A senior Federal Reserve official said that the latest price data show inflation is still too high to warrant an easing of monetary policy and may even require further interest rate hikes The remarks deliver a counterpoint to growing market expectations for a so-called Fed pivot. Michelle Bowman, who sits on the Fed’s Board of…
Top Fed Official Warns Inflation Still Too High and More Rate Hikes May Be Appropriate
Prices up 17 Percent in California Since 2020, Inflation Impacting Consumers
May 11, 2023
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California has experienced one of the highest levels of inflation in the nation since 2020, with prices jumping 17 percent on average, according to a recent report from the state’s Legislative Analysts’ Office. “It’s been worse for us than the numbers suggest,” California Bay Area resident Lisa Jackson told The Epoch Times. “Everything I have…
Bank of England Raises Interest Rates to Highest Level Since 2008
The Bank of England (BoE) has raised interest rates from 4.25 percent to 4.5 percent marking their highest level in almost 15 years. It’s the bank’s 12th consecutive rate hike and a peak since October 2008. Governor Andrew Bailey said the BoE is now forecasting “modest but positive growth” instead of a “shallow but long recession”…
Is Inflation the New Normal?
Commentary Today finally ends the federal state of emergency for COVID. Along with that ends the terrible travel restrictions that have stopped the unvaccinated from visiting the land of the free. It seems incredible that we could ever become used to this. But it happened. And it went on for three years. This should serve…
More Ohio Families Turn to Food Banks Amid Cost-of-Living Crisis
May 11, 2023
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Food banks across Ohio have seen a surge in demand, with some running at double capacity amid increasing food insecurity prompted in part by an end to COVID-19 pandemic-era aid, according to experts. The Mid-Ohio Food Collective, a food bank providing a free “grocery store experience” as well as nutritious meals to thousands of people is just…
Bank of England Suffers From Groupthink, Peers Told
The Bank of England (BoE) needs to increase its intellectual diversity in order to combat groupthink, a House of Lords committee heard. Martin Wolf, chief economics commentator at the Financial Times, said members of the bank’s Monetary Policy Committee (MPC) appeared to have voted “all in lockstep for a very long time.” But the risk of…
IN-DEPTH: Inflation Still Too High for Fed to Start Lowering Rates, Experts Say
The latest inflation numbers are a mixed bag, accelerating sharply in monthly terms though easing a little in annual terms, with experts largely saying that the data remains too hot for the Federal Reserve (Fed) to start dropping interest rates. However, a pause in the rate-hiking cycle could be in the cards. While the annual…
Forget the CPI: Real Inflation Is Much Higher
May 10, 2023
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Commentary This morning’s release of April’s Consumer Price Index (CPI) data showing inflation had fallen from 5.0 percent in March to 4.9 percent annually was received as a disappointing reminder that inflation, while down from highs in the summer of 2022, is far from behind us. Yet there is increasing evidence to support the suspicion…
Seven Retailers Facing Fiscal Challenges
In 2022, retail sales were hammered by persistent high inflation and weak consumer demand—and 2023 isn’t much better. Economists from S&P Global Market anticipate only 0.5 percent sales growth, but that equals a 0.1 percent decline when accounting for inflation. Some retailers feel the pinch more than others and have begun closing stores. Even worse,…
Less Than 60 Percent of Baby Boomers Own Retirement Accounts
Millions of working-age Americans aged between 56 and 64 are edging closer to retirement without having savings stashed away. Census data for 2020 shows that less than 60 percent (approximately 58.1 percent) of American “baby boomers”—generally defined as those born between 1946 to 1964—owned a retirement account three years ago, at a time when the COVID-19 pandemic…
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