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“There’s a very real chance we could flirt with record highs” for prices, said Brian Moscogiuri, vice president of Eggs Unlimited, an egg supplier. Grade A egg prices peaked at $4.82 a dozen in January 2023, having jumped from $1.93 in January 2022. How a 'serious' bird flu outbreak is affecting egg pricesNow, as in 2022-23, highly pathogenic avian influenza — better known as bird flu — is a big culprit. That has “caused an egg supply shortage,” said Ryan Hojnowski, an egg analyst at Expana, an agricultural market research firm. Thanksgiving, Christmas holidays raise egg demandThe egg supply shortage is also running headlong into peak season for consumer demand.
Persons: , Brian Moscogiuri, Taylor Swift, Trevor Noah, ” Moscogiuri, Moscogiuri, , Ryan Hojnowski, Andrew Novakovic, ” Hojnowski, ” Novakovic Organizations: U.S . Bureau of Labor Statistics, Centers for Disease Control, Cornell SC Johnson College of Business, CDC, U.S . Department of Agriculture Locations: U.S
But in an interview with Time magazine, which named him person of the year for 2024, Trump said he nevertheless believes it'll happen through lower energy costs and supply chain improvements. I think a better supply chain is going to bring them down. You know, the supply chain is still broken. He also did not specify how he would fix any supply chain issues, pivoting instead to complaints about the Biden administration's incentives for electric vehicles. Crop owners are not taking any chances and are warning about the impact on food prices in the event of reduced worker pools.
Persons: Donald Trump, Trump, Trump's, Peter Sand, Joe Biden's, Xeneta, demurred, Joe Del Bosque, Organizations: Time, Biden, Reuters, Bureau of Labor Statistics, United States ., Del, NBC News Los Angeles Locations: United States, Del Bosque, California
"There's a very real chance we could flirt with record highs" for prices, said Brian Moscogiuri, vice president of Eggs Unlimited, an egg supplier. watch nowGrade A egg prices peaked at $4.82 a dozen in January 2023, having jumped from $1.93 in January 2022. How a 'serious' bird flu outbreak is affecting egg pricesNow, as in 2022-23, highly pathogenic avian influenza — better known as bird flu — is a big culprit. That has "caused an egg supply shortage," said Ryan Hojnowski, an egg analyst at Expana, an agricultural market research firm. Thanksgiving, Christmas holidays raise egg demandThe egg supply shortage is also running headlong into peak season for consumer demand.
Persons: Justin Sullivan, Brian Moscogiuri, Taylor Swift, Trevor Noah, Moscogiuri, Ryan Hojnowski, Andrew Novakovic, Hojnowski, Novakovic Organizations: U.S . Bureau of Labor Statistics, Finance, Centers for Disease Control, Cornell SC Johnson College of Business Locations: San Anselmo , California, U.S
US wholesale inflation surged higher in November
  + stars: | 2024-12-12 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
CNN —US wholesale inflation shot higher last month, an unwelcome sign that some prices could be heating up before they come down the pike to consumers. October’s monthly and annual rates were both revised higher from their initial estimates. However, food prices surged last month by 3.1%, driving the overall index higher. An ongoing deadly avian flu coupled with holiday-based demand has caused shortages and driven egg prices higher. On Wednesday, the latest Consumer Price Index landed in line with expectations but did show that some stagnation in the progress on reining in inflation.
Persons: Price Organizations: CNN, of Labor Statistics, PPI, Index
The price of YouTube TV is going up again — and cord-cutters around the internet are up in arms. Before this hike, YouTube TV was generally cheaper than many rival streaming TV packages from competitors such as Hulu + Live TV, Fubo TV, Spectrum, and DirecTV. These factors helped YouTube TV grow to 8 million customers (as of earlier this year) and far outpace its digital rivals. AdvertisementGoogle may also have raised YouTube TV prices to help cover its investment in NFL Sunday Ticket. "We give all members the flexibility to cancel their membership at any time," the YouTube TV spokesperson said in their statement.
Persons: that's, , Morgan Stanley Organizations: YouTube, Google, Hulu, Disney, ESPN, DirecTV, US Bureau of Labor Statistics, NFL Sunday
While stocks fell slightly on Thursday, investors are mostly ignoring recent reports showing inflation is still a very real problem. But Bank of America thinks they may be forced to in the new year as inflation gets even worse. "The potential policy changes on the horizon — higher tariffs, deficit-financed tax cuts, and tighter immigration policy — could all put upward pressure on prices. Inflation similarly perked up in October , with the CPI increasing 0.2% for the month to 2.6%, up 0.2 percentage points from September. "A pause in January is likely in our view, and the risk is that policy changes could make that pause a lengthy one."
Persons: Stephen Juneau, Dow Jones, Juneau Organizations: Bank of America, of Labor Statistics, Federal Reserve
ET, the 10-year Treasury yield was up by nearly three basis points to 4.3%. U.S. Treasury yields held steady on Thursday as investors digested the latest inflation reading and awaited further data. Economists polled by Dow Jones are expecting to see a 0.2% increase on a monthly basis. The data comes ahead of the Federal Reserve's final policy meeting next week where rate cut decisions will be made. Currently, traders are pricing in a nearly 99% chance of a quarter-point rate cut, according to the CME FedWatch tool.
Persons: Dow Jones, Dow, Whitney Watson Organizations: Treasury, U.S, Bureau of Labor Statistics, Dow Jones, Federal, Goldman Sachs Asset Management, Fed
Yields on cash-equivalent investments like money market funds , certificates of deposit and Treasury bills follow the Federal Reserve 's interest-rate moves. A record $6.77 trillion is sitting in money market funds, as of the week ended Dec. 4, according to the Investment Company Institute . Money market funds, with 12-months yields about 5%, averaged around a 7.34% return during that same time period, Alvarado said. Locking in income Investors' portfolios should be tailored to their time horizon and risk profile, Queen said. UBS is also advising investors to shift excess cash into assets that provide higher and more durable sources of income.
Persons: Peter Crane, Crane, Donald Trump, Cash, Luis Alvarado, Alvarado, Mark Haefele, Haefele, John Queen, Queen, Wells Fargo Organizations: Federal, Investment Company Institute, Fed, Crane, Bureau of Labor Statistics, Vanguard, Wells, Wells Fargo Investment Institute, Morningstar U.S, Fund, UBS, UBS Global Wealth Management, Capital Group, Wells Fargo Investment Group Locations: Wells Fargo, Asia
Wholesale prices rose 0.4% in November, more than expected
  + stars: | 2024-12-12 | by ( Jeff Cox | ) www.cnbc.com   time to read: +3 min
A measure of wholesale prices rose more than expected in November, adding fuel to the belief that progress in bringing down inflation has slowed, the Bureau of Labor Statistics reported Thursday. The producer price index, which measures what producers get for their products at the final-demand stage, increased 0.4% for the month, higher than the Dow Jones consensus estimate for 0.2%. On an annual basis, PPI rose 3%, the biggest advance since February 2023. Despite the seemingly stubborn state of inflation, markets overwhelmingly expect the Federal Reserve to lower its key overnight borrowing rate next week. The four-week moving average of continuing claims, which smooths out weekly volatility, rose to its highest level in just over four years.
Persons: Dow Jones, payrolls Organizations: of Labor Statistics, PPI, Labor Department, BLS, Federal Reserve, Stock, Treasury, CME Group
One of Syria’s most notorious jails contains evidence of the Assad regime’s brutal crackdown on dissent. One woman NBC News spoke to had come in search of her son who had been missing for a decade. While Syrians grapple with the end of the regime, the country’s neighbor Israel moved into its territory in a new offensive. Read All About ItThe Bureau of Labor Statistics today will release the consumer price index for November, with analysts expecting 0.3% growth month over month. for November, with analysts expecting 0.3% growth month over month.
Persons: Assad, Assad’s, Bashar al, Israel, Israel Katz, Luigi Mangione, Brian Thompson, Thomas Dickey, Mangione, “ It’s, They’re, Ted Kaczynski, , Kaczynski, Donald Trump, John Thune, Jason Smith, Trump, Kimberly Guilfoyle, Tom Barrack, Letitia James, Trump’s, Sen, Mitch McConnell, Chuck Todd, Anuj Shrestha, Obteen Nassiri, Alex Jones ’ Infowars, Joe Burrow’s, Freddie Harb, Robert Mavaddat, Alex Welsh, they’ve, — Lewis Kamb, Elizabeth Robinson Organizations: Amnesty, NBC, Israeli Defense, Republican, GOP, Fox News, Trump, Secret Service, New York, Med Ed Labs, U.S ., Labor Statistics, Franklin, Kroger, Albertsons, Cincinnati Bengals, NBC News, U.S, Small, Administration, Social Security Locations: Damascus, Syria, Israel, Russia, Pennsylvania, New York, Blair, Mangione, Greece, Turkey, Michigan, Las Vegas, Malibu , California
Instead, price growth may actually be stuck at its current rate — not super fast, but not slow enough to ease concerns among economic policymakers that consumers won’t continue to experience an uncomfortable pace of price growth. That stalled progress would be worrisome for the Federal Reserve, which had hoped to continue to bring down interest rates as the new year began in tandem with slower price growth. Now, analysts are saying it’s highly likely the Fed will pause its rate-reduction plans in January. More generally, the economy, to a great degree, remains propped up by upper-middle-class and high-net-worth individuals who are more resistant to — and, by way of their spending, can sometimes accelerate — price growth. What’s more, it’s not even clear that interest rates in the rest of the economy are substantially responding to the rate cuts the Fed has enacted.
Persons: Dow Jones, Donald Trump, Trump, Ian Shepherdson, , Mark Zandi, ” Zandi, it’s, Organizations: of Labor Statistics, Federal Reserve, NBC, Federal, Moody’s Locations: U.S, Wall
FBI Director Christopher Wray walks into a secure information area (SCIF) ahead of a closed-door security meeting on Capitol Hill in Washington on September 25, 2024. FBI Director Christopher Wray said Wednesday that he will resign by the end of the Biden administration next month. Trump in November announced his intention to nominate Kash Patel as FBI director. Patel is a former federal prosecutor and a Trump loyalist who has been critical of the FBI. Trump, who was president at that time, nominated him to the post after firing James Comey as director.
Persons: Christopher Wray, Biden, Donald Trump, Wray, Trump, Kash Patel, Patel, James Comey, I've Organizations: Capitol, Federal Bureau of, Trump, FBI, White Locations: Washington
Here’s the Wall Street chatter after the CPI data
  + stars: | 2024-12-11 | by ( Fred Imbert | ) www.cnbc.com   time to read: +3 min
It's still all clear for the Federal Reserve next week to cut rates again. The consumer price index in November rose 0.3% month over month and 2.7% year on year, the Bureau of Labor Statistics said Wednesday. Core CPI, which strips out volatile food and energy prices, increased 0.3% from October and 3.3% from the year earlier period. But stock futures traded slightly higher before the bell — as the new data is unlikely to dissuade the Fed from its cutting campaign. But it's unmistakable that the last four months with core up 0.3% month over month is a trend."
Persons: It's, Dow, Josh Hirt, Whitney Watson, Alicia Levine, Peter Boockvar, Skyler Weinand, Regan, Jason Bazinet Organizations: Federal Reserve, of Labor Statistics, CPI, Dow Jones, Vanguard, Federal, Goldman Sachs Asset Management, BNY, Bleakley Financial, Fed, Citi
"As homebuilding's utopia looks increasingly out of reach, we no longer expect builders to defy gravity," analyst Matthew Bouley wrote in a Wednesday note. Each of those stocks has been under pressure this quarter as investors adjust their expectations for lower Federal Reserve interest rates. On top of that, the incoming Trump administration could impose tariffs on a bevy of imported materials used by homebuilders, which could also make it harder for the central bank to lower rates. Unless interest rates take a sustainable path lower, Bouley said the rise in new and existing home inventory will put downward pressure on home prices. Bouley kept his $170 price target on D.R.
Persons: Lennar, Matthew Bouley, Horton, DHI LEN, PHM, Trump, Bouley, David Auld Organizations: Barclays, of Labor Statistics, KB Locations: Horton, U.S
Egg prices jumped about 8% in the month alone and are up 38% over the past year, according to CPI data. "We saw a bounce back in food prices," Zandi said. Food prices are generally volatile, so one month of elevated grocery inflation data should not set off alarm bells, Zandi said. Vehicle prices and airfare are big components of the transportation category. Actual fares are roughly where they were before the Covid-19 pandemic, according to CPI data.
Persons: Mark Zandi, Zandi, Joe Seydl, Rick Rieder, Seydl Organizations: Getty, of Labor Statistics, Morgan Private Bank, U.S . Federal Reserve, Finance, Labor Locations: U.S
The November consumer price index report contained mixed news on the shelter front, which accounts for one-third of the closely followed inflation index. But on the other hand, the annual rise was still 4.7%, a level that, excluding the Covid era, was last seen in mid-1991 when CPI inflation was running around 5%. Still rising but not as fastIndeed, housing inflation has been on a slow, uneven trek lower since peaking in March 2023. Housing supply in November was about 17% below its level five years ago, according to Realtor.com. Looking at housing, costs also continue to climb, a condition exacerbated by high interest rates that the Federal Reserve is trying to lower.
Persons: Adam Jeffery, Donald Trump, Lisa Sturtevant, Trump, elect's, Sturtevant, I've Organizations: CNBC, Housing, Bureau of Labor Statistics, Bright MLS, Federal Reserve Locations: Englewood Cliffs , New Jersey, Maryland, Washington
On a monthly basis, prices rose by 0.3% after rising 0.2% for the prior four months. Economists were expecting inflation to pick up by 0.2% from October and record a 2.7% annual increase, primarily due to unfavorable comparisons from a year ago and stubborn housing-related inflation. However, in November, shelter-related costs weren’t the primary driver for the monthly increase: Shelter prices rose 0.3% for the month, accounting for nearly 40% of the overall gain. Instead, a big push came from food (up 0.4%) and energy prices, which rose 0.2% — the category’s first increase in six months. Core CPI rose 0.3% for the fourth consecutive month, holding firm at 3.3%, where it’s been since September.
Persons: they’re, it’s, , ” Josh Hirt, Organizations: CNN, Federal Reserve, Bureau of Labor Statistics, Vanguard
Trump said on Sunday that he'd consider trying to raise the federal minimum wage. As the GOP has sought to refashion itself as a working-class party, several Republicans have proposed increases to the federal minimum wage. AdvertisementA federal minimum wage increase would be popular. According to the US Bureau of Labor Statistics, just 1.1% of hourly paid workers were at or below the federal minimum wage in 2023. AdvertisementPresident Joe Biden supports a $15 federal minimum wage, but was unable to get it enacted due to opposition from several Democratic senators in 2021.
Persons: Trump, he'd, JD Vance, It's, , Donald Trump, JD Vance cosponsored, Sen, Josh Hawley of, Vance, Hawley, Eric Burlison, it's, he's, Chip Roy, Texas, aren't, Tom Cotton of, Susan Collins of, Mitt Romney, Bill Cassidy, Lousiana, Shelley Moore Capito, West Virginia —, Glenn Thompson, Joe Biden, Bernie Sanders of Organizations: Republicans, VP, GOP, NBC, Missouri Republican, House Education, Workforce Committee, Democratic, Trump, Republican, American Workers, US Bureau of Labor Statistics Locations: Josh Hawley of Missouri, Missouri, Tom Cotton of Arkansas, Susan Collins of Maine, Utah, United States, West Virginia, Pennsylvania, Bernie Sanders of Vermont
The consumer price index showed a 12-month inflation rate of 2.7% after increasing 0.3% on the month, the Bureau of Labor Statistics reported Wednesday. The annual rate was 0.1 percentage point higher than October. Consumer prices rose at a faster annual pace in November, a reminder that inflation remains an issue both for households and policymakers. If the Fed follows through with a cut next week, it will have taken a full percentage point off the federal funds rate since September. Used vehicle prices rose 2% monthly while new vehicle prices increased 0.6%, reversing the recent trend that has seen those items come down.
Persons: Dow Organizations: of Labor Statistics, Dow Jones, Federal Reserve, BLS, CPI
Alphabet and Tesla climbed to fresh records on Wednesday, closing at all-time highs alongside Amazon and Meta as the tech megacaps lifted the Nasdaq past 20,000 for the first time. Alphabet closed at $195.40 on Wednesday, topping its prior high of $191.18, which it reached on July 10. Shares of the electric vehicle maker jumped almost 6% on Wednesday to $424.77, climbing above their prior closing high of $409.97 on Nov. 4, 2021. Amazon, Apple and Meta have all been regularly reaching new highs, though Apple slipped 0.5% on Wednesday. The outsized weighting of tech's megacaps has pushed the Nasdaq to a 33% gain for the year.
Persons: Tesla, Donald Trump's, Elon, Apple, megacaps, Trump, Andrew Ferguson, Lina Khan, Ferguson, Tom Lee, CNBC's, Lee, That's Organizations: Nasdaq, Apple, Meta, Microsoft, Nvidia, Federal Trade Commission, Fundstrat Global Advisors, Federal, of Labor Statistics
The man arrested Monday in connection with the fatal shooting of UnitedHealthcare CEO Brian Thompson is alleged to have had a type of homemade weapon known as a "ghost gun." Provided to NBC NewsWhat are ghost guns? "Ghost guns" are firearms that can be assembled at home from parts that are bought online. The number of ghost guns recovered rose steadily each of those years, from 1,758 in 2016 to 19,344 in 2021, according to the Justice Department. Over a dozen states have also passed laws regulating ghost guns, according to Everytown for Gun Safety, a gun violence prevention organization.
Persons: Brian Thompson, Luigi Mangione, , Joseph Kenny, Kenny, Joe Biden, ” Biden, Biden, Trump Organizations: New York Police Department Chief, NBC News, NBC, of Alcohol, Tobacco, Firearms, Explosives, Justice Department . Technology, Justice Department, ATF, Safety Locations: Altoona , Pennsylvania, Manhattan, Altoona, Pa, Texas
President-elect Donald Trump said in an interview that aired Sunday that he "would consider" raising the federal minimum wage. AdvertisementPresident-elect Donald Trump said he'd consider raising the federal minimum wage. Washington state, with a minimum wage of $16.28, and California, with a minimum wage of $16, came in second and third, respectively. Alabama and Mississippi don't have state minimum wage laws. AdvertisementSome Republicans have also proposed raising the federal minimum wage.
Persons: Donald Trump, he'd, It's, Trump, , Joe Biden, Sen, Bernie Sanders, JD Vance cosponsored, Vance Organizations: DC, Department of Labor, Employment Law, Republican, Senate, Trump, Business Locations: Washington, California, Missouri, Alaska, Mississippi, Alabama, New York, New York City, Long, Westchester
Kamil Krzaczynski | AFP | Getty ImagesA key economic report coming Wednesday is expected to show that progress has stalled in bringing down the inflation rate, though not so much that the Federal Reserve won't lower interest rates next week. Excluding food and energy, so-called core inflation is forecast at 3.3%, or unchanged from October. With the Fed targeting annual inflation at 2%, the report will provide more evidence that the high cost of living remains very much a fact of life for U.S. households. Halting progress, but more cutsTo be sure, inflation has moved down considerably from its CPI cycle peak around 9% in June 2022. Car prices are expected to show a 2% monthly increase, while air fares are seen as 1% higher, the firm's economists projected in a note.
Persons: Kamil Krzaczynski, Dow Jones, Dan North, Goldman Sachs, Goldman Organizations: AFP, Getty, Federal, Allianz Trade, of Labor Statistics, CPI Locations: Chicago, U.S
A labor market boosted by immigration after the Covid pandemic faces a threat from President-elect Donald Trump's plan for mass deportation of undocumented immigrants. Foreign-born workers have been taking open positions in sectors from construction and agriculture to technology and health care, fields where hiring companies have struggled to find domestic labor. Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data. The researchers estimated Trump's immigration policy could reduce 2025 GDP growth by 0.1 to 0.4 percentage points, or by $30 billion to $110 billion. "The consequences of a more extreme mass deportation policy would be economically disruptive in unpredictable ways and are not modeled here."
Persons: Donald Trump's, , Jennie Murray, Trump, Vance, Karoline Leavitt, Leavitt, Wendy Edelberg, Edelberg Organizations: of Labor Statistics, National Immigration, CNBC, Trump, Brookings Institution Locations: U.S
China's producer price index declined for the 26th month. Producer inflation fell by 2.5% year on year in November, less than the estimated 2.8% decline as per the Reuters poll. The persistent near-zero inflation shows that China is still grappling with sluggish domestic demand and deflation at the wholesale level. Liu said China's producer price index inflation will likely remain negative throughout 2025. China is also due to report its trade data for November on Tuesday, and retail sales figures next Monday.
Persons: Becky Liu, Liu, Goldman Sachs, Fitch, Brian Coulton Organizations: National Bureau of Statistics, Reuters, Standard Chartered Bank, Economic Work Conference, Fitch Locations: China
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