Inflation

16 Business Report underscores fears inflation has spread beyond energy and goods, whose prices are driven up by supply chain issues and Ukraine war. Associated Press , News Partner Posted Replies WASHINGTON — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6 percent last month from a year earlier, faster than April's year-over-year increase of 8.3 percent, the Labor Department said Friday. The new inflation figure, the highest since 1981, will heighten pressure on the Federal Reserve to continue raising interest rates aggressively. On a month-to-month basis, prices jumped 1 percent from April to May, much faster than the 0.3 percent increase from March to April. Contributing to that surge were much higher prices for everything from airline tickets to restaurant meals to new and … [Read more...] about Inflation Hits New 40-Year High As Price Increases Spread

4 Business The central bank raised it's key interest rate by three-quarters of a point, part of a campaign to tighten credit and slow inflation. Associated Press , News Partner Posted Replies WASHINGTON — The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come that would raise the risk of another recession. The move the Fed announced after its latest policy meeting will raise its benchmark short-term rate, which affects many consumer and business loans, to a range of 1.5 percent to 1.75 percent. With the additional rate hikes they foresee, the policymakers expect their key rate to reach a range of 3.25 percent to 3.5 percent by year's end — the highest level since 2008 — meaning that most forms of borrowing will become sharply more expensive. The central … [Read more...] about Fed Attacks Inflation With Highest Rate Hike Since 1994

This is a carousel. Use Next and Previous buttons to navigate 9 BANGKOK (AP) — Shares were higher in Europe and Asia on Friday despite data suggesting some economies are slowing. U.S. futures also advanced after a rally Thursday on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses. Market players are looking ahead to U.S. inflation data due next week and hoping that the moderation in prices of oil and some other commodities this week is a sign inflation might be abating. “We will soon find out if the inflation trade is pausing or cracking. Pain levels are raising with the ‘recession rotation’ in full swing as the narrative shifts from supply chain concerns to demand destruction,” Stephen Innes of SPI Asset Management said in a commentary. Britain’s FTSE 100 added 1.1% to 7,097.20 after Prime Minister Boris Johnson suffered a double blow as voters … [Read more...] about World shares gain as investors shrug off downbeat data

WASHINGTON (AP) — Back-to-back world leader summits in Europe this weekend will focus on uniting Western nations behind Ukraine in its fight against Russia's invasion and overcoming Turkey's opposition to NATO membership for Finland and Sweden. The Group of Seven leading economic powers — the United States, Britain, Canada, France, Germany, Italy and Japan — are set to hold their annual gathering Sunday through Tuesday in the Bavarian Alps in Germany, which holds the G-7's rotating presidency this year. After the G-7 concludes, leaders of the 30 countries in the NATO alliance will then gather for their annual summit, which is being held Wednesday through Thursday in Madrid. A look at some of the key issues and themes on the table as President Joe Biden prepares to join both summits: UKRAINE UNITY Russia’s war in Ukraine will loom large over both summits as leaders seek to project a united front against Kremlin aggression that has devastated Ukraine and plunged Europe and … [Read more...] about Solidarity behind Ukraine’s Russia fight atop summit agendas

0 Politics & Government U.S. Reps. Sean Casten and Marie Newman are vying for the Democratic nomination in the IL-06 primary, along with challenger Charles Hughes. Lorraine Swanson , Patch Staff Posted Reply ILLINOIS — Two incumbent congressional representatives, Sean Casten and Marie Newman, are fighting for their political lives in the newly remapped Illinois 6th Congressional District. Both are battling it out in a game of political musical chairs, where the loser of the June 28 Democratic primary goes home and other moves on to November's midterm election. While Casten and Newman are the big show, don't rule out Garfield Ridge resident Charles M. Hughes, a regular South Side guy who's been banging on doors and claiming to be getting an earful from IL-06 voters who don't like Newman, and don't know who Casten is. The remapped IL-06 includes 21 percent of Casten's former district, and 41 percent of the former IL-03 … [Read more...] about Illinois 6th Congressional Dem Primary 2022: Casten, Newman and Hughes