Commentary According to the University of Michigan, inflation expectations index for five to 30 years reached a 12-year high of 3.2 percent. At the same time, the consumer sentiment index declined to 63.5, compared to a pre-pandemic high of 300. The deterioration in the situation of consumers is evident. The official narrative is that inflation…
Biggest Fear Among US Business Leaders Is ‘Catastrophic’ Debt Default: White House Economic Adviser
May 15, 2023
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Business & MarketsCompaniesdebt defaulteconomyExecutive BranchinflationMarketsPoliticsrecessionUSUS News
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A key aide to President Joe Biden said Sunday that American business leaders’ chief concern is not inflation or recession but the looming threat of a “catastrophic” government debt default. Lael Brainard, director of the White House National Economic Council, told CBS’ “Face the Nation” on Sunday that the country’s top business leaders have told her…
US ‘Has to Default’ on Something If Debt Ceiling Isn’t Raised Before Deadline: Yellen
May 14, 2023
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Business & Marketsdebt ceilingeconomic policieseconomyExecutive BranchinflationJanet YellenJoe BidenPolicies & ImpactsPoliticsUSUS News
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The U.S. government will have to default on some payments if Congress fails to raise the national debt ceiling before June, Treasury Secretary Janet Yellen said. “If Congress fails to do that, it really impairs our credit rating. We have to default on some obligation, whether it’s Treasuries or payments to Social Security recipients,” Yellen…
Australian Government’s Increased Welfare Payments to Surpass Budget Forecasts
The Australian federal government’s welfare spending is expected to exceed the rates outlined in the budget forecasts as it will be driven higher by top-ups to keep up with inflation. According to the budget paper from September, the centre-left Labor government will increase the rate of income support welfare payments—including JobSeeker Payment, Austudy, and Youth…
US Wholesale Price Data for April Points to Easing Inflation Pressures
WASHINGTON—Wholesale prices in the United States rose modestly last month, the latest sign that inflationary pressures may be easing more than a year after the Federal Reserve unleashed an aggressive campaign of steadily higher interest rates. From March to April, the government’s producer price index rose just 0.2 percent after falling 0.4 percent from February…
Biden Nominates Philip Jefferson as Federal Reserve Vice Chair
Federal Reserve Governor Philip Jefferson has been nominated by President Joe Biden to serve as the central bank’s next vice chair. If confirmed by the Senate, Jefferson would replace Lael Brainard, who resigned from her position in February to become the president’s chief economic adviser. He was widely expected to become the next Fed’s second…
State Attorneys General Act to Stop BlackRock from Acquiring Large Stakes in US Electric Utilities
May 12, 2023
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BlackRockBusiness & MarketsCompanieseconomic policiesenergyESGfercGold and CommoditiesinflationInvestmentMarketsUSUS Electric GridUS NewsVanguard
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State attorneys general of 17 states filed a motion this week with the Federal Energy Regulatory Commission (FERC) to stop BlackRock, the world’s largest asset manager and an outspoken advocate for replacing fossil fuels with wind and solar power, from acquiring large shares in America’s utility companies. To protect the independence and stability of America’s…
Senate Passes Bill Giving Canadians One-Time Grocery Rebate on July 5
May 12, 2023
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Canadacanada health transferChrystia FreelndFoodfood pricesgroceryGrocery RebateinflationJean-Yves DuclosPierre PoilievreStatistics CanadaWorld
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With the Senate passing Bill C-46 on May 11, Canadians will be eligible to receive the so-called Grocery Rebate on July 5, which was promised in this year’s federal budget. “While inflation continues to come down for the ninth month in a row, in Budget 2023, our government is delivering new, targeted inflation relief for Canadians who need…
Import Prices Jump in Latest Sign Inflation Refuses to Go Away
Import prices rose sharply in April, and Americans’ long-run inflation expectations jumped to their highest in 12 years, dovetailing with other pricing data released earlier this week, suggesting inflation may be a more entrenched problem than many believe. U.S. import prices rose 0.4 percent last month, after falling 0.8 percent in March, according to data…
Louisiana’s Biggest Hospital System Lays Off 770 People
May 12, 2023
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Business & MarketsCompanieseconomyinflationlayoffsLouisianaMarketsMississippiOchsner HealthRegional & State NewsRegional NewsState NewsUSUS News
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Louisiana’s largest hospital system and one of its largest private employers, Ochsner Health, plans on laying off 770 employees. The job cuts will affect 42 hospitals and more than 200 urgent care and health centers in Louisiana and Mississippi. Ochsner CEO Pete November wrote in a May 11 email to employees (pdf) that the cutbacks would not affect doctors, nurses,…
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