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Dave Sekera, chief US market strategist at Morningstar, says that he’s watching for insights on banks’ delinquency rates. Consumers have increasingly fallen behind on or missed payments in recent months as they get squeezed by high interest rates. But banks could see higher losses compared to 2023 if the economy were to experience a downturn, the Fed warned. Investors are wagering that the central bank will begin easing rates as soon as September, according to the CME FedWatch Tool. “The worst outcome for all of us is what you call stagflation: higher rates and recession,” Dimon said in an interview with CNBC.
Persons: Wells Fargo, Goldman Sachs, Dave Sekera, Stocks, JPMorgan Chase, Jamie Dimon, Dimon, Matt Egan, it’s, , Joe Brusuelas, Mark Zandi, ” Zandi, , Jerome Powell, Erika Tulfo, “ It’s, Neil Saunders, Abrigo, Gen Organizations: CNN Business, Bell, New York CNN, United, United States ’, JPMorgan Chase, Citigroup, Bank of America, Morningstar, Federal Reserve Bank of New, Fed, Federal Deposit Insurance Corporation, JPMorgan, CNBC, Federal, RSM, , Moody’s, CNN, GlobalData, Apple Locations: New York, United States, Federal Reserve Bank of New York, China
In this gilded echo chamber, Mr. Trump enjoys unwavering devotion — and collects the staggering price of admission. During the 2014-15 season — the last before Mr. Trump officially entered politics — The Times counted 52 fund-raiser events at Mar-a-Lago. More than two dozen midterm candidates had already held fund-raisers on the property when Mr. Trump made that statement. But that changed when Letitia James, the New York attorney general, sued Mr. Trump for exaggerating the value of his properties. And, unlike when Mr. Trump was president, “he was there a lot,” Mr. Rustmann said.
Persons: Donald J, Trump, MAGA, Matt Gaetz, , Sebastian Gorka, , Forgiato, Donald Trump, Ryan Garcia, “ Donald Trump, Glenn Beck, Roger Stone, Liz Crokin, Michael T, Flynn, We’re, , Vivek Ramaswamy, Matthew DePerno, Frank Pavone, Kari Lake, Joe Kent, ” Cameron Moore, Alex Stone, Stone, Roger J, Stone Jr, Roseanne Barr, don’t, Abraham Lincoln, Lago, Thomas D, Homan, ” Sebastian Gorka, Gorka, Abraham Lincoln ”, Trump’s, ” Mr, Vernon Jones, Letitia James, galas, Laurence Hirsh, James, Greg Christovich, Christovich, Christovich’s, Michael Barnett, Barnett, ” Frank Vain, Fred Rustmann, Mr, Rustmann Organizations: Gravity, House, New York Times, Mar, U.S.A, Times, Trump, Palm, Republican Party of Palm, Lincoln, Breakers, Policy Institute, America’s, Inc, White, Mr, America, of, Republican, Republicans, Republican National Committee, Democratic Senatorial, Trump Organization, New, U.S ., Secret Service, U.S . Department of State, Records, The Trump Organization, Republican Party of, RSM, Republican Party Locations: Mar, Jan, America, Palm Beach, Lago, Charlottesville, Va, Beach, Georgia’s, , New York, Republican Party of Palm Beach County, Florida
The US economy faces a new threat
  + stars: | 2024-07-10 | by ( Matt Egan | )   time to read: +6 min
‘The labor market may be turning’To be clear, the jobs market is by no means imploding. Powell highlighted these changes, telling lawmakers that recent indicators “send a pretty clear signal that labor market conditions have cooled considerably” from two years. The current risk is that the Fed is injecting inflation-fighting medicine into an economy that no longer needs it. “A balanced labor market with too restrictive rates from the Fed will not remain balanced for long,” Brusuelas said. “Equally as worrisome for the Fed should be the potential for a sharper deterioration in the labor market and economic activity.
Persons: it’s, , Joe Brusuelas, Mark Zandi, ” Zandi, , Jerome Powell, ” Powell, Jobs, Powell, ” Brusuelas, Ken Kim, Kim, ” Kim, Donald Trump’s, Zandi, Fed Organizations: New, New York CNN, Federal, RSM, , Moody’s, Fed, CNN, KPMG Locations: New York, Russia, Ukraine
Why the Fed is stressed about presidential elections
  + stars: | 2024-07-10 | by ( Nicole Goodkind | )   time to read: +9 min
New York CNN —Federal Reserve Chair Jerome Powell sent investors mixed messages on Tuesday during his semiannual testimony to Congress. Powell is stressed about the election: Powell was asked by multiple senators about White House politics, which he dodged. While the Fed head noted that policy decisions are data dependent, “elevated inflation is not the only risk we face,” he said. The September Fed meeting will be “live”: Powell noted multiple times that every Fed policy decision is made “live” using the latest available economic data – in other words, decisions aren’t made in advance. About 75% of investors think the Fed will cut rates, and about 25% think they’ll remain the same.
Persons: Jerome Powell, Powell, , Donald Trump, reappoint Powell, , Joseph Brusuelas, Trump, Gregory Daco, Chris Larkin, Morgan Stanley, Larkin, don’t, aren’t, David Rubenstein, he’ll, Airbnb, Isabelle Chapman, Majlie, Puy Kamp, Audrey Ash, Chris Isidore . Organizations: CNN Business, Bell, New York CNN — Federal, White, , Reserve, RSM, Federal Reserve, US Consumer, Treasury, Fed, Economics, Washington DC, Jackson, CNN, Boeing, Alaska Airlines Locations: New York, Powell, Washington, Alaska
“Interpreting economic data is like interpreting a Monet painting in the best of times,” Mark Zandi, chief economist at Moody’s Analytics, told CNN in an interview. “When President Biden takes credit for all jobs and says Trump lost all the jobs? “And until it does, we won’t have a real good sense of what the new metrics are that reflect the direction in the economy and consumer confidence.”Twenty years ago, presidential elections came down to “jobs, jobs, jobs,” Brusuelas said. “They’re going to be thinking, ‘Wait a minute, all this money’s going into this and can replace the job that guys like me do? For the average person, the economic data only means so much anyways, Brusuelas said, adding that it comes down to “protein and petrol” versus percentage points.
Persons: Monet, ” Mark Zandi, it’s, Joe Biden, Donald Trump, “ Trump, Biden, ” Zandi, , Trump, , Joe Brusuelas, ” Brusuelas, “ That’s, It’s, They’re, ’ ”, Brusuelas Organizations: CNN, Moody’s, Trump, RSM, Democrat, Nvidia, Locations: what’s
CNN —“Good news is bad news” has been a common refrain for a while now. When economic reports are released that are solid, they have all too often been clouded with concerns that good news for the economy actually means a longer wait before the Federal Reserve rolls out rate cuts. Inflation as measured by the Consumer Price Index cooled more than expected in May, with prices holding flat on the month for the first time since July 2022. The markets don’t seem to be buying the one-cut plan, especially after the Producer Price Index on Thursday showed that wholesale prices fell from April to May and the BLS’ Import and Export Price Index showed that US imports prices fell 0.4% in May after rising 0.9% in April. And more good news is likely on the way this next week and later this month, Brusuelas said.
Persons: CNN —, , Joe Brusuelas, , ” Brusuelas, spoilsport, Price, ” Chris Rupkey, , ” Rupkey, Brusuelas Organizations: CNN, Federal Reserve, RSM US, New York Fed, National Federation of Independent, Consumer, Index, BLS, Price, FwdBonds, CPI, PPI
Biden’s tariff plan likely won’t move the needle for monetary policy, said Ryan Sweet, chief US economist at Oxford Economics. “Consumers and producers often pay higher prices when tariffs are implemented.”That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately, consumers. Worse, some businesses appeared to take advantage of the trade war by bumping up prices even higher. Container shipping imports from China to Mexico rocketed higher by 60% in January and 34% for the first quarter, Xeneta data shows. “It’s obvious that imports to this extent are not only for domestic purposes in Mexico,” he said.
Persons: Biden, Joe Brusuelas, Donald Trump’s, Trump, , Ryan Sweet, ” Sweet, Sweet, George W, Bush, Barack Obama, Goldman Sachs, , Wells, Nicole Cervi, “ There’s, ” Cervi, Peter Sand, , Sand, “ It’s Organizations: CNN, RSM US, stoke, Oxford Economics, Biden, Peterson Institute for International Economics, Trump, Federal, , US International Trade Commission, New, New York Fed, National Bureau of Economic Research, Republican, ramped, Container Locations: China, New York, , South Korea, Singapore, Taiwan, Vietnam, Wells, Mexico
New York CNN —If voters return former President Donald Trump to the White House, he’s promised to launch an unprecedented crackdown on immigration and even conduct mass deportations. Trump recently told Time that he would aim to deport 15 million to 20 million people, perhaps by using the National Guard. Even though consumer prices are no longer skyrocketing, the cumulative impact of three years of high inflation is painful. “Most Americans view high inflation and high prices as unfair. But immigration remains a major concern for voters in the 2024 election and Trump has made it a centerpiece of his campaign.
Persons: Donald Trump, he’s, Trump, , Mark Zandi, “ It’s, Joe Brusuelas, ” Brusuelas, You’d, , Karoline Leavitt, Joe Biden “, ” Leavitt, , Joe Biden, Zandi, Trump’s, criminologists, Biden, Jerome Powell, Brusuelas, Goldman Sachs, ” Goldman Sachs, Wendy Edelberg, Edelberg, that’s Organizations: New, New York CNN, White, National Guard, Federal Reserve, CNN, RSM, Trump, Social Security, University of Michigan, Labor Department ., The Hamilton, , Hamilton, Security, Congressional, Office, The Hamilton Project, Brookings Institution Locations: New York, China, Covid, Mexico, United States
CNN —Scottie Scheffler clinched his second Masters title in style on Sunday, cementing the American’s status as the preeminent force in men’s golf. I love you,” Scheffler replied when asked by Augusta National chairman Fred Ridley if he had a message for his wife. The ball was still amongst the shrubbery when Scheffler rolled in for par on the same green shortly after, extending his lead to three. His first Masters triumph had ended in a shaky – albeit inconsequential – four-putt, but there were no such blips this time round. After a standing ovation on his walk to the 18th green, Scheffler signed off with a simple putt for par.
Persons: Scottie Scheffler, Sweden’s Ludvig Åberg, Scheffler, Meredith, “ I’m, I’ll, ” Scheffler, Fred Ridley, , can’t, , Brooks Koepka, Scheffler toasts, Warren Little, Woods, Åberg, , Jack Nicklaus, Seve Ballesteros, Tiger Woods, ” Woods, ” Åberg, Fuzzy Zoeller, Europe’s, Andrew Redington, Max Homa, Collin Morikawa, England’s Tommy Fleetwood, Rory McIlroy’s, Spain’s Jon Rahm, Ominously, Morikawa, Homa, Mike Segar, Rahm, Jamie Squire, Aberg, Ted Scott Organizations: CNN, Augusta National, Augusta, Golf, PGA Championship, RSM, Getty Locations: Butler, Augusta, Rome, Homa
Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico. Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too. Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors. It’s hard to say exactly because there is a lot of uncertainty over how much of Trump’s proposed agenda would actually be enacted. That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately consumers.
Persons: he’s, Donald Trump, Trump, ” Alex Durante, Trump’s, , Mark Zandi, Goldman Sachs, ” Goldman Sachs, Jan Hatzius, ” Goldman, Janet Yellen, Joe Biden’s, Karoline Leavitt, ” “, ” Leavitt, , Biden, “ Donald Trump, ” Biden, James Singer, Biden’s, That’s, Durante, Joe Brusuelas, don’t, ” Brusuelas, Brusuelas, Liz, Maury Obstfeld, Obstfeld, Obama, ” Durante Organizations: New, New York CNN —, Tax Foundation, CNN, Trump, China, Bureau of Labor Statistics, Federal Reserve, RSM, Target, Walmart, Peterson Institute for International Economics, International Monetary Fund, US International Trade Commission, , Obama Locations: New York, China, Mexico, Beijing, United States
But there is a growing threat to that sunny economic backdrop: surging oil prices. Global oil prices are flirting with $92 a barrel amid worries about a wider war in the Middle East. US oil prices surged above $87 a barrel late last week for the first time since late October, leaving them up about 21% this year. First, drone attacks on oil refineries deep inside Russia helped lift oil prices last month. Beyond the Middle East tensions, oil and gas prices have been boosted by OPEC and its allies, which continue to restrain supply.
Persons: , , Mark Zandi, Moody’s, Donald Trump, Trump, ” Zandi, hasn’t, Andy Lipow, Brent, ” Helima Croft, Joe Brusuelas, ” Brusuelas, Brusuelas, Vincent Reinhart, Mellon, ” Reinhart, he’s, Patrick De Haan, ” De Haan Organizations: New, New York CNN, Federal Reserve, Wall, CNN, , Iranian Revolutionary Guards, Lipow Oil Associates, CIA, RBC Capital Markets, RSM, AAA, OPEC, Lipow Locations: New York, Iran, Russia, Syria, Israel, Quds,
Auto companies like BMW and Volkswagen will likely be hit hardest at first, he added, given their heavy reliance on the Baltimore port. Regional economyFor the city of Baltimore, though, the economic impacts of the bridge collapse will hit harder and last longer. The Baltimore port directly employs over 15,000 workers and indirectly supports nearly 140,000 jobs via other port activities, according to Maryland Gov. Baltimore port employees could be temporarily furloughed, or see disruption in their work hours amid the shutdown. "The bridge collapse is the latest challenge for Northeast U.S. supply chains," said S&P Global Head of Supply Chain Research Chris Rogers.
Persons: Francis Scott Key, Roberto Schmidt, Baltimore's Francis Scott Key, Joseph Brusuelas, DALI, Joe Biden, Brusuelas, Mark Zandi, Wes Moore, Zandi, Research Chris Rogers, It's, we've Organizations: AFP, Getty, RSM, Auto, BMW, Volkswagen, Depot, IKEA, shipper FedEx, CNBC, Maryland Gov, Afp, Northeast, Supply, Research, Others Locations: Baltimore , Maryland, Singapore, Baltimore, of Baltimore, Port, United States, of LA, Northeast U.S, Sea, Panama
Rising gasoline and housing prices led inflation to increase 0.4% in February, the Bureau of Labor Statistics reported on Tuesday. The food index was unchanged in February, as was the food at home index. Meanwhile, a recent report on consumer spending from Mastercard found that retail sales excluding autos were up in February, with online retail sales up more than 9.1%. The Census Bureau is scheduled to release retail sales for February on Thursday with analysts looking for a strong 0.8% increase after January's drop. “A dip in retail sales to start the calendar year is common, however, this year January retail sales marked the biggest decline since March of last year,” said Chip West, retail and consumer behavior expert at Vericast.
Persons: ” Joseph Brusuelas, , Chip Organizations: of Labor Statistics, Federal, “ Services, RSM, Mastercard, Apparel, Bureau, Federal Reserve Bank of, Blue Locations: Federal Reserve Bank of Atlanta
Goldman Sachs lowered its rating on Estée Lauder to neutral, and its new price target calls for a slight decline going forward. Elsewhere, Daiwa raised its price target on Nvidia, which points to more than 10% upside over the next 12 months. The firm stood by its outperform rating on the chipmaker stock, but lifted its price target to $900 from $535. FLYW YTD mountain FLYW in 2024 Faucette accompanied his downgrade by lifting his price target to $30 from $27. He also lifted his price target on the stock to $40 from $30, implying upside of 24.6% from Thursday's close.
Persons: Goldman Sachs, Estée Lauder, Jefferies, Root, Daiwa, Brad Sills, Sills, — Lisa Kailai Han, Stephens, Vita Coco, Coco, Jim Salera, COCO, Lisa Gill, Gill, Louis Miscioscia, Miscioscia, Lisa Kailai Han, Piper Sandler downgrades, Piper Sandler, Mark Fitzgibbon, Fitzgibbon, Morgan Stanley downgrades Flywire, Morgan Stanley, James Faucette, Faucette, Goldman Sachs downgrades Estée Lauder, Lauder, Goldman, Yaron Kinar, Kinar, Fred Imbert Organizations: CNBC, Nvidia, Bank of America, of America, Vertex, Accenture, RSM, BDO, JPMorgan, Daiwa, Markets, Riding, AMD, Intel, York Community Bancorp, York Community, New York Community Bancorp, Travel, B2B, U.S, Jefferies Locations: York, Canada, Asia, China, Hainan, Thursday's
Washington, DC CNN —A slew of economic news this week will make it much clearer if the Federal Reserve will cut interest rates in March. The Labor Department is due to release four crucial assessments of America’s job market, gauging labor demand, wage growth, productivity and hiring. Wages and the Fed on Wednesday: The day after, the Labor Department releases its Employment Cost Index for the fourth quarter, a comprehensive measure of employers’ labor costs. The US Labor Department releases December data on job openings, quits, hires and layoffs. The US Labor Department releases its Employment Cost Index for the fourth quarter.
Persons: that’s, , Christian Scherrmann, Jerome Powell, ” Michael Feroli, , ” Feroli, Powell, Alicia Wallace, Joe Brusuelas, Jerome Powell’s Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Labor Department, DWS, Labor, Survey, Fed, Employers, PCE, Federal, Commerce Department, RSM, Whirlpool, Microsoft, UBS, HCA Healthcare, General Motors, Cleveland Cliffs, Mondelez International, JetBlue Airways, Global, US Labor Department, Board, National Bureau of Statistics, Novo Nordisk, Mastercard, Novartis, Boeing, ADP, Nasdaq, Nomura Holdings, Apple, Shell, Honeywell, Deutsche Bank, Clorox, Quest Diagnostics, United States Steel, Bank of England, P Global, Institute for Supply Management, Exxon Mobil, AbbVie, Regeneron Pharmaceuticals, University of Michigan Locations: Washington, Marathon, Cleveland, Chevron
Americans continued to spend heavily as 2023 came to an end, driving retail sales higher by 0.6% in December, fueled by online purchases and spending at bars and restaurants, the Census Bureau reported on Wednesday. Excluding auto sales and gasoline that tend to be volatile month to month, sales rose by 0.6% as well compared to forecasts of a 0.2% increase. “Strong increase of 0.6% with the control group that feeds into the estimate of GDP up a robust 0.8%. Outstanding credit card spending debt surpassed $1 trillion in the third quarter, although debt-to-income levels were below 10% and modest compared to the early 2000s. Behind the shift is a belief that declining inflation and a cut in interest rates will help the economy grow modestly as the year unfolds.
Persons: Joseph Brusuelas, Carl Marks, , Howard Meitiner Organizations: Census, RSM, Carl, Carl Marks Advisors, “ Retailers, Mortgage Bankers Association Locations: U.S
Economists were expecting the annual overall inflation rate to tick higher, to 3.2% from the 3.1% headline reading the month before, according to FactSet consensus estimates. Despite the acceleration, the annual rate of consumer-level inflation is down considerably from December 2022’s rate of 6.5%; additionally, a closely watched measure of underlying inflation slowed further. In December, core goods prices were flat, an apparent stalling out after six months of declines. Rising shelter costs have kept core services elevated. The central bank has a target inflation rate of 2%, as measured by the Personal Consumption Expenditures price index, which has its latest reading due out later this month.
Persons: , ” Wendy Edelberg, ” “, , Brian Coulton, Fitch, ” Scott Anderson, Jerome Powell, Joe Brusuelas, Organizations: New, New York CNN, of Labor Statistics, BLS, The Hamilton Project, Brookings, CNN, Federal, BMO, CPI, PCE, RSM Locations: New York, November’s
"The market seems to have gotten excited that the Fed's going to have to do more than what the Fed thinks in terms of rate cuts now. watch nowThere is certainly a wide gap between what the Fed has indicated in terms of rate cuts and what the market is expecting. It probably means that right now, the market needs to give back some of the rate cuts that they priced in." Fed Governor Michelle Bowman said this week that while she expects rate hikes could be done, she doesn't see the case yet for cuts. Still, Brusuelas thinks the market is too aggressive in pricing in six rate cuts.
Persons: Frederic J, Brown, Dow Jones, Jack McIntyre, McIntyre, they've, Michelle Bowman, Lorie Logan, Logan, Joseph Brusuelas, Brusuelas, Richard Clarida, … There's, Clarida Organizations: AFP, Getty, Federal, Brandywine Global Investment Management, Traders, Dallas, RSM Locations: Rosemead , California
Job openings tumbled in October to their lowest in 2½ years, a sign the historically tight labor market could be loosening. The number was well below the 9.4 million estimate from Dow Jones and the lowest since March 2021. Federal Reserve policymakers watch the report, known as the Job Openings and Labor Turnover Survey, closely for signs of labor slack. While job openings fell dramatically, total hires only nudged lower while layoffs and separations were modestly higher. Declines in job openings were widespread by industry.
Persons: Dow Jones, Tuan Nguyen, nonfarm Organizations: Labor Department, Dow, Federal Reserve, Labor, Survey, Fed, RSM, Committee, Traders, CNBC PRO Locations: U.S, October's
On July 26, 2020, Villegas and wife Maria’s 22-month-old daughter Mia died following a four-month battle with tumors on the brain and spine. “She was a very little kid, full of energy, and everything seemed to be going in the perfect direction,” Villegas told CNN Sport’s Patrick Snell. Rob Carr/Getty ImagesFront row seatSlowly, but surely, momentum began to change for Villegas, “a little snowball” gathering speed and size. Mia’s Miracles was flourishing under Maria’s presidency, Villegas was back competing at PGA Tour events and then, in December 2021, the greatest boost yet. No surprises as to which foundation Villegas directed the donation towards.
Persons: Camilo Villegas, “ Mia, Villegas, Maria’s, Mia, ” Villegas, CNN Sport’s Patrick Snell, , , putts, , ’ ”, Phil Mickelson, Andy Lyons, Miami’s, Jack Nicklaus, Barbara, Maria, that’s, “ It’s, ” Maria, Rob Carr, Mateo, , – Villegas, Sweden’s Alex Noren, Ross Kinnaird, Mia –, she’s, we’ve, RSM Birdies, Love, “ We’ve, We’ll Organizations: CNN, PGA, Bermuda, Nationwide Children’s, FedEx St Jude, Miami’s Nicklaus Children’s, Health Care Foundation, Getty, Port Royal, RSM Locations: Ohio, Charlotte , North Carolina, Bermuda
His final birdie allowed Aberg to tie the 72-hole scoring record on the PGA Tour, matching the 253 of Justin Thomas at the 2017 Sony Open. Hughes shot 60-63 on the weekend and finished four shots behind. Even after making his only bogey of the week, on the 12th hole of the Seaside course at Sea Island, Aberg answered every challenge. 1 player from the PGA Tour University ranking after his senior year at Texas Tech. He also would appear to be a shoo-in for PGA Tour rookie of the year.
Persons: — Ludvig Aberg, Swede, ” Aberg, “ It's, Justin Thomas, Matt Jones, Patrick Rodgers, , Mackenzie Hughes, couldn't, “ He's, doesn’t, fearlessly, Hughes, Aberg, , ” Hughes, “ I'm, , Viktor Hovland, Marco Simone, Scottie Scheffler, Brooks Koepka, Eric Cole, Tyler Duncan, ” Cole, Ryan Moore Organizations: SIMONS, RSM, Ryder, Texas Tech, PGA, PGA Tour, Ryder Cup, Masters, FedEx Cup Locations: Kapalua, Switzerland
New York CNN —The Federal Reserve likely won’t raise interest rates again during its current tightening cycle, thanks to a cooldown in inflation. Interest rates are at a 22-year high after the Fed last March began its punishing pace of hikes in a bid to tame wayward inflation. Traders are now virtually certain that the Fed will hold rates steady at its December policy meeting and won’t hike again this cycle, according to the CME FedWatch Tool. Of course, one month’s data doth not a trend make. Traders are anticipating rate cuts won’t start before next March, and see May as more likely, according to the CME FedWatch Tool.
Persons: , Jeffrey Roach, Price, Sharp, Jerome Powell, Yung, Yu Ma, Joseph Brusuelas, Sephora, Parija Kavilanz, Read, Rishi Sunak, Hanna Ziady, , ” Sunak, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Fed, Dow Jones, Nasdaq, , LPL, Bureau of Labor Statistics, CPI, Research, BMO Wealth Management, Traders, Investors, RSM US, CNN, National Statistics Locations: New York
Consumer prices held stable in October, bringing the annual inflation rate down to 3.2% from 3.7% a month ago as energy prices receded, the Bureau of Labor Statistics said on Tuesday. “Further evidence of disinflation inside the October inflation report,” RSM US Chief Economist Joseph Brusuelas posted on social media, noting that month-over-month inflation was flat at 3.2% and core inflation was up 0.2 percent to 4% over the same period. Although prices for a wide variety of goods and services have cooled this year, the current inflation rate is well above the 2% target set by the central bank. “Inflation expectations over the next 5 years dipped to 2.7%, slightly above the Fed’s long-run target of 2%. “We don’t think the last mile of disinflation will be particularly hard,” Goldman Chief Economist Jan Hatzius wrote in the outlook.
Persons: Joseph Brusuelas, Stocks, Matt Bush, Patrick De Haan, , , Piyush Patel, Jeffrey Roach, Goldman Sachs, Jan Hatzius Organizations: of Labor Statistics, RSM, Federal, Treasury, Dow Industrial, Guggenheim Partners, CNBC, National Retail Foundation, NRF, Affinity Solutions, Wall Street, Travel, Gas, New York Federal Reserve Bank, University of Michigan’s, LPL, Investment, ” Goldman Locations: U.S
Biden’s economic scorecard touts fragile advantage
  + stars: | 2023-11-09 | by ( Ben Winck | )   time to read: +11 min
And if the political strategist James Carville was right that “it’s the economy, stupid,” the next several months could make or break Joe Biden’s economic record. As things stand, the current ruler of the free world touts a fragile advantage. Households’ disposable income after adjusting for inflation hit a record $20 trillion in the month that Biden’s measure was approved, according to the Bureau of Economic Analysis. STUDENT LOANSForgiving swaths of student debt was another of Biden’s campaign promises, but his efforts have so far failed. And with higher interest rates making debt service more expensive, Biden’s spending could come back to bite him on election day.
Persons: Joe Biden, Ken Cedeno, James Carville, Joe Biden’s, , aren’t, Breakingviews, it’s, Biden, Donald Trump, Mitch McConnell, ,, Congressional Republicans haven’t, haven’t, WALL, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Edmond's Catholic, REUTERS, Rights, Reuters, House, Republican, AMERICAN, ACT, Brookings Institution, Analysis, Walmart, Nordstrom, Deere, Caterpillar, Republicans, Commerce Department, Micron, Bank of America, Gallup, Federal Reserve, United Auto Workers, RSM, Congressional Republicans, Biden, Reuters Graphics Reuters, Conservative, Thomson Locations: St, Rehoboth Beach , Delaware, U.S, New York, Arizona, West Virginia
Video footage shows the moment a new Russian submarine test-fired an intercontinental-range ballistic missile. AdvertisementAdvertisementRussia's new strategic nuclear submarine has successfully launched an intercontinental ballistic missile, it's defense ministry said, releasing video footage it said was from the test. The test involved the firing of an intercontinental-range Bulava submarine-launched ballistic missile (SLBM) and was a significant step for the vessel. Video footage from the defense ministry that was shared by Russian state media outlets on Sunday showed what they said was the newest Borei-class nuclear-powered ballistic missile submarine Imperator Alexander III launching an RSM-56 Bulava ballistic missile. Russian nuclear submarine Yuri Dolgorukiy (NATO reporting name: SSBN "Borei", or "Dolgorukiy") is seen during the Navy Day Military parade July, 27, 2014, in Severomorsk.
Persons: , Alexander III, Imperator Alexander III, it'll, Generalissimus Suvorov, Yuri Dolgorukiy, Sasha Mordovets, Bulava SLBMs Organizations: Service, RSM, Missile, Navy, Russia's, Russian Locations: Russian, Russia, Kamchatka, Severomorsk, Soviet Union, Europe, Atlantic
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