WASHINGTON (AP) — Average long-term mortgage rates jumped this week, with the benchmark 30-year loan again breaching 3%.
Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage rose to 3.05% from 2.99% last week.
WASHINGTON (AP) — The International Monetary Fund is warning of rising threats to the global economic recovery posed by the ongoing coronavirus pandemic and an outbreak of inflation.
WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010.
The Labor Department reported Thursday that the monthly increase in its producer price index, which measures inflationary pressures before they reach consumers, was 0.5% for September compared to a 0.7% gain in August.
ANKARA, Turkey (AP) — The Turkish lira hit record lows against the dollar Thursday after President Recep Tayyip Erdogan fired senior central bank officials, heightening concerns over the Turkish leader’s interference in the bank’s activities.
World shares were mixed on Wednesday as investors awaited the release of U.S. inflation data and upcoming corporate earnings.
Stocks fell in Paris, London, Tokyo and Sydney but rose in Shanghai and Frankfurt.
WASHINGTON (AP) — The White House said Wednesday it has helped broker an agreement for the Port of Los Angeles to become a 24-hour, seven-days-a-week operation, part of an effort to relieve supply chain bottlenecks and move stranded container ships that are driving prices higher for U.S.
WASHINGTON (AP) — Another jump in consumer prices in September sent inflation up 5.4% from where it was a year ago, matching the largest increase since 2008 as tangled global supply lines continue to create havoc.
Biden tries to tame inflation by having LA port open 24/7
WASHINGTON (AP) — President Joe Biden has announced a deal to expand operations at the Port of Los Angeles in hopes of ending the logjam of ships waiting to unload.
NEW YORK (AP) — Get ready to pay sharply higher bills for heating this winter, along with seemingly everything else.
With prices surging worldwide for heating oil, natural gas and other fuels, the U.S.
WASHINGTON (AP) — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022.
WASHINGTON (AP) — Rising inflation has triggered a sizable increase in Social Security's annual cost-of-living adjustment, or COLA, for 2022. The Social Security Administration announced the 5.9% COLA on Wednesday after a Labor Department report on inflation during September.
Stocks are edging higher in early trading on Wall Street Tuesday as traders wait for more data on inflation and corporate earnings this week. The S&P 500 was up 0.2% in the early going, as was the Dow Jones Industrial Average.
Stocks ended an up-and-down day mostly lower on Wall Street as traders wait for more data on inflation and corporate earnings this week.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell.
WASHINGTON (AP) — Rising inflation is expected to lead to a sizeable increase in Social Security's annual cost-of-living adjustment, or COLA, for 2022. Exactly how much will be revealed Wednesday morning after a Labor Department report on inflation during September, a data point used in the final calculation.
WASHINGTON (AP) — The International Monetary Fund is slightly downgrading its outlook for the global recovery from the pandemic recession, reflecting the persistence of supply chain disruptions in industrialized countries and deadly disparities in vaccination rates between rich and poor nations.
TOKYO (AP) — Asian shares were mostly higher on Monday despite persisting worries about the region’s energy crunch and coronavirus infections.
Benchmarks in Japan and China rose, while South Korean markets were closed for a national holiday.
A look at some of the key business events and economic indicators upcoming this week:
EYE ON INFLATION
The Labor Department serves up its September reading of inflation at the consumer level Wednesday.
RIO DE JANEIRO (AP) — It’s something Brazilians have rarely seen in a quarter century, and the last time they did, in 2016, it helped set up a president’s downfall:
Companies will soon start reporting their latest quarterly financial results and investors have been warned that inflation is going to sting.
Retailers, auto makers and a wide range of manufacturers have all warned investors that a supply chain crunch and higher raw materials costs are adding to expenses and hurting profits.
NEW YORK (AP) — Stocks are falling on Wall Street as the market undergoes a bout of volatility. The S&P 500 fell 0.6% Wednesday morning. The benchmark index has alternated between gains and losses of more than 1% the previous four days.
WARSAW, Poland (AP) — Poland's central bank unexpectedly raised interest rates on Wednesday as the central European nation faces an accelerating inflation rate that is currently the highest in the European Union.
WASHINGTON (AP) — The head of the International Monetary Fund says the agency is trimming its forecast for global growth this year.
IMF Managing Director Kristalina Georgieva on Tuesday cited rising risks from inflation, debt and a divergence in growth prospects between nations with access to coronavirus vaccines and those in need of shots.
CARACAS, Venezuela (AP) — A new currency with six fewer zeros debuted Friday in Venezuela, whose currency has been made nearly worthless by years of the world’s worst inflation.
But the new bills were difficult to find in the capital, where consumers' fears that prices will continue to spiral upward proved to be right.
WASHINGTON (AP) — Inflation has reached new highs in the United States and Europe as rising energy prices and supply bottlenecks restrain an economic recovery from the pandemic in both economies.
FRANKFURT, Germany (AP) — Sharply higher oil and gas prices have pushed annual inflation in the 19 countries that use the euro to its highest in more than a decade in September. Economists and central bankers say the jump in inflation is temporary, but governments nonetheless are scrambling to ease the pain of higher household utility bills.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Thursday that current high levels of inflation are likely to fade next year and won't prevent the Fed from pushing toward its goal of full employment.
PRAGUE (AP) — The Czech Republic’s central bank has significantly increased its key interest rate by three quarters of a point to 1.50%, in an effort to tame soaring inflation as the economy rebounds from the coronavirus pandemic.
TEHRAN, Iran (AP) — Mehdi Dolatyari watched with dread in recent months as once-affordable goods at his central Tehran supermarket soared out of reach for his customers. Iranians who previously bought sacks of staple foods at the store now struggle to scrape together enough for meals, as the country’s currency sinks to new lows against the dollar.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Wednesday defended the ultra-low interest rate policies he has pursued since the pandemic decimated the economy more than 18 months ago.
But he acknowledged inflation has stayed higher for longer than he expected.
Stocks are opening lower on Wall Street Tuesday, led by more declines in Big Tech companies. The S&P 500 fell 0.8% and the tech-heavy Nasdaq gave up 1.4%. Microsoft, Google’s parent company and Facebook were all down about 2%.
FRANKFURT, Germany (AP) — Europe's current burst of inflation is temporary and won't lead the European Central Bank to “overreact” by withdrawing stimulus or raising interest rates, ECB President Christine Lagarde said Tuesday.
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell is preparing to tell Congress that the current spike in U.S. inflation has proven to be larger and more long-lasting than expected.
But, in remarks prepared for delivery Tuesday, he says that if inflation does not abate, the Fed is ready to use its tools to lower the pressure on prices.
NEW YORK (AP) — The nation's business economists now expect slower economic growth this year due to the widespread delta variant of the coronavirus, while also saying the economy could improve more quickly next year as vaccinations become more accepted.
LOS ANGELES (AP) — Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders.
Rising costs and shortages of building materials and labor are rippling across the homebuilding industry, which accounted for nearly 12% of all U.S.
LONDON (AP) — The Bank of England kept its main interest rate at the record low of 0.1% while warning Thursday that inflation is set to be double its target rate by the end of this year, largely due to a sharp spike in energy prices.
ISTANBUL (AP) — Turkey’s Central Bank unexpectedly cut the main interest rate by one percentage point on Thursday, bowing to President Recep Tayyip Erdogan’s demand for lower borrowing rates to boost growth.
Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year.
WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago and a sign that it's concerned that high inflation pressures may persist.
WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended:
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
Inflation is not the bogeyman it is cracked up to be. Doomsters were caught off guard last week when the US consumer price index (CPI) recorded a lower-than-expected 0.3 per cent monthly gain in August, temporarily boosting bonds and denting stocks.
WASHINGTON (AP) — The Federal Reserve is expected this week to send its clearest signal yet that it will start reining in its ultra-low-interest rate policies later this year, a first step toward unwinding the extraordinary support it's given the economy since the pandemic struck 18 months ago.
Shares slipped Monday in most Asian markets after Wall Street benchmarks ended last week with a decline.
Stocks fell in Tokyo, Hong Kong and Seoul but rose modestly in Sydney and Shanghai.
Japan reported its wholesale prices were near a 13-year high in August, adding to concerns over inflation as the country prepares for a leadership transition.
Stocks are opening higher on Wall Street Friday, clawing back some of the ground the market lost in this holiday-shortened week. The S&P 500 was up 0.3%. Technology companies had some of the biggest gains.
WASHINGTON (AP) — Inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010.
The Labor Department reported Friday that its producer price index — which measures inflationary pressures before they reach consumers — rose 0.7% last month from July after increasing 1% in both June and July.
FRANKFURT, Germany (AP) — Annual inflation equaled 10-year high in Europe in August, boosted by more expensive fuel and supply chain disruptions. Economists say the jump is temporary, but it could raise questions about how persistent higher inflation might turn out to be.
NEW YORK (AP) — Wall Street rallied to records on Friday after the head of the Federal Reserve said it's still far from pulling interest rates off the record low that's helped markets soar, even if it does begin dialing back its support for the economy later this year.
WASHINGTON (AP) — Growth in U.S. consumer spending slowed in July to a modest increase of 0.3% as infections from the delta variant spread, while inflation over the past 12 months hit its fastest pace in three decades.
WASHINGTON (AP) — Not long ago, anticipation was high that Federal Reserve Chair Jerome Powell might begin to sketch out a plan this week for the Fed to start pulling back on its support for an economy that has been steadily strengthening.
How often have we been told by people who cannot see beyond their noses that "everything is under control"? The latest example of such myopia is the attempt to brush off inflation as " transitory " when clearly, it almost certainly is not.