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  • Aug 12, 2024

Americans' refusal to keep paying higher prices may be dealing a final blow to US inflation spike

The great inflation spike of the past three years is nearly spent — and economists credit American consumers for helping slay it. “While inflation is down, prices are still high, and I think consumers have gotten to the point where they’re just not accepting it,” Tom Barkin, president of the Federal Reserve Bank of Richmond, said last week at a conference of business economists. A more price-sensitive consumer helps explain why inflation has appeared to be steadily falling toward the Federal Reserve's 2% target, ending a period of painfully high prices that strained many people's budgets and darkened their outlooks on the economy.

  • Aug 12, 2024

US consumer medium-term inflation expectations drop

The median three-year inflation expectation dropped to 2.3% from 2.9% in June to register its lowest reading since the New York Fed launched the monthly Survey of Consumer Expectations in 2013. Fed officials - who've been battling high inflation for more than two years - track a range of measures of inflation expectations because they worry that if they begin to drift substantially upward, consumers and businesses will alter their spending behaviors in ways that can make inflation harder to tame. Recent measures of inflation have shown it returning toward the Fed's 2% target, and the central bank is now widely expected to cut interest rates next month.

  • Aug 12, 2024

Oil rises for fifth straight session on Mideast tensions and US data

NEW YORK (Reuters) -Oil prices were up by more than $1 a barrel on Monday, rising for a fifth consecutive session on intensifying Middle East supply risks and fading fears of a possible U.S. recession. Brent crude futures were up $1.32, or 1.6%, at $80.98 a barrel by 1531 GMT. Iran and Hezbollah have vowed to retaliate for the assassinations of Hamas leader Ismail Haniyeh and Hezbollah military commander Fuad Shukr.

  • Aug 12, 2024

Stocks Edge Higher at Start of Week of Big Data: Markets Wrap

(Bloomberg) -- Global stocks posted modest gains as traders prepared for a week packed with US data that will shed light on the health of the world’s largest economy and the outlook for Federal Reserve interest rates. Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceLos Angeles Sees Remote Work Helping ‘No Car’ 2028 Olympic GamesIn DNC, Chicago’s Embattled Transit System Faces a High-

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