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☆ Buying a home in one of these 9 climate-risk states? Here's how to deal with spiking home insurance rates from someone who lives in one
▼ + stars: | 2024-10-31 | by ( Christine Ji | ) www.businessinsider.com time to read: +7 min

As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify. Insurance companies in turn are raising prices to cover the higher costs of covering claims and reinsurance, or insurance for insurance companies. AdvertisementAlso important to note is that flood coverage often isn't included in standard homeowners insurance policies. Stephanie purchased flood insurance in addition to her regular homeowners insurance when she purchased a home. For those considering buying a home in a state with high levels of climate risk, taking these precautions during the homebuying process can help you protect your investment.

Persons: Zillow, Holden Lewis, Lewis, Stephanie L, Stephanie, that's, I'm, Stephanie isn't Organizations: Service, Insurance Locations: California, Florida, North Carolina , Tennessee, Virginia , Texas , Oklahoma , Kansas, Nebraska, Oklahoma, Ohio, Texas, , Texas, Jacksonville, Sunshine, North Carolina, Tennessee, Virginia

☆ Expect the unexpected in Friday’s jobs report
▼ + stars: | 2024-10-31 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

In any other month, the finishing touch would be a clean reading on the labor market from the official jobs report. However, a common thread among economists is that the strikes and hurricanes could take a 100,000-job bite out of the October jobs report. The last time there were back-to-back major hurricanes — Harvey and Irma in 2017 — the forecasts for the following month’s jobs report were for a loss of 33,000 positions. And each contribute to two of the biggest numbers in the monthly jobs report. A key date to keep in mind for the jobs report is October 12, as it anchors the “reference period” for both surveys.

Persons: ’, Claudia Sahm, “ It’s, That’s, aren’t, FactSet, Joe Brusuelas, — Harvey, Irma, Sahm, Oliver Allen, Milton, ”, Harris, Kamala Harris, Donald Trump’s, We’re, Biden, Jared Bernstein, Joe Biden’s, “ Organizations: CNN, Boeing, Reserve, New Century Advisors, Labor, Survey, Bureau of Labor Statistics, of Labor, Challenger, ADP, BLS, RSM, Pantheon Macroeconomics, Republicans, The New York Times, Siena College, Associated Press Locations: Washington and Oregon

☆ What a Trump or Harris presidency would mean for your tax bill
▼ + stars: | 2024-10-31 | by ( Juliana Kaplan | Bryan Metzger | ) www.businessinsider.com time to read: +8 min

Trump's plans could mean tax hikes for lower earners; Harris' proposals would target higher earners. This is the fourth in a five-part series about the impacts either a Trump or a Harris presidency could have on US consumers. Trump has proposed extending his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut." But another part of Trump's tax policy — his plan to levy universal tariffs on all US imports — could end up undercutting this positive impact. AdvertisementTrump has floated lifting the $10,000 cap on the State and Local Tax deduction, known as SALT, from his 2017 tax bill.

Persons: Trump's, Harris, —, you'll, Trump, He's, Garrett Watson, Harris hasn't, she's, Benjamin Page, Biden, Walz, Ernie Tedeschi, Watson, Tedeschi Organizations: Service, Business, Trump, Social Security, Taxation, Economic, Tax Foundation, State and, Urban, Brookings Tax, Yale Budget Lab, White House Council, Economic Advisers, Finance Locations: California , New Jersey, New York, Congress

☆ The top 10 most affordable college towns in the U.S.—nearly half are in Texas
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For the second year in a row, a Texas locale ranks at the most wallet-friendly college town in the U.S., according to WalletHub's latest ranking. But this year, Edinburg — home to the University of Texas, Rio Grande Valley — didn't maintain its first-place position. The city is home to a number of colleges, including Texas Southmost College and Our Lady of the Lake University at Rio Grande Valley. Brownsville is located at the most southern tip of Texas, about four and a half hours south of San Antonio. Here are the 10 most wallet-friendly college town and cities in the U.S., according to WalletHub:

Persons: WalletHub Organizations: Edinburg, University of Texas, Texas Southmost College, Our, Lake University Locations: Texas, U.S, Rio Grande, Brownsville , Texas, Rio Grande Valley, Brownsville, San Antonio

☆ 'Silver economy' boom: China transforms kindergartens into senior care homes as demographic crisis deepens
▼ + stars: | 2024-10-31 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

Plagued by shrinking birth rates and a rapidly aging population, tens of thousands of Chinese kindergartens have scaled back operations, closed down entirely or pivoted industries to survive. One preschool in the eastern province of Zhejiang still operates as a daycare, but instead of serving children, they're now catering to senior citizens. Last year, Zhuang Yanfang, 56, repurposed her kindergarten in the city of Jinhua, Zhejiang, into a senior nursing center. Conversely, as preschools suffer, the senior care industry is thriving in China's aging population crisis. "China's aging will only intensify," said Harry Murphy Cruise, an economist at Moody's Analytics.

Persons: Zhuang Yanfang, Harry Murphy Cruise, Cruise Organizations: China's Ministry of Education, China's Communist Party, Office, State Council, Moody's Locations: Zhejiang, Jinhua, China

☆ Retiree spending helped thwart a US recession. But boomers are losing a key financial advantage.
▼ + stars: | 2024-10-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Retirees have been spending big thanks to recent gains in Social Security income, Bank of America said. But annual payment increases are falling behind workers' wage growth, the note said. Some economists have said baby boomer spending helped ward off a recession in recent years. Bank of America said retired consumers enjoyed greater spending power in the past two years as Social Security income got a boost. AdvertisementThe trouble with weaker spending among baby boomers is that the generation's willingness to splurge has been credited with helping the US avoid a recession in recent years.

Persons: boomer, —, X, Ed Yardeni Organizations: Social, Bank of America, Service, Social Security, Bank of America Institute

President Harris would probably put more pressure on Israel to reach a cease-fire and open up talks with the Palestinians. Ukrainians worry that a President Trump would force a quick and dirty peace deal favorable to Russia. They hope a President Harris would continue to support them on the battlefield. Under President Harris, that would probably mean continuity with the Biden administration policies that have become much more restrictive over time. Migrants from all over the world pass through Mexico to get to the U.S. border, and the United States can’t control the flow of migrants without Mexico’s assistance.

Persons: Israel Patrick Kingsley, Harris, Trump, Benjamin Netanyahu, Ukraine Anton Troianovski, Volodymyr Zelensky, Vladimir V, Putin, Biden, China Keith Bradsher, NATO Steven Erlanger, United States doesn’t, “ I’m, Ana Swanson, Donald Trump, haven’t, South Africa John Eligon, Biden —, Harris —, Mexico Natalie Kitroeff, Somini Sengupta Organizations: Trump, U.S, Manufacturing, NATO, The Times, Global, United, Biden Locations: Jerusalem, Israel, Gaza, Iran, Russia, Ukraine, Moscow, United States, America, Europe, China, Beijing, Taiwan, Japan, South Korea, Philippines, India, —, Hungary, Italy, Germany, South Africa, Johannesburg, Africa, Zambia, Indian, Brazil, Ethiopia, BRICS, Mexico, Mexico City, U.S

☆ Switzerland is now flirting with deflation, causing a dilemma for its central bank
▼ + stars: | 2024-10-31 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

Urbazon | Istock | Getty ImagesSwitzerland could be at risk of slipping into deflationary territory next year, as a stronger Swiss franc beleaguers policymakers' efforts to get a handle on price growth. The central bank also revised down its forecasts, putting the average annual inflation rate for 2024 at 1.2% from 1.3%, while projecting price increases will grow by 0.6% in 2025, compared with a previous outlook of 1.1%. Foreign exchange (FX) interventions take place when a bank buys or sells its currency in the FX market to raise or lower its value against another currency. Swiss inflation has meanwhile continued to fall. In March, with inflation at 1.2%, the SNB become the first major Western central bank to cut interest rates.

Persons: Thomas Jordan, Adrian Prettejohn, Sophie Altermatt, Julius Baer, Prettejohn, Jordan Organizations: Istock, Getty, Swiss National Bank, Capital, Capital Economics, CNBC, FX Locations: Bern, Switzerland, Adrian Prettejohn Europe, Europe

☆ America won the war on inflation. You still think the economy stinks
▼ + stars: | 2024-10-31 | by ( David Goldman | ) edition.cnn.com time to read: +6 min

Although sentiment is improving (more on that soon), poll after poll suggests that Americans hold largely negative views about the US economy. And the US economy remains a job-creation machine, adding 368,000 jobs per month on average during the Biden administration, a record high. But they’re still growing at a 3.9% adjusted rate, according to the Department of Labor. A recent study from the Brookings Institution, released last week, found a correlation between economic sentiment and political affiliation with the party in control of the White House. When Trump took office, Republican economic sentiment surged, while Democratic sentiment cratered.

Persons: Kamala Harris, Joe Biden, Biden, Trump, Covid, That’s, Donald Trump, they’re Organizations: CNN, Bureau of Labor Statistics, Gross, Economic, International Monetary Fund, Labor, BEA, US Department of Housing, Urban Development, Bank of America, Brookings Institution, White, Democratic, Republican, Democrat

☆ Here's how much money you need to make an hour to comfortably afford rent in 15 major U.S. cities
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

From coast to coast, the minimum wage is falling short of how much Americans need to comfortably afford average rent prices in major cities. The federal minimum wage has sat at $7.25 for the past 15 years. Fair market rent is based on the U.S. Department of Housing and Urban Development's fair market rent standard. Under this model, around 40% of similar units in the area rent for less than the listed fair market rental price and 60% rent for more. Here's how the minimum wage in 15 large U.S. cities compares with the hourly wage you'd actually need to earn in order to comfortably afford a one-bedroom dwelling at fair market price, per Clever Real Estate's data.

Persons: it's Organizations: National Conference of State Legislatures, U.S . Department of Housing, Urban Locations: New York, U.S

☆ Key Fed inflation rate hits 2.1% in September, as expected
▼ + stars: | 2024-10-31 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Inflation increased slightly in September and moved closer to the Federal Reserve's target, according to a Commerce Department report Thursday. The personal consumption expenditures price index showed a seasonally adjusted 0.2% increase for the month, with the 12-month inflation rate at 2.1%, both in line with Dow Jones estimates. Fed officials target inflation at a 2% annual rate, a level it has not achieved since February 2021. The annual rate was 0.1 percentage point higher than forecast but the same as in August. In September, the Fed slashed the rate by a half percentage point, a move virtually unprecedented during an economic expansion.

Persons: Dow Jones Organizations: Commerce Department, Fed, Energy, Labor Department, of Labor Statistics

☆ Goldman sees this homebuilder rallying 30% even if mortgage rates stay high
▼ + stars: | 2024-10-31 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Homebuilder Meritage Homes could see outsized growth even in the midst of a housing lull, thanks to a strategy that emphasizes homes that are "move-in ready," according to Goldman Sachs. Existing home sales remain sluggish and housing turnover below historical norms due to affordability issues for consumers hit by higher mortgage rates. But even against a backdrop of tight housing supply, Goldman analyst Susan Maklari expects Meritage to outshine competitors owing to a unique strategy. Maklari believes Meritage is poised for further upside to its 2028 targets because the company offers a competitive proposition to buyers. Meritage provides a "turnkey solution" to consumers — fully outfitted units that don't need add-ons — with a 60-day closing guarantee on homes.

Persons: Goldman Sachs, Goldman, Susan Maklari, Maklari, Meritage Organizations: realtors, Elliott Homes

Census data released on October 17 indicates that New York recorded the highest rate of people moving out of all 50 states. Business Insider calculated each state's net moving rate by comparing the number of people who moved into and out of each state per 1,000 people. The states people move out of the mostOf all 50 states, New York ranks last with a net moving rate of -9.23. But because of its larger population and the greater number of movers into the Golden State, California's net migration rate lands right after Louisiana's. North Dakota — which has about 780,000 residents to New York's 20 million — had the highest net migration rate at 17.55.

Persons: —, Jackie Nguyen, hadn't, Nguyen, Dan Latu, Sarah Dickerson, we've, Dickerson, We've, Davrick Hayes, " Hayes, Everett Atlas Organizations: Service, Kansas, American Community Survey, , New York, Washington DC, Golden State, Kenan, of Private Enterprise, University of North, Dakota, Carolinas, Getty Images Vermont Locations: New York, New Jersey, Illinois, Kansas City , Missouri, York, , New, Alaska, Louisiana, California, University of North Carolina, New York City, Los Angeles, New, North Dakota, Bismarck , North Dakota, LA, South Carolina . North Carolina, Raleigh , North Carolina, East, South Carolina, Delaware, Boston, Vermont

☆ Inside Realtors' Fight for Control of America's for-Sale Home Listings
▼ + stars: | 2024-10-31 | by ( James Rodriguez | ) www.businessinsider.com time to read: +17 min

Agents might be emboldened to share listings among private networks of in-the-know brokers rather than market them to everyone. And if the goal is a transparent market that prioritizes consumers, the clear-cooperation policy is a flawed tool. Redfin estimated that in the second quarter of 2019, about 1.7% of listings, or some 18,000 homes, were likely pocketed. In a hot market, it's easier for brokers to market a home off the databases and still get it sold. What has changed since the rule went into effect is brokerages' eagerness to control access to home listings.

Persons: Smart, —, they'll, Brian Boero, Goliath, Davids, MLSes, doesn't, weren't, Joe Schmo, Saul Klein, Howard Hanna's, Howard Hanna IV, Robert Reffkin, Mauricio Umansky, Redfin, Glenn Kelman, Kelman, haven't, Victor Lund, There's, Buckle Organizations: MLS, National Association of Realtors, NAR, Coldwell, Network, San Diego, Compass, Service, of Justice

A pig in Oregon has tested positive for the H5N1 bird flu virus, the Agriculture Department said Wednesday. The update comes as the H5N1 virus continues to spread rapidly among dairy cows across the country. The bird flu outbreak in dairy cows has infected 387 herds across 14 states so far, according to the Centers for Disease Control and Prevention. Last week, the CDC released results of a monthslong investigation that found no evidence of bird flu spreading from human to human. It's unclear how the pig in Oregon was exposed to bird flu, although earlier this month state officials detected the virus in poultry on the farm.

Persons: It's Organizations: Agriculture Department, Centers for Disease Control, CDC Locations: Oregon, United States, Crook County , Oregon, California, Colorado

“We have to reduce spending to live within our means,” Musk said. That gives Musk’s frankness about reductions — and his track record of making large, painful cuts at his own companies — added weight. The Trump campaign didn’t immediately comment but has previously said that the GOP agenda wouldn’t cause short-term economic hardship. There’s some skepticism on Wall Street that a new Trump administration could implement spending cuts on the scale Musk has proposed. “They’re both indicating they intend to maintain substantial deficits and elevated government spending, certainly compared with the strength of the economy,” Elliott said.

Persons: Donald Trump’s, Elon Musk, ” Musk, Trump, Musk, “, ”, didn’t, Kamala’s, Geoff Orazem, Bob Elliott, ” Elliott, Steve Sosnick Organizations: Republican, GOP, SpaceX, Trump, Social Security, Trump’s, CNBC, FedScout, Funds, Interactive Locations: U.S, Trump, “

☆ How the cost of housing is expected to change under Trump or Harris
▼ + stars: | 2024-10-30 | by ( Allie Kelly | John L. Dorman | ) www.businessinsider.com time to read: +7 min

Detailed below is what Harris and Trump have proposed in order to address these worries. Vice President Kamala Harris and former President Donald Trump have both pledged to address high prices by boosting the supply of homes. Related storiesThe Democratic candidate also said she plans to expand the existing low-income housing tax credit, which incentivizes the rehabilitation or building of housing targeted at lower-income households. As president, Trump proposed major cuts to the federal Department of Housing and Urban Development's budget, including slashing housing assistance and community development aid. AdvertisementWhile in office in 2017, Trump proposed a budget for the 2018 fiscal year that would have significantly cut rural housing subsidies.

Persons: Harris, Trump, —, Kamala Harris, Donald Trump, Daryl Fairweather, Redfin, Fairweather, Jessica Lautz, multifamily Organizations: Service, Business, Democratic, Peterson Institute for International Economics, Builders, of Housing, Urban, National Association of Realtors, Democratic Party Locations: America

☆ Arizona is the epicenter of the debate over how Trump's mass deportation plan would hit the economy
▼ + stars: | 2024-10-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +12 min

Donald Trump proposed mass deportation to lower housing costs and boost job opportunities. AdvertisementThe mass deportation of people living in the US illegally has been one of the cornerstones of the Republican presidential ticket leading up to the November election. Many Democrats say mass deportations would hurt businesses and employment opportunities for all Americans, in addition to separating families and displacing millions of people. She told BI that a mass deportation would devastate the agriculture, construction, and hospitality industries. AdvertisementHow much a mass deportation would cost the governmentThe Trump campaign has talked little about how mass deportations could be implemented and on what scale.

Persons: Donald Trump, —, Trump, Kamala Harris, Biden, Harris, Douglas Nicholls, Nicholls, Regina Romero, Romero, " Romero, Duncan Braid, Braid, Davis, Chloe East, Taylor Rogers, Trump's, Rogers, hasn't, Marcus Noland Organizations: Service, Republican, Pew Research Center, Business, Pew Research, Trump, Immigration, Customs, American Compass, University of California, Brookings Institution, ICE, New York Times, American Immigration, Taxation, Economic, Manhattan Institute, FEMA, RNC, Peterson Institute for International Economics, American Immigration Council, Peterson Institute Locations: Los Angeles, Springfield, Aurora, Ohio, Colorado, Arizona, Yuma , Arizona, Mexico, Yuma, Tucson, Reading , Pennsylvania, US, Aurora , Colorado

☆ China lost 36% of its billionaires to years of economic troubles and crackdowns
▼ + stars: | 2024-10-30 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +7 min

According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher. AdvertisementThat led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.

Persons: —, crackdowns, China's superrich, Zhang Yiming, Bytedance, Yiming, Zhong Shanshan, Rupert Hoogewerf, Robin Zeng, Li, Kerry Brown, Xi, Jack Ma, Alibaba, Brown, Joel Gallo, China shouldn't, it's Organizations: Service, Reuters, King's College London, Ant Group, & Partners, Bloomberg, New York University Shanghai, Communist Locations: China, Taiwan, Greater China

☆ Harris wants to upgrade America’s economy. Trump wants to blow it up and start over
▼ + stars: | 2024-10-30 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

There’s nothing subtle about the Trump agenda. And there is a real fear that the Trump agenda could do more harm than good – especially on the inflation front. They point to study after study that finds Americans have borne almost the entire cost of Trump’s tariffs on Chinese products. And that estimate does not even include almost-definite retaliation from other nations who would respond to Trump tariffs with ones of their own. Harris has called for only partially extending the 2017 Trump tax cuts.

Persons: Kamala Harris, Donald Trump’s, Harris, Trump, Oprah, “ Trump, Joe Brusuelas, ”, That’s, Donald Trump, ” Trump, there’s, ” Kimberly Clausing, nonresident, Joe Biden, Trump’s, – Organizations: New, New York CNN, RSM, CNN, Trump, Federal, Wall Street Journal, Peterson Institute for International Economics, Biden, Federal Reserve, Peterson Institute, Social Security, NBC Locations: New York, China, Mexico

☆ I spent a day in Kamala Harris' Fortnite town. It was full of policy details meant to reach young voters, but was mostly empty.
▼ + stars: | 2024-10-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The map, Freedom Town, USA, focuses on affordable housing and Harris' proposed policies. I spent a day in Freedom Town, USA, building housing, and it was pretty empty. AdvertisementWelcome to Freedom Town, USA, a Fortnite world created by the Harris-Walz campaign. I took a trip to Freedom Town, USA, and spent the day observing and attempting to talk to players. So far, Freedom Town hasn't taken off; according to third party player statistics tracker Fortnite.GG, the Freedom Town map saw an all-time and 24-hour peak of 563 users.

Persons: Harris, Walz, —, Walz's, Gen Zers, would've, unmuted, Lauren Obanion, Obanion Organizations: Freedom Town, Service, Entertainment Software, YouGov, Freedom, New, DC Metro Locations: USA, Freedom Town, New York City, Ohio

☆ Betting on the election is the hottest new trend. But can prediction markets keep the momentum going?
▼ + stars: | 2024-10-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The big storyPresidential betsChris duMond; Chip Somodevilla/Getty Images; Jenny Chang-Rodriguez/BIWe're less than a week from election day, but one group can already claim victory: betting markets. Kalshi's legal victory in October over the CFTC to offer election betting paved the way for the trend. iStock; Rebecca Zisser/BIThe betting market's biggest tests might come after the election. Betting markets have Trump as a heavy favorite, whereas traditional polls indicate a tight race. AdvertisementShould Trump win in a landslide, it could strengthen the case for using betting markets as a key tool for election analysis.

Persons: —, Chris duMond, Chip Somodevilla, Jenny Chang, Rodriguez, Matthew Fox, Donald Trump, Polymarket, iStock, Rebecca Zisser, Nate Silver, Tesla, Zuckerberg, Citadel's, Justin Lubell, Lubell, Steve Schwarzman, Ken Griffin, Trump, Tyler Le, Harris, Sundar Pichai, Elon Musk, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi Organizations: Business, Service, Apple, CFTC, Trump, TikTok, Meta Connect, Meta, Bank of America, Blackstone, Republican, Amazon, AWS, Five Apple Intelligence, Google, The Washington Post, Street, Microsoft, Starbucks Locations: French, New York, London

☆ Pending home sales jump to highest level since March
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPending home sales jump to highest level since MarchCNBC's Diana Olick joins 'The Exchange' to discuss the latest housing data.

Persons: Diana Olick

☆ H5N1 bird flu identified in pig for first time in United States
▼ + stars: | 2024-10-30 | by ( Jamie Gumbrecht | Brenda Goodman | ) edition.cnn.com time to read: +4 min

CNN —H5N1 bird flu has been identified in a pig in the United States for the first time, the US Department of Agriculture said Wednesday. The USDA and Oregon veterinary officials are investigating bird flu cases in a backyard farming operation that had a mix of poultry and livestock, including pigs, the agency said. After H5N1 was identified in other animals on the farm, five swine were euthanized for testing; two tested negative, and results are still pending for two others. Some previous flu infections in pigs have allowed influenza viruses to change rapidly and develop new capabilities. Across the United States, more than two dozen people have tested positive for H5N1 flu this year, and nearly all of them have reported exposure to infected dairy cows or chickens, according to the US Centers for Disease Control and Prevention.

Persons: Michael Osterholm, ”, Dr, Sanjay Gupta, Osterholm, it’s, Scott Weese, “, Weese Organizations: CNN, US Department of Agriculture, Plant Health, Service, US Centers for Disease Control, Infectious Disease, University of Minnesota, CNN Health, University of Guelph Locations: United States, Oregon, Mexico, Ontario

☆ Inflation report Thursday expected to show the Fed is getting closer to its goal
▼ + stars: | 2024-10-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

While the cumulative effect of inflation has had a pronounced influence on the U.S. economy, the view in relative terms is getting progressively better. Judging by the personal consumption expenditures price index, inflation was expected to run at just a 0.2% rate in September and 2.1% from a year ago, according to Dow Jones estimates. "Another strong quarter of GDP growth and close-to-target quarterly inflation reading will be welcomed by the Fed stuck between balancing the risks of inflation and the labor market," Citigroup economist Alice Zheng said in a note Wednesday. Within the GDP report, the PCE rate for the quarter was just 1.5%, suggesting that the battle has been won. While the market is still betting heavily on more rate cuts this year, the Fed likely will be cautious.

Persons: Dow Jones, Alice Zheng, Shruti Mishra Organizations: Commerce Department, Labor, Citigroup, Bank of America Locations: U.S

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