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That was unchanged from the annual rate of inflation in July. Core inflation, which excludes volatile food and energy prices, eased to 5.3%, from 5.5% in July. Food, alcohol, tobacco and services were the biggest drivers of inflation in August, although those prices rose at a slower annual pace than the previous month. Compared with July, energy prices increased by 3.2%, tempering the annual rate of decline to 3.3% in August from 6.1% the previous month. “The main uncertainty moving forward will be how fast and far services inflation rates drop as the weakening [economic] growth momentum will be counteracted by persistently elevated wage inflation,” he wrote.

Persons: ” Marc de Muizon, Muizon, ” Organizations: London CNN —, Deutsche Bank, Reuters, European Central Bank, ECB, Deutsche Locations: Europe

After first spiking above 7% earlier this month, 30-year mortgage rates are back down and hovering just under 7%. The June CoreLogic S&P Case-Shiller Index data, released Tuesday, showed that high mortgage rates are continuing to affect home prices. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesLast week, the average 30-year fixed mortgage rate was 7.23%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate was 6.55% last week, according to Freddie Mac data.

Persons: CoreLogic, Selma Hepp, Freddie Mac, it's Organizations: Zillow Locations: Chevron

☆ US stocks climb as slipping bond yields ease pressure on markets
▼ + stars: | 2023-08-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Monday saw stocks gain modestly as bond yields retreated from August highs. But a larger rally could be complicated by a higher-for-longer interest rate regime. Equities gained as the 10-year Treasury yield retreated from August highs above 4.3%, although last week's central bank symposium reaffirmed a higher-for-longer interest rate regime. Markets think the Fed will keep rates steady at its policy meeting next month, but see about 50% odds that the central bank raises interest rates by a quarter of a percentage point in November. Upcoming inflation data this week will further inform investors about the potential path of monetary policy.

Persons: Jerome Powell, nonfarm payrolls Organizations: Service, Treasury, Federal Locations: Wall, Silicon

☆ Alexandria Ocasio-Cortez and House Democrats push Attorney General Merrick Garland to investigate Clarence Thomas' lavish gifts from billionaires
▼ + stars: | 2023-08-12 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

A group of House Democrats has asked the DOJ to investigate Supreme Court Justice Clarence Thomas. The letter stated that Thomas should be investigated because of the dozens of gifts he failed to disclose. On Thursday, after ProPublica published its latest report, a chorus of Democrats called on Thomas to resign, according to Politico. In April, Crow and Thomas first faced scrutiny related to the 20 years worth of undisclosed trips Crow is accused of gifting to Thomas, per ProPublica. The outlet later reported that Crow purchased Thomas' mother's house and allowed her to live there without paying rent.

Persons: Clarence Thomas, Thomas, Alexandria Ocasio, Cortez, Garland, Harlan Crow, ProPublica, Crow, unearthing, SCOTUS, Jamie Raskin, Hank Johnson, Ted Lieu, Jerry Nadler, Thomas's, gifting, Thomas —, —, Michaela Rose, John Roberts Organizations: House Democrats, DOJ, Service, Supreme, of Justice, GOP, Democrats, Politico, Reps, Dallas Morning News, ProPublica, SCOTUS Locations: Wall, Silicon, Alexandria, Rochelle

☆ President Biden says China's economy is a 'ticking time bomb' amid growth and demographic issues
▼ + stars: | 2023-08-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

China's economy is plagued with problems and is a "ticking time bomb," President Biden said. The president pointed to sluggish growth and high unemployment in the nation. At a Utah fundraiser on Wednesday, the president pointed to various problems plaguing China's economy, including the country's weak growth prospects and high unemployment rate. Meanwhile, China's youth unemployment rate notched a record 21% in July, due to a lack of high-skilled and high-paying jobs in the nation. That could put US-China relations on "collision course" that ends up weighing on the global economy, according to "Dr. Doom" economist Nouriel Roubini.

Persons: Biden, Joe Biden, They've, That's, Doom, Nouriel Roubini Organizations: Service, Reuters, Group Locations: China, Wall, Silicon, Utah, Beijing, Taiwan

☆ Strong services costs lift US producer prices; inflation expectations dip
▼ + stars: | 2023-08-11 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Some said the downgrade to June's data meant the rise in the PPI last month was in line with expectations. In the 12 months through July, the PPI increased 0.8% after gaining 0.2% in June, boosted by a lower base of comparison last year. Excluding the volatile food and energy components, the so-called core goods prices were unchanged last month after falling 0.2% in June. In the 12 months through July, the so-called core PPI increased 2.7%, matching June's rise. As with all the July inflation data, the pick-up in the annual core PCE rate is due to unfavorable base effects.

Persons: Bill Adams, Will Compernolle, Eugenio Aleman, Raymond James, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: PPI, Labor Department, Federal Reserve, Comerica Bank, Reuters, Reuters Graphics, Treasury, Consumers, University of, CPI, Fed, Thomson Locations: August WASHINGTON, Dallas, U.S, New York, disinflation

☆ A German grocery store charged customers the 'true price' of their food, and one cheese was almost twice as expensive
▼ + stars: | 2023-08-11 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

German supermarket Penny raised prices on meats and cheeses to reflect their "true cost" last week. By contrast, one brand of vegan schnitzel only rose 5%, suggesting some vegan products have minimal long-term environmental and health costs. Despite Germany's recent drop in inflation, food prices still remain 11% higher this month compared to 12 months ago. The company temporarily hiked some prices to comment on how food prices are not fully indicative of broader long-term environmental and health costs. "We know that many of our customers are suffering from today's unrelentingly high food prices," Stefan Görgens, the COO at Penny, said in a statement.

Persons: Penny, Mühlenhof wiener, Stefan Görgens Organizations: Service, US Department of Agriculture, Nuremberg Institute of Technology, University of Greifswald, Aldi Locations: Wall, Silicon, Germany

☆ How to maximize Series I bond redemptions amid falling inflation
▼ + stars: | 2023-08-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Enes EvrenInvestors piled into Series I bonds amid record yields, and some are now eyeing an exit for higher-interest alternatives. After reaching 9.62% annual interest in May 2022, I bond yields have declined with falling inflation, reaching 4.3% interest for new purchases from May through October. However, the U.S. Department of the Treasury still needs two months of CPI readings before the next I bond rate change. "It's falling back in line with I bond inflation rates we had before the pandemic," said Ken Tumin, founder and editor of DepositAccounts.com. While longer-term investors may like the current 0.9% fixed rate portion of I bond yields, short-term investors may prefer higher-paying alternatives.

Persons: Enes, Ken Tumin, Jeremy Keil, Keil, Tumin, " Keil Organizations: U.S . Department of, Treasury, Treasury Department, Federal Reserve, Keil Financial Partners Locations: Milwaukee

☆ Stock futures rise slightly after July's cooler-than-anticipated consumer inflation reading: Live updates
▼ + stars: | 2023-08-10 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures inched up on Thursday night as traders mulled over July's consumer inflation report and looked ahead to wholesale prices data. Futures linked to the Dow Jones Industrial Average rose by 38 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures climbed 0.1% and 0.2%, respectively. The S&P 500 ticked up just 0.03%. On a weekly basis, the S&P 500 and the Nasdaq are bound for declines of 0.2% and 1.2%, respectively.

Persons: Dow Jones, James Demmert, it's, Dow Organizations: Dow Jones, Nasdaq, Dow, Research, CPI

☆ Asia markets all fall ahead of U.S. inflation data
▼ + stars: | 2023-08-10 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The Sydney Opera House, foreground, and buildings in the financial district stand illuminated at dusk in Sydney, Australia Photographer: Cole Bennetts/Bloomberg via Getty ImagesAsia-Pacific markets fell as investors braced for July consumer price index data out from the U.S. on Thursday. Expectations from economists polled by Reuters are the inflation rate will come in at 3.3%, slightly higher from the 3% seen in June. Japan's Nikkei 225 slid 0.33% and the Topix was down 0.16%. The country saw its July wholesale inflation rate — which measures the price companies charge each other for goods and services — slow to 3.6%, down from a revised figure of 4.3% in June. Australia's S&P/ASX 200 traded just below the flatline, with South Korea's Kospi was down 0.43% and the Kosdaq lost 0.77%Futures for Hong Kong's Hang Seng index stood at 19,168, pointing to a lower open compared to the HSI's last close of 19,246.03.

Persons: Cole Bennetts, Australia's, Kospi Organizations: Sydney Opera House, Bloomberg, Getty Images, Reuters, Japan's Nikkei Locations: Sydney, Australia, Getty Images Asia, Pacific, U.S

Average 30-year mortgage rates started last week around 6.50% but quickly spiked up near 7%. Mortgage rates have climbed along with inflation over the past couple of years, and as inflation slows, rates are expected to drop. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate is 6.90%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.25% this week, according to Freddie Mac data.

Persons: we'll, homebuyers, that's, you'll, Freddie Mac Organizations: CPI, Federal Reserve, Zillow Locations: Chevron

☆ Stock futures rise as Wall Street comes off a losing week: Live updates
▼ + stars: | 2023-08-06 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Stock futures rose Monday morning as investors readied for a week with more corporate earnings and key inflation readings. S&P 500 futures and Nasdaq 100 futures advanced around 0.2% and 0.3%, respectively. Of the 84% of companies in the S&P 500 that have posted their quarterly results, about four-fifths have exceeded Wall Street forecasts, according to FactSet. Later in the week, investors will shift focus to the release of July consumer and producer price index data. This week's data "may be more convincing, and push the Fed to be patient and watch how the economy evolves for another meeting."

Persons: Tiffany Wilding Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Dow Locations: New York City, U.S

Though mortgage rates ended July relatively low, they spiked back up in the first week of August, with average 30-year mortgage rates nearing 7%. But with the latest Consumer Price Index data slated for release later this week, mortgage rates could soon moderate. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate is currently 6.9%, according to Freddie Mac. This is a dramatic slowdown compared to recent months, and a sign that mortgage rates will likely start falling soon.

Persons: Freddie Mac, it's Organizations: Zillow Locations: Chevron

Average 30-year mortgage rates are currently a bit lower than they were a month ago, and they may drop further. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.11% this week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.

Persons: we'll, you'll, Freddie Mac Organizations: Federal, Mortgage, Zillow, Federal Reserve Locations: decelerate, Chevron

The average 30-year mortgage rate was around 6.62% for the month in July, compared to 6.49% for the month of June. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.81%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.11%, up 5 points from the prior week, according to Freddie Mac data. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range throughout 2023.

Persons: they've, you'll, Freddie Mac Organizations: Federal, Zillow, Federal Reserve Locations: Chevron

☆ Etsy seller whose side hustle brings in $169,000 a year: My No. 1 tip for making money during inflation
▼ + stars: | 2023-07-31 | by ( Megan Sauer | ) www.cnbc.com time to read: +4 min

Tim Riegel brought in $169,000 selling 275-pound fire pits in the last 12 months. Six months ago, Tim Riegel bent over his computer, reviewed his monthly earnings statement and saw that his highly lucrative side hustle was making less money. Within six months, freight trucks were delivering his products to Etsy buyers across the U.S. and Canada. I'm constantly looking at my competitors — not just on Etsy, but throughout the U.S. — to see who's making similar types of pits, and their pricing. I'm sure people can replicate it, if they have similar skills — like welding, creativity and the know-how to source the steel.

Persons: Tim Riegel, they've, —, Riegel, Mozark, he'd, I'm, I've Organizations: CNBC Locations: Lamar , Missouri, Kansas City, Canada, U.S

☆ Here's why the Fed's rate hikes haven't actually hit Americans that hard
▼ + stars: | 2023-07-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

The Federal Reserve has raised interest rates 11 times in the last year and a half. This has prevented a lot of pain, as floating rate debt resets on a regular basis as benchmark rates rise. He pointed to separate Equifax data that shows nearly 70% of mortgages carry an interest rate below 4%. "Most auto, student, and personal loans carry fixed rates as well, further insulating borrowers from interest rate increases." "Borrowers seeking new credit have been directly affected by higher rates leading some to forego taking on additional credit," deRitis said.

Persons: Cristian deRitis, deRitis, Jerome Powell, hasn't Organizations: Federal, Service, Fed, Markets Locations: Wall, Silicon

☆ Rent growth has plummeted to a two-year low as inflation continues to cool — and apartments in these 38 cities are getting more affordable fastest
▼ + stars: | 2023-07-30 | by ( James Faris | ) www.businessinsider.com time to read: +2 min

Here are 38 cities where rent is cheaper than it was last year, according to Zumper. ZumperLower rent growth comes as inflation falls from multi-decade-highs. While rent growth is modest compared to the double-digit rates of 2022, renters are contending with an affordability crisis, Zumper's researchers noted. That's a recipe for lower rent growth, but not a dramatic dip. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US cities.

Persons: Anthemos Georgiades, Lofty, Georgiades

☆ The case for a soft landing is slowly but surely building
▼ + stars: | 2023-07-30 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

It’s not difficult to see why – economic data released this past week points to a cooling but still strong economy. Still, it’s far too soon to assume that a soft landing is in the bag. There’s more economic data slated for release this coming week, and the US labor market is in focus. The Bureau of Labor Statistics’ latest jobs report is due Friday. Friday: Jobs report for July.

Persons: Jerome Powell, ” Powell, ”, Jeffrey Roach, WhatsApp, Catherine Thorbecke WhatsApp, Read, Kraft Heinz, Yum, Kellogg, Jobs Organizations: CNN Business, Bell, CNN, Federal Reserve, Fed, Commerce Department, LPL, Bureau of Labor Statistics, Labor, Survey, ADP, Labor Statistics ’, Community Bank, Caterpillar, Pfizer, Uber, Marriott, Starbucks, PayPal, CVS, Kraft, Brands, DoorDash, Apple, ConocoPhillips, Booking Holdings, Warner Bros

☆ A key test for EV sales and the adoption curve is coming
▼ + stars: | 2023-07-30 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

The company says it will reach 400,000 cumulative units of EV production by early 2024 and that its EV business will reach profitability by 2025. "They have dozens of EV models over the next two to three years. watch nowAmong analysts who believe the stock is due for a bigger drop, expected EV sales disappointment is among the factors. But GM's EV plans come as Ford announced it is slowing down its plans to expand EV production to a 600,000 annual rate. "This will be the first year U.S. EV sales reach 1 million," Downey said.

Persons: Scott Mlyn, Brian Downey, Autotrader, Ford, Dan Ives, It's, they'll, Morgan Stanley, Adam Jonas, Mary Barra, Adam Jones, Colin Langan, Garrett Nelson, Chad Lyons, Lyons, Katie Minter, Rebecca Cook, Reuters Paul Jacobson, Jacobson, Ives, Downey, Tesla, Barra, they're, they've, Cox, Goodcarbadcar.net . Ford Organizations: Silverado, New York Auto Show, CNBC, General Motors, Cox Automotive, Kia, Porsche, Hyundai, Chevrolet Silverado, Wedbush Securities, Investors, GM, United Auto Workers union, Wall Street, Deutsche Bank, GMC Hummer EV, Chevy Silverado, GMC Sierra EV, Chevy Blazer, GMC, Blazers, Jaguar, Audi, North American, Reuters, EV, Cox, Ford's, Ford, Goodcarbadcar.net, Volkswagen, BMW – Locations: Detroit, Detroit , Michigan, U.S

☆ The Fed just showed the US still has more work to do in getting inflation under control
▼ + stars: | 2023-07-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Powell has said that it will take more rate hikes to get inflation down to the target 2% level. Still, as Fed Chair Jerome Powell has repeatedly said, the Fed continues to have a 2% inflation target, meaning more rate hikes will likely be necessary to achieve that goal. The most recent inflation data were quite encouraging." Still, while Powell and administration officials are confident in the actions the Fed has taken to fight inflation, some Democratic lawmakers aren't convinced. "Chair Powell must maintain the Fed's pause on rate hikes and avoid further rate increases that threaten our economy and risk throwing Americans out of work."

Persons: Powell, Jerome Powell, we're, it's, Goldman Sachs, Jan Hatzius, Janet Yellen, aren't, Massachusetts Sen, Elizabeth Warren, Warren Organizations: Federal Reserve, Service, Federal, Market Committee, Fed, Bloomberg Locations: Wall, Silicon, Massachusetts

☆ Here’s why home prices stayed high in May
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

“The ongoing recovery in home prices is broadly based.”Before seasonal adjustment, prices rose in all 20 cities in May, as they had also done in March and April. Month over month, home prices rose in May for the fourth consecutive month. “Though home prices are likely to continue to cool slightly, limited inventory relative to buyer demand will likely keep prices somewhat afloat. By 1983, partly spurred by high inflation, the price rose to $75,500, and it continued rising to $126,100 by 1993. “It is worth noting that market data are coming up on last year’s record-high prices, notched during May and June,” he said.

Persons: “, ”, Craig Lazzara, “ It’s, Hannah Jones, Jones, George Ratiu, May’s, Ratiu, ” Ratiu Organizations: DC CNN, City Composites, Realtor.com, ”, National Association of Realtors, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Seattle, Las Vegas, Phoenix, Miami, Tampa , Florida, “, ’

☆ To feel 'comfortable,' Americans think they need a $233,000 salary and nearly $1.3 million for retirement. Here's what experts say
▼ + stars: | 2023-07-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

To feel financially secure or comfortable, Americans say, they would need to earn $233,000 on average, a recent Bankrate survey found. "Inflation is the main reason why Americans feel like they need to earn so much more than they already are just to feel comfortable," said Sarah Foster, analyst at Bankrate. Meanwhile, to retire comfortably, Americans have another big number in mind — $1.27 million — according to recent research from Northwestern Mutual. Sarah Foster analyst at BankrateWhile inflation may make saving for retirement feel more strenuous, it's important not to give up altogether, she said. Live within your meansBudgeting always requires a trade-off, according to Patel — how much you're spending versus how much you're saving.

Persons: Sarah Foster, Alap Patel, they're, it's, Foster, Patel Organizations: Eyecrave, CPI, Bankrate, Northwestern Mutual Locations: Chicago

☆ What’s ahead this week for Wall Street and the economy
▼ + stars: | 2023-07-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Case Shiller house price index for May and consumer confidence for July from the Conference Board. Earnings reports from AT&T, Boeing, Meta Platforms, Mattel, Stellantis and Chipotle Mexican Grill. Earnings reports from Coca-Cola, Mondelez, Honeywell, Keurig Dr Pepper, Royal Caribbean, Anheuser-Busch Inbev, Southwest Airlines and Hershey. Friday: Personal Consumption Expenditures price index for June, Employment Cost Index for the second quarter and University of Michigan consumer sentiment for July. Earnings reports from Procter & Gamble, Chevron and Exxon Mobil.

Persons: Jerome Powell, David Smith, Powell, Christopher Waller, ”, Dustin Thackeray, Tesla, Chris Isidore, —, Case, Dr Pepper Organizations: CNN Business, Bell, CNN, Fed, Traders, Rockland Trust, Big Tech, Microsoft, Meta, Crewe Advisors, Nasdaq, Netflix, Safety, Health Administration, doesn’t, Biden Administration, Bureau of Labor Statistics —, Ryanair, Federal Reserve, Conference Board, General Motors, Daniels, Midland, Verizon, PacWest, Boeing, Mattel, Honeywell, Anheuser, Busch Inbev, Southwest Airlines, Hershey, University of Michigan, Procter & Gamble, Chevron, Exxon Mobil Locations: Rockland, American, United States, PacWest Bank, Royal Caribbean

☆ Across rural America, data center development booms as investors race to cater to artificial intelligence
▼ + stars: | 2023-07-21 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

Data center development is booming and AI is expected to stoke already growing demand. Demand is sapping power grids in major markets and pushing data center development across the US. The project's neighbors include Google, Meta, Microsoft, and Amazon – all of whom have similar plans, or are already underway with major data center projects. The message came after a torrid period of growth by the data center industry in that region. Wes Swenson, Nova's CEO, said the Reno region was becoming increasingly popular for data center development because of its access to power.

Persons: Matt McCollister, Martin Peck, Lincoln Rackhouse, Peck, Blackstone, Jonathan Gray, Drew Angerer, Bard, Gray, Pat Lynch, Robbie Sovie, Sovie, Georgia Power, Skybox, Rob Morris, Morris, George Frey, Novva, Wes Swenson, Nova's, Swenson, CBRE, Lynch Organizations: stoke, Lincoln Property Company, Harrison Street, Google, Meta, Microsoft, Amazon, Lincoln, Carrier, QTS, Dominion Energy, Dominion, Washington DC, APS, QuadReal, Georgia, Reuters, Data Centers, CIM Group Locations: Ohio, New Albany, Columbus, Northern Virginia, Dallas, Phoenix, Silicon Valley, Chicago, Virginia, Loudoun County, Washington, Arizona, Southwest, Lithia Springs , Georgia, Atlanta, Vancouver, Hutto , Texas, Austin, Eagle Mountain , Utah, Reno , Nevada, Storey County, Reno, Silicon, Salt Lake City, West Jordan , Utah, CBRE

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