Inflation accelerated more than expected in December, marking the thirty-third consecutive month with annual prices rising significantly faster than the two percent target seen as healthy by the Federal Reserve. The consumer-price index, the Labor Departmentâs broad measurement of what consumers pay for goods and services, rose 3.4 in December from a year earlier. Economists
Bidenomics in Crisis: Majority of Voters Say Biden’s Policies Will Make Inflation Worse
Most Americans think Joe Bidenâs policies will cause prices to rise, a poll of registered voters by CBS News and YouGov shows. As the U.S. economy approaches the third anniversary of the explosion of inflation that has sent the cost of living soaring and real wages plunging, a solid majority of registered voters think Bidenâs
Inflation Picks Up Slightly as Bidenflation Persists for 32nd Straight Month
Chip Somodevilla/Getty Images Inflation accelerated slightly in November, marking the thirty-second consecutive month with annual prices rising significantly faster than the two percent target seen as healthy by the Federal Reserve. The consumer-price index, the Labor Departmentâs broad measurement of what consumers pay for goods and services, rose 3.1 in November from a year earlier
Fed Holds Rates Steady, Expects Economic Growth, Hiring, and Inflation to Slow
Anna Moneymaker/Getty Images Federal Reserve officials voted to leave the central bankâs benchmark interest rate unchanged, saying that it expects tighter financial conditions will weigh on economic activity, hiring, and inflation. The Fed said on Wednesday that it would hold its benchmark rate at a range of 5.25 percent to 5.50 percent, the range it
PCE Inflation Cools To Slowest Pace in Two Years
Inflation continued to cool in June but remains above the Federal Reserveâs target. The personal consumption expenditures price index was up 0.2 percent compared with a month ago, a slight pickup in prices compared with the 0.1 percent increase in May. Compared with year ago, the PCE price index is up three percent. The Fed
UAW President: Companies Got Billions from Inflation Reduction Act, Workers Haven’t
On Mondayâs broadcast of CNNâs âThe Lead,â UAW President Shawn Fain talked about endorsing a candidate in the 2024 presidential contest and demands to the White House around guarantees for employees around electric vehicle provisions in the Inflation Reduction Act and stated that âitâs back to the same old story. When the corporations come to
Dem Rep. Slotkin: Inflation Hurting Auto Workers Helped Set the Scene for Auto Talks
On Thursdayâs broadcast of CNNâs âInside Politics,â Rep. and U.S. Senate candidate Elissa Slotkin (D-MI) stated that âthe scene for these negotiationsâ between automakers and the UAW was set by large profits for auto companies and the fact that âpeople who are working at those facilitiesâŚare struggling and have less money in their pockets because
Sanders: I Don’t Regret that Green Provisions in Inflation Reduction Act May Overrun Cost Estimate
On Thursdayâs broadcast of MSNBCâs âAll In,â Sen. Bernie Sanders (I-VT) said that he doesnât regret that the green provisions in the Inflation Reduction Act may end up exceeding their projected cost and âwe still have a long way to goâ on climate. Host Chris Hayes asked, âThe Inflation Reduction Act, thereâs something â thereâs
Axelrod: Biden’s Approval on Economy ‘Bad, Especially Relative to What He’s Achieved’ Due to Politics, Unease Largely ‘Driven by Inflation’Â
On Fridayâs broadcast of CNNâs âAC36src,â CNN Senior Political Commentator and former Obama Adviser David Axelrod stated that President Joe Bidenâs âeconomic approval numbers are actually quite bad, especially relative to what heâs achievedâ because of political polarization and a âsense of uneaseâ that is largely âdriven by inflationâ and also due to a âhangoverâ
CNBC: Majority of People Making $100K or More Say They’re Financially Stressed, Inflation Is Top Cause
On Tuesdayâs broadcast of CNBCâs âSquawk Box,â CNBC Senior Personal Finance Correspondent Sharon Epperson discussed CNBCâs Your Money Financial Confidence Survey that the network conducted with Momentive and noted that even a majority of people earning $100,000 or more say theyâre stressed about their personal finances and inflation is the top cause of this. Epperson stated
Summers: There’s Not Much ‘Evidence of a Basic Downwards Trend in Inflation’ and Fed ‘Has Considerably More Work to Do’
During an interview aired on Fridayâs edition of Bloombergâs âWall Street Week,â Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers argued that âwe donât have a lot of evidence of a basic downwards trend in inflationâ and the Federal Reserve âhas
Harvard Prof., Fmr. IMF Economist Rogoff: Bank Issues Not Fixed ‘at All’ and Things Will ‘Break’ Due to High Inflation, Slow China Growth
On Thursdayâs broadcast of CNBCâs âSquawk Box,â Harvard University Economics Professor and former International Monetary Fund Chief Economist Ken Rogoff argued that the issues around banks have not been fixed âat allâ because in a world with higher inflation and interest rates and poor growth in China, âweâre in a situation where things are going
Fmr. Obama Treasury Official Rattner: February CPI ‘Not a Good Thing’ for Getting Inflation to Goal, ‘What the Fed Really Looks at’ ‘Is Rising’
On Wednesdayâs broadcast of MSNBCâs âMorning Joe,â Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, stated that the core services inflation metric that the Federal Reserve âreally looks atâ is ârising and that is not a good thingâ to getting inflation down to the target level. Rattner said, â[I]nflation looked
Carney on âKudlowâ: The Fed Has Been Fueling Inflation and May âChicken Outâ from Fighting It
The Federal Reserveâs accommodative economic policies have been fueling inflation and now Fed officials may âchicken outâ from raising interest rates higher at their next meeting, Breitbart Economics Editor John Carney said in an interview Friday on Larry Kudlowâs eponymously named Fox Business show. The personal consumption expenditure (PCE) data released Friday makes clear that Fed
Carney on âKudlowâ: The Fedâs âHistoric Mistakeâ in Cutting Rates âRefueled Inflationâ
The Federal Reserveâs decision to scale back rate hikes at their last two meetings will be âlooked at as an historic mistake because that refueled inflation,â Breitbart Economics Editor John Carney said in an interview Wednesday on Larry Kudlowâs eponymously named Fox Business show. âI think that a lot of people thought that inflation was
ExclusiveâAlfredo Ortiz: Todayâs Historic Inflation Discredits Big Government
Nobel Prize-winning economist Milton Friedman explained, âInflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.â On the campaign trail, President Biden said, âMilton Friedman isnât running the show anymore.â Talk about tempting
Joe Biden Not Worried About Inflation or Stock Market Plunge: ‘We’re Going to Be Fine’
President Joe Biden shrugged off the latest unexpectedly high inflation numbers on Tuesday even as they triggered a sudden plunge in the stock market. âI think weâre going to be fine,â Biden told reporters Tuesday night when asked about the disappointing data release earlier in the day. The president spoke briefly to reporters after traveling
Carney on âKudlowâ: The Big Biden âLie That Got Us Inflationâ
âThis is the lie that got us inflation,â Breitbart Economics Editor John Carney said in response to President Joe Bidenâs remarks on Wednesday touting his administrationâs spending policies and dodging any blame for inflation. Carney appeared on Larry Kudlowâs eponymously named Fox Business show on Wednesday following Bidenâs first press conference after Tuesdayâs midterm elections.
Americans Fear Inflation Will Worsen if Democrats Control Congress After ElectionÂ
Americans fear rising costs will worsen if Democrats retain control of Congress after the midterm election, an Axios-Ipsos poll found over the weekend. Experts project inflation will cost American families $5,520 in 2022. Since the Democrats assumed control of the legislative and executive branches of government, Americans have lost $4,200 in annual income, a recent Heritage Foundation study shows. Sixty-one percent of general
Inflation Surges Higher in Importance for Black and Hispanic Americans
Inflation is increasingly important to a broadening super-majority of Americans even as the Federal Reserveâs efforts to slow down price hikes have driven up interest rates at the fastest pace in decades. Seventy-four percent of American adults rate the inflation issue as âvery important,â according to a recent poll from the Economist and YouGov. The poll
Fmr. Obama Treasury Counselor Rattner: Powell Got Inflation Wrong Because WH Was Wrong and He’s ‘a Team Player’
On Thursdayâs broadcast of MSNBCâs âMorning Joe,â Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, argued that Federal Reserve Chairman Jerome Powell got inflation wrong in part because âthe White House was signaling that they thought inflation was going to come down.â And Powell âis a team playerâ who was
Fmr. Obama Treasury Counselor Rattner: We’ll Have ‘Higher Rates for the Foreseeable Future,’ Inflation Isn’t Declining Due to Stimulus
On Thursdayâs broadcast of MSNBCâs âMorning Joe,â Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, predicted higher interest rates âfor the foreseeable future,â and said that inflation isnât declining in part due to people still spending the large amounts of stimulus they got during the pandemic. Rattner also stated that
Cortez Masto on Claims Dem Policies Caused Inflation: Inflation Reduction Act ‘a Great First Start’ to Fighting Inflation
During a portion of an interview with CBS News Correspondent Lilia Luciano released on Thursday, Sen. Catherine Cortez Masto (D-NV) responded to a question on how she responds to criticism from her opponent, former Nevada Attorney General Adam Laxalt (R), that Democratic policies have created inflation by stating that âthe Inflation Reduction Act was a great…
Dem Rep. Lawrence: Inflation Is ‘the Sole Issue’ Republicans Can Talk about –
On Saturdayâs broadcast of MSNBCâs âVelshi,â Rep. Brenda Lawrence (D-MI) stated that inflation is âimportantâ but itâs âinteresting, with everything else thatâs going on in the world, that is the sole issue that the Republicansâ can talk about. Lawrence stated that there are âother countries that are going through a global epidemic when it comes…
Democrat Patty Murray Champions ‘Inflation Reduction’ Act as Economists Say Spending Worsened Inflation
Sen. Patty Murray (D-WA) touted her support for the so-called âInflation Reductionâ Act at Sunday eveningâs Senate debate with her opponent, Republican Tiffany Smiley, who is putting her through a tough reelection campaign. Smiley said Murrayâs support âsounds like a Washington, DC, answer to me,â telling the 30-year incumbent, âyou are Washington, DC.â âSen. Murray…
Poll: Half of Voters Say Economy, Inflation Top Issue Going into Midterms
Half of U.S. voters say the economy or inflation is their number one issue heading into the November 8 midterm elections, according to a recent ABC/Ipsos poll. The poll shows that 28 percent of registered voters say the economy is their single most important issue for determining their ballot, while 22 percent say inflation is.…
Kraft Heinz CEO: Inflation and Supply Shortages Here to Stay for a While
Kraft Heinz CEO Miguel Patricio said Monday he does not see higher inflation and supply chain issues ending in the near future. âWeâve already increased the prices that we were expecting this year, but Iâm predicting that next year, inflation will continue, and as a consequence [we] will have other rounds of price increases,â Patricio…
Economists: Inflation Canât Be Reined In Without Tanking The Economy
Nearly three quarters of business economists believe that the Federal Reserve will not be able to bring inflation back to its target of 2% in the next two years without inducing a recession, according to a poll by the National Association for Business Economics (NABE) released Monday.Roughly 19% of respondents believed that the U.S. was…