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☆ GDP growth slowed to a 1.6% rate in the first quarter, well below expectations
▼ + stars: | 2024-04-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Consumer spending increased 2.5% in the period, down from a 3.3% gain in the fourth quarter and below the 3% Wall Street estimate. Net exports subtracted 0.86 percentage point from the growth rate while consumer spending contributed 1.68 percentage points. Excluding food and energy, core PCE prices rose at a 3.7% rate, both well above the Fed's 2% target. Income adjusted for taxes and inflation rose 1.1% for the period, down from 2%. Services spending increased 4%, its highest quarterly level since Q3 of 2021.

Persons: Dow Jones, Jeffrey Roach Organizations: Gross, department's, Analysis, Commerce Department, Federal, Dow Jones, Treasury, Federal Reserve, LPL, Labor Department

☆ The Supreme Court is about to decide if a president can get away with committing crimes while in office
▼ + stars: | 2024-04-24 | by ( Jacob Shamsian | Brent D. Griffiths | ) www.businessinsider.com time to read: +12 min

Donald Trump is asking the Supreme Court to recognize that he had total legal immunity as president. Trump is asking the Supreme Court to grant him a sweeping immunity mandate as he runs to recapture the presidency. "This may indeed be the most important US Supreme Court case in the history of our country," he told journalists at a panel organized by the Defend Democracy Project. The Supreme Court will likely issue a decision in late April. "The Supreme Court need not stray into other questions just because Trump has made it easy for them.

Persons: Donald Trump, Jack Smith's, —, Trump, Jack Smith, Richard Nixon, David Frost, Smith, He's, Stormy Daniels, Todd Blanche, David Pecker, Tanya Chutkan, Barack Obama, Dana Verkouteren, doesn't, MANDEL NGAN, Nixon, Gerald Ford's, Ford, Leon Jaworski, indicting Nixon, Robert Ray, Bill Clinton, Monica Lewinsky, Donald Ayer, Ronald Reagan, George H.W, Bush, it's, Justice Department's, Chutkan, BRENDAN SMIALOWSKI, framers, Mark Meadows, Norm Eisen, Obama's Organizations: Service, Justice Department, Capitol, Department, Air Force, Nixon, Trump, Prosecutors, AP, Getty, Independent, Department of Justice, Defend, Justice, White House Locations: Washington , DC, Georgia, Florida, New York, Manhattan, United States, AFP, Fulton County

☆ NYC's EV revolution is riding on Uber and Lyft drivers
▼ + stars: | 2024-04-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +13 min

For Uber and Lyft drivers, time is money, so widely accessible charging is key to the EV switch. A study by the US Department of Energy found that 1,000 fast chargers were needed for every 20,000 EV drivers on the road. A mad dash for EV licensesThe transition is getting an early test this year now that thousands more ride-hailing drivers have licenses. AdvertisementIn October, the Taxi & Limousine Commission opened applications for this gig work for the first time in five years — but for EV drivers only. In exchange, Uber drivers will get up to a 25% discount when they charge.

Persons: Manhattan, Tesla, Eric Adams, Bobby Familiar, Revel, Michael Replogle, David Do, Aeraj Qazi, Qazi, Guillermo Fondeur, Uber, he's, Fondeur, Adams, EVs, Con Edison, Flo, Replogle, it's, Josh Gold, Uber's, that's, Do, we've, Juliana Kaplan Organizations: EV, US Department of Energy, Business, NYC's Department of Transportation, Chargers, Taxi, Limousine Commission, TLC, New York Taxi Workers Alliance, Rentals, Department of Transportation, DOT, LaGuardia Airport, Tesla, Gravity, Green, Initiative Locations: New York City, Queens, NYC, Canadian, Canada, EVs, Manhattan, America

☆ Gen Xer Got $250K in Student Loans Forgiven After Decades of Payments
▼ + stars: | 2024-04-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Joel Lambdin finished graduate school in 1998 — but as a professional musician, he was hardly making enough money to pay off his student loans and his other bills. So Lambdin, now 49, said his only option to make ends meet was to put his student loans on forbearance — in which he was not making payments, but interest was still accumulating. But he grew to realize that the only way he could make a significant dent in his student loans was by switching careers. The Biden-Harris Administration has forgiven your federal student loan(s) listed below with Aidvantage in full." When it comes to student-loan forgiveness, some borrowers told BI that their servicer made a mistake with the forgiveness, reinstating their payments months later.

Persons: Joel Lambdin, Lambdin, Aidvantage, Harris, I've, servicers, he's Organizations: Service, Business, Public, BI, Harris Administration, Education Department, The Education Department Locations: forbearance, India

☆ Biden's new student-loan forgiveness plan just began its 30-day public comment period — and anyone can tell the administration what they think of the relief
▼ + stars: | 2024-04-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

It's the next step in implementing a broader version of debt relief for borrowers. Comments can be submitted to the Federal Register here, which the Education Department will then review. While lawsuits have yet to be formally filed against Biden's administration, Missouri's Attorney General Andrew Bailey wrote on X in response to Biden's relief proposals: "See you in court." And some experts said a conservative Supreme Court could likely rule like they did with Biden's first debt relief plan, striking it down. Following the public comment period, the Education Department will review comments and could choose to adjust their proposals based on the feedback they receive.

Persons: —, Joe Biden, Education James Kvaal, Andrew Bailey, Biden's, Cary Coglianese, it's, It's Organizations: Service, Education Department, Federal, Higher, Department, Education, Business, University of Pennsylvania

☆ Biden administration releases formal proposal for new student loan forgiveness plan
▼ + stars: | 2024-04-17 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

US President Joe Biden gestures after speaking about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. Andrew Caballero-Reynolds | AFP | Getty ImagesThe Biden administration has published its new student loan forgiveness proposal, putting it on the path to start clearing debt for millions of borrowers this fall. Outstanding federal education debt in the U.S. stands at around $1.6 trillion, and burdens Americans more than credit card or auto debt. Here's what to know about Biden's new relief plan. More than 25 million federal student borrowers owe more than they originally borrowed, according to the Biden administration.

Persons: Joe Biden, Andrew Caballero, Reynolds, Biden, Joe Biden's, FAFSA, haven't Organizations: Madison Area Technical College, AFP, Getty, U.S, Supreme, U.S . Department of Education, Consumer, Finance, Harvard, Education Department, Education Locations: Madison , Wisconsin, U.S

☆ Senate dismisses two articles of impeachment against Homeland Security secretary, ends trial
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: +8 min

Homeland Security Secretary Alejandro Mayorkas testifies before the House Homeland Security Committee about the Biden Administration's FY2025 budget request in the Cannon House Office Building on Capitol Hill on April 16, 2024 in Washington, DC. Senators voted to dismiss both articles of impeachment and end the trial, with Democrats arguing that the articles were unconstitutional. Still, Republicans similarly moved to dismiss former President Donald Trump's second impeachment trial in 2021, weeks after the Jan. 6, 2021, attack on the Capitol. Johnson had said he would send them to the Senate last week, but he punted again after Senate Republicans said they wanted more time to prepare. The impeachment trial is the third in five years.

Persons: Alejandro Mayorkas, Joe Biden, impeaching Mayorkas, Mike Johnson, Mayorkas, Schumer, Chuck Schumer, William McFarland, Kevin F, Mark Green, Marjorie Taylor Greene, Michael McCaul, Clay Higgins, Ben Cline, Andy Biggs, Michael Guest, Laurel Lee, Harriet Hageman, Andrew Garbarino, Pfluger, Democratic Sen, Patty Murray, Murray, Missouri Sen, Eric Schmitt, Mitch McConnell, McConnell, Donald Trump's, McConnell —, Trump, Johnson, he's, I'm, Joe Biden's, Donald Trump Organizations: Homeland, House Homeland Security, Biden, Cannon, Republicans, House Republicans, Democrats, —, Republican, of Homeland, Democratic, National Archives, Capitol, Senate, Democrat, Tennessee Rep, Congress Locations: Washington , DC, Mexico, U.S, WASHINGTON, Texas, Washington, Missouri, Ky, New York, New York City, Ukraine, Mayorkas

☆ Here's what Mark Cuban's $275.9 million in taxes would cover for the US government
▼ + stars: | 2024-04-16 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

And yes, we know Cuban's tax bill won't go directly to paying for these programs, but for the sake of context, here's what his taxes could have funded. Cuban's $275.9 million contribution to the US government could fully back the department with nearly half still left over. Cuban's million could easily cover congressional paychecks and even account for President Joe Biden's $400,000 salary and Vice President Kamala Harris' $235,100 salary. So, Cuban's $275.9 million wouldn't quite be able to cover the potential three-hour DOD cost at $291,095,890.41. While $275.9 million might not seem like it would make a dent in that astronomical number, every little bit helps!

Persons: Mark Cuban, Donald Trump, —, Joe Biden, Jill Biden, Joe Biden's, Kamala Harris, It's Organizations: Service, Trump, Business, Government, Fund, NTSB, Transportation Safety Board, Transportation, DOD, Department of Defense, CNBC

☆ A person was taken to hospital after a gallon of ammonia was spilled in a Gordon Ramsay restaurant
▼ + stars: | 2024-04-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

A gallon of ammonia was spilled in the basement of a Gordon Ramsay restaurant in Illinois, local emergency services said. AdvertisementA person was taken to hospital in a "stable" condition after about a gallon of ammonia spilled in the basement of a Gordon Ramsay restaurant in a city in the suburbs of Chicago, local emergency services said. Business Insider did not immediately receive a response to a request for comment from Gordon Ramsay Restaurants North America, sent outside regular US working hours. The Scottish TV chef originally opened most of his North American restaurants in partnerships with Caesar's Entertainment, but began opening some through Gordon Ramsay North America in 2019. AdvertisementSquatters have recently taken over one of Ramsay's restaurants in London and turned it into what they described as a community art café.

Persons: Gordon Ramsay, —, Phil Giannattasio, Giannattasio, Ramsay Organizations: Staff, Service, Disease Control, Business, Gordon Ramsay Restaurants North, DuPage County Health Department, Scottish, Caesar's Entertainment, Gordon Ramsay North America Locations: Illinois, Chicago, Gordon Ramsay Restaurants North America, DuPage County, Europe, North America, Asia, Chelsea, London, American, Naperville, Wellington, British

☆ Justices question obstruction charge in Jan 6 rioter prosecution, which could affect Trump's case
▼ + stars: | 2024-04-16 | by ( Lawrence Hurley | Ryan J. Reilly | ) www.cnbc.com time to read: +4 min

Some justices expressed similar sentiments during Tuesday's arguments, asking whether the statute in question could be used to prosecute peaceful protesters, including people who at times have disrupted Supreme Court proceedings. Trump himself faces charges of violating the same law, as well as conspiracy to obstruct an official proceeding. Fischer faces seven criminal charges, only one of which is the focus of the Supreme Court case. He also faces charges of assaulting a police officer and entering a restricted building, among others. Conservative Justice Brett Kavanaugh questioned why the Justice Department needed to charge Fischer using the obstruction statute, noting that he faces the six other charges.

Persons: Micki Witthoeft, Ashli Babbitt, Fischer, WASHINGTON, Donald Trump, Joseph Fischer, Joe Biden's, Trump, Neil Gorsuch, Clarence Thomas, Brett Kavanaugh, Ginni Thomas, Trump's Organizations: U.S ., Appeals, District of Columbia, WASHINGTON —, U.S . Capitol, State, Trump, Conservative, Justice Department, Sarbanes, Oxley, Capitol, Prosecutors Locations: Washington ,, U.S, Washington, New York, Trump's

☆ How Biden's new student-loan forgiveness plan could be jeopardized before it even goes into effect
▼ + stars: | 2024-04-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

New details for President Joe Biden's student-loan forgiveness plan are out — and it's already shaping up to be a rocky road to implementation. Related storiesCoglianese is referring to a rule known as the Chevron doctrine, the fate of which is currently awaiting a Supreme Court ruling. AdvertisementHerrine said he expects the same groups who brought the cases against Biden's first debt relief plan to challenge this second one. "The administration is certainly still facing a very skeptical Supreme Court," Coglianese said. "Even though it's a different statute, it's still a skeptical Supreme Court.

Persons: Joe Biden's, Biden's, Biden, —, Cary Coglianese, Coglianese, Chevron, Raimondo, Luke Herrine —, Herrine, Andrew Bailey, it's, It's Organizations: Service, Education Department, Higher, Business, The Education Department, University of Pennsylvania, Loper Bright Enterprises, National Marine Fisheries, Supreme, Biden, Chevron, University of Alabama — Locations: Chevron, Missouri

☆ JPMorgan sees AI-enabled iPhones creating a 5G-like upgrade cycle. What a boom like that would mean for Apple stock
▼ + stars: | 2024-04-14 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

What will it take to get Apple stock and iPhone sales out of their slumps? Although details on Apple's AI offerings are limited, management's track record has shown that new innovative features to Apple's devices will improve the overall user experience. We expect to learn more about Apple's AI strategy during the company's annual Worldwide Developer Conference (WWDC) in June. Apple stock continued modestly higher on Friday — bucking a sharp sell-off in the overall market that was led by a major reversal in tech. The Club did sell some Apple, along with seven other big tech stocks, on the first trading day of the new year .

Persons: —, hasn't, Jim Cramer, Jim, Jim said, Tim Cook, Jim Cramer's, Christian Organizations: Apple, Wall Street, JPMorgan, Club, Developer Conference, Bloomberg, Justice, CNBC, Getty Locations: AAPL, China, U.S, Apple, Hamburg, Germany

☆ For U.S. Cuban claims holders, spy Manuel Rocha's plea deal raises fresh questions
▼ + stars: | 2024-04-14 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +7 min

Raul Rubiera | Miami Herald | Getty ImagesWhen Carolyn Lamb saw news of Cuban spy Victor Manuel Rocha's arrest on the news last December, she recognized him immediately. The lower the value of the claims, the less the Cuban government would have to pay in any future negotiated settlement. Ashby assumed Rocha's paranoia about eavesdropping was in response to the George W. Bush administration's opposition to the Cuba claims buying business. But according to the Justice Department, by that point Rocha was already in his third decade as a Cuban agent. File photo of former US ambassador to Bolivia, Manuel Rocha, talking to the press on the 11th of July 2001.

Persons: V, Manuel Rocha, Steel Hector, Davis, Raul Rubiera, Carolyn Lamb, Victor Manuel Rocha's, Rocha, Lamb, Lamb's, Castro, Justin Solomon, CNBC Castro didn't nationalize, of Rocha, Fidel Castro's, It's, Jason Poblete, Poblete, John Kavulich, Sears Roebuck, Timothy Ashby, Ashby couldn't, Ashby, George W, Bush, Little, Covert, Gonzalo Espinoza Organizations: Miami Herald, Steel, Cuban, US State Department, National Security, Cuban Telephone Company, " Beverage Company, CNBC, Pepsi, General Electric, Century Fox, Cuba Trade, Economic Council, Justice Department, Citizen, State Department, National Security Council, DOJ, Cubans, FBI, AFP, Getty Locations: America, Omaha, Bolivia, Cuba, Havana, United States, Cuban, Rocha, Columbia, Dominican Republic, Honduras, Mexico, Argentina, Miami, Chile

☆ Surging inflation fears sent markets tumbling and Fed officials scrambling
▼ + stars: | 2024-04-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +8 min

Energy prices, which have been a major factor in the past two months' inflation readings, pushed higher on signs of further geopolitical turmoil. Minutes released Wednesday from the March Fed meeting showed officials were concerned about higher inflation and looking for more convincing evidence it is on a steady path lower. Sticky price CPI entails items such as housing, motor vehicle insurance and medical care services, while flexible price is concentrated in food, energy and vehicle prices. "If that's the case, you would require a decent amount of unemployment to get inflation all the way to 2.0%." That's why Furman and others have pushed for the Fed to rethink it's determined commitment to 2% inflation.

Persons: Spencer Platt, —, Stocks, Jason Furman, We've, Israel, Jim Paulsen, Wells, Substack, Paulsen, Furman, Barack Obama, Jamie Dimon, John Williams, Susan Collins, it's, Larry Fink Organizations: Getty, Investors, Dow Jones, CNBC, of Economic Advisers, New York Fed, National Federation of Independent Business, Labor Department, JPMorgan, University of Michigan's, Boston, Commerce, CPI, Citigroup, Fed, Atlanta Fed, Dallas Fed, Harvard, BlackRock Locations: Manhattan, New York City, Iran, Israel

☆ European markets set to open higher; UK GDP grows 0.1% in February
▼ + stars: | 2024-04-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The U.K.'s FTSE 100 index is expected to open 31 points higher at 7,949, Germany's DAX up more than 100 points at 18,051, France's CAC 47 points higher at 8,064 and Italy's FTSE MIB 150 points higher at 33,212, according to data from IG. European markets are set to open higher on Friday morning as investors parse through U.K. economic data and reflect on a somewhat murky U.S. inflation outlook. The market moves come after the pan-European Stoxx 600 index closed lower in the previous session. Stateside, investors digested fresh inflation data in search of clues on exactly when the U.S. central bank may start cutting interest rates. In Europe, Britain's economic output increased by 0.1% in monthly terms in February, in line with expectations, according to figures published Friday by the Office for National Statistics.

Persons: Germany's DAX, Dow Jones Organizations: CAC, IG, European Central Bank, U.S, U.S . Federal, Labor Department's Bureau of Labor Statistics, Dow, Office, National Statistics Locations: U.S ., U.S, Europe

☆ 277,000 student-loan borrowers who have 'paid what they can afford' for at least a decade are getting $7.4 billion in debt wiped out
▼ + stars: | 2024-04-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden announced another $7.4 billion in student-debt relief for 277,000 borrowers. It impacts borrowers on the SAVE plan, along with others on income-driven repayment plans and PSLF. The new relief comes just after Biden released new details for his broader student-debt relief plan. On Friday, President Joe Biden and the Education Department announced that 277,000 more borrowers will get $7.4 billion in debt relief. Still, the administration is moving forward with more targeted efforts for debt cancellation through its fixes to repayment plans, recently announcing $1.2 billion in relief for 153,000 borrowers through the SAVE plan.

Persons: Biden, —, Joe Biden, Education James Kvaal, Biden's Organizations: Service, Education Department, Public, Education, SAVE, Biden, Higher, GOP, Republican

☆ Goldman still expects U.S. inflation to fall significantly as markets alarmed by recent rise
▼ + stars: | 2024-04-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Goldman Sachs still expects stubbornly high U.S. inflation to ease over the coming months, despite investors slashing bets for Federal Reserve interest rate cuts, after yet another print showed that consumer prices remain sticky. The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%. In the Goldman Sachs view, the U.S. CPI will fall back to 2.4% this year, down from the current annualized rate of 3.5%. We obviously have oil prices currently going up, and that's certainly something that has been a bit stronger than what we initially anticipated," Mueller-Glissmann said. He added that the inflationary impact of rising oil prices will likely be limited, because the bank expects that the Organization of the Petroleum Exporting Countries will eventually bring spare capacity online.

Persons: Goldman Sachs, Christian Mueller, Glissmann, CNBC's, Mueller Organizations: Federal Reserve, Labor Department's Bureau of Labor Statistics, U.S, CPI, of, Petroleum Locations: U.S, penciling

☆ Wholesale prices rose 0.2% in March, less than expected
▼ + stars: | 2024-04-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

A measure of wholesale prices increased less than expected in March, providing some potential relief from worries that inflation will hold higher for longer than many economists had expected. Excluding food and energy, the core PPI also rose 0.2%, meeting expectations. The release comes a day after the BLS reported that consumer prices again rose more than expected in March, raising concerns that the Federal Reserve will be unable to lower interest rates anytime soon. However, wholesale prices for final demand food and goods less food and energy climbed 0.8% and 0.1%, respectively. That contrasted with the consumer price index, which showed gasoline up 1.7% on the month.

Persons: Dow Jones Organizations: Dow, Labor Department's Bureau of Labor Statistics, PPI, BLS, Federal Reserve, Labor Department, Group

☆ Student-loan borrowers faced 3.9 million billing errors after entering repayment, a new report from 4 Democratic lawmakers says
▼ + stars: | 2024-04-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Read previewLawmakers have highly scrutinized the return to repayment for millions of student-loan borrowers in the fall. Elizabeth Warren, Richard Blumenthal, Ed Markey, and Chris Van Hollen released a report on student-loan servicer errors amid the return to repayment. Exclusively viewed by Business Insider, the report said servicers made over 3.9 million "billing-related errors" once repayment resumed. Still, the Democratic lawmakers said in their report that more could be done to help borrowers harmed by servicing errors. "To remedy servicers' historic failures and protect borrowers from future harms, there must be a path for debt relief for borrowers harmed by their servicers," they wrote in the report.

Persons: —, Democratic Sens, Elizabeth Warren, Richard Blumenthal, Ed Markey, Chris Van Hollen, servicers, Nelnet, Aidvantage, MOHELA, Warren Organizations: Service, Democrats, Democratic, Business, Education Department, ED, Warren, BI, Public

☆ Landlords Use a Popular Software Tool to Jack up Apartment, Home Rents
▼ + stars: | 2024-04-10 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

Rents soared thanks to a shortage of apartment units, remote workers' desire for more space, and a daunting for-sale market that kept many renters stuck in place. Without RealPage, the plaintiffs argue, landlords would be hesitant to jack up rents; instead, they'd focus on keeping their buildings full. In short, the lawsuits that started with apartment rents could one day change how we pay for everything. By turning over pricing to the algorithm, plaintiffs say, RealPage's clients are encouraged to push rents higher than if they'd left the decisions up to humans. The RealPage cases are about far more than apartment rents.

Persons: RealPage, Kris Mayes, they'll, they'd, —, Zillow, there's, Marie Claire Tran, Leung, Tran, Matt Damon, Maureen Ohlhausen, Bob, Ohlhausen, Ed Rogers, Ballard Spahr, Jeffery Cross, Smith Gambrell Russell, didn't, it'll Organizations: Revenue Management, ProPublica, National Housing Law, FBI, RealPage, Department, Federal Trade Commission, Politico, Washington, Justice Department, FTC Locations: Texas, you've, Phoenix, Tucson, Washington, DC, RealPage, Arizona, Tennessee

☆ U.S. considers easing warnings for Americans traveling to China
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +2 min

The U.S. and China flags are seen at the People's Bank of China prior to the arrival of U.S. Treasury Secretary Janet Yellen in Beijing on April 8, 2024. Pedro Pardo | AFP | Getty ImagesThe U.S. is considering easing advisories against its citizens traveling to China, Deputy Secretary of State Kurt Campbell said on Tuesday, acknowledging concerns that the warnings may have curtailed exchanges between Americans and Chinese people. The State Department has periodically issued tiered warnings for Americans traveling to China, calling on them to reconsider visits or exercise increased caution due to risks of "arbitrary enforcement of local laws," exit bans and wrongful detentions. Despite China's warnings, hundreds of thousands of Chinese students study in the United States compared with only a few hundred Americans in China. "We have told China directly if this continues, it will have an impact on the U.S.-China relationship.

Persons: Janet Yellen, Pedro Pardo, Kurt Campbell, Campbell Organizations: U.S, People's Bank of, Treasury, AFP, Getty, China Relations, State Department, . Locations: China, People's Bank of China, U.S, Beijing, Washington, Ukraine, United States, Moscow

☆ Hot inflation data pushes market’s rate cut expectations to September
▼ + stars: | 2024-04-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Three months of inflation data have brought those expectations back down to earth. "Not that you've put a pin in inflation getting to the Fed's target, but it's not happening imminently." The 2-year Treasury note , which is especially sensitive to Fed rate moves, jumped to 4.93%, an increase of nearly 0.2 percentage point. The pricing in of seven rate cuts earlier this year was completely at odds with indications from Fed officials. However, when policymakers in December raised their "dot plot" indicator to three rate cuts from two projected in September, it set off a Wall Street frenzy.

Persons: Michael M, Liz Ann Sonders, Charles Schwab, you've, There's, Today's, Phillip Neuhart, Joseph LaVorgna, Schwab's Sonders, Sonders Organizations: New York Stock Exchange, Santiago, Getty, Federal, Labor, CPI, Fed, Traders, First, Bank Wealth, Dow Jones, Treasury, Nikko Securities, Atlanta Fed Locations: New York City

☆ Consumer prices rose 3.5% from a year ago in March, more than expected
▼ + stars: | 2024-04-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Tom Williams | Cq-roll Call, Inc. | Getty ImagesThe consumer price index accelerated at a faster than expected pace in March, pushing inflation higher and likely keeping the Federal Reserve on hold with interest rates. Shelter and energy costs drove the increase on the all-items index. Food prices increased just 0.1% on the month and were up 2.2% on a year-over-year basis. The measure for meat, fish, poultry and eggs climbed 0.9%, pushed by a 4.6% jump in egg prices. Elsewhere, used vehicle prices declined 1.1% and medical care services prices rose 0.6%.

Persons: Tom Williams, Dow Jones Organizations: Washington , D.C, Cq, Inc, Getty, Federal Reserve, Labor Department's Bureau of Labor Statistics, CPI Locations: Washington ,

☆ Inside the Fight Over Software That Tells Landlords to Hike Your Rent
▼ + stars: | 2024-04-10 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

☆ A crucial report Wednesday is expected to show little progress against inflation
▼ + stars: | 2024-04-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Scott Olson | Getty ImagesA closely watched Labor Department report due Wednesday is expected to show that not much progress is being made in the battle to bring down inflation. To be sure, inflation has come down dramatically from its peak above 9% in June 2022. That showed headline inflation running at 2.5% and the core rate at 2.8% in February. For their part, markets have grown nervous about the state of inflation and how it will affect rate policy. "I don't see a whole lot here that is going to move things magically the way they want to go," North said.

Persons: Scott Olson, We're, Dan North, North, they've Organizations: Getty, Labor Department, Federal Reserve, Allianz Trade North America, Fed, Commerce, PCE Locations: Chicago , Illinois

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