'The Hill' reports that Labor Department data released
on April 12 shows inflation continues to cool.
Consumer prices fell from an annual increase
of 6% in February to 5% in March.
Prices only rose 0.1% on a monthly basis.
The numbers are slightly better than
economists' predictions of a 5.1%
annual increase and 0.2% monthly increase.
Grocery prices dropped from a 10.2% annual increase to an 8.4% annual increase.
.
Core inflation, which doesn't account for food
and energy, increased 5.6% annually.
.
The Federal Reserve has raised
interest rates nine times since last March.
While labor demand continues to be strong, inflation still outpaces wage growth for much of the country.
The change in real average hourly
earnings combined with a decrease
of 0.9% in the average workweek
resulted in a 1.6% decrease in real
average weekly earnings over the period, U.S. Labor Department, via report
CPI MP Vishwam urged PM Modi to investigate Adani and Ambani's alleged wrongdoings and black money hoarding, criticizing BJP's defense. CPI MP also highlighted.. IndiaTimes
LDF and BJP criticize Congress for Rahul Gandhi's dual seat contest in Wayanad and Rae Bareli. Annie Raja questions Gandhi's emotional attachment to Wayanad,.. IndiaTimes
Congress leader Rahul Gandhi holds a spirited roadshow in Wayanad, Kerala, ahead of filing his nomination papers for the Lok Sabha elections. Thousands of supporters join him, while CPI candidate Annie Raja also files her nomination. Criticism arises, questioning Rahul's decision to contest against Raja instead of confronting the BJP directly. The electoral dynamics in Wayanad reflect intricate alliances and fierce rivalries.
#Congress #RahulGandhi #LokSabhaElections #Wayanad #KeralaElections #CPI #AnnieRaja #BJP #Amethi #CongressParty #Worldnews #Oneindia #Oneindianews
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Title IX Regulations Add Protections , for Transgender Students.
Title IX prohibits "sex-based discrimination at government-funded schools," 'The Hill' reports. .
On April 19, the Biden administration revealed the last of its changes to the federal civil rights law. .
The new regulations expand how sex discrimination is defined, now including
sexual orientation and gender identity. .
These final regulations build on the
legacy of Title IX by clarifying that
all our nationâs students can access
schools that are safe, welcoming,
and respect their rights. , Education Secretary Miguel Cardona, via statement.
The update also reinstates "protections for student survivors of sexual assault and harassment" which were changed under President Trump, 'The Hill' reports.
Catherine Lhamon, the Education Departmentâs assistant secretary for civil rights, .
says the new rules will help schools
respond to "all sex discrimination,
not limited to sexual harassment.".
Biden's final changes to Title IX
are sure to be condemned by Republicans
who view transgender protections as failing
to protect cisgender women and girls.
The new changes will take effect Aug. 1.
The Biden administration has not yet finalized an additional rule pertaining to sports eligibility. .
Since 2021, 24 states have passed laws prohibiting transgender student-athletes from playing on
sports teams that align with their gender identity
Credit: Wibbitz Top Stories Duration: 01:31Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Biden Cancels Over $7 Billion in Student Debt , for More Than 277,000 Borrowers.
On April 12, President Joe Biden said that over 277,000 borrowers in more than
40 states will have $7.4 billion in student
loan debt wiped out, 'The Hill' reports. .
To date, the Biden administration has canceled $153 billion in student loan debt. .
From day one of my administration,
I promised to fight to ensure higher
education is a ticket to the middle class,
not a barrier to opportunity. , President Joe Biden, via statement.
I will never stop working to cancel
student debt â no matter how
many times Republican elected
officials try to stop us, President Joe Biden, via statement.
'The Hill' reports that Biden's loan forgiveness has largely been aimed at helping
"public service workers, those on IDR plans," .
people who've been defrauded by educational institutions and those with disabilities. .
Republican Rep. Virginia Foxx, chair of the House Education Committee, issued a statement in response to Biden's actions. .
The administration is tone deaf.
Thereâs no other way to put it, Rep. Virginia Foxx, chair of the House Education Committee, via statement.
We know that instead of doing its
job the administration focused
time, energy, and resources on
its illegal student loan scheme. , Rep. Virginia Foxx, chair of the House Education Committee, via statement.
And that has been frustrating, especially
since it has jeopardized the academic
journey of millions of students, Rep. Virginia Foxx, chair of the House Education Committee, via statement.
But what is absolutely maddening is
that the administration is STILL not
doing its job and instead focusing on
its student loan shenanigans. , Rep. Virginia Foxx, chair of the House Education Committee, via statement.
White House press secretary Karine Jean-Pierre said, , âWe know what Republicans are going to do; we canât
stop them from that. But itâs also not going to stop the president from acting and taking action, like he is today.â
Credit: Wibbitz Top Stories Duration: 01:30Published
Biden Announces Deal With Taiwanâs TSMC , to Ramp Up US Chip Production.
On April 8, the White House said that it has reached an agreement with TSMC to help build new semiconductor manufacturing facilities in Arizona, 'The Hill' reports. .
The Biden administration will
provide up to $6.6 billion in funding
via the CHIPS and Science Act.
The president said that the money
will âsupport the construction of
leading-edge semiconductor manufacturing facilities right here in the United States.â .
Funding would also go toward
training local workforces at the new facilities.
A year and a half ago, I toured
the site of TSMCâs first new
fab in Phoenix, Arizona, President Joe Biden, via statement.
TSMCâs renewed commitment
to the United States, and its
investment in Arizona.., President Joe Biden, via statement.
... represent a broader story for
semiconductor manufacturing thatâs
made in America and with the strong
support of Americaâs leading technology firms
to build the products we rely on every day, President Joe Biden, via statement.
America's ability to produce its own microchips remains a key area of concern for Biden.
The CHIPS and Science Act, which was passed
with bipartisan support in 2022, is intended to
make the U.S. less dependent on foreign suppliers.
The White House has also made
agreements with Intel, GlobalFoundries
and Bae Systems, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:31Published
Warnock Calls GOPâs Criticism , of Trans Visibility Day , âOpposite of Christian Faithâ.
This year, Trans Day of Visibility
coincidentally fell on Easter Sunday.
President Joe Biden was attacked by Conservatives for making a declaration about the day, as he does every year, because it fell on the Christian holiday.
One of Biden's critics, Speaker Mike Johnson, called Biden's declaration an "outrageous
and abhorrent" attack on the religion. .
One of Biden's critics, Speaker Mike Johnson, called Biden's declaration an "outrageous
and abhorrent" attack on the religion. .
Senator Raphael Warnock, a reverend,
has denounced GOP criticism, calling it the
"opposite of the Christian faith," 'The Hill' reports. .
Apparently, the Speaker finds trans
people abhorrent, and I think he
ought to think about that, Sen. Warnock, via interview with CNN's Dana Bash.
This is just one more instance
of folks who do not know how
to lead us trying to divide us, Sen. Warnock, via interview with CNN's Dana Bash.
This is the opposite of the
Christian faith. Jesus centered the
marginalized. He centered the poor, Sen. Warnock, via interview with CNN's Dana Bash.
And in a moment like this, we need
voices, particularly voices of faith,
who would use our faith not as a
weapon to beat other people down but
as a bridge to bring all of us together, Sen. Warnock, via interview with CNN's Dana Bash.
The White House also issued a statement.
As a Christian who celebrates
Easter with Family, President
Biden stands for bringing people
together and upholding the dignity
and freedoms of every American, White House spokesperson Andrew Bates, via statement.
Sadly, itâs unsurprising politicians
are seeking to divide and weaken
our country with cruel, hateful,
and dishonest rhetoric. President
Biden will never abuse his faith for
political purposes or for profit, White House spokesperson Andrew Bates, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Data Shows , US Wages Falling , at a 'Striking' Pace.
Fox News reports that wage growth
in the United States has slowed
significantly over the past year. .
According to new data from Indeed,
wage growth is beginning
to near pre-pandemic levels. .
Indeed's wage tracker showed that salaries have had
a marked drop since January 2022, suggesting that
employers are seeing less competition for new hires.
The pace of deceleration
is striking. Posted wage growth
has fallen by almost 3 percentage
points over the past year, Nick Bunker, Indeed labor economist, via Fox News.
Fox News reports that the most pronounced
deceleration was found in low-wage sectors. .
Given the huge run-up in posted
wages for those sectors, wage growth
is still above its pre-pandemic pace.
How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News.
After remaining historically tight throughout the last
year, the labor market is expected to continue slowing
in the coming months amid elevated interest rates.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
Despite this, job growth has
remained resilient, with employers
adding 275,000 jobs in February. .
At the same time, Labor Department
data shows that the unemployment
rate for the month also rose to 3.9%.
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
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Experts Say Fed's , Rate Hikes Could Impact , Housing Market for Decades.
Yahoo Finance reports that the housing market
has been showing signs of bouncing back as
this year's spring home-buying season begins.
For the second week in a row, mortgage rates
fell, reaching the lowest level in over a month. .
According to Freddie Mac, the average rate
on a 30-year fixed mortgage dropped to
6.74% from 6.88% the week before.
At the same time, supply is also
starting to rebound, with new listings
hitting a 17-month high in February. .
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
According to economist Gary Shilling, the Fed's
campaign has created a "perfect storm,"
with higher rates causing would-be
home sellers to put their plans on hold. .
It won't continue
indefinitely, but it certainly
is disruptive right now, Gary Shilling, Economist, via Yahoo Finance.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
There's going to be low
supply for a long time to
come. What the Fed didâŠ
will have a 30-year tail on it, Glenn Kelman, Redfin CEO, via Yahoo Finance.
Yahoo Finance reports that mortgage rates may be
unlikely to fall much further in the near term, meaning
that a more substantial rebound may still be far off.
Credit: Wibbitz Top Stories Duration: 01:30Published
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