The move marks the end of the Fed’s pandemic-era easy money policy and comes amid soaring inflation across America. The federal funds rate now stands at 0.25-0.5%. “We feel the economy is very strong and will be able to withstand tighter monetary policy,” Fed Chair Pro Tempore Jerome Powell told journalists during Wednesday’s post-meeting press […]
(Kitco News) Tesla and SpaceX CEO Elon Musk asked Twitter where inflation will be in a few years and advised how to invest when inflation is red-hot. Here’s his take. “What are your thoughts about probable inflation rate over next few years?” Musk asked the Twitterverse on Sunday. A very timely […]
Retail sales rose 6.7% in the first two months of 2022 compared to a year ago, according to data released by the National Bureau of Statistics (NBS) on Tuesday. That was well above the estimated 3% increase in a Reuters poll of economists. Industrial production jumped 7.5% during the same period, surpassing the forecast of […]
(Kitco News) The Federal Reserve’s interest rate decision and developments in Ukraine will dominate gold’s price direction next week after the precious metal made a run for record highs. Gold rallied on its safe-haven appeal this week as sanctions against Russia were stepped up to import bans and the war in Ukraine […]
Treasury Secretary Janet Yellen warned there could be another year of high inflation amid the uncertainty caused by the invasion of Ukraine. Prices have soared at their fastest pace in 40 years over the last 12 months. “We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high,” Yellen said in […]
A shrinking number of well-known companies are still doing business in Russia, even as hundreds have announced plans to curtail ties. Burger King restaurants are open, Eli Lilly is supplying drugs, and PepsiCo is selling milk and baby food, but no more soda. The pace of businesses exiting Russia accelerated over the past week as […]
Treasury Secretary Janet Yellen said Thursday that Americans will likely see another year of “very uncomfortably high” inflation as Russia’s invasion of Ukraine muddles her prior forecast that price acceleration would moderate in the months ahead. “I think there’s a lot of uncertainty that is related to what’s going on with Russia in Ukraine,” Yellen […]
The Consumer Price Index, which measures a basket of goods and services, stood at 7.9% over the 12-month period that ended in February, without seasonal adjustments, the Bureau of Labor Statistics reported Thursday. That was in line with what economists had predicted. Prices for gas, food and housing — which are necessary rather than discretionary […]
Customers shop at at a grocery store on February 10, 2022 in Miami, Florida. The Labor Department announced that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982. Joe Raedle | Getty Images Inflation grew worse in February amid the escalating crisis in Ukraine and price […]
Check out the companies making headlines before the bell: Campbell Soup (CPB) – The food producer matched estimates with adjusted quarterly earnings of 69 cents per share, and revenue essentially in line with forecasts as well. Campbell’s adjusted gross margins slide 340 basis points due to cost inflation. It said demand trends are strong and […]
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