WASHINGTON (AP) — Falling prices for gasoline, plane tickets and clothing brought some relief to Americans last month, though headline inflation is still near its highest level in four decades.. Consumer prices jumped 8.5% in July from a year earlier, the government said on Wednesday, compared with a 9.1% year-on-year increase in June. On a … Read more
President Biden tried to assert on Wednesday that the United States had “zero inflation” in July hours after federal Consumer Price Index data showed annual inflation falling only marginally to 8.5%, which outraged Republicans and other critics who pointed out that it was still close to a four-decade high. . The latest figures reflect a … Read more
/cloudfront-us-east-1.images.arcpublishing.com/tgam/AASMRB4SXVBSDE2U3ZCYW47WFA.jpg?ssl=1)
GMC Hummer electric vehicles on the assembly line at General Motors’ Factory ZERO electric vehicle assembly plant in Detroit on November 17, 2021.Nic Antaya/Getty Images The good news for the Canadian auto industry is that Canadian-built electric vehicles may one day qualify for a US$7,500 tax credit under the groundbreaking climate bill that US President … Read more
Asian exporters will face significant challenges as demand from major markets like the United States, Europe and China slows in the coming months, according to HSBC’s chief Asia economist. European manufacturers are already shrinking quite significantly, especially in Germany, Frederic Neumann told CNBC’s “Squawk Box Asia” on Monday. “Recall that Europe is a major export … Read more
U.S. Treasury yields fell on Monday after surprisingly strong jobs data raised the likelihood of aggressive rate hikes by the Federal Reserve. The yield on the benchmark 10-year Treasury fell 4 basis points to around 2.7993%, while the yield on the 30-year Treasury fell 2 basis points to 3.0383%. Yields move inversely to prices and … Read more
WASHINGTON (AP) — The Senate congressman scaled back the Democrats’ plan to cut drug prices but left it largely untouched on Saturday, Democrats said, as party leaders prepared to start moving their sprawling economic bill through the room. Elizabeth MacDonough, the chamber rules arbiter, also gave the green light to air quality provisions in the … Read more
WASHINGTON– US employers posted fewer job openings in June as the economy faces runaway inflation and rising interest rates. Job postings fell to a still-high 10.7 million in June from 11.3 million in May, the Labor Department said Tuesday. Job postings, which never exceeded 8 million in a month before last year, had exceeded 11 … Read more
WASHINGTON (AP) — The Federal Reserve on Wednesday raised its benchmark interest rate by three-quarters of a point for the second consecutive time in its most aggressive campaign in more than three decades to rein in high inflation.. The Fed’s decision will raise its key rate, which affects many consumer and business loans, to a … Read more
U.S. Treasury yields fell on Tuesday as investors braced for higher corporate earnings this week and a key policy decision by the Federal Reserve. The yield on the benchmark 10-year Treasury note fell 4 basis points to 2.7795%, while the yield on the 30-year Treasury note fell 4 basis points to 3.0032%. Yields move inversely … Read more
By Tyler Cowen you.S. price inflation is 9.1% and there is an extremely strong dollar, a pair of statistics that were certainly unexpected a year ago and still seem odd today. On closer inspection, however, these numbers reflect a world in which the United States is still seen as a leader – both in terms … Read more