WASHINGTON (AP) — American consumers increased their spending by 1% in June — a dose of energy for an economy that is quickly rebounding from the pandemic recession but is facing new risks led by the delta variant of the coronavirus.
WASHINGTON (AP) — With inflation uncomfortably high and the COVID-19 Delta variant raising economic concerns, a divided Federal Reserve will meet this week to discuss when and how it should dial back its ultra-low-interest rate policies.
WASHINGTON (AP) — President Joe Biden is banking on the idea of making life more affordable for middle-class families — and that's where the recent bout of inflation poses both a political and an economic risk.
FRANKFURT, Germany (AP) — Facing unease over the spread of a more-contagious variant of the coronavirus, the European Central Bank said it would maintain its stimulus in the form of ultra-low interest rates until inflation “durably” reaches its 2% target.
BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday for a second day as optimism about an economic recovery appeared to outweigh concern over rising coronavirus cases and inflation.
LONDON (AP) — The British government has tripled its pay increase offer for more than a million National Health Service employees in England, but unions said the proposed boost was insufficient given an anticipated spike in inflation.
NEW YORK (AP) — With the U.S. economy humming, corporate profits flowing and stock prices peaking, investors on Wall Street are beginning to pose an anxious question: Is it all downhill from here?
Financial markets are always trying to set prices now for where the economy and corporate profits are likely to be in the future.
BANGKOK (AP) — Shares were mostly lower in Asia on Friday after Wall Street benchmarks extended losses amid uncertainty over rising coronavirus cases and the risks to pandemic recoveries.
Stocks fell in Tokyo, Seoul and Shanghai but rose in Hong Kong.
WASHINGTON (AP) — For anyone watching with concern as prices surge for everything from food and gas to airplane tickets and clothes, the message from Federal Reserve Chair Jerome Powell over two days of congressional hearings this week was straightforward: Just give it more time and those price gains should slow, or even reverse.
TOKYO (AP) — Asian shares were mixed Thursday, taking their cue from a wobbly day of trading on Wall Street.
China reported its economy expanded at a 7.9% annual rate in the last quarter, down from 18.3% in January-March.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that inflation, which has been surging as the recovery strengthens, “will likely remain elevated in coming months" before “moderating."
WASHINGTON (AP) — Inflation at the wholesale level jumped 1% in June, pushing price gains over the past 12 months up by a record 7.3%.
The Labor Department reported Wednesday that the June increase in its producer price index, which measures inflation pressures before they reach consumers, followed a gain of 0.8% in May and was the largest one-month increase since a 1.2% rise in January.
LONDON (AP) — Official figures show inflation in the U.K. rising to its highest level in nearly three years because of increases in the prices of food and motor fuel.
The Office for National Statistics said Wednesday that the annual rate of inflation rose to 2.5% in June from 2.1% the previous month.
TOKYO (AP) — Asian shares were mostly lower on Wednesday, tracking a decline on Wall Street as investors weighed the latest quarterly earnings reports from big U.S. companies and data pointing to rising inflation.
WASHINGTON (AP) — Prices for U.S. consumers jumped in June by the most in 13 years, evidence that a swift rebound in spending has run up against widespread supply shortages that have escalated the costs of many goods and services.
FRANKFURT, Germany (AP) — The European Central Bank has adopted a new approach to managing the economy that would tolerate transitory periods of consumer inflation moderately above its 2% goal — and take greater account of climate change in its forecasting and stimulus programs.
WASHINGTON (AP) — Federal Reserve officials started discussing at their meeting last month the timing and mechanics of reducing their huge monthly bond purchases, which are used to keep longer-term interest rates in check.
BRUSSELS (AP) — European Union economies are set to rebound by their highest rates in decades as coronavirus restrictions ease, but still face risks posed by COVID-19 variants and concerns over inflation, the EU’s executive branch said Wednesday.
Few economists predict we’ll return to the double-digit price increases of the late 1970s and early 1980s . But knowing some of the ways consumers coped back then — and how things are different now — can help you formulate a plan to deal with rising prices.
NEW YORK (AP) — Everyone would like to get paid more, but the worry on Wall Street is there could be too much of a good thing.
Wages are going up for workers across many industries as the economy roars out of the recession.
Stocks ended mostly higher Friday, helping the S&P 500 index close out its best week since February. It's a notable turnaround for the market, which only the previous week had its worst week since February on concerns about inflation.
WASHINGTON (AP) — Mortgage rates rose above the 3% mark this week for the first time in 10 weeks, as the economic recovery from the pandemic recession continues while inflation remains elevated.
Mortgage buyer Freddie Mac reported that the average for the key 30-year home loan rose to 3.02% from 2.93% last week.
WASHINGTON (AP) — Consumer spending was flat in May with incomes dropping for a second month as the impact of the government's pandemic stimulus payments waned. Inflation, however, posted a sizable gain with prices excluding food and energy jumping by the largest amount in nearly three decades.
LONDON (AP) — The Bank of England kept its main interest rate at the record low of 0.1% on Thursday even though it warned that inflation pressures are rising as the British economy bounces back following the lifting of many coronavirus lockdown restrictions.
BANGKOK (AP) — Shares were mostly higher in Asia on Thursday after a listless day of trading on Wall Street as the recent bout of nerves over Federal Reserve policy fades.
Markets advanced in Tokyo, Seoul and Hong Kong while Sydney and Shanghai declined.
PRAGUE (AP) — The Czech Republic’s central bank has increased its key interest rate by a quarter-point to 0.5% in efforts to tame inflation as the economy recovers from the coronavirus pandemic.
Several members of the bank’s board had earlier indicated that Wednesday's move might be coming, as the bank was not ready to tolerate high inflation.
NEW YORK (AP) — Small businesses that endured shutdowns and lower revenue during the COVID-19 outbreak now must contend with another crisis: spiking prices for goods and services that squeeze profits and force many owners to pass the increases along to customers.
BEIJING (AP) — Asian stock markets followed Wall Street higher on Wednesday after the Federal Reserve chairman said higher U.S. inflation probably is temporary, helping to calm fears central bankers might feel pressure to roll back economic stimulus.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary.
WASHINGTON (AP) — The economy is growing at a healthy clip, and that has accelerated inflation, Federal Reserve Chair Jerome Powell says in written testimony to be delivered Tuesday at a congressional oversight hearing.
Paid in full? Biden, GOP struggle over infrastructure costs
WASHINGTON (AP) — Congressional negotiators and the White House appear open to striking a roughly $1 trillion deal on infrastructure, but they are struggling with the hard part — deciding who will pay for it.
WASHINGTON (AP) — Two months of sharply rising prices have raised concerns that record-high government financial aid and the Federal Reserve’s ultra-low interest rate policies — when the economy is already surging — have elevated the risk of accelerating inflation.
Republicans point to inflation in bid to retake Congress
WASHINGTON (AP) — Gas prices have soared passed $3 per gallon. The costs of used cars and new furniture, airline tickets, department store blouses, beef and a burrito at Chipotle are all on the rise, too.
WASHINGTON (AP) — Gas prices have whizzed past $3 per gallon in much of the nation. The cost of used cars and new furniture, airline tickets, department store blouses, ground beef and a Chipotle burrito are on the rise, too.
At the end of its policy meeting on Wednesday, the Fed offered few clues on when it will unwind its bond-buying scheme. While America's central bank expects to start raising interest rates in 2023, it is under pressure to begin the process of curtailing its asset purchases, given the faster-than-expected rise in inflation, which could prove longer-lasting than many assume.
WASHINGTON (AP) — Mortgage rates were mostly lower this week as the economy continued to show signs of recovery from the pandemic recession and recent bursts of inflation were deemed temporary by federal policymakers.
ISTANBUL (AP) — Turkey’s central bank left its key benchmark interest rate unchanged at 19% on Thursday.
The bank said in a statement that the interest rate would be determined at a level about inflation and a “tight” monetary policy would continue “to maintain a strong disinflationary effect… and the medium-term 5% (inflation) target is reached.” Data from May put inflation in Turkey at 16.59%.
WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest-rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation.
Fed sees faster time frame for rate hikes as inflation rises
WASHINGTON (AP) — The Federal Reserve signaled that it may act sooner than previously planned to start dialing back the low-interest-rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation.
The White House believes it has an ally in the bond markets to make the case that inflation isn't an economic threat.
WASHINGTON (AP) — Treasury Secretary Janet Yellen assured Congress that the recent jump in inflation is being monitored very carefully by the Biden administration, but said again that any increase will prove temporary.
BEIJING (AP) — The Chinese government said Wednesday that it will release copper, aluminum and zinc from stockpiles to increase market supplies in a fresh effort to restrain surging prices that officials warn might disrupt a business revival.
LONDON (AP) — British consumer prices rose by more than expected last month as fuel and clothing costs surged following the easing of COVID-19 restrictions.
Inflation accelerated to 2.1% in the 12 months through May from 1.5% in April, the Office for National Statistics said Wednesday.
TOKYO (AP) — Asian shares were mixed in quiet trading Wednesday ahead of a U.S. Federal Reserve meeting that may give clues on what lies ahead with its massive support for markets.
Japan released data that showed its trade surplus jumped 49.6% in May from the previous year, but analysts said that was less than expected and highlights how the world's third largest economy and its exports may be only slowly recovering from the pandemic.
Stocks eased back below their record heights Tuesday as investors waited to hear whether the mixed bag of data coming in about the economy will push the Federal Reserve to let up on its massive support for markets.
WASHINGTON (AP) — Wholesale prices, driven by rising food costs, increased 0.8% in May and by a unprecedented amount over the past year as the U.S. economy emerges from pandemic lockdowns and pushes inflation higher.
Technology companies helped lift stocks higher on Wall Street, nudging the S&P 500 to its third straight all-time high, even as other parts of the market faltered.
A burst of buying in the final 10 minutes of trading sent the benchmark index 0.2% higher.
US Federal Reserve chairman Jerome Powell is staking his reputation on the current spike in inflation being transitory. Powell and his colleagues on the Federal Open Market Committee believe that the US economy is still reeling from the Covid-19 pandemic and requires continued, unprecedented monetary and fiscal support.
Wall Street closed out a mostly listless week Friday with a wobbly day of trading that helped nudge the S&P 500 to its third straight weekly gain.
The benchmark index edged up 0.2% after spending much of the day in the red.