Washington’s latest inflation report shows prices rising by 8.3% over the past year and core inflation (which excludes volatile food and energy prices) continuing to accelerate. Real wages have failed 2.7%. Moody’s Analytics and Penn-Wharton estimate that inflation is costing the average household $300 per month. A Harris poll reveals that 84% of Americans are […]
WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp […]
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second term earlier in the day, acknowledged for the first time Thursday that high inflation and economic weakness overseas could thwart his efforts to avoid causing a recession. For weeks, Powell has portrayed the Fed’s drive to raise interest rates […]
President Biden warned Democratic donors at a Chicago fundraiser late Wednesday that decades-high inflation will “scare the living hell out of everybody” as the party faces the prospect of big defeats in November’s midterm elections. “We can’t let this happen, guys,” Biden said. “So, we have to — we have to — and it’s going […]
Abortion and the economy are running neck and neck as the most important issues for voters ahead of the upcoming midterm elections, according to a poll released Thursday. The Monmouth University survey found that 26% of Americans say the economy is the top topic influencing their vote for Congress this November, while 25% say abortion […]
There are some signs that Canada’s hottest housing markets have already begun to cool in response to rising interest rates.Evan Buhler/The Canadian Press The Bank of Canada needs to keep raising interest rates to tackle runaway inflation, deputy governor Toni Gravelle said on Thursday – although how high rates go will depend on how the […]
US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022. JimWatson | AFP | Getty Images Federal Reserve Chairman Jerome Powell warned Thursday that getting inflation under control could cause some economic pain but remains his top priority. Powell said he couldn’t promise a so-called soft landing […]
Wall Street’s prolonged plunge is beginning to raise Americans’ concerns about their retirement savings, potentially pushing some to delay retirement as their account balances dwindle. So far this year, the benchmark S&P 500 has dropped 18 percent, wiping away $7 trillion in market value from the companies in the index. The Dow Jones Industrial average […]
After growing for six consecutive quarters following the short, steep Covid-induced recession in early 2020, the US gross domestic product slipped by 1.4% in the first quarter of this year. The drop, which surprised some economists, is just one more sign that the US economy is beginning to slow. That’s not necessarily a bad thing. […]
A worker loads an aluminum coil onto a truck at the Arconic manufacturing facility in Alcoa, Tennessee, on Wednesday, March 9, 2022. Luke Sharrett | Bloomberg | Getty Images Prices at the wholesale level accelerated further in April, part of a broader inflation problem persisting through the US economy, the Bureau of Labor Statistics reported […]