Formula Scams

It seems there is nothing scammers won’t do to trick consumers out of their money. Now they are trying to defraud Americans over baby formula amid a nationwide shortage, according to the Federal Trade Commission.

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Economy Spotlight: Fed Committed to Rate Hikes

Federal Reserve chairman Jerome Powell doubled down on his agency’s commitment to fighting inflation, but warned Americans of further rough patches ahead by saying, “There could be some pain involved.”

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Well That’s Interesting: Elon Musk’s Net Worth Has Dropped $49 Billion

Since Elon Musk first announced his intentions to buy Twitter, his net worth has dropped $49 billion. That’s partially because he sold off some Tesla stock to fund the deal, and don’t fret for him — he is still the richest man on the planet.

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Bonus: Tips for New Grads Before Taking Out Traditional Student Loans

For many young Americans, high school graduation brings new beginnings, new opportunities, new challenges — and new debt in the form of student loans to help pay for college. Before pursuing a loan, there are a number of steps you should take to ensure you find the right financial fit.

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ICYMI: Yesterday’s GO in the Know

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