With gas prices continuing to fall, inflation is probably slowing further this month. So has the worst bout of inflation in four decades possibly peaked?
Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.
Bill Nelson has experienced the workings of the Federal Reserve from both sides of the street, including a top position advising the central bank on interest rates.
This back-to-school shopping season, parents – particularly in the low to middle income bracket – are focusing on the basics while also trading down to cheaper stores amid surging inflation.
Inflation surged in June and workers’ average wages accelerated in the spring – signs that Americans won’t likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs.
The latest look at the Massachusetts economy and its place in the national picture was full of paradoxes, the analysts at MassBenchmarks said this week – the labor market is strong, but economic growth has ground to a halt.
Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs.
The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation.
Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the economy keeps adding hundreds of thousands of jobs each month.
Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot as its interest rate-setting committee begins its latest meeting.
Treasury Secretary Janet Yellen on NBC’s “Meet the Press” on Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.
Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles and allaying fears that the economy might be on the verge of a recession.
The Senate easily approved Michael Barr to be the Federal Reserve’s top banking regulator in a bipartisan vote Wednesday.
Profits at JPMorgan Chase fell by 28 percent in the second quarter as the bank tries to navigate an economy that’s showing strength in many areas but losing steam as interest rates continue to rise, hitting consumers and corporations alike.
Inflation at the wholesale level climbed 11.3 percent in June compared with a year earlier, the latest painful reminder that inflation is running hot through the American economy.
Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.
Democratic leaders of the House and Senate have agreed to a broad framework for up to $500 million in additional tax relief that would see credits for low-income earners, parents, renters and seniors expanded, and the “archaic elements” of the state’s estate tax reformed.
After going on a frenzied hiring spree for a year and a half to meet surging shopper demand, America’s retailers are starting to temper their recruiting.
The program legislative leaders placed on the table Thursday would offer one-time, $250 payments to middle-income taxpayers across the state, a move lawmakers pitched as a more targeted way to relieve the pressure of crushing inflation and soaring gas prices than temporarily lifting the state’s gas tax.
Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it.