Commentary I’m not going to be one of those prognosticators who finds evidence of my predictions regardless of the facts. True, I said two months ago that the U.S. economy would be in a solid statistical recession by late summer. This is based on existing industrial trends and weakened labor markets at the high end…
European Shares Lack Momentum After Debt Ceiling Deal
May 29, 2023
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LONDON—European stock indexes slipped slightly on Monday, lacking momentum in thin trade while optimism about the U.S. having reached a debt ceiling deal over the weekend kept Wall Street futures positive. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government’s $31.4 trillion debt…
Check the Price Tag Before Buying a Bottle of Ketchup for Your Memorial Day Barbecue
With Memorial Day approaching, Americans will be purchasing ketchup, mustard, and other condiments en masse—and inflation will play a role. A 32-ounce bottle of ketchup went from an average of $4.08 for the week of May 16, 2022, to $5.22 for the week of May 15, 2023, according to data that was compiled by Datasembly, which measures…
Opposing Advice From Australia’s RBA Governor ‘Deliberately’ Leaked to Damage Government: Minister
SYDNEY, Australia—Assistant Minister to the Prime Minister, Patrick Gorman, said it was “disappointing” that the individual who leaked an exchange between Labor MPs and the Reserve Bank of Australia (RBA) Governor Philip Lowe, saying that they were trying to damage the government. “There’s plenty of ways to have a fight in Parliament. But breaching the…
IMF Warns of Prolonged High Interest Rates, Urges Fiscal Tightening to Tackle Inflation
May 26, 2023
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In a recent statement following its comprehensive assessment of U.S. policies, the International Monetary Fund (IMF) emphasized the need for the United States to maintain higher interest rates for an extended period to curb inflation. Additionally, the IMF urged Washington to adopt stricter fiscal measures to address the country’s mounting federal debt. Despite the U.S….
US Pump Prices Surge as Drivers Prepare for Memorial Day Weekend
U.S. gas prices are on the rise as demand from drivers surges heading into Memorial Day weekend. The national average price for a gallon of gas was $3.57 for the week ending May 26, up four cents from the previous week, according to the latest AAA gas prices report. AAA predicted that road travel on Memorial…
Federal Reserve’s Key Inflation Gauge Unexpectedly Comes in Hotter
The Federal Reserve’s preferred inflation gauge unexpectedly climbed in April, leading to concerns that the U.S. central bank could raise interest rates for the 11th straight month in June. In April, the annual personal consumption expenditure (PCE) price index rose to 4.4 percent, up from 4.2 percent, according to the Bureau of Economic Analysis (BEA)….
Inflation Rose in April Fueled by Jump in Consumer Spending
The Federal Reserve’s preferred inflation gauge unexpectedly climbed in April, leading to concerns that the U.S. central bank could raise interest rates for the 11th straight month in June. In April, the annual personal consumption expenditure (PCE) price index rose to 4.4 percent, up from 4.2 percent, according to the Bureau of Economic Analysis (BEA)….
How Is Inflation Measured? Understanding the Consumer Price Index
When prices surge across various sectors of the economy, you’ll start hearing analysts talk about inflation. Inflation is the devaluation of currency over time, meaning as goods and services become more expensive, the buying power of your money decreases. People will often first notice inflation by realizing that something they buy regularly is more expensive…
Chancellor Backs Interest Rate Hikes Even If They Risk UK Recession
Chancellor Jeremy Hunt has backed further interest rate hikes being used to rein in inflation even if they increase the risk of pushing the UK into recession. The Bank of England (BoE) has raised rates 12 times in a row to 4.5 percent from 0.1 percent in December 2021. The Consumer Prices Index (CPI) of…
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