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☆ The Big Three are paying a big price to end the UAW strike, but car buyers may get spared
▼ + stars: | 2023-10-30 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Ford was the first to announce it reached a tentative agreement with the UAW on Wednesday. A brief refresherThe strike, which began nearly seven weeks ago, has been the longest US auto strike in 25 years. What will this mean for car prices? Now you’d think people in the market for a new car would pay the price, by way of higher car prices, given all the added costs the Big Three will face if the tentative deals go into effect. That’s because the historic strike doesn’t officially end until it is ratified by rank-and-file members.

Persons: —, Ford, it’s, Vanessa Yurkevich, Chris Isidore — CNN’s, there’s, CNN’s Yurkevich, Isidore Organizations: New, New York CNN, United Auto Workers, — Ford, General Motors, UAW, Anderson Economic Group, Big Three, Ford, Stellantis, GM Locations: New York

☆ Treasury set to borrow $776 billion next quarter, the most ever borrowed in the fourth quarter
▼ + stars: | 2023-10-30 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +1 min

New York CNN —The US Treasury Department said it expects to borrow $776 billion in the final quarter of this year, the most the government has ever borrowed during a fourth quarter. The forecast is $76 billion less than the estimate Treasury made in August due to higher-than-anticipated tax collections in October. The updated estimate likely means Treasury will issue fewer bonds this quarter than investors were bracing for. The Treasury also said it expects to borrow $816 billion in the first quarter of next year. Meanwhile, last quarter the government borrowed $1.01 trillion, or $277 billion more than the Treasury initially estimated in May.

Persons: That’s Organizations: New, New York CNN, US Treasury Department, Treasury Locations: New York, California

☆ Can America afford two wars? Here’s what the bond market thinks
▼ + stars: | 2023-10-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

New York CNN —If you want to aggravate the US bond market, just remind traders how high the nation’s budget deficit is. The latest tally from the Treasury Department for the fiscal year that ended September 30 put the deficit at $1.7 trillion. All else being equal, that tends to push bond prices down, which causes yields to go higher. That suggests there are other factors that may be outweighing the effects of the war that are driving yields higher, said Snyderman. Also, since the debt ceiling was suspended in June, the Treasury has been issuing more bonds to fund government spending, pushing bond prices down.

Persons: it’s, Joe, That’s, shrugged, Lisa Shalett, Janet Yellen, Rachel Snyderman, Biden, ” Snyderman, John Lynch, Israel doesn’t Organizations: New, New York CNN, Treasury Department, Treasury, Morgan Stanley Wealth Management, Bloomberg, Center, CNN, , Congressional, Federal Reserve, Hamas, Fitch, Moody’s, Service, Comerica Wealth Management Locations: New York, Israel, Ukraine, Gaza, United States

☆ GDP: 5 reasons the economy grew so much last quarter despite the Fed’s efforts
▼ + stars: | 2023-10-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

New York CNN —The US economy wasn’t supposed to expand this much — or even at all — after so many rate hikes. But against all odds, the economy grew at an annualized rate of almost 5% last quarter, the Commerce Department reported Thursday. By making it more expensive for businesses and consumers to borrow money, those rate hikes were intended to get people to cut back on spending. For a while, many economists feared that the Fed’s rate hikes would climb too high too fast that it would give rise to a recession. That is to say that without more interest rate hikes, there could be a growing risk that inflation will accelerate even more.

Persons: ” said David Beckworth, “, That’s, ”, it’s, Courtney Shupert, Shupert, there’s, EJ Antoni Organizations: New, New York CNN, Commerce Department, Federal Reserve, George Mason University, Treasury Department, CNN, Productivity, Workers, Labor Department, Heritage Foundation Locations: New York

☆ Big Tech said return to the office. She had another solution
▼ + stars: | 2023-10-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +10 min

New York CNN —Big Tech has given workers an ultimatum: Come back to the office, or find a new job. However, the program risked letting all employees work from home or any other remote location. Intentional office gatheringsAhead of instituting Flex Forward, Autodesk was “rethinking our office footprint,” Blum said. For instance, Autodesk closed its San Rafael, California, office; consolidated it with the San Francisco headquarters; and started subleasing some of its office space. But, increasingly, the talent acquisition team is seeing more candidates apply for openings because they view Autodesk as “that remote company,” Pearce added.

Persons: Elon Musk, Mark Zuckerberg, Rebecca Pearce, Pearce, “ I’m, ” Pearce, ”, Steve Blum, Autodesk’s, it’s, ” Musk, Jamie Dimon, Michael Nagle, —, “, doesn’t, Andy Jassy, Jassy, don’t, ’ ”, ” Blum, Blum Organizations: New, New York CNN, Big Tech, Autodesk, Flex, CNN, Autodesk Inc, ”, Meta, JPMorgan, Bloomberg, Getty, ” Autodesk, La Nacion, “, San, Employees Locations: New York, Cornwall, England, North America, Autodesk’s Portland , Oregon, Portland , Oregon, La, Rafael , California, San Francisco, cubicles, Autodesk's Portland , Oregon

☆ How toy and game companies are winning back their grown-up former customers
▼ + stars: | 2023-10-21 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

I’m almost embarrassed to share that Zoo Pals are paper plates that feature the bright, adorable faces of animals like pigs, turtles, ducks and whales. And I had an incentive to finish my plate so I could see my Zoo Pal’s face again. In August Hefty relaunched Zoo Pals after discontinuing the plates featuring animals nearly a decade ago. Hefty said one of the reasons it brought back Zoo Pals was "so our fans can relive their fondest childhood memories." Christopher Dilts/Bloomberg/Getty ImagesMattel Inc.’s American Girl doll line has also seen an influx of purchases made by kidults over the past few years, “and it continues to grow in popularity,” Jamie Cygielman, the president of American Girl, told CNN.

Persons: New York CNN —, I’m, —, Covid, Krystine Batcho, ”, Batcho, she’s, Gen, Juli Lennett, ” Lennett, Christopher Dilts, kidults, ” Jamie Cygielman, Cygielman, Z, Instagramers, @inbloombyemily, hasn’t, “, Lennett, ” Batcho Organizations: New, New York CNN, Zoo, CNN, Le Moyne College, Consumers, Lego, Bloomberg, Getty, Mattel Inc, American, Girl, Social Locations: New York, United States, Syracuse , New York, Chicago, American

☆ Why Fed officials aren’t addressing the Israel-Hamas war the way they did with Ukraine
▼ + stars: | 2023-10-17 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

Emma Jones, a spokesperson for the Fed, declined to comment on why many Fed officials, who in the past moved swiftly to acknowledge the war in Ukraine, weren’t addressing the war in Israel. There are some Fed officials who are starting to talk about it, though — albeit only when asked questions. Fed officials see little immediate threat to the US economyAtlanta Fed President Raphael Bostic was the first to speak about the war, at the American Bankers Association’s annual conference last Tuesday. That’s probably why more Fed officials were quicker to acknowledge the war in Ukraine, Dorn said. “I don’t think the Fed wants to look like they’re taking sides,” Dorn added — but said Fed officials could easily talk about it without looking partial.

Persons: Chris Waller, ” Waller, Michael Barr, Philip Jefferson, Michelle Bowman, Lorie Logan, Emma Jones, James Dorn, “, ”, Raphael Bostic, Bostic, Neel Kashkari didn’t, aren't, they're, Al Drago, Susan Collins, ” Collins, Patrick Harker, we’ve, Harker, JPMorgan Chase, Jamie Dimon, ” Dorn, Dorn, There’s, Gregory Daco, Daco Organizations: New, New York CNN, Federal Reserve, ”, Dallas Fed, Fed, Cato Institute, CNN, Atlanta Fed, American Bankers, Minot State University, Minneapolis, Federal, Bloomberg, Getty, ” Boston, Wellesley College, Philadelphia Fed, Delaware State Chamber of Commerce, JPMorgan, Rystad Energy Locations: New York, Ukraine, Russia, Israel, Waller’s, North Dakota, Delaware, Iran, Lebanon, Syria, United States, That’s, Gaza, Hormuz, EY

☆ Analysis: From Birkenstock to Instacart: IPOs are in a rut
▼ + stars: | 2023-10-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Shares closed nearly 30% higher on Rivian’s first day of trading. Investors’ money wasn’t tied to making loan payments as much, so they could invest more in the stock market. All in all, the US IPO market fell 94.8% to $8 billion in 2022, a 32-year low. Fast forward to 2023Even though the Fed continued to raise interest rates, the stock market started to get out of its slump, and suddenly the IPO market came out of hibernation. Sometimes companies even purposefully set their IPO prices low so investors get super excited and rush to buy shares, boosting the prices up.

Persons: CNN Business ’, They’ve, Paul La Monica, Bumble, wasn’t, Jerome Powell et, Ferris, shindig, Birkenstock, you’re, Nightcap Organizations: CNN Business, CNN, Federal Reserve, Treasury

☆ A report that foreshadows CPI is a mix of good and bad
▼ + stars: | 2023-10-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

At its peak in June 2022, prices rose at a 9.1% annualized pace. But that was the second straight month inflation accelerated after slowing for 13 consecutive months. If the third time is the charm, prepare to be charmed when Thursday’s CPI report for September is released at 8:30 am ET. Economists expect the annual inflation rate to ease slightly to 3.6%, according to consensus estimates from Refinitiv. The central bank’s goal is 2% annual inflation.

Persons: CNN Business ’, CNN —, you’re, ”, Price, Alicia Wallace, “, that’s Organizations: CNN Business, CNN, PPI, Federal Locations: Refinitiv, Libya

☆ The days of rising interest rates could soon be over
▼ + stars: | 2023-10-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: US Treasury rates are white hot — 10-year Treasury yields are near their highest levels since 2007. It also means more expensive mortgage rates. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. US mortgage rates are at 23 year-highs, and home affordability is at its lowest level since 1984.

Persons: haven’t, Philip Jefferson, ” That’s, Lorie Logan, Raphael Bostic, ”, “, ” Bostic, Mary Daly, Bonds, What’s, Birkenstock, Elisabeth Buchwald, Megan Penick, Robinson, Rachel Ramirez, It’s, they’re Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Fed, Financial, CME, Treasury, New York Federal Reserve, Federal Reserve Bank of New, Consumer, Dallas, Federal Reserve Bank of Atlanta, American Bankers Association, San Francisco Fed, Index, PPI, CPI, New York Stock Exchange, Renaissance, Nature Communications Locations: New York, Germany, Czech Republic, Slovenia

☆ Analysis: Birkenstock is now an $8 billion company
▼ + stars: | 2023-10-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

CNN —It’s official: Birkenstock will be making its debut on the New York Stock Exchange tomorrow under the ticker symbol BIRK. The beloved cork-soled shoemaker priced its initial public offering tonight at $46 a share, making Birkenstock an $8.6 billion company. OK but is Birkenstock really worth $8.6 billion?! For right now, Birkenstock is essentially saying it thinks it is an $8.6 billion company. But after Birkenstock makes its debut tomorrow regular people like you and me can get in on the action.

Persons: CNN Business ’, CNN —, Nightcap, Birkenstock Organizations: CNN Business, CNN, CNN — It’s, New York Stock Exchange

☆ A lot of workers are out on strike right now. Here’s how that looks in the jobs report
▼ + stars: | 2023-10-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Are all of these workers missing from the US government’s monthly jobs reports? They are added back only when they return to work.”That means that in the September jobs report, United Auto Workers members on strike are counted as employed since the strike began on September 15, which was during the reference week. In contrast, the impact of the SAG-AFTRA strike, which began in July, showed up in some of the data that was included in the September jobs report. However, there’s another survey used to construct the monthly jobs report that asks individuals if they worked in a given week. If someone was on strike but earned money working a different way, like driving for Uber, during the reference period, they’d be counted as employed.

Persons: ” Cody Parkinson, Uber, they’d, ” Parkinson Organizations: New, New York CNN, Cornell University’s Labor, US, Bureau of Labor Statistics, BLS, CNN, “, United Auto Workers, SAG, Writers Guild of America Locations: New York, United States

☆ The Fed is at odds with itself. That’s a feature, not a bug
▼ + stars: | 2023-10-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

So, Fed officials are divided, but it doesn’t really matter. Fed officials are still people, and as the saying goes, opinions are like bellybuttons in that everyone’s got one. Fed officials in that committee with voting power have the option to dissent, but it’s only happened twice this cycle. This year’s voters, which are Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee, Philadelphia Fed President Patrick Harker, and Minneapolis Fed President Neel Kashkari, will be rotated out next year. Up NextMonday: Fed officials Lorie Logan, Michael Barr and Phillip Jefferson deliver remarks.

Persons: Mary Daly, Michelle Bowman, ”, Biden, That’s, Michael Feroli, everyone’s, “ It’s, ” Feroli, Esther George, Ed Al, Hussainy, JPMorgan’s Feroli, It’s, Jerome Powell, John Williams, Lorie Logan, Austan Goolsbee, Patrick Harker, Neel Kashkari, Logan, Kashkari, Raphael Bostic, San Francisco Fed’s Daly, – CNN’s Elisabeth Buchwald, Michael Barr, Phillip Jefferson, Christopher Waller Organizations: CNN Business, Bell, CNN, Federal, San Francisco Fed, JPMorgan, Fed, Market Committee, Kansas City, Columbia Threadneedle Investments, Governors, New York Fed, Dallas Fed, Chicago Fed, Philadelphia Fed, Minneapolis Fed, San Francisco, Treasury, PepsiCo, The National Federation of Independent Business, US Labor Department, Federal Reserve, Delta, China’s National Bureau of Statistics, The University of Michigan Locations: San, Kansas, Columbia, Cleveland, Richmond, Atlanta, San Francisco, Walgreens

☆ Your investments may be haunted
▼ + stars: | 2023-10-05 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Stocks often struggle when government bond yields are elevated, since it means investors can get high returns on less risky assets. But here’s the kicker: As the price of bonds go up when lots of people buy them, yields go down. When official interest rates rise so do investors’ expectations for returns on bonds, known as yields. This creates an incentive for investors to sell the bonds they currently hold and buy newly issued ones that offer higher interest payments. Back to the programWhen official interest rates rise, which is what’s happened over the past year and a half, so do investors’ expectations for returns on bonds.

Persons: CNN Business ’, Nicole Goodkind, You’ve, Dow, What’s, Stocks Organizations: CNN Business, New York CNN, Dow, Nasdaq, Treasury, Federal Reserve Locations: New York

☆ Two jobs reports, two different views of the labor market
▼ + stars: | 2023-10-04 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

That wasn’t the case with today’s ADP private sector jobs data report. So how can the labor market be both cooling down and heating up at the same time? That is to say there are multiple different ways of looking at the labor market. And that’s why economists at the Federal Reserve take into account multiple different reports on the state of the labor market. Speaking of which…The BLS is set to release the all-important monthly jobs report for September at 8:30am ET on Friday.

Persons: CNN Business ’, there’d, Alicia Wallace Organizations: CNN Business, New York CNN, ADP, Bureau of Labor Statistics, Labor, Federal, Refinitiv Locations: New York

☆ McCarthy’s ouster could hurt the US economy
▼ + stars: | 2023-10-03 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Squabbles on the Hill have consequences, and the latest may lead to another credit downgrade that could seriously damage the US economy. Then over the weekend the government narrowly avoided a shutdown thanks to a deal Republican Rep. Kevin McCarthy forged with Democrats. The back storyThe first time US debt was downgraded by another major credit rating agency, S&P, came in 2011. A Moody’s downgrade could cause yields on Treasury notes to spike even higher, underscoring the increased risks associated with holding US debt. That would add to the pressures the US economy is facing and it could even raise the likelihood of a recession.

Persons: CNN Business ’, Kevin McCarthy, Matt Gaetz, McCarthy, Fitch, Moody’s, ” Moody’s, “, Dow Organizations: CNN Business, New York CNN, Washington, Republican, Florida Rep, Moody’s Investors Service, AAA, AA, US Treasury, Nasdaq Locations: New York

☆ The fate of this consumer watchdog is in the hands of the Supreme Court
▼ + stars: | 2023-10-03 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

New York CNN —On Tuesday, the Supreme Court began hearing oral arguments in a case that will determine the fate of the Consumer Financial Protection Bureau. The Supreme Court will have the final say on that, however. The consumer watchdog agency was created after the 2008 financial crisis by way of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If the Supreme Court finds the CFPB’s funding structure unconstitutional, it could shutter the agency and invalidate all of its prior rulings. From listening to the case on Tuesday, though, Lynyak believes the Supreme Court will rule that the CFPB’s funding structure is constitutional.

Persons: Dodd, Frank Wall, Democratic Sen, Elizabeth Warren, Ting Shen, Wells, Sam Gilford, ” There’s, Joseph Lynyak III, Lynyak, ”, Noel Francisco, Francisco, “, Sonia Sotomayor, Amy Coney Barrett Organizations: New, New York CNN, Supreme, Consumer Financial, Bureau, Community Financial Services Association of America, Appeals, Fifth Circuit, Frank Wall Street Reform, Consumer, Democratic, Harvard Law School, Federal Reserve, Bloomberg, Getty, “, Mortgage Bankers Association, National Association of Homebuilders, National Association of Realtors, Bank of America, Court, Federal Deposit Insurance Corporation, Congressional, CNN, Dorsey & Whitney, Republican Locations: New York, New Orleans, United States

CNN —The Federal Reserve on Thursday admonished Tanner Winterhof, a former executive at VisionBank of Iowa, for allegedly falsifying documents, causing the bank to endure major losses. Despite VisionBank terminating him last year, Winterhof still managed to get another job at a bank. According to the Fed, Winterhof falsified documents, including a subordination agreement, related to loans extended to a customer. However, shortly after CNN reached out to Availa Bank for comment, Winterhof was removed from Availa’s staff page. An Availa executive told CNN in an email that Winterhof no longer works at the bank.

Persons: Tanner Winterhof, Winterhof, Melissa Dyer, VisionBank, thea, ” Winterhof, Heather Miller, ”, Lisa Irlbeck, “ Organizations: CNN, Federal Reserve, Bank, Department, Agriculture’s Farm Service Agency, Fed, VisionBank, Availa Bank, Federal, Mr, Iowa Bankers Association Locations: Iowa

☆ 'R-star' is a key tool in the Fed's fight against inflation. But what is it?
▼ + stars: | 2023-09-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Both are determined by inflation-adjusted interest rates, which are represented by the variable r in economic models. The interest rate that causes demand for savings to equal demand for investing, is typically denoted as R*. To tame inflation that hit a four-decade high last year, the Fed has been raising interest rates. At the same time, if central bank officials continue to hike rates to get inflation down, they run the risk of overshooting. None of that would be the case at the neutral interest rate.

Persons: New York CNN —, It’s, Jerome Powell, Knut Wicksell, John Williams, Powell, it’s, catchup, we’ve, ” Organizations: New, New York CNN, Federal Reserve, World Bank, New York Fed, Fed Locations: New York, Swedish

☆ Sen. Bob Menendez allegedly had a stash of gold bars. That’s become a trend
▼ + stars: | 2023-09-22 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Sen. Bob Menendez, allegedly accepted gold bar bribes, prosecutors allege, according to a newly unsealed federal indictment. The value of a kilogram of gold hit a one-year-record high of nearly $66,000 in May, according to data Goldprice.org. If you can invest in gold, why do people want to physically own it? That’s because if, for instance, you invest in a gold ETF, “it’s still tied to the market,” he said. Other people who prefer to keep gold under their own roof store it in a gun safe or floor safe, he added.

Persons: New York CNN — Sen, Bob Menendez, It’s, Menendez didn’t, Jonathan Rose, ” Rose, Rose, Fitch, ”, it’s Organizations: New, New York CNN, Genesis Gold, Western Alliance, CNN, World Gold Council, IRS Locations: New York, “, Beverly Hills , California

☆ How Wall Street makes money by predicting the Fed’s decisions
▼ + stars: | 2023-09-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

There, you will find a bar chart plotting the share of traders predicting a rate hike, cut or no change in interest rates at an upcoming meeting. Traders’ actions translate into interest rate decision probabilitiesWhen the Fed changes interest rates it’s actually changing what’s known as the federal funds rate target range. The federal funds rate is the interest rate banks charge each other to borrow money, and it impacts the interest rate consumers pay for a variety of loans, including some mortgages. But it wasn’t until 2013 that the CME Group launched the FedWatch tool, giving everyone access to the information without having to do complex calculations. Why the FedWatch Tool is so closely followedThe Fed’s interest rate decisions can have serious implications for your investments.

Persons: that’s, Jerome Powell, ” Powell, Agha Mirza, Mirza, ”, FedWatch, ” Mirza, Alex McGrath, Ben Bernanke, Ken Kuttner, Powell’s Jackson, Dow, Greg Daco, Daco, McGrath, ” McGrath Organizations: New, New York CNN, Federal, Chicago Mercantile Exchange, CME Group, CNN, Fed, Index, “ Investors, Williams College Locations: New York, EY

☆ Beyond the automakers: How the UAW strike may hit the US economy
▼ + stars: | 2023-09-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

UAW president Shawn Fain said “we’re not going to wreck the economy. For instance, if all UAW workers at Ford, General Motors and Stellantis strike for 10 days, it would cost the US economy $5 billion, according to Anderson Economic Group’s estimates. He estimated $440 million worth of income would be lost nationally if all the UAW members strike for two weeks. If the strike lasts eight weeks, he estimates a $9.1 billion hit to incomes nationwide. Cars could get more expensiveAnderson Economic Group estimated that 25,000 vehicles won’t be produced if the strike lasts 10 days.

Persons: ” Gabriel Ehrlich, Shawn Fain, “ we’re, Ehrlich, Tyler Theile, That’s, they’re, Theile, Jonathan Smoke, CNN’s Peter Valdes, Dapena Organizations: New, New York CNN, United Auto Workers, University of Michigan, CNN, UAW, Ford, General Motors, Anderson Economic, Anderson Economic Group, Suppliers, Big, Cox Automotive Locations: New York, what’s, Michigan

☆ Wholesale inflation ticked up last month, exceeding expectations
▼ + stars: | 2023-09-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Wholesale inflation accelerated for the second month in a row, mirroring a similar trend in the Consumer Price Index report, the Bureau of Labor Statistics reported Thursday. The Producer Price Index, a key measure of price changes at the wholesale level, rose to 1.6% from 1.3% for the 12 months ending in August. Stripping out the more volatile categories of food and energy, core PPI rose 2.2% on an annual basis in August, in line with economists’ expectations. The PPI is a closely watched inflation gauge, since it captures average price shifts upstream of the consumer. But this week’s inflation data is unlikely to push the Fed to raise interest rates at its meeting next week.

Persons: Price, uptick, ” Raymond James ’, Eugenio Aleman Organizations: New, New York CNN, of Labor Statistics, PPI, July’s, Thursday’s PPI Locations: New York, July’s

☆ Grocery prices continued to cool in August but some foods are on the rise
▼ + stars: | 2023-09-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

That’s an improvement from July, when grocery prices were up 0.3%, according to the latest Consumer Price Index, released Wednesday. For the year, grocery prices are up a modest 3%. But just how much inflation relief you got at grocery stores last month depends on what was in your shopping cart. Prices for food sold in stores are up 3% year over year, but the biggest increases are in the frozen foods aisle. On a monthly basis, hot dogs prices fell by 3.1%, prepared salad fells by 2% and butter fell by 1.8%.

Organizations: New, New York CNN, US Department of Agriculture, Bank of America, Shoppers Locations: New York, United States, California

☆ Car insurance rates just had their biggest annual jump in 47 years. This is why
▼ + stars: | 2023-09-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

While that insurance is for a 2022 Porsche Taycan, even friends of his who drive lower-end models are paying more for car insurance, he told CNN. Yet he's seen his car insurance rates increase from $140 a month in 2020 to his current rate of $278 a month. Car insurance rates are increasing for a variety of reasonsTwo months ago, Nationwide notified Darnell Coates-Clark, 55, an EMT based in Baltimore, that he would be hit with a 33% increase in his car insurance. He acknowledged he doesn’t have “stellar credit,” which is known to impact car insurance rates. Darnell Coates-Clark saw his monthly car insurance rates double over the past two years.

Persons: Kyle Barone, Barone, didn’t, USAA, He’s, “, ”, hasn't, he's, haven’t, Darnell Coates, Clark, Coates, ’ ” Coates, hasn’t, Ryan Ankrom, Clark USAA, Andrew Femath, Stephen Crewdson, Hurricane Ian, Robert Passmore, Crewdson, ” Crewdson, Betsy Stella, Insurify, what’s, “ I’ve, “ I’m, I’ve Organizations: New, New York CNN, Volvo, CNN, Porsche Taycan, Norwegian Cruise Line, Kyle Barone Drivers, Sunshine State, Nationwide, P Global Market Intelligence, Casualty Insurance Association, National, Traffic Safety Administration Locations: New York, United States, Florida, Jacksonville , Florida, Tampa, Norwegian, Sunshine, Southwest Florida, Baltimore, Maryland, Hurricane

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