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☆ UK has little wiggle room on mortgage aid
▼ + stars: | 2023-06-21 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

LONDON, June 21 (Reuters Breakingviews) - UK Prime Minister Rishi Sunak is under pressure to provide relief for mortgage borrowers buckling under soaring interest rates. The problem is that mortgage relief dilutes the Bank of England’s fight against inflation, which remained stubbornly high at 8.7% in May. The UK government is to meet mortgage lenders to discuss helping households struggling with their home loans, finance minister Jeremy Hunt told parliament on June 20. However, Hunt ruled out introducing state-backed support to help mortgage borrowers facing higher costs due to soaring interest rates. Hunt said that offering government mortgage relief would be inflationary.

Persons: Rishi Sunak, Liz Truss, –, Jeremy Hunt, BoE, Hunt, George Hay, Oliver Taslic Organizations: Reuters, UK Finance, Conservatives, Labour Party, Bank of England’s, Conservative Party, Bank of England, Thomson Locations: Spain, Poland

☆ Bull market or fool's market? Investors say the latter
▼ + stars: | 2023-06-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +10 min

Mega-cap tech stocks that were battered by rising interest rates in 2022 have also seen a huge boost this year. The Federal Reserve on Wednesday held interest rates steady but indicated that it could hike rates twice more this year. Tech stocks’ record runApple shares closed at a record high on Thursday, creeping closer to reaching a $3 trillion market capitalization. The rally’s next testDespite some bullish signs in the market, investors say the math isn’t adding up to a sustained rally — especially considering a possible recession looms on the horizon. The central bank last Wednesday paused interest rates and indicated that it could raise rates two more times this year.

Persons: Dow, ”, Amanda Agati, Wednesday’s, Stocks, Joe Biden, Dan Ives, “, ” Ives, Richard Steinberg, Jerome Powell, Agati, Sylvia Jablonski, Christopher Waller, Thomas Barkin, ” Waller, Sarah Henry, Henry, Here’s, Price, Refinitiv, Paul Eitelman, ” Eitelman Organizations: CNN Business, Bell, New York CNN, Apple, Nasdaq, PNC Financial Services, Management, “, Federal Reserve, Nvidia, Wedbush Securities, Microsoft, The Colony, Treasury, ”, Federal, Richmond Fed, Logan Capital Management, CPI, PPI, University of, Consumers, North America, Russell Investments, Wednesday, National Association of Realtors, Senate Locations: New York, what’s, Oslo

☆ Consumers feel better/worse about inflation, economy's direction
▼ + stars: | 2023-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans are feeling upbeat about inflation and the economy, according to the University of Michigan’s latest consumer survey released Friday. Consumers’ inflation expectations for the year ahead retreated for the second straight month, declining to 3.3% early this month from 4.2% in May. That’s good news for the Federal Reserve, which closely watches sentiment surveys to gauge the expectations consumers and businesses have for price hikes. “The sharp drop of short-term consumer inflation expectations points to another slowdown in the June CPI report, which will be out before the Fed’s next decision,” wrote Bill Adams, chief economist at Comerica Bank, in an analyst note. However, Federal Reserve Chair Jerome Powell said in his news conference this week that inflation expectations remain in check.

Persons: ”, Bill Adams, Jerome Powell, That’s, Christopher Waller Organizations: DC CNN, University of Michigan’s, Federal Reserve, Comerica Bank, Federal Reserve Bank of New, National Federation of Independent Business, Federal Locations: Washington, Federal Reserve Bank of New York, Norway

☆ US retail sales rose in May
▼ + stars: | 2023-06-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Retail sales at stores, online and in restaurants grew 0.3% in May from April, the Commerce Department reported on Thursday. Retail sales data is adjusted for seasonality but not for inflation. Excluding sales at gasoline stations, retail spending increased by a faster clip of 0.6%. From a year ago, overall retail sales rose 1.6% in May. Impact of the labor marketWhile retail sales held up in May, spending has erred on the weaker side after a big jump in January.

Persons: Brian Field, ”, Joshua Shapiro, Maria Fiorini Ramirez, Jerome Powell, Thomas Simons, Deborah Weinswig Organizations: DC CNN, Commerce Department, Sensormatic Solutions, CNN, Federal Reserve, Jefferies, “, Coresight Locations: Washington

☆ Does a recession in Europe hurt the US?
▼ + stars: | 2023-06-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Slow consumer spending and sticky inflation have led to two consecutive quarters of economic contraction in the European Union. That means that the eurozone fell into a recession over the winter months, and growth this year is likely to be weak. If Europe sneezes, the economists ask, is it possible that the United States catches a cold? Akinci and Pesenti recently examined whether economic crises in Europe have affected the United States over the past thirty years. Strong employment and higher wages can mean higher inflation as companies pass on increased labor costs by raising the price of goods.

Persons: they’re, Ozge Akinci, Paolo Pesenti, “, we’ll, We’ll, Janet Yellen, Emmanuel Macron, ‘, Goldman Sachs, David Solomon, ”, Solomon, ” Solomon, haven’t, It’s, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, European Union, Federal Reserve Bank of New, Organisation for Economic Co, US Federal Reserve, French, CNBC, Federal, CPI, Federal Reserve Locations: New York, United States, Europe, Federal Reserve Bank of New York, Greece, France

☆ CPI in May: US inflation cooled significantly — but it's still not where the Fed wants it
▼ + stars: | 2023-06-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

The Consumer Price Index, a key inflation gauge that measures price changes for a basket of goods and services, increased 4% for the year ending in May. That represents a sharp pullback from April’s 4.9% and is slightly below economists’ expectations for a 4.1% gain, according to Refinitiv. It’s the 11th consecutive month that inflation has slowed, and it’s a welcome reprieve from the painful shock of persistently high inflation endured during the past two years. The Fed would like to see inflation (as measured by the core Personal Consumption Expenditures index) settle in at 2%. Markets are currently pricing in a 95.3% probability that the Fed pauses on Wednesday, according to CME FedWatch.

Persons: It’s, “, Nancy Vanden Houten, it’s, Chris Zaccarelli, “ They’ve, ”, Scott Olson, Vanden Houten, There’s, Kurt Rankin, ” Rankin Organizations: Minneapolis CNN, Bureau of Labor Statistics, Oxford Economics, CNN, Federal Reserve, Independent, CPI, Fed, FedWatch, Walmart, Federal Reserve Bank, Richmond, Hospitality, PNC Financial Services, PNC, United Locations: Minneapolis, Chicago , Illinois, United States

☆ China’s small and medium-sized factories post surprise growth, easing market anxiety
▼ + stars: | 2023-06-01 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —A key gauge of China’s small- and medium-sized factories showed their surprise return to expansion last month, which eased market anxiety about growth stalling in the world’s second largest economy. The Caixin manufacturing Purchasing Managers’ Index (PMI) rose to 50.9 in May from April’s 49.5, according to a private survey. The Caixin survey is focused on small and medium-sized enterprises. Asian markets received a boost from the Caixin data. It settled 2% lower on Wednesday, weighed down by the weak China data and a stronger greenback.

Persons: Ken Cheung, Joe Biden, WTI Organizations: Hong Kong CNN, PMI, National Bureau of Statistics, Mizuho Bank, Nikkei, China’s, US, Senate, greenback . Locations: Hong Kong, April’s, China, China’s Shanghai

☆ Jobs report: What to expect from the May data
▼ + stars: | 2023-06-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

But despite all that, the labor market has kept humming right along. And that’s largely expected to be the case, again, in Friday’s monthly jobs report from the Bureau of Labor Statistics. Private sector employment increased by 278,000 jobs in May, according to ADP’s monthly National Employment Report, frequently seen as a proxy for the government’s official number. Labor turnover data released Wednesday showed that the US employment market remained tight in April. The government’s May jobs report is scheduled for Friday at 8:30 a.m.

Persons: ” Daniel Zhao, that’s, ” Julia Pollak, “, Pollak, ”, Michael Feroli, Matthew Martin, ” Pollak, it’s Organizations: Minneapolis CNN, Federal Reserve, Bureau of Labor Statistics, “, ”, Commerce Department, CNN, Labor, JPMorgan, Oxford Economics, Challenger, Conference Locations: Minneapolis, April’s

☆ The Fed’s favorite inflation gauge just heated up — and that could mean another rate hike
▼ + stars: | 2023-05-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

The closely watched core PCE index — where volatile components of food and energy are excluded — unexpectedly ticked up: The Fed’s go-to gauge was up 4.7% for the year. In March, the core PCE gauge grew by 4.6%. Economists had forecast that core PCE would hold steady at 4.6%, according to Refinitiv. Consumer spending jumped 0.8% in April from March, double what economists had expected. Excluding the effects of inflation, real consumer spending increased 0.5%, reflecting a boost seen from new car purchases, according to the report.

☆ Bank of Israel to raise rates 25 bps next week, may be last in cycle
▼ + stars: | 2023-05-18 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Israel's annual inflation rate held steady at 5% in April versus expectations it would ease to 4.7%, and stayed well above an official annual target of 1-3%. Shal believes the cycle will end next week and expects rates to stay on hold for the rest of the year, before the Bank starts cutting them in early 2024. When it began hiking rates in April of 2022, the Bank of Israel had initially hoped its front-loading stance would be able to cap its key rate at around 3%. The inflation rate has stayed at at least 5% since last October and peaked at 5.4% in January. Bank Leumi Chief Economist Gil Bufman noted "the drop in inflation in Israel since its peak is low compared to the other countries".

☆ PGA Championship: Eric Cole soars but Jon Rahm sinks in frost-delayed first round
▼ + stars: | 2023-05-18 | by ( Jack Bantock | ) edition.cnn.com time to read: +4 min

CNN —American golfer Eric Cole raced into an early PGA Championship lead following a scintillating start at Oak Hill Country Club on Thursday. Now, on his PGA Championship debut and only his second major appearance, the 34-year-old is enjoying a look at the leaderboard. 1 is bidding to become only the fourth golfer – and the first since Jack Nicklaus in 1975 – to win both the Masters and the PGA Championship in the same season. Jordan Spieth will need a strong response if he is to achieve golfing immortality come Sunday, as the three-time major champion opened with a three-over 69. The American is a PGA Championship title away from becoming only the sixth men’s golfer to win all four majors in the modern era.

☆ US home prices fall by most in 11 years but sales are down
▼ + stars: | 2023-05-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Sales had shown some life, rising in February after a full year of declines due to surging mortgage rates, but that momentum has since cooled. Annually, sales were down 23% from a year ago and the seasonally adjusted annualized sales pace dropped from 5.57 million units a year ago to 4.28 million in April. Mortgage rates were rising in February and pushing toward 7% in March when many of these April closings went into contract. But the current sales pace is down 33% from the cyclical peak of a 6.34 million unit pace in January 2022. In the South prices were down 0.6% to $357,900 and in the West prices have fallen 8% from a year ago to $578,200.

☆ UFC maintains links with Russian fighters and fighters connected to sanctioned Chechen warlord despite Ukraine invasion
▼ + stars: | 2023-05-17 | by ( Ben Morse | ) edition.cnn.com time to read: +17 min

We have been saying for some time that these sports organizations need to prohibit Kadyrov’s fighters to perform,” he said. There’s also its decision to allow Russian fighters in general to compete in the world’s premium mixed martial arts organization. Some critics have suggested Russian fighters in general should be suspended, like has happened in some other sports, for the country’s involvement in the invasion of Ukraine. Chris Unger/Zuffa LLC/Getty ImagesUFC’s primary focusThere are 20 active Russian fighters currently competing in their organized events, according to the UFC website. CNN approached all 20 of those Russian fighters, only two responded initially and ultimately none of them agreed to an interview.

☆ Retail Sales to Show Americans’ Appetite to Spend in April
▼ + stars: | 2023-05-16 | by ( Gwynn Guilford | Sarah Nassauer | ) www.wsj.com time to read: 1 min

This week’s U.S. retail-sales data will provide the latest update on inflation and the economy. New data on existing home sales, the housing-market index and housing starts will also be released. Photo: Saul Loeb/Agence France-Presse/Getty ImagesApril’s retail-sales report will show consumers’ willingness to spend at stores and restaurants and online as easing inflation returns some spending power to shoppers. Consumers cut retail spending for the second straight month in March, pulling back on purchases of furniture, appliances and gasoline. But a solid labor market last month kept wage growth elevated while inflation cooled to its slowest pace in two years—which could in turn help boost consumer spending, the primary driver of economic growth.

☆ Day care, margarine, car repairs: Here’s what’s costing Americans the most
▼ + stars: | 2023-05-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Annual inflation unexpectedly declined to 4.9% last month, according to the April Consumer Price Index report, released Wednesday. Here are some of the notable price hikes Americans are confronting:MargarineCosting almost 24% more than last year, margarine earned the top prize for the biggest annual increase last month. The CarMD report found that the increase in repair costs isn’t coming from labor costs, which were down slightly last year. Day care and preschoolThe cost of sending your child to day care or preschool is up 7% compared to last year, the largest annual increase recorded, according to April’s CPI. Child care centers are seeing increased demand after more workers are being called back to work in person.

☆ Mortgage rates tick down for the second week in a row
▼ + stars: | 2023-05-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked down last week for the second week in a row, as progress on inflation is keeping rates calmer. “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates topped 5% for the first time since 2011 a little more than a year ago, and have remained over 5% for all but one week during the past year. But over the last month rates have averaged about 6.37% and have been going up and down, but staying under 6.5%. “This should bode well for the trajectory of mortgage rates over the long term.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

☆ Instant View: US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. I think the Fed will raise rates again in June and then pause. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing."

☆ US April CPI rise gives Fed little room for pivot soon
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +7 min

The Consumer Price Index (CPI) rose 0.4% last month after gaining 0.1% in March, the Labor Department said on Wednesday. In the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Ahead of this reading Fed President John Williams warned that they were not done raising rates. "There will be another CPI report before the Fed meets, and expectations are you will start to see the effect of rents easing." The other thing is shelter, a huge component of CPI and it came in a little bit weaker."

☆ Annual inflation cooled off slightly in April
▼ + stars: | 2023-05-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Minneapolis CNN —Annual inflation continued its slow-but-steady deceleration in April, according to the latest Consumer Price Index released Wednesday. The CPI climbed by 4.9% for the 12 months ended in April, according to the Bureau of Labor Statistics, representing a slightly slower pace of increase than the 5% in March. It’s the 10th consecutive month that the headline CPI rate has slowed, and it’s at its lowest rate since April 2021 — when this bout of painfully high inflation started to spike. Excluding food and energy costs, which tend to have more volatility, core CPI was unchanged at 5.5% for the 12 months ended in April. A welcome decline — albeit a slight one — came in the category of grocery prices, which fell 0.2% over the month, helping bring the annual rate of inflation there to 7.1%.

☆ The Slowdown in Inflation May Have Ended in April
▼ + stars: | 2023-05-10 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +3 min

That plateau could come amid strong price increases for food, gas, used cars and car insurance. Although inflation has been gradually cooling, it remains too elevated for policymakers to be comfortable. Federal Reserve officials are likely to watch the April inflation report closely. There could be one silver lining from April’s numbers: Some economists expect a meaningful slowdown in services prices after stripping out food, energy and housing costs. Policymakers have been watching that trimmed-down measure for a signal of where price increases might go next.

☆ CNBC Daily Open: Bracing for April’s CPI reading
▼ + stars: | 2023-05-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Investors are hoping April's CPI reading will show dipping prices. April's jobs report showed the labor market's still going strong, which might contribute to price pressures. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Bracing for April’s consumer price index
▼ + stars: | 2023-05-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Markets had a quiet Tuesday as investors braced for key inflation reports coming out later today and Thursday. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. April's jobs report showed the labor market's still going strong, which might contribute to price pressures. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Inflation is cooling — but many items aren’t cheaper. Here’s why
▼ + stars: | 2023-05-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Instead, the pace of price increases slowed from a year ago. But they may be suffering from even bigger price increases for margarine, which was up 24%. Poorer households spend a greater portion of their income on unavoidable expenses like food and gas, which makes them more vulnerable to price increases. Not everything is responding well to interest rate hikesThe Federal Reserve spent the past year hiking interest rates in the interest of lowering inflation. When the Fed raises interest rates, it costs more for banks and other lenders to borrow money.

☆ Scientists used DNA to unlock who wore a 25,000-year-old pendant
▼ + stars: | 2023-05-06 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

Max Planck Institute for Evolutionary AnthropologyA deer tooth pendant has revealed details about the woman who wore it between 19,000 and 25,000 years ago. The groundbreaking analysis by a team of European researchers marks the first time scientists have successfully isolated ancient human DNA from a Stone Age artifact. Gregory BretonWith large ears and adorable faces, sand cats went viral seven years ago when their kittens were photographed in the wild for the first time. Although smaller than domestic cats, sand cats live in harsh environments with scorching heat, hunt venomous Saharan horned vipers and rely on blood from prey as a source of water. To unravel the many mysteries of sand cats, researchers tracked 22 of the felines that had been fitted with radio collars for four years.

☆ Wall St Week Ahead US. consumer price data to test feared stagflation scenario
▼ + stars: | 2023-05-05 | by ( David Randall | ) www.reuters.com time to read: +5 min

Some also believe the recent banking sector tumult will hurt lending and further constrain growth, forcing the Fed to cut rates before inflation is tamed. April’s survey of global fund managers from BoFA Global Research showed stagflation expectations near historical highs, with 86% saying it will be part of the macroeconomic backdrop in 2024. Next week’s consumer price data for April, due on Wednesday, May 10, could offer a clearer picture of whether the Fed’s interest rate increases are cooling inflation. Charlie McElligott, managing director of cross-asset macro strategy at Nomura Securities, pointed to the Atlanta Fed's GDPNow estimate, which is projecting a 2.7% growth rate in the second quarter, up from 1.8% on May 1. At the same time, expectations that the Fed is unlikely to raise rates much higher has created a better backdrop for investors, he said.

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