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Economy
Fed likely to keep rates higher longer, rate hike unlikely. Powell says
Powell Says Fed Doesn't Need to Rush Interest-Rate CutsFederal Reserve Chair Jerome Powell repeated that the US central bank isn't in a hurry to cut interest rates.BloombergFederal Reserve Chair Jerome Powell said Tuesday that “it may take longer than expected” for high interest rates to lower inflation.He also reiterated, however, that a rate…
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S&P 500 Pushes Past Previous Record After Inflation Report
Wall Street is back in rally mode, with investors seizing on the latest sign that interest rates could begin to fall this year.The S&P 500 rose 1.2 percent on Wednesday, adding to three straight weeks of gains and climbing above its previous record, set on March 28.It marks a sharp shift from the sour mood that helped pull the index more…
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Eggs and milk prices fall, as overall inflation eases : NPR
Grocery prices fell in April as overall inflation cooled. Milk prices dropped 0.8% while egg prices declined 7.3%.
Justin Sullivan/Getty Images…
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CPI Report Live Updates: Inflation Expected to Cool Slightly
If your car broke down two years ago, it probably became a bigger problem than you bargained for.A confluence of forces were to blame: The Covid pandemic disrupted supply chains, pushing used car prices to record highs and making spare parts hard to get; out-of-practice drivers emerging from lockdowns caused more severe wrecks; and technological…
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China’s SMIC warns of fiercer price war for less advanced chips
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.SMIC, China’s top chipmaker, has warned of an increasingly fierce price war in the domestic market for less advanced semiconductors as well as global oversupply, as new plants begin production in the coming months.Chipmakers…
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Biden repeats lie that inflation ‘was at 9% when I came in’
WASHINGTON — President Biden again claimed Tuesday that the annual US inflation rate was 9% when he took office in January 2021 — when it actually was 1.4% and didn’t pass 9% until 17 months into his term — as he attempted to deflect public disenchantment with the economy.
The 81-year-old president made the incorrect assertion when…
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Goldman Sachs: Here is what we expect from the US April CPI print
Goldman Sachs predicts a subtle deceleration in the US core CPI for April, projecting an increase of 0.28%, slightly below the consensus expectation of 0.3%. This forecast suggests a cooling from the 0.37% average increase observed in Q1, potentially impacting future monetary policy decisions.Key Points:Core CPI Slowdown: Expected to rise by…
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FG may need supplementary budget to pay minimum wage – IMF
The Federal Government may need to raise a supplementary budget to accommodate the proposed minimum wage increase for workers.
This is because the negotiated amount may surpass the budgeted amount in the original 2024 budget.
The International Monetary Fund gave this recommendation in its latest staff country report for…
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NY Fed report warns discount window stigma may never go away
By Michael S. Derby(Reuters) - The Federal Reserve needs to rethink how it provides swift liquidity to banks, a report from the Federal Reserve Bank of New York said on Monday.That’s because despite many years of trying to reform the discount window, the long-standing stigma around this facility “has clearly become deeply engrained among…
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Corporate greed not to blame for price pressures, Fed study shows
(Reuters) - Corporate price gouging has not been a primary driver of U.S. inflation, according to research published on Monday by economists at the Federal Reserve Bank of San Francisco.While markups for motor vehicles and petroleum products did rise sharply during the 2021-2022 inflation surge, markups across the entire spectrum of U.S. goods…
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