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☆ US House Republicans eye plan to avert government shutdown as Moody's warns
▼ + stars: | 2023-11-11 | by ( David Morgan | ) www.reuters.com time to read: +5 min

The White House sought to pin blame for the outlook change, which cited the high deficit and rising interest rates, on Republicans. "Moody's decision to change the U.S. outlook is yet another consequence of congressional Republican extremism and dysfunction," White House spokesperson Karine Jean-Pierre said. House Republicans hope to vote on Tuesday on a stopgap measure, which could extend discretionary funding for federal agencies into mid-January. Representative Chip Roy, a prominent member of the hardline House Freedom Caucus, said he could accept a stopgap measure that also contains aid to Israel in its war with Hamas. McCarthy opted for the bipartisan route after hardliners blocked a Republican stopgap measure with features intended to appease the party's far right.

Persons: Mike Johnson, Sarah Silbiger, Moody's, Andy Harris, Karine Jean, Pierre, Joe Biden, Tom Cole, Cole, Johnson, Chip Roy, Roy, Biden, Johnson's, Kevin McCarthy, McCarthy, David Morgan, Scott Malone, Daniel Wallis Organizations: U.S, Capitol, REUTERS, Rights, . House, Republicans, AAA, Republican, White, Democratic, Caucus, Texas Republican, Social Security, Thomson Locations: Washington , U.S, U.S, Mexico, Washington, Israel, Ukraine

☆ US House Speaker Johnson Floats Two-Step Measure to Avert Gov't Shutdown
▼ + stars: | 2023-11-11 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +5 min

"This two-step continuing resolution is a necessary bill to place House Republicans in the best position to fight for conservative victories," Johnson said in a statement after announcing the plan to House Republicans in a conference call. The House Republican stopgap contained no supplemental funding such as aid for Israel or Ukraine. She said "House Republicans are wasting precious time with an unserious proposal that has been panned by members of both parties." A stopgap measure would give lawmakers more time to implement full-scale appropriations bills to fund the government through Sept. 30. McCarthy opted for the bipartisan route after hardliners blocked a Republican stopgap measure with features intended to appease them.

Persons: David Morgan WASHINGTON, Mike Johnson, Johnson, Republican stopgap, Joe Biden, Karine Jean, Pierre, centrists, Chip Roy, Roy, Brian Schatz, Schatz, Biden, Johnson's, Kevin McCarthy, McCarthy, David Morgan, Timothy Gardner, Scott Malone, Daniel Wallis, David Gregorio Organizations: . House, Republican, Republicans, Democratic, White, AAA, ., Louisiana Republican, Food and Drug Administration, Caucus, Social Security Locations: Israel, Ukraine, Louisiana

☆ The Japanese yen's plunge forces Tokyo to pull back on biggest defense build-up since World War II as US weapons get pricier
▼ + stars: | 2023-11-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

A 10% drop in the yen since December has forced Japan to scale back defense spending, Reuters reported. The currency's decline has boosted the cost of US-made weapons that Japan plans to procure. In response, Japan is prioritizing frontline weapons and spending less on support systems. AdvertisementAdvertisementJapan is scaling back plans for its largest military build-up since World War II, after weakness in the yen raised the cost of US-made defense equipment, sources told Reuters. In response, Japan is prioritizing outlays on US-made frontline weapons that would be key in any conflict with China, sources told Reuters.

Persons: — Organizations: Reuters, Service, Industries, Federal Reserve, Bank of Japan, Deutsche Bank Locations: Japan, China

☆ Weak yen forces Japan to shrink historic military spending plan
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +6 min

Since the plan was unveiled in December, the yen has lost 10% of its value against the dollar, forcing Tokyo to reduce its ambitious defense procurement plan, which was then-calculated to cost $320 billion, the sources said. Details of how Japan is paring back military procurement due to currency fluctuations have not been previously reported. China, which has not ruled out using military force to bring Taiwan under its control, has expressed concern about Japan's military spending plans, accusing it of displaying a "Cold War mentality." Chinooks and seaplanesWith the cuts in its spending power, Japan decided to prioritize spending on advanced U.S.-made frontline weapons such as missiles that could halt advancing Chinese forces, the eight people said. About half that increase was due to the weak yen, said one of the government sources, who was directly involved in those discussions.

Persons: Fumio Kishida, Kiyoshi Ota, Christopher Johnstone, Johnstone, Biden, Kishida, spender, Nancy Pelosi's, Yoji Koda Organizations: Japan's, Defense Force, Getty, Reuters, Bank of Japan, Center for Strategic, International Studies, National Security, East, Japan's Ministry of Defense, Embassy, Pentagon, Russian, Kawasaki Heavy Industries, Boeing Co, Kawasaki, ShinMaywa Industries, Industry, Maritime Self Defense Force Locations: Tokyo, AFP, Japan, Taiwan, Washington, Beijing, East Asia, U.S, East China, Ukraine, China

Details of how Japan is paring back military procurement due to currency fluctuations have not been previously reported. China, which has not ruled out using military force to bring Taiwan under its control, has expressed concern about Japan's military spending plans, accusing it of displaying a "Cold War mentality." In December, defence ministry officials discussed an order for 34 twin-rotor Chinook transport helicopters at roughly 15 billion yen per aircraft, two of the sources said. She declined to comment on whether the defence ministry had dropped an order for the seaplane. A ministry spokesperson confirmed the companies delivered a letter on Oct 25 to Defence Minister Minoru Kihara urging the government to proceed with the defence procurement as planned.

Persons: Tomohiro, Fumio Kishida, Christopher Johnstone, Johnstone, Biden, Kishida, outlays, spender, Nancy Pelosi's, Yoji Koda, Lockheed Martin, Minoru Kihara, Kevin Maher, Nobuhiro Kubo, Takaya Yamaguchi, Tim Kelly, Yoshifumi Takemoto, Katerina Ang Organizations: Defense Force, East Fuji Maneuver, REUTERS Acquire, Rights, Reuters, Bank of Japan, Center for Strategic, International Studies, National Security, East, Japan's Ministry of Defence, Embassy, Pentagon, Russian, Kawasaki Heavy Industries, Boeing Co, Kawasaki, Industries, Maritime Self Defense Force, Raytheon, Lockheed, Japan Business Federation, NMV Consulting, U.S . State Department's Office, Japan Affairs, Thomson Locations: Japan, Gotemba, Shizuoka, Taiwan, Tokyo, Washington, Beijing, East Asia, U.S, East China, Ukraine, China, U.S .

☆ ‘Disappointed Again’: Ad Companies Suffer as Tech Firms Clip Spending
▼ + stars: | 2023-10-30 | by ( Megan Graham | ) www.wsj.com time to read: 1 min

Ad agency holding companies say they are being hurt by more cautious technology advertising. At Meta Platforms, for instance, outlays for marketing and sales decreased 24% in the third quarter. Photo: kena betancur/Agence France-Presse/Getty ImagesSome of the major advertising holding companies are still feeling the impact of lower spending from technology clients—with some hit harder than others. Recent quarterly results from Interpublic Group , Omnicom Group , WPP and Publicis Groupe showed that many of their units are seeing more caution from some advertisers, slower project work, delayed starts of new business or other signs of a pullback.

Persons: kena Organizations: Agence France, Interpublic, Omnicom, WPP, Publicis Groupe

The projections prompted U.S. Treasury debt yields to fall slightly, with the benchmark 10-year yield last at 4.88%. "Interest in today's borrowing projections have been higher than normal," said Thomas Simons, money market economist at Jeffries in New York. Investors awaited the Treasury's quarterly refunding statement on Wednesday for details on which maturities will be increased as the department pursues record borrowing levels. QUARTERLY RECORDSThe reduced $776 billion borrowing estimate would still be a record for any October-December period, exceeding the $689 billion in the 2021 quarter boosted by high COVID-19 relief outlays. In the third calendar quarter of 2023, the Treasury said it borrowed $1.01 trillion and ended that period with a cash balance of $657 billion.

Persons: Rick Wilking, Thomas Simons, Jeffries, Steven Zeng, Wednesday's, Zeng, Karen Brettell, David Lawder, Daniel Burns, Davide Barbuscia, Andrea Ricci, Richard Chang Organizations: REUTERS, U.S . Treasury, Treasury, Investors, Deutsche Bank, Thomson Locations: Westminster , Colorado, U.S, California, New York

Taken as a whole, the figures the government issued Friday show a still-surprisingly resilient consumer, willing to spend briskly enough to power the economy even in the face of persistent inflation and high interest rates. Income growth slowed. Adjusted for inflation, income actually fell slightly. In Friday’s report on inflation, the government also said that consumer spending last month jumped a robust 0.7%. A solid job market has helped fuel consumer spending, with wages and salaries having outpaced inflation for most of this year.

Persons: ”, Michael Pearce, Friday's, Jerome Powell, — Organizations: WASHINGTON, Federal Reserve, Commerce Department, Oxford Economics, Fed

☆ US consumer spending exits third quarter on strong note; monthly core inflation rises
▼ + stars: | 2023-10-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Excluding the volatile food and energy components, the PCE price index rose 0.3%, after edging up 0.1% in August. The so-called core PCE price index rose 3.7% on a year-on-year basis in September, the smallest gain since May 2021, after increasing 3.8% in August. Stripping out housing, the core PCE price index rose by a mild 0.2%. The super core PCE price index advanced 4.3% year-on-year in September. Policymakers are watching the super core PCE price index to try and gauge their progress in combating inflation.

Persons: Bing Guan, Sal Guatieri, James Knightley, Chris Low, Pooja Sriram, Lucia Mutikani, Chizu Organizations: REUTERS, Commerce Department, Federal, BMO Capital Markets, Commerce Department's, Economic, Reuters, Consumer, ING, FHN, Treasury, Fed, Barclays, Thomson Locations: SoHo, New York City, U.S, WASHINGTON, Toronto, New York

☆ Yellen says US GDP is a 'good strong number', may keep bond yields higher
▼ + stars: | 2023-10-26 | by ( David Lawder | ) www.reuters.com time to read: +2 min

"It's a good strong number and shows the economy is doing well," Yellen said at a Bloomberg live interview event. She dismissed suggestions that higher bond yields may be due to worries about rising U.S. deficits or worries about a recession. Yellen said that the U.S. debt servicing burden would be a "bigger challenge if the interest rate path stays higher." She has maintained that the real interest rate costs for the federal government have remained close to 1% of GDP, a manageable level. "The higher the interest rate path, the more that we need to do" on deficit reduction, she said.

Persons: Janet Yellen, Amit Dave, Yellen, Joe Biden's, David Lawder, Daniel Burns, Franklin Paul, Jonathan Oatis Organizations: Treasury, Central Bank governors, REUTERS, Rights, . Treasury, Bloomberg, Commerce Department, Social Security, Thomson Locations: Gandhinagar, India, U.S

☆ The US economy grew at a robust 4.9% rate in the third quarter
▼ + stars: | 2023-10-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Gross domestic product, a measure of all goods and services produced in the economy, grew at an annualized 4.9% rate in the third quarter, the Commerce Department reported Thursday. Robust consumer spending fueled growth in the third quarter, a sign of the economy’s surprising resilience in the face of tougher borrowing costs and persistently high inflation. Spending grew from July through September by an annualized rate of 4%, its strongest pace since the fourth quarter of 2021. Residential fixed investment, which reflects conditions in the housing market, advanced at a 3.9% annualized rate in the third quarter, Thursday’s GDP report showed. That’s down from a peak of 5.6% in early 2022, but well above the Fed’s inflation goal.

Persons: splurged, Taylor Swift, Barbie, outlays, ”, Jeffrey Roach, Jerome Powell, Powell, ” Powell Organizations: DC CNN, Gross, Commerce Department, LPL, Federal Reserve, Economic, of New Locations: Washington, of New York, United States

☆ US budget gap soars to $1.7 trillion, largest outside COVID era
▼ + stars: | 2023-10-20 | by ( David Lawder | ) www.reuters.com time to read: +5 min

The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. For September, the final month of the fiscal year, the deficit fell to $171 billion from $430 billion in September 2022. The fiscal 2023 deficit would have been $321 billion larger, but was reduced by this amount because the Supreme Court struck down Biden's student loan forgiveness program as unconstitutional. Reuters GraphicsRECORD INTEREST COSTSThe 2023 deficit marks an abrupt end to two years of falling deficits for Biden as COVID-19 spending faded. Fiscal 2023 outlays fell $137 billion, or 2% from the prior year to $6.134 trillion.

Persons: Elizabeth Frantz, Joe Biden's, Biden, Donald Trump, Kevin McCarthy, Biden's, Janet Yellen, Shalanda Young, outlays, Gross, David Lawder, Dan Burns, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Rights, Social Security, Treasury Department, Representatives, . House, Management, Treasury, Reuters Graphics, Federal, Federal Reserve, Thomson Locations: Washington , U.S, Ukraine, Israel, U.S

☆ U.S. budget deficit jumps 23% to nearly $1.7 trillion as Social Security, health costs rise
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The U.S. Capitol building is seen in Washington, U.S., April 6, 2023. REUTERS/Elizabeth Frantz Acquire Licensing RightsWASHINGTON, Oct 20 (Reuters) - The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly. The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021 and marks a major return to ballooning deficits after back-to-back declines during President Joe Biden's first two years in office. The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for U.S. border security and the Indo-Pacific region. Reporting by David Lawder and Dan Burns; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Elizabeth Frantz, Joe Biden's, Biden, Donald Trump, Kevin McCarthy, David Lawder, Dan Burns, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Rights, Social Security, Treasury Department, Representatives, . House, Thomson Locations: Washington , U.S, Ukraine, Israel, U.S

☆ U.S. wraps up fiscal year with a budget deficit near $1.7 trillion, up 23%
▼ + stars: | 2023-10-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Janet Yellen, United States Secretary of Treasury, participates in global infrastructure and investment forum in New York, Thursday, Sept. 21, 2023. The federal government wound up its fiscal year in September with a deficit just shy of $1.7 trillion, the Treasury Department announced Friday. The huge deficit came as revenue fell by $457 billion from a year ago and expenses decreased by just $137 billion. The budget shortfall adds to the staggering U.S. debt total, which stood at $33.6 trillion earlier this week. Of the government outlays last year, some $659 billion went for net interest on the accumulated debt, up from $475 billion in fiscal 2022.

Persons: Janet Yellen, Joe Biden's, Yellen, Biden Organizations: Treasury, Treasury Department, Federal Reserve Locations: United States, New York, U.S, Ukraine, Israel, Gaza

The Republic of the Marshall Islands (RMI) is one of three sprawling but sparsely populated nations that have U.S. ties governed by so-called Compacts of Free Association (COFAs), under which Washington is responsible for their defense and provides economic assistance, while gaining exclusive military access to strategic swathes of ocean. Yun said he signed the agreement with RMI Foreign Minister Jack Ading in Honolulu, Hawaii, at a ceremony also attended by Marshallese President David Kabua. Analysts and former officials had blamed a delay in finalizing the Marshall Islands COFA on U.S. State Department lawyers wanting to control how new funds were spent and objecting to their being earmarked to address the nuclear legacy, fearing this could lay the U.S. open to more claims. A person familiar with the deal said all current federal programs, including education programs and the U.S. Reporting by David Brunnstrom and Michael Martina; Editing by Sandra Maler and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Louis Mapou, Hu'akavemeiliku Siaosi, Surangel Whipps, Kausea Natano, Joseph Yun, Biden, Yun, Jack Ading, David Kabua, David Brunnstrom, Michael Martina, Sandra Maler, Raju Gopalakrishnan Organizations: U.S ., Country, New, Tonga's, Tuvalu's, United, Marshall, Reuters, The, Free Association, Washington, Northern, RMI, RMI Foreign, U.S, Congress, . State Department, U.S . Postal Service, U.S . Congress, Thomson Locations: U.S, Federated States, Micronesia's, WASHINGTON, United States, The Republic, China, Northern Pacific, Palau, Micronesia, Washington, Honolulu , Hawaii, Marshall, Kwajalein

The Republic of the Marshall Islands (RMI) is one of three sprawling but sparsely populated nations that have U.S. ties governed by so-called Compacts of Free Association (COFAs), under which Washington is responsible for their defense and provides economic assistance, while gaining exclusive military access to strategic swathes of ocean. Yun told Reuters he planned to sign the COFA deal with RMI Foreign Minister Jack Adding in Honolulu, Hawaii, at 2 p.m. local time (0000 GMT Tuesday). Analysts and former officials had blamed a delay in finalizing the Marshall Islands COFA on U.S. State Department lawyers wanting to control how new funds were spent and objecting to their being earmarked to address the nuclear legacy, fearing this could lay the U.S. open to more claims. A person familiar with the deal said all current federal programs, including education programs and the U.S. Reporting by David Brunnstrom and Michael Martina; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Louis Mapou, Hu'akavemeiliku Siaosi, Surangel Whipps, Kausea Natano, Joseph Yun, Biden, Yun, Jack, David Kabua, David Brunnstrom, Michael Martina, Sandra Maler Organizations: U.S ., Country, New, Tonga's, Tuvalu's, United, Reuters, The, Marshall, Free Association, Washington, Northern, RMI, RMI Foreign, U.S . Congress, . State Department, U.S, U.S . Postal Service, Thomson Locations: U.S, Federated States, Micronesia's, WASHINGTON, United States, Marshall, Pacific, The Republic, China, Northern Pacific, Palau, Micronesia, Washington, Honolulu , Hawaii, Kwajalein

☆ Tycoon’s lithium grab leaves investors hanging
▼ + stars: | 2023-10-16 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Australia’s richest person has stifled Albemarle’s (ALB.N) A$6.6 billion ($4.2 billion) pursuit of lithium producer Liontown Resources (LTR.AX) with deft use of the country’s takeover rules. At A$3 a share, the offer represented a near-100% premium to Liontown’s undisturbed price. And because she never paid more than the A$3 a share Albemarle put on the table, her share purchases did not count as a superior offer. CONTEXT NEWSU.S.-based lithium producer Albemarle on Oct. 16 said it has abandoned its A$6.6 billion ($4.2 billion) offer for smaller Australian rival Liontown Resources, citing “growing complexities associated with the proposed transaction” as a reason. The firm said that in building its stake it never paid more than A$3 per share, the same price as Albemarle’s takeover offer.

Persons: Gina Rinehart, Kent Masters, Rinehart, Albemarle, Masters, Liontown, Kathleen, It’s, Hancock, Lisa Jucca, Katrina Hamlin, Thomas Shum Organizations: MELBOURNE, Reuters, Liontown, Kent, Liontown Resources, Thomson Locations: Western Australia, Hancock, Liontown

☆ UK consumers hunker down as fuel prices climb
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A person puts fuel in their car at a filling station, at an ASDA supermarket in Birkenhead, Britain, July 3, 2023. Britain's high inflation rate has slowed but at 6.7% in August it remains more than three times the Bank of England's 2% target. The BRC's like-for-like sales measure - which adjusts for changes in store space - slowed to show growth of 2.8% from 4.3% in August. Seventy percent of consumers surveyed by Barclays said they were finding ways to reduce costs, up slightly from August. Jack Meaning, chief UK economist at Barclays, said the warning signs of wariness among consumers was filtering through into their spending decisions.

Persons: Phil Noble, Helen Dickinson, electricals, Dickinson, BoE, Jack, William Schomberg, James Davey Organizations: REUTERS, Consumers, British Retail Consortium, Bank of England's, Barclays, Rugby, Thomson Locations: Birkenhead, Britain, August's

☆ Here's why it's so dangerous for Wall Street to bet against the American consumer
▼ + stars: | 2023-10-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

"Betting against the American consumer is a dangerous proposition," Ned Davis Research said. AdvertisementAdvertisementThe American consumer has defied expectations over the past year as spending remains resilient, but Wall Street continues to anticipate a recession. The dynamic highlights why it's dangerous to bet against the American consumer, according to a Friday note from Ned Davis Research. YChartsMeanwhile, rising interest rates only impacts new loans or refinancings, and just over 75% of mortgage holders have an interest rate below 5%. Betting against the American consumer is a dangerous proposition," NDR concluded.

Persons: Ned Davis, —, Bank of America's Savita Subramanian Organizations: Ned Davis Research, Service, Bank of America's, NDR

☆ US manufacturing sector eyes recovery; construction spending solid
▼ + stars: | 2023-10-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

A separate report from the Commerce Department showed construction spending increased 0.5% in August after rising 0.9% in July, lifted by outlays on single- and multi-family housing. Spending on private construction projects rose 0.5%, with investment in residential construction advancing 0.6% after increasing 1.6% in the prior month. The construction spending report showed outlays on multi-family housing projects rose 0.6% in August. Spending on new single-family construction projects rose 1.7%. Spending on manufacturing construction projects shot up 1.2%.

Persons: Kamil Krzaczynski, Paul Ashworth, outlays, Freddie Mac, Biden, Lucia Mutikani, Andrea Ricci Organizations: REUTERS, Institute for Supply Management, PMI, North America Economist, Capital Economics, Reuters, United Auto Workers, Treasury, Commerce Department, Thomson Locations: Normal , Illinois, U.S, WASHINGTON, Toronto, Panama, China, United States, State

☆ US inflation outlook brightens as underlying price pressures subside
▼ + stars: | 2023-09-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, edged up 0.1% last month. Economists polled by Reuters had forecast the core PCE price index would climb 0.2%. In the 12 months through August, the so-called core PCE price index increased 3.9%. It was the first time since June 2021 that the annual core PCE price index was below 4.0%. In the 12 months through August, the PCE price index advanced 3.5% after gaining 3.4% in July.

Persons: Conrad DeQuadros, Bing Guan, David Russell, Scott Anderson, Lucia Mutikani, Paul Simao Organizations: Federal Reserve, Commerce Department, Brean, Reuters, University of Michigan, Consumers, REUTERS, Treasury, Financial, BMO Capital Markets, Retailers, Thomson Locations: WASHINGTON, U.S, New York, SoHo, New York City, San Francisco

☆ A government shutdown isn’t good for Republicans like me
▼ + stars: | 2023-09-29 | by ( Anna Lee | Opinion Mike Lawler | ) edition.cnn.com time to read: +6 min

Reckless spending and radical policies created near-record inflation, soaring grocery bills, rising energy costs and skyrocketing interest and mortgage rates. That’s why we are barreling toward a shutdown rather than agreeing on a spending package to keep the federal government working. Worse, they seemingly live in an alternate reality where Republicans control the White House and the US Senate as well as the House of Representatives. My constituents sent me here to represent their interests, and let me tell you, no one wins in a government shutdown. Bipartisanship isn’t a sign of weakness, and it isn’t something to be derided; it’s a sign of a functional democracy.

Persons: Mike Lawler, Michael V, Bidenomics ”, Biden, Newsflash, Matt Gaetz, –, Kevin McCarthy, Let’s Organizations: New, Congressional, Financial Services, House Foreign Affairs, SALT Caucus, Caucus, Scenic Trails Caucus, Moldova Caucus, CNN, Lawler, Republican Conference, Republican, GOP, White, Senate, Representatives, Biden, New York Locations: United States, Washington, New York, Florida, New, New York’s

☆ PCE: Gas prices heated up inflation last month, but there's also welcome progress for the Fed
▼ + stars: | 2023-09-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —Higher gas prices heated up overall inflation last month, but the Federal Reserve got some welcome news: Its preferred inflation gauge cooled to its lowest level in two years. The core Personal Consumption Expenditures index, a closely watched inflation measure that excludes gas and food prices, rose 3.9% for the 12 months ended in August. However, it also was largely expected: Gas prices heated up last month as well. The Commerce Department’s monthly Personal Income and Outlays reports are typically closely watched as they provide a comprehensive account of pricing, income and spending data. Other federal data at risk for delays could include key housing and auto sales data, Census Bureau data, PCE and GDP reports, among others.

Persons: ” Andrew Patterson, ” Patterson, ” Dana Peterson, “ That’s, ”, that’s, Price, Security Administration’s, “ We’ve, ” Vanguard’s Patterson, “ Organizations: Minneapolis CNN —, Federal Reserve, Commerce Department, Vanguard, CNN, Energy, “ Energy, Consumers, Commerce, Conference Board, Labor, Department, Bureau of Labor Statistics, Price, Security, Adjustment, Labor Department Locations: Minneapolis, Saudi Arabia, Russia

[1/2] A general view of Polish shoe retailer CCC shop is pictured, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 8, 2020. "Let me tell you, there was a time when I couldn't even afford to buy salmon, for example. Buczek has benefited from the fact that PiS has raised her pension as part of hefty welfare spending moves which, opinion surveys show, are easing Poles' concerns over high inflation. The Polish minimum wage, already the highest in central Europe, will rise by nearly a fifth next year. With many houseowners on variable loan rates, Warsaw recently extended a scheme for mortgage repayment holidays into next year.

Persons: Kacper, Jadwiga Buczek, Buczek, PiS, Steffen Dyck, Adam Glapinski, Fitch, Federico Barriga Salazar, Andrzej Kuzniak, Moody's Dyck, Kacper Pempel, Jan Strupczewski, Gergely, Mark John, Sharon Singleton Organizations: REUTERS, Reuters, Justice, European Union, European Commission, National Bank of, Sovereign Risk, Moody's, International Monetary Fund, Civic Coalition, Thomson Locations: Warsaw, Poland, WARSAW, Poland's, Europe, NBP, Brussels

☆ US posts August budget surplus after student loan cost reversal
▼ + stars: | 2023-09-13 | by ( David Lawder | ) www.reuters.com time to read: +3 min

The August surplus - the first for that month since 1955 - compares to a year-earlier deficit of $220 billion. Receipts last month totaled $283 billion, down 7% or $21 billion from a year earlier, while outlays came to $194 billion after the student loan reversal, down 63% or $329 billion. After nearly a three-year moratorium due to the COVID-19 pandemic, student loan monthly repayments are due to resume Oct. 1. Year-to-date outlays totaled $5.496 trillion, up 3% or $142 billion, partly reflecting the student loan reversal. However, a Treasury official said the nominal interest cost was not a record as a share of Gross Domestic Product.

Persons: Joe Biden's, outlays, Biden, Biden's, David Lawder, Paul Simao Organizations: U.S, Treasury, Democratic, Internal Revenue, Federal, Gross, Thomson

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