Higher Prices Linger Despite Inflation Falling to 8.3% in August
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Higher Prices Linger Despite Inflation Falling to 8.3% in August
Higher Prices Linger , Despite Inflation Falling , to 8.3% in August.
NBC reports that inflation in the United States changed little over the month of August.
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According to data released on September 13 by the U.S. Bureau of Labor Statistics, inflation landed at 8.3% in August compared to the same time in 2021.
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Bloomberg surveyed economists who
had forecast an 8.1% annual increase.
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In July, prices ended up increasing by 8.5%.
While food and gas prices remain volatile, inflation has increased 6.3% year-on-year, higher than estimates of 6.1% and a monthly increase of 5.9%.
Meanwhile, motor vehicle maintenance and repair went up 1.7% and health insurance went up 2.4%.
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Meanwhile, motor vehicle maintenance and repair went up 1.7% and health insurance went up 2.4%.
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Gas prices have dropped for
three months in a row reaching
a national average of $3.70 a gallon.
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Food prices have remained high,
climbing to 11.4% overall,
compared to the same time last year.
Over that same period of time,
food at home prices increased 13.5%,
while food away from home went up 8%.
According to the most recent New York Federal Reserve survey, inflation is expected to remain high for the foreseeable future while it continues to crawl downward.
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According to the most recent New York Federal Reserve survey, inflation is expected to remain high for the foreseeable future while it continues to crawl downward.
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A Gallup poll released this month found
that a majority of Americans say they have
financially been impacted by inflation.
A Gallup poll released this month found
that a majority of Americans say they have
financially been impacted by inflation.
Last week, Federal Reserve ChairmanJerome Powell said the central bank feels optimistic it can continue to raise interest rates without incurring "very high social costs." .
Last week, Federal Reserve Chairman Jerome Powell said the central bank feels optimistic it can continue to raise interest rates without incurring "very high social costs."
Sam Bankman-Fried , Sentenced to 25 Years , for FTX Fraud.
On March 28, Sam Bankman-Fried was sentenced to
25 years in prison after being found guilty of defrauding
users of FTX, the now-collapsed cryptocurrency exchange. .
NBC reports that Lower Manhattan federal district
Judge Lewis Kaplan found the defense's arguments
misleading, speculative and logically flawed.
The judge accused Bankman-Fried of committing
obstruction of justice and tampering with
witnesses while mounting his defense.
Kaplan reportedly said that those
factors played a role in his decision
about how to sentence Bankman-Fried.
Prosecutors had originally sought a longer sentence
of 50 years, while the defense fought for
Bankman-Fried to get no more than six and a half years.
Prosecutors had originally sought a longer sentence
of 50 years, while the defense fought for
Bankman-Fried to get no more than six and a half years.
In November, Bankman-Fried was convicted on seven
criminal counts. He has been held at Brooklyn's
Metropolitan Detention Center while awaiting sentencing.
In November, Bankman-Fried was convicted on seven
criminal counts. He has been held at Brooklyn's
Metropolitan Detention Center while awaiting sentencing.
At one time, FTX was valued at over $30 billion
but ultimately collapsed in November of
2022 after announcing a major cash shortfall.
At one time, FTX was valued at over $30 billion
but ultimately collapsed in November of
2022 after announcing a major cash shortfall.
While on trial, Bankman-Fried was accused
of robbing FTX customers of nearly $8 billion,
which was partially used to fund the extravagant
lifestyles of the exchange's executives.
While on trial, Bankman-Fried was accused
of robbing FTX customers of nearly $8 billion,
which was partially used to fund the extravagant
lifestyles of the exchange's executives.
NBC reports that Bankman-Fried's sentence
is harsher than other white-collar crimes
in recent memory, such as Theranos founder
Elizabeth Holmes who received just 11 years.
NBC reports that Bankman-Fried's sentence
is harsher than other white-collar crimes
in recent memory, such as Theranos founder
Elizabeth Holmes who received just 11 years.
The outlet also notes that the judgement is more
similar to the 25-year sentence given to former
WorldCom CEO Bernie Ebbers or the 24-year
sentence given to Enron CEO Jeff Skilling.
The outlet also notes that the judgement is more
similar to the 25-year sentence given to former
WorldCom CEO Bernie Ebbers or the 24-year
sentence given to Enron CEO Jeff Skilling
Credit: Wibbitz Top Stories Duration: 01:30Published
Mumbai Becomes Asia's , Billionaire Capital , on Global Rich List.
NBC reports that Mumbai has become the Asian
capital with the highest number of billionaires,
dethroning Beijing at the top of the exclusive list. .
NBC reports that Mumbai has become the Asian
capital with the highest number of billionaires,
dethroning Beijing at the top of the exclusive list. .
According to the Hurun Research Institute's
global rich list, India's financial capital
registered 92 billionaires in 2024. .
Beijing comes in just below Mumbai with
91 billionaires, and Shanghai rounds out
the top three with a total of 87 billionaires.
Beijing comes in just below Mumbai with
91 billionaires, and Shanghai rounds out
the top three with a total of 87 billionaires.
The top of the list globally is New York
with 119 billionaires, followed by
London with a total of 97. .
The top of the list globally is New York
with 119 billionaires, followed by
London with a total of 97. .
According to the report, there are a total
of 3,279 billionaires globally in 2024,
an increase of 5% compared to 2023. .
NBC reports that China as a whole still has the
most billionaires overall with 814 in 2024, but
the country lost 155 billionaires compared to 2023. .
China had a bad year.
Wealth creation in China has gone
through deep changes these last few
years, with the wealth of billionaires
from real estate and renewables down, Hurun Research Institute's global rich list report, via NBC.
The United States comes in second with
800 billionaires, and India registered
a distant third place with 271.
The United States comes in second with
800 billionaires, and India registered
a distant third place with 271.
According to the report, artificial intelligence
played a significant role in increasing the
number of ultra wealthy people in the U.S. .
Whilst [Nvidia CEO] Jensen Huang
has grabbed many of the headlines
as Nvidia broke through the $2 trillion
mark, catapulting him into
the Hurun Top 30 as a result, , Hurun Research Institute's global rich list report, via NBC.
Whilst [Nvidia CEO] Jensen Huang
has grabbed many of the headlines
as Nvidia broke through the $2 trillion
mark, catapulting him into
the Hurun Top 30 as a result, , Hurun Research Institute's global rich list report, via NBC.
... the billionaires behind Microsoft,
Google, Amazon, Oracle and Meta
have seen significant surges in
their wealth as investors bet
on the value generated by AI, Hurun Research Institute's global rich list report, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Another UN Resolution Calling for , Gaza Cease-Fire Fails , to Pass Security Council Vote.
On March 22, a resolution calling for an immediate
cease-fire between Israel and Hamas in Gaza was
rejected by the United Nations Security Council. .
On March 22, a resolution calling for an immediate
cease-fire between Israel and Hamas in Gaza was
rejected by the United Nations Security Council. .
NBC reports that both Russia and China
voted against the United States-led measure. .
Vassily Nebenzia, Russia’s ambassador to the U.N., pointed
out that the resolution effectively contained a green light
for Israel to conduct a military operation in Rafah.
Vassily Nebenzia, Russia’s ambassador to the U.N., pointed
out that the resolution effectively contained a green light
for Israel to conduct a military operation in Rafah.
The vote came as U.S. Secretary of State Antony Blinken
visited Israel for talks centered on humanitarian aid
and the looming assault on the city of Rafah.
The vote came as U.S. Secretary of State Antony Blinken
visited Israel for talks centered on humanitarian aid
and the looming assault on the city of Rafah.
The U.S. has called a cease-fire crucial for
protecting civilians and expanding aid distribution
as over 2 million Palestinians face the threat of famine.
NBC reports that the failed resolution contained
no direct link to the release of hostages taken by
Hamas during the group's October 7 attack on Israel.
The resolution did reportedly support diplomatic
efforts "to secure such a cease-fire in connection
with the release of all remaining hostages.".
According to Israel, 130 hostages
remain in Gaza, while another
34 have already died in captivity.
Three previous attempts at
a resolution were vetoed by the U.S.
in October, December and February.
The failed fourth resolution came after the U.N.'s
Integrated Food Security Phase Classification
initiative warned that "famine is imminent" in Gaza. .
The initiative also warned that escalation
of the war could push half of Gaza's
entire population to the edge of starvation.
Credit: Wibbitz Top Stories Duration: 01:31Published
EPA Issues Ambitious, New Rules Aimed at , Cutting Carbon Emissions.
On March 20, the Biden administration
announced new rules regarding
automobile emissions standards.
On March 20, the Biden administration
announced new rules regarding
automobile emissions standards.
NBC reports that officials have called the
new regulations the most ambitious plan to
reduce emissions from passenger vehicles.
NBC reports that officials have called the
new regulations the most ambitious plan to
reduce emissions from passenger vehicles.
The new rules include scaled back
tailpipe limits requested by the
Environmental Protection Agency last April. .
The new rules include scaled back
tailpipe limits requested by the
Environmental Protection Agency last April. .
The new rules come amid slowing
sales of electric vehicles, a critical part
of the plan to meet the new standards.
The new rules come amid slowing
sales of electric vehicles, a critical part
of the plan to meet the new standards.
Last April, the auto industry cited
lower sales growth in its objection
to the EPA's strict standards. .
According to the EPA, the industry
could meet the limits if 56% of new
vehicle sales are electric by 2032.
According to the EPA, the industry
could meet the limits if 56% of new
vehicle sales are electric by 2032.
The EPA plan also called for at least 13% of plug-in
hybrids or other partially-electric cars, in addition
to more efficient gasoline-powered vehicles. .
The EPA's proposed standards would
avoid over 7 billion tons of planet-warming
carbon emissions over the next 30 years. .
The EPA's new rules apply
to model years 2027 to 2032.
The Biden administration's new rules
are set to ramp up to nearly meet
the EPA's limits by 2032.
Credit: Wibbitz Top Stories Duration: 01:30Published
'Devil Comet', May Join Solar Eclipse in , Rare Synchronized Celestial Event.
'Devil Comet', May Join Solar Eclipse in , Rare Synchronized Celestial Event.
NBC reports that a "devil comet" may
be visible during next month's highly
anticipated North American solar eclipse.
So-called "devil comets" are known for
occasional explosive outbursts, which give
the celestial objects their unique appearance.
Last year, an eruption on Comet 12P/Pons-Brooks
left it with two trails of gas and ice, which
give the appearance of devil horns. .
The unique comet is currently
visible in the early evenings from the
Northern Hemisphere on the west-northwest
horizon with the aid of binoculars or telescopes.
The comet is expected to brighten throughout the
month, until it becomes visible to the naked eye as it
reaches its closest point to the sun around mid-April.
NBC reports that the "devil comet" could be visible
during the upcoming April 8 total solar eclipse
if the comet flares significantly in the coming weeks. .
Those in the eclipse's path of totality,
from Texas to Maine, could be treated
to a rare synchronized celestial event. .
The comet was first observed by French
astronomer Jean-Louis Pons in 1812. .
In 1883, British-American astronomer
William Brooks became the second
to spot the rare celestial object.
NBC reports that Comet 12P/Pons-Brooks
orbit around the sun takes 71 years, making
sightings of the comet a truly rare occurrence.
Credit: Wibbitz Top Stories Duration: 01:31Published
Consumer Prices , Rose 0.4% in February.
The Bureau of Labor Statistics released
its latest data on March 12.
In February 2024, prices rose 0.4%
compared to January and 3.2% year-over-year, according to the Consumer Price Index (CPI).
The figures, which are greater than expected, represent the biggest monthly increase since September, Yahoo Finance reports. .
The index for housing rent rose 0.5% in February.
Gas prices rose 3.8%.
While food prices held steady for the month, they increased 2.2% year-over-year.
The Federal Reserve will use the latest data to help determine its position on interest rates on March 20. .
Experts predict that rates will
remain unchanged for the time being.
The market is now eyeing June for the possibility of rate cuts, Yahoo Finance reports. .
Fed Chair Jerome Powell recently said
that while interest rates will likely
be cut "at some point this year,"
"a little bit more data" is needed.
Credit: Wibbitz Top Stories Duration: 01:31Published
Price Growth , Cooling Falls Short of , Economist Expectations.
According to the latest Bureau of Labor Statistics data,
inflation in the United States cooled in January,
inching down from 3.4% to 3.1% on an annual basis.
According to the latest Bureau of Labor Statistics data,
inflation in the United States cooled in January,
inching down from 3.4% to 3.1% on an annual basis.
NBC reports that the data also showed
that "core" price growth remained flat
at 3.9% compared with the month prior.
While inflation did come down, economists had
been expecting a more robust slowdown that
would have brought inflation down to 2.9%. .
Economists had also expected "core" price
growth to come down to 3.7%, which it did not.
The final mile towards
the Fed’s 2% target was
always going to be slow,
erratic, and frustrating, Seema Shah, Chief global strategist at
Principal Asset Management, via NBC.
Today’s data is not what markets
or the Fed would have liked to see,
but it’s important not to overreact
and jump to the assumption that an
inflationary resurgence is developing, Seema Shah, Chief global strategist at
Principal Asset Management, via NBC.
Today’s data is not what markets
or the Fed would have liked to see,
but it’s important not to overreact
and jump to the assumption that an
inflationary resurgence is developing, Seema Shah, Chief global strategist at
Principal Asset Management, via NBC.
While some prices fell, others continued to rise.
Data showed that shelter costs climbed
over 6% on an annual basis, which includes
both rent and homeownership.
Economists have now forecast that solid
economic growth will continue to drive price increases. .
We continue to see the path back
to 2-percent inflation as challenging,
absent a more significant loosening
in the labor and housing markets. , Economists with Citibank, via NBC.
NBC reports that the latest data suggests that
the Federal Reserve will not look to start lowering
interest rates until late spring or early summer.
Credit: Wibbitz Top Stories Duration: 01:30Published
US Economy , Added 353,000 Jobs in January.
According to the Labor Department's
Bureau of Labor Statistics, nonfarm
payrolls grew by 353,000 in January.
That number exceeded the Dow Jones estimate of 185,000, CNBC reports. .
The unemployment rate stayed at 3.7%.
Average hourly earnings rose 0.6%,
twice as much as the monthly estimate. .
Year-over-year, earnings jumped 4.5%,
which was also above the forecast of 4.1%.
The wage gains occurred as average hours worked declined, dipping to 34.1.
Professional and business services posted the most job growth for January with 74,000 positions.
Health care, retail trade, government, social assistance and manufacturing were also significant contributors.
Health care, retail trade, government, social assistance and manufacturing were also significant contributors.
Health care, retail trade, government, social assistance and manufacturing were also significant contributors.
The report, while showcasing the
resilience of the American economy, .
could prompt questions about the Federal Reserve's timeline for lowering interest rates, CNBC reports. .
Benchmark short-term borrowing costs were kept in place earlier this week, with the Fed indicating that inflation must show more signs of cooling.
Credit: Wibbitz Top Stories Duration: 01:30Published
Extreme Weather Behind, Record High, Cocoa Prices .
Markets Insider reports that the price of cocoa
has hit an all-time high, which threatens to
raise prices for chocolate-lovers everywhere. .
Over the past year,
the price of cocoa
has doubled. .
On February 8, the most active
futures contract for cocoa
hit $5,600 per metric ton. .
According to Bloomberg,
that's the highest price the
contract has ever reached. .
Extreme weather events devastated
crops in West Africa, where most
of the world sources its cocoa beans.
Extreme weather events devastated
crops in West Africa, where most
of the world sources its cocoa beans.
Increased rain spread a crop disease that reduced yields, followed by dry weather
that threatens to further cut production.
Earlier this week, Paul Davis, the president
of the European Cocoa Association, said that
he considers it possible that prices will
continue to climb over $6,000 per ton.
We've got headwinds all over
the place at the moment.
Very expensive fertilizers,
tough conditions for farmers,
tough conditions for consumers, Paul Davis, President of the European
Cocoa Association, via Markets Insider.
Markets Insider reports that the rising cost of
cocoa has impacted chocolate makers like Hershey,
who are bracing for reduced earnings in 2024.
We are in a very tight balance.
There is no cavalry that's
coming to the rescue, Paul Davis, President of the European
Cocoa Association, via Markets Insider.
Crops around the world have been impacted
by extreme weather, with damaged harvests
bringing the cost of sugar, orange juice
and olive oil to multi-year highs in 2023. .
Crops around the world have been impacted
by extreme weather, with damaged harvests
bringing the cost of sugar, orange juice
and olive oil to multi-year highs in 2023. .
Crops around the world have been impacted
by extreme weather, with damaged harvests
bringing the cost of sugar, orange juice
and olive oil to multi-year highs in 2023.
Credit: Wibbitz Top Stories Duration: 01:31Published
Credit Card Debt , in the US Hits Record , $1.13 Trillion.
According to the latest data from the Federal Reserve
Bank of New York, the credit debt balance of consumers
in the United States has hit a record high of $1.13 trillion.
ABC reports that in the fourth quarter of
2023 alone, credit card debt grew by
$50 billion, representing a 4.6% increase from Q3.
The latest credit card debt update comes
as total household debt rose by $212 billion
to reach a staggering $17.5 trillion in Q4. .
At the same time, the number of U.S.
consumers who have been late on making
their credit card payments is also increasing.
The New York Fed's latest 'Quarterly Report on
Household Debt and Credit' showed the number
of delinquencies increasing across all age groups.
The numbers suggest that borrowers
between the ages of 30 and 39 are
missing payments at an accelerated rate. .
In the case of credit cards,
it looks like things have
reverted to a level that is
worse than pre-pandemic, Researchers at the New York Fed, via ABC.
The rising debt includes auto loan balances, which
increased by $12 billion in Q4 to reach $1.61 trillion,
while the number of delinquent payments also rose. .
The rising debt includes auto loan balances, which
increased by $12 billion in Q4 to reach $1.61 trillion,
while the number of delinquent payments also rose. .
Researchers at the New York Fed attribute
some of the increasing auto debt to lingering high
prices on new and used cars since the pandemic. .
ABC reports that credit card balances
first surpassed $1 trillion in August of 2023
Credit: Wibbitz Top Stories Duration: 01:31Published
Powell Says , Fed Remains Reluctant to Start , Lowering Interest Rates.
On March 6, Federal Reserve Chair Jerome Powell
said that interest rates will start to drop at
some point this year, without specifying when.
CNBC reports that Powell said policymakers
are closely monitoring the risks of inflation and
are reluctant to begin easing rates too quickly.
In considering any adjustments
to the target range for the policy
rate, we will carefully assess
the incoming data, the evolving
outlook, and the balance of risks. , Jerome Powell, Federal Reserve Chair, via CNBC.
The Committee does not
expect that it will be appropriate
to reduce the target range until
it has gained greater confidence
that inflation is moving
sustainably toward 2 percent, Jerome Powell, Federal Reserve Chair, via CNBC.
According to Powell, the Fed needs
"a little bit more data" before
making a decision on rates.
We think because of the strength
in the economy and the strength
in the labor market and
the progress we’ve made,
we can approach that step
carefully and thoughtfully
and with greater confidence, Jerome Powell, Federal Reserve Chair, via CNBC.
When we reach that confidence,
the expectation is we will
do so sometime this year.
We can then begin dialing back
that restriction on our policy, Jerome Powell, Federal Reserve Chair, via CNBC.
Markets are eagerly anticipating the Fed ending its
aggressive rate-hiking campaign, after 11 interest
rate increases between March 2022 and July 2023.
Longer-term inflation expectations
appear to have remained well
anchored, as reflected by
a broad range of surveys of
households, businesses, and
forecasters, as well as measures
from financial markets, Jerome Powell, Federal Reserve Chair, via CNBC.
Longer-term inflation expectations
appear to have remained well
anchored, as reflected by
a broad range of surveys of
households, businesses, and
forecasters, as well as measures
from financial markets, Jerome Powell, Federal Reserve Chair, via CNBC.
CNBC reports that Powell is scheduled for a two-day visit
to Capitol Hill this week, beginning with a March 6
meeting with the House Financial Services Committee.
Credit: Wibbitz Top Stories Duration: 01:31Published
Jerome Powell Says the ‘Time Is Coming’ , for Interest Rate Cuts.
In an interview with '60 Minutes' on Jan. 4, the
Federal Reserve chair said the central bank is still on track
to reduce interest rates later this year, Fox News reports. .
There is no easy, simple, obvious
path. We have to balance the risk
of moving too soon or too late.
And there are different risks. , Jerome Powell, Federal Reserve chair, via '60 Minutes'.
We think the economy's in a good place.
We think inflation is coming down. , Jerome Powell, Federal Reserve chair, via '60 Minutes'.
We just want to gain a little more
confidence that it's coming down in
a sustainable way toward our 2% goal, Jerome Powell, Federal Reserve chair, via '60 Minutes'.
While the "time is coming" to cut rates, "it's not likely that this
committee will reach that level of confidence in time for the March meeting, which is in seven weeks," Powell said.
At its last meeting, the Federal Open
Market Committee kept rates steady
for the fourth consecutive time.
Rates currently sit "at a range of
5.25% to 5.5%," which is the most they've been in 22 years, Fox News reports. .
Investors and analysts expect the Fed
to start its rate cuts in May or June. .
The labor market remains strong.
353,000 jobs were added in January.
We have a strong economy. Growth is
going on a solid pace, the labor market
is strong: 3.7% unemployment, Jerome Powell, Federal Reserve chair, via '60 Minutes'.
With the economy strong like that,
we feel can approach the question
of when to begin to reduce
interest rates carefully. , Jerome Powell, Federal Reserve chair, via '60 Minutes'.
We want to see more evidence that
inflation is moving sustainably to 2%, Jerome Powell, Federal Reserve chair, via '60 Minutes'
Credit: Wibbitz Top Stories Duration: 01:31Published
Home Sales , Continue To Drop , As Prices and Rates Remain High.
In August, home sales declined for the seventh month
in a row as rising mortgage rates and lingering
high prices drove potential..
Credit: Wibbitz Top Stories Duration: 01:30Published
Fed Approves , Third-Straight , Massive Rate Hike.
On September 21, the Federal Reserve
made history by approving a third
consecutive 75-basis-point hike.
CNN reports that the aggressive move is..
Credit: Wibbitz Top Stories Duration: 01:31Published
(9/15/22) The Markets' big 4% drop in markets on news August CPI was 8.3% was the follow up to Monday's 90% upside day and the "bullish upthrust" in the market. The..