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☆ Stagflation fears just hit Wall Street. Now for the next crucial report on prices
▼ + stars: | 2024-04-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The Federal Reserve’s favorite inflation reading is due Friday morning. Investors are nervously awaiting the report after first-quarter US GDP came in softer than expected Thursday. Stocks tumbled as the slowdown in GDP, coupled with stubbornly high inflation data, stoked fears of stagflation. Wall Street earlier this year expected that the central bank would ease rates as many as six times in 2024, beginning in March. Yellen said the weaker reading was not “concerning,” mentioning that measures of underlying growth were strong in Thursday’s report.

Persons: Stocks, ”, Ayako Yoshioka, Janet Yellen, Alessandra Galloni, Alicia Wallace, ” Yellen, “, we’ve, Yellen, Read, Freddie Mac, Bryan Mena, Lawrence Yun Organizations: CNN Business, Bell, New York CNN, Gross, Commerce Department, Atlanta, Fed, Thursday’s, Group, Traders, Bank of America, Reuters, National Association of Realtors Locations: New York, Yellen

☆ US economy grew by just 1.6% in the first quarter, a much slower pace than expected
▼ + stars: | 2024-04-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —The US economy cooled more than expected in the first quarter of the year, but remained healthy by historical standards. Gross domestic product, which measures all the services and goods produced in the economy, measured an annualized rate of 1.6% in the first quarter, the Commerce Department reported Thursday. It was the weakest pace of growth since the second quarter of 2022 when the economy contracted. What this means for interest ratesInflation slowed considerably last year, but the pace of its descent has stalled in recent months. For now, economic growth remains healthy, despite the weaker-than-expected first-quarter GDP reading, as employers continue to hire at a solid clip and workers still command robust wage gains.

Persons: ” Oren Klachkin Organizations: Washington CNN, Federal Reserve, Gross, Commerce Department, Consumer, Nationwide, CNN

☆ US pending home sales jumped in March, beating expectations by a mile
▼ + stars: | 2024-04-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Home sales based on contract signings jumped in March despite elevated mortgage rates that month. Contract signings rose across the country in March from the prior month, except in the Midwest. Hotter-than-expected inflation readings in recent months are now keeping the Federal Reserve from cutting interest rates anytime soon. Those are the so-called “golden handcuffs” of low mortgage rates. They began to climb in early 2022 when the Federal Reserve started to hike interest rates in a bid to tamp down high inflation.

Persons: ”, Lawrence Yun, ” Oliver Allen, it’s, Yun Organizations: Washington CNN —, National Association of Realtors, Federal Reserve, Treasury, Pantheon

☆ New home sales surged in March despite elevated mortgage rates
▼ + stars: | 2024-04-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —Sales of newly built single-family homes in the United States soared in March despite mortgage rates remaining elevated that month. Housing market poised to remain difficultThe broader US housing market is expected to remain tough for Americans, with mortgage rates poised to stay well above 6% this year, economists say. The Federal Reserve doesn’t directly set mortgage rates, but its actions do influence them, and the central bank isn’t expected to cut interest rates anytime soon. “Despite high prices and mortgage rates, homebuyers have limited options on the resale market, although resale inventories have improved some over the course of this year,” Gregg Logan, managing director at RCLCO Real Estate Consulting, said in a note Tuesday. “The willingness of the major homebuilders to utilize incentives such as price reductions, mortgage rate buy-downs and paying buyers closings costs continue to support a healthy pace of new home sales,” he added.

Persons: ” Gregg Logan, “ Organizations: Washington CNN —, National Association of Realtors, Housing, Federal Reserve, Fed, Real Estate Consulting Locations: United States, Northeast

☆ The US dollar is strengthening. Here’s what’s driving the rally and what it means for Americans
▼ + stars: | 2024-04-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

What does the dollar rally mean internationally? The US Commerce Department releases March figures on new orders for durable goods. The US Commerce Department releases its first estimate of first-quarter gross domestic product. The US Labor Department reports the number of new applications for unemployment benefits in the week ended April 20. The US Commerce Department releases March figures on household spending, income and the Fed’s preferred inflation gauge.

Persons: it’s, Michelle Bowman, Bell, Claudio Irigoyen, It’s, Samantha Delouya, ”, eMarketer, Ross Benes, Wall, Read, Lockheed Martin, Raymond James, Northrop Organizations: Washington CNN, Federal Reserve, Bank of America, Netflix, Verizon, Truist, Albertsons, The Chicago Fed, Visa, Tesla, Pepsico, Novartis, UPS, Lockheed, Banco Santander, Spotify, General Motors, Halliburton, Global, US Commerce Department, Meta, IBM, Boeing, Chipotle, Hilton, Ford, Hasbro, Whirlpool, Wyndham, Microsoft, Mobile, Caterpillar, Comcast, Intel, P Global, Honeywell, Gilead, Northrop Grumman, Valero, Capital, Nasdaq, Southwest Airlines, American Airlines, Citizens Financial, US Labor Department, National Association of Realtors, Bank of Japan, Exxon Mobil, Chevron, HCA Healthcare, Colgate, Palmolive, Phillips, Charter Communications, University of Michigan Locations: Europe, Japan, China, Roku

☆ US concert spending: Americans will continue to spend big on live shows in 2024
▼ + stars: | 2024-04-20 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

It was remarkable, given that inflation was elevated and interest rates were at their highest in two decades. “With the job market and economy holding strong, consumers could continue spending on these tours – and there’s certainly still demand,” Liz Anderson, a content strategist at jobs site Appcast, said in a statement to CNN. Beyoncé released “Cowboy Carter” on March 29, her eighth studio album featuring 27 tracks rooted in country music. Swift released her eleventh studio album, “The Tortured Poets Department,” Friday, and it soared past Beyoncé’s streaming record in just a few hours, becoming Spotify’s most streamed album in a single day of 2024. Swift’s latest set of music was released a “double album,” consisting of 15 extra tracks.

Persons: Washington CNN — Taylor Swift, Swift, Olivia Rodrigo, Bad, there’s, Liz Anderson, ”, Taylor Swift, Beyoncé, —, Bruce Springsteen, Coldplay, Carter ”, hasn’t, Pawan Joshi, “ We’re, ’, Jeanelle Johnson Organizations: Washington CNN, Coachella Valley Music and Arts, Billboard, Federal, CNN, Poets Department, International Monetary Fund, PricewaterhouseCoopers Locations: Coachella, States

☆ What stalled this year’s seemingly infallible stock market rally
▼ + stars: | 2024-04-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Investors had hoped that corporate earnings would help revive the stalled rally, but a strong start to the season hasn’t been enough to excite investors. The 30-year fixed-rate mortgage averaged 7.10% in the week ending April 18, up from 6.88% the previous week, according to Freddie Mac data released Thursday. Mortgage rates are climbing based on expectations that the Federal Reserve won’t cut interest rates anytime soon. The Fed doesn’t directly set mortgage rates, but its actions do influence them, and persistently hot inflation readings are keeping the Fed on hold. If inflation stalls any further, or even worsens, mortgage rates could climb higher this year.

Persons: —, hasn’t, Jerome Powell, “, ”, Michael Landsberg, Pierre, Olivier Gourinchas, Israel, Brent, Bryan Mena, Freddie Mac, Sam Khater, Freddie Mac’s, Read, Anna Cooban, Tim Cook, Pham Minh Chinh, Cook, Apple “ Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Federal Reserve, Data, Employers, Fed, Landsberg Bennett, Wealth Management, Monetary Fund, Treasury, Investors, CNN, Federal, China Apple, Vietnamese, Apple Locations: New York, East, Iran, Israel, Syria, Vietnam, China, Hanoi, Beijing

☆ Your movie theater may be shortchanging your drinks, a lawsuit alleges
▼ + stars: | 2024-04-19 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

CNN —Not even a beer at the movies is spared from shrinkflation, alleges a lawsuit against Cinemark. Waldrop then took the container home and measured it for himself, finding it only held 22 ounces, according to the lawsuit. Rising prices seem to have boosted that revenue: Cinemark reported concession revenue for 2023 exceeded revenue in 2019 by 3%, even though movie attendance was 25% lower. A 20-ounce drink at the Plano, Texas, Cinemark theater Waldrop visited costs $7.80 pre-tax, while a 24-ounce drink costs just $1 more, at $8.80. “The 24 oz drink should provide a deal for consumers over the 20 oz drink’s price: $0.37 per ounce vs. $0.39 per ounce,” the lawsuit said.

Persons: Shane Waldrop, Waldrop, overpaying, ” Jarrett Ellzey, Cinemark, ”, Pennsylvania Democratic Sen, Bob Casey, ” Ellzey, “, CNN’s Bryan Mena Organizations: CNN, Cinemark, Pennsylvania Democratic, Labor Department Locations: shrinkflation, Texas, Plano , Texas

☆ A look at Taylor Swift’s economic power ahead of ‘The Tortured Poets Department’ release
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

The commercially successful ‘Eras’ tourThe Eras tour was massively successful in 2023 and it’ll stretch through the end of this year. John Shearer/TAS23/Getty Images Swift performs in Glendale, Arizona, during the opening weekend of "The Eras Tour" in March 2023. John Shearer/TAS23/Getty Images Swift performs during the "Evermore" section of the show in Sydney in February 2024. John Shearer/TAS23/Getty Images Fans apply jewels on their way to Swift's show in Foxborough, Massachusetts, in May 2023. John Shearer/TAS23/Getty Images In pictures: Taylor Swift's 'Eras Tour' Prev NextShe is a generous boss, too, awarding $100,000 bonuses to Eras Tour truck drivers during the summer.

Persons: Washington CNN — Taylor Swift, Swift, It’ll, ” Armen Shaomian, StubHub, “, “ Taylor Swift, hasn’t, SeatGeek, Taylor Swift, Kevin Mazur, Natasha, Ethan Miller, John Shearer, Kevin Winter, Benjamin B, Braun, Jutharat, Phoebe Bridgers, Bridgers, Raymond James, Zack Wittman, Hector Vivas, Don Arnold, TAS24, Rachel Wisniewski, Terence Rushin, Haim, Jeff Kravitz, Erin Clark, Sarah Yenesel, Sabrina Carpenter, Bob Levey, TAS23, Christopher Polk, Allen J, Taylor, ”, that’s, That’s, doesn’t, Barack Obama, Angela Merkel, Pope Francis, ” Swift Organizations: Washington CNN, Poets Department, Fortune, University of South, CNN, Swift City, Pittsburgh, MetLife Stadium, New York Times, Lincoln Financial, Washington Post, Ticketmaster, Boston Globe, Penske Media, Los Angeles Times, Federal Reserve, ” AMC Locations: University of South Carolina, North America, East Rutherford , New Jersey, Chicago, Las Vegas, Nashville , Tennessee, Glendale , Arizona, Glendale, Swift, Los Angeles, Pittsburgh, East Rutherford, Nashville, Tampa , Florida, Mexico City, Kansas City , Missouri, Sydney, Philadelphia, Atlanta, Santa Clara , California, Foxborough , Massachusetts, Coney, Houston, Inglewood , California, Cincinnati, United States, Canada, AMC’s

☆ US homes sales dropped last month as March prices reached a record high
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Sales fell across the country except in the Northeast region, which saw an increase for the first time since November 2023. Rising home prices coupled with mortgage rates stuck at elevated levels means Americans are still dealing with a tough housing market. Sales might not rise meaningfully higher as the Federal Reserve signals that it won’t cut interest rates anytime soon. Then mortgage rates began to decline on hopes that the Fed would cut interest rates aggressively in 2024, but those expectations have been thrown out the window. Mortgage rates have held steady in recent weeks but are poised to rise because they track bond yields, which are climbing on persistently high inflation readings.

Persons: “, Lawrence Yun, haven’t, trickling, Yun, ” Yun, hasn’t Organizations: Washington CNN —, National Association of Realtors, Federal Reserve, NAR Locations: United States, Northeast

☆ Mortgage rates surge past 7%, reaching highest level since November
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates soared this week, breaching the key 7% threshold and extending America’s home affordability crisis. Mortgage rates are climbing based on expectations that the Federal Reserve won’t cut interest rates anytime soon. Mortgage rates track the benchmark 10-year Treasury yield, which has risen to its highest level since November at 4.637%. If inflation stalls any further, or even worsens, mortgage rates could climb higher this year. Housing affordability is being stymied not just by high mortgage rates, but also by elevated home prices nationwide.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Lawrence Yun Organizations: Washington CNN —, Federal, National Association of Realtors, Treasury, Index, NAR

☆ Private equity finds its next bet: college admissions
▼ + stars: | 2024-04-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Now, private equity firms are swooping in to help while taking majority stakes in exchange. Last week, the company announced that it would partner with California-based private equity firm Nexus Capital Management and move its test into a for-profit company. A company owned by private equity can obfuscate what the company actually does to the public and potentially to regulators. Private equity firms “come into industries that are already suffering from a lack of funding,” said Creeks. They’ve had a lack of funding and support and so sometimes private equity is the only viable option.

Persons: New York CNN — It’s, Janet Godwin, “, ” Goodwin, ”, we’ve, Charlie Eaton, Goodwin, Critics, Constantine Yannelis, Rebecca Winthrop, They’ve, ” Powell, Jerome Powell, Powell, Bryan Mena, Chris Isidore, United, Max Organizations: CNN Business, Bell, New York CNN, ACT Inc, U.S ., ACT, Nexus Capital Management, ”, CNN, Nexus, Higher, University of California, ” Nonprofit, Nexus Capital, Savvas Learning Company, Private Equity, Project, University of Chicago Booth School of Business, Center for Universal Education, Brookings Institution, P Global Market Intelligence, College Board, Veritas Capital, “, Bank of Canada, Wilson, Fed, United, United Airlines, Boeing, Alaska Airlines, Federal Aviation Administration Locations: New York, Iowa, California, Merced, Canada

☆ Fed Chair Powell hints at no interest rate cut in May, keeping rates higher for longer
▼ + stars: | 2024-04-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Interest rates are currently nestled at a 23-year high after the Fed launched an aggressive rate-hiking campaign two years ago. Inflation is down considerably from a four-decade peak reached in the summer of 2022, but recent inflation reports have shown persistent price pressures in services and housing. First rate cut in the summer? Wall Street already wasn’t betting on a rate cut in May, but some analysts are estimating the first cut could come some time in the summer. Analysts at Goldman Sachs, JPMorgan and Nomura are estimating a first rate cut in July.

Persons: Jerome Powell, “, Powell, ”, ” Quincy Krosby, don’t, hasn’t, Goldman Sachs, Philip Jefferson Organizations: Washington CNN, Federal, Wilson, Fed, Congress, LPL, Atlanta Fed, Goldman, JPMorgan, Nomura, Bank of America, Barclays, Deutsche Bank, ” Locations: Wells Fargo, rebalance

☆ Geopolitical strife is roiling Wall Street. Here’s what investors are watching
▼ + stars: | 2024-04-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Those what-ifs could further roil gas and oil prices. But if there’s further conflict, he said, “you’d see a much higher premium for oil prices. If there’s a de-escalation of tensions between Israel and Iran, they said, oil prices should come down over the next few weeks. But if there’s an escalation in conflict, they expect that oil prices could jump to more than $100 per barrel, they wrote in a note Monday. Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ” Dimon, Jerome Powell, We’ll, Christine Lagarde, Andrew Bailey, Dave Sekera, Israel doesn’t, ”, “, Moody’s, there’s, Chris Isidore, Pete Muntean, Sam Salehpour, Read, Bryan Mena, Claire Tassin Organizations: CNN Business, Bell, New York CNN, Dow, JPMorgan, International Monetary Fund, IMF, Bank, Bank of Canada, Seven, European Central Bank, Bank of England, Morningstar, Nvidia, AMD, Wall Street Journal, Federal Reserve Bank of New, Boeing, Federal Aviation Administration, Alaska Airlines, Commerce Department, Morning, Amazon Locations: New York, Russia, Ukraine, China, United States, Washington ,, Iran, Israel, Federal Reserve Bank of New York

☆ Retail sales rose in March for the second-straight month
▼ + stars: | 2024-04-15 | by ( Bryan Mena | ) edition.cnn.com time to read: 1 min

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☆ Americans are savings less these days. Here’s why and what that means
▼ + stars: | 2024-04-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. Put together, this may have resulted in “a structurally lower saving rate,” according to the report. What does the lower saving rate of nowadays say about the US consumer? Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.

Persons: haven’t, “, Wells, Bell, Shannon Seery Grein, There’s, they’ve, we’ve, Matt Egan, ” Paul Knopp, Read, Goldman Sachs, Charles Schwab, Lorie Logan, Mary Daly, Johnson, Morgan Stanley, Jerome Powell, Loretta Mester, John Williams, Raphael Bostic, Austan Goolsbee Organizations: Washington CNN, Wells, KPMG, CNN, Gallup, T Bank, US Commerce Department, National Association of Home Builders, China’s National Bureau of Statistics, Johnson, Bank of America, PNC, The Bank of New York Mellon, Northern Trust, United Airlines, Federal Reserve, Abbott Laboratories, Discover, Citizens, Cleveland Fed, Taiwan Semiconductor Manufacturing, Netflix, Alaska Air, National Association of Realtors, Fed, US Labor Department, Procter & Gamble, American Express . Chicago Fed Locations: Wells Fargo, United States, Europe, UnitedHealth, Blackstone

☆ Can’t sleep? Blame the beaming bright glow of new technology
▼ + stars: | 2024-04-13 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Some manufacturers say indicator lights can sometimes serve a practical purpose. For example, an indicator light could show that a device is charging or plugged in and working properly. The light has a long lifespan and doesn’t generate excess heat — important qualities for a technology that’s used every day. “As a manufacturer, adding an LED light does cost something, so to add one just to add one seems quite wasteful. Linhares Jr. also said the lights can be helpful as night lights.

Persons: can’t, ” Steven Lockley, Paul Bogard’s, Kyle Moschen, Vincent van Gogh’s, Kyle Moschen “, Moschen, “, Jonathan King, ” King, —, Isamu Akasaki, Hiroshi Amano, Shuji Nakamura, ” David Loftus, ” Loftus, Manny Linhares Jr, Legrand, it’s, ”, Linhares, John Towfighi Organizations: Washington CNN, Harvard Medical School’s Division, Sleep, CNN, Logitech, Getty, Electronic Components Industry Association Locations: Seattle, New York, French

☆ Americans’ attitudes toward the economy hold steady despite disappointing inflation reports
▼ + stars: | 2024-04-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington CNN —Americans haven’t felt any better about the economy these past few months, but they haven’t felt any worse either. The Federal Reserve cares whether or not Americans have faith that inflation will eventually return to levels they’re used to. Consumer prices were 3.5% higher in March from a year earlier, a much bigger increase than February’s 3.2% and above what economists were forecasting. On a monthly basis, consumer prices rose 0.4%, also above expectations. The economy is coming into focusEveryday Americans, on the other hand, haven’t fretted about progress on inflation potentially stalling.

Persons: haven’t, ”, Joanne Hsu, ” Oren Klachkin, Stocks, Goldman Sachs, “, ” Goldman Sachs’s, Jan Hatzius, they’re, Joe Biden, Biden, Donald Trump Organizations: Washington CNN, University of Michigan’s, Consumers, Nationwide, CPI, Bank of America, CNN Locations: Pennsylvania, Scranton , Pennsylvania

☆ Mortgage rates rise after disappointing March inflation report
▼ + stars: | 2024-04-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates drifted higher this week, and could increase further, in a sign that America’s affordability crisis isn’t letting up. The Federal Reserve doesn’t directly set mortgage rates, but its actions do influence them, and hotter-than-expected inflation readings could keep the central bank from reducing interest rates. That doesn’t bode well for lower mortgage rates, and economists don’t expect rates to fall below 6% this year, especially if the Fed does not end up cutting interest rates. Inventory gains could improve affordabilityMortgage rates are not expected to drop meaningfully this year, but further improvement in housing inventory could improve affordability. A lack of homes has been a longstanding issue keeping America’s housing market unaffordable and is especially frustrating for first-time buyers.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, doesn’t bode, Joe Biden Organizations: Washington CNN —, Federal Reserve, “, Federal, Treasury, National Association of Realtors, Homeowners, Fed

☆ The Fed might not be done raising interest rates just yet
▼ + stars: | 2024-04-11 | by ( Elisabeth Buchwald | Bryan Mena | ) edition.cnn.com time to read: +6 min

Inflation slowed substantially in 2023 as the Fed lifted rates to nearly a quarter-century high and held them at that level since July. Still, most Fed officials have signaled that they plan to cut rates this year if the economy evolves as expected. And if the inflation situation worsens even further, the Fed may even have to consider raising rates. Like Bowman and Kashkari, New York Fed President John Williams said rate hikes aren’t part of his baseline outlook. The timing of that first rate cut is critical because if the Fed cuts too soon, it risks locking in inflation at a high level.

Persons: hasn’t, Michelle Bowman, Neel Kashkari, Bowman, John Williams, he’s, ” Williams, Williams, Jerome Powell, Susan Collins, ” Collins, Powell, Larry Summers, ” Summers, Summers, Goldman Sachs, ” Organizations: CNN, Wall, Federal Reserve, ” Minneapolis, Kashkari , New York Fed, Boston, CPI, Bloomberg, UBS, Barclays, Bank of America Locations: Kashkari , New

☆ Wall Street wants answers from big banks about the economy
▼ + stars: | 2024-04-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Big banks kick off earnings season Friday. “Earnings season just became significantly more important,” said JJ Kinahan, chief executive of IG North America, in a Wednesday note. On one hand, lofty rates could help pad banks’ net interest income, since they can charge a higher borrowing rate for loans and mortgages. Inflation has been a bane on Biden’s presidency, with voters consistently giving him low marks for his handling of the economy. Fed Chair Jerome Powell has said that policymakers want to see more evidence that inflation is headed toward their 2% goal.

Persons: ”, JJ Kinahan, JPMorgan, Wells, You’ll, Carol Schleif, Wall, Jamie Dimon, “, Alicia Wallace, Friday’s, Joe Biden, ” Biden, Bryan Mena, Jerome Powell, Powell Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, IG North America, JPMorgan Chase, BlackRock, Citigroup, PNC Financial Services, BMO Family Office, Federal Reserve, Wall, Traders, Bureau of Labor Statistics, —, Federal, Fed Locations: New York, Wells Fargo, pare

☆ Some Fed officials worry inflation remains stubbornly high, minutes show
▼ + stars: | 2024-04-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington CNN —Federal Reserve officials said during their March policymaking meeting that inflation will likely continue to slow this year, according to minutes released Wednesday, but some still fretted over the possibility that inflation could remain stubbornly high. While Fed officials “observed that significant progress had been made over the past year” despite disappointing inflation readings for January and February, some also “noted that the recent increases in inflation had been relatively broad based,” the minutes said. The Fed kept its key interest rate at a two-decade high for the fifth straight meeting last month, at a range of 5.25-5.5%. The odds that the first rate cut will come in June also dropped after CPI was released, according to futures. Goldman Sachs pushed back its call for the first rate cut to July from June and Bank of America is now projecting a June rate cut with “low confidence.”“The likelihood of a June Fed rate cut declined materially today,” Ronald Temple, chief market strategist at Lazard, said in a note Wednesday.

Persons: “, Jerome Powell, Goldman Sachs, ”, ” Ronald Temple, Powell Organizations: Washington CNN — Federal, Fed, CPI, Bank of America, Lazard, “

☆ Biden’s manufacturing industry is expanding, but that could be bad for inflation
▼ + stars: | 2024-04-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

But a resurgence in the industry could complicate the Federal Reserve’s ongoing inflation fight, either delaying the first interest rate cut or resulting in fewer cuts this year, some economists say. Interest rates have been at a two-decade high since July, after the Fed raised rates aggressively over the prior year and a half. The economy picking up further strength would spook Wall Street because of what it means for interest rates — and some manufacturers say they’re optimistic about the future. The Bank of Canada announces its latest interest rate decision. China’s National Bureau of Statistics releases March inflation data.

Persons: Joe Biden, ”, Tom Barkin, “, Mary Daly, ” Daly, Jerome Powell, Neel Kashkari, ” Kashkari, ” Richard de Chazal, Blair, they’re “, Amazon’s, It’s, Ramishah Maruf, Amazon, haven’t, Read Organizations: Washington CNN, Institute for Supply Management, Congress, Fed, ” Richmond Fed, ” San Francisco Fed, Minneapolis, Dow, Blair Equity Research, Amazon, Fresh, Delta Air Lines, US Labor Department, Index, Bank of Canada, Federal Reserve, National Bureau of Statistics, Constellation Brands, European Central Bank, JPMorgan Chase, Citigroup, State, National Statistics, The University of Michigan Locations: Richmond , Virginia, ” San, Las Vegas, India, Wells Fargo, Progressive, BlackRock

☆ Egg prices are rising again. An outbreak of bird flu could make things worse
▼ + stars: | 2024-04-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —Egg prices have now been steadily rising for months, and your omelette could become even more expensive as poultry farms around the country deal with an outbreak of bird flu. While egg prices are down from a record $4.82 in January 2023 — after a widespread bird flu outbreak ravaged farms in the prior year — they’re now at the highest level since April 2023. Cal-Maine did not immediately respond to CNN’s request for comment on what the bird flu outbreak means for its egg prices. Bird flu has been detected at other farms across the country. Michigan’s Department of Agriculture and Rural Development announced Tuesday that it found evidence of bird flu at a commercial poultry facility in Ionia County.

Persons: — they’re, Sid Miller, they’ve, “ Organizations: Washington CNN, Maine Foods, Cal, Michigan’s Department of Agriculture, Rural Development, Companies, “ Cal Locations: Cal, Texas, Maine, Sunny, Ionia County, Texas , Kansas, Minnesota

☆ US job openings edged higher in February as layoffs rose to pre-pandemic levels
▼ + stars: | 2024-04-02 | by ( Bryan Mena | ) edition.cnn.com time to read: 1 min

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