Tag Archives: Inflation

WASHINGTON – The Federal Reserve barreled ahead with a third straight outsize interest rate hike Wednesday in an effort to squash high inflation – but economists worry the campaign is increasingly risking a recession by next year. The Fed raised its key short-term rate by three-quarters of a percentage point to a range of 3% to 3.25%, a higher-than-normal level designed to ease inflation by slowing the economy. It also significantly bumped up its forecast for what that rate will be at… Source link

(Bloomberg) — Federal Reserve Chair Jerome Powell said officials were determined to curb inflation after they raised interest rates by 75 basis points for a third straight time and signaled even more aggressive hikes in the future than expected by investors. Most Read from Bloomberg “We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%,” he told a press conference in Washington on Wednesday after officials lifted the… Source link

Pushing yourself to save can be a challenge, but more and more consumers are tallying up their monthly expenses to find they have nothing left to save anyway. A recent study shows 58% of Americans report living paycheck to paycheck in May, up from 54% the same month last year. Of those earning $50,000 to $100,000, about 62% were stuck in this cycle. But it’s not just lower-income groups struggling to foot the bills, according to the report produced by payments and commerce platform PYMNTS… Source link

Renowned strategist Tom Lee says inflation could be ‘falling far faster than expected’ — here’s the 1 left-for-dead sector to bet on if that holds true According to Fundstrat’s Tom Lee, rampant inflation may not last much longer. “In the past week, we’ve gotten some data that I think really shows inflation could be falling far faster than expected,” the strategist tells CNBC earlier this month. Lee notes the drop in gasoline prices. He also looks at indices that are showing signs… Source link

Federal Reserve Chairman Jerome Powell on Friday said the central bank’s job on lowering inflation is not done, suggesting that the Fed will continue to aggressively raise interest rates to cool the economy. “We will keep at it until we are confident the job is done,” Powell said in remarks delivered at the Fed’s annual conference in Jackson Hole, Wyoming. “While the lower inflation readings for July are welcome, a single month’s improvement falls far short of what the Committee… Source link

During a recent episode of “Influencers with Andy Serwer,” civil rights activist and former ambassador to the United Nations Andrew Young praised the passage of the Inflation Reduction Act. “It’s taken us a long time,” Young told Yahoo Finance. “But Joe Biden got a bill passed last night, but we’ve been moving in this direction for a long time.” The Inflation Reduction Act, which President Biden signed into law last week, invests roughly $375 billion into fighting climate change over… Source link

Clean energy related stocks have been the clear winners of the Inflation Reduction Act (IRA). Solar panel makers, fuel cell manufacturers and energy storage companies all stand to benefit from the measure. Solar and wind energy stocks have been rallying since the bill was announced in late July. A large number of these equities are up double digit percentages year-to-date. They have far outperformed the broader markets. The IRA focuses on providing production tax credits for companies to… Source link

The Biden administration expects to implement the first phase of a price cap on Russian oil exports this fall in coordination with the G7, with sights set on bringing additional Asian partners on board in the winter. “We’re trying to prevent a spike in global energy prices by avoiding a situation where Russia production just shuts down, and you see a subsequent spike in the price,” Assistant Treasury Secretary for Economic Policy, Ben Harris, told Yahoo Finance. The U.S. has been in… Source link

A majority of Canadians are cutting back on spending due to inflation, including on groceries. (Photo by Zou Zheng/Xinhua via Getty Images) Canadians are cutting back on groceries and entertainment as red-hot inflation continues to put pressure on household budgets, a new Yahoo/Maru Public Opinion poll has found. The survey of 1,517 Canadians found that 60 per cent of respondents set stricter priorities and reduced spending due to higher prices in July than they did in June. Among those that… Source link

Lawmakers are racing toward the August recess, as President Biden prepares to sign a bill Tuesday that invests nearly $52 billion into the semiconductor chip manufacturing sector. Meanwhile, the House is expected to vote this week on a roughly $430 billion spending package aimed to improve health care, address climate change, and make corporations pay their fair share of taxes. The Senate approved the measure over the weekend. We’re also slated to see new inflation data on Wednesday, as U.S…. Source link