Inflation in U.S. drops as consumer prices unexpectedly fell in June

U.S. consumer prices unexpectedly fell and the annual increase was the smallest in a year, reinforcing views that a trend of dropping inflation was back on track in the United States, and drawing the Federal Reserve another step closer to cutting interest rates. The consumer price index dipped 0.1 per cent last month after being unchanged in May, the U.S. Labour Department’s … Read more

Inflation eases to 3% in June — stoking hopes for Fed rate cut

Inflation numbers reported by the government on Thursday came in cooler than anticipated — fueling Wall Street anticipation of an interest rate cut later this year and sending stock market futures soaring before the opening bell. The US government’s Consumer Price Index rose 3% in June, the Labor Department said on Thursday. Inflation for June … Read more

Fed Chair Jerome Powell focused on soft landing, says inflation fight isn’t over

Federal Reserve Chair Jerome Powell said on Wednesday he was not yet ready to declare inflation had been beaten, but felt the US remained on a path back to stable prices and continued low unemployment. Powell and other Fed officials have said they will not cut interest rates until they have gained even greater confidence that inflation is … Read more

With supply rising and prices dropping, is it time to buy a new car?

For the first time in years, car shoppers are having an easier time finding a deal as the auto industry bounces back from supply chain woes — and experts say the outlook could get even better. Sticker prices at dealerships have started to come down and affordability is improving, said Daniel Ross, senior manager of … Read more

US added surprisingly strong 206K jobs last month, unemployment rose to 4.1%

The American job market added more jobs than was forecast last month while unemployment rose higher than expected — a mixed result for investors who were hoping for news that would encourage the Federal Reserve to slash interest rates in its drive to fully tame inflation. Nonfarm payrolls rose by 206,000 jobs in June while … Read more

Taylor Swift Eras Tour not alone in raising inflation

Taylor Swift performs onstage during “Taylor Swift | The Eras Tour” at the Aviva Stadium in Dublin, Ireland, on June 28, 2024. Charles Mcquillan/tas24 | Getty Images Entertainment | Getty Images European Central Bank President Christine Lagarde said Tuesday that Taylor Swift’s Eras Tour is not alone in keeping inflation high across the euro zone. … Read more

16 Nobel-Prize Economists Say ‘Joe Biden’s Economic Agenda Is Vastly Superior to Donald Trump’

In a letter obtained by Axios, sixteen Nobel Prize-winning economists have warned that the re-election of Donald Trump could reignite inflation due to his “fiscally irresponsible budgets.” The economists expressed deep concerns about the potential risks to the US economy should Trump win the November election. The Nobel laureates emphasised that although their views on … Read more

Sweden’s Riksbank forecasts 2 to 3 more interest rate cuts this year

Sweden’s Riksbank on Thursday said it may cut interest rates up to three more times this year — as the central bank’s governor, Erik Thedéen, warned it must proceed with caution. “Two or three cuts is a forecast, it’s not a promise, and we will adapt monetary policy according to incoming information,” Thedéen told CNBC’s … Read more

Fed and European Central Bank to cut rates in September, Morgan Stanley says

U.S. Federal Reserve Chair Jerome Powell delivers remarks during a press conference following the announcement that the Federal Reserve left interest rates unchanged, in Washington, U.S., June 12, 2024.  Evelyn Hockstein | Reuters The U.S. Federal Reserve and European Central Bank could move to cut interest rates in September as key data provides further signs … Read more

US Housing Affordability Crisis Won’t Improve Until 2026 As Rates and Prices Remain Too High, Analysts Say

Bank of America (BofA) analysts recently noted that the prolonged US housing affordability crisis won’t improve until at least 2026 due to rising property prices and short supply as homeowners stay locked in due to elevated mortgage rates. While the US housing market appeared to stabilise after years of muted activity due to the pandemic, … Read more