Federal Reserve Chairman Kevin Warsh reaffirmed the central bank’s commitment to lowering consumer prices, acknowledging that inflation remains too high in a highly anticipated speech in Jackson Hole, Wyoming. During remarks at the Fed’s annual conference, Warsh said that recent government data shows inflation has cooled, but “they do not tell me that underlying trends…
The Personal Consumption Expenditures index — the Federal Reserve’s preferred inflation measure — held at a 3.7% annual pace in July, slightly higher than forecasted and reflecting persistent cost pressures for consumers. Economists polled by FactSet had predicted a 3.6% annual increase. Wednesday’s report instead showed that inflation remained unchanged from June. PCE tracks changes…
A bond sell-off driven by investor fears over inflation and rising government debt has rattled markets and threatened to raise borrowing costs for everyday Americans looking to purchase a home or car. The yield on the 30-year Treasury reached 5.3% earlier this week, its highest level since 2007, while the 10-year Treasury yield, which influences…
Inflation eased for the second consecutive month, rising at a 3.4% annual pace in July, in line with economists’ expectations and a signal that some price pressures may be easing. By the numbers Economists polled by the financial data firm FactSet predicted July inflation rose at an annual rate of 3.4%. Oil prices surged in…
Spokane, Washington — More than 40 large wildfires are burning in the West, fueled by severe drought, as over 100 blazes scorch parts of western Canada. The Bug Fire near Reno, Nevada, has burned more than 15,000 acres, getting dangerously close to homes and forcing thousands of residents to evacuate over the weekend. In Utah,…
What a difference a day can make for monetary policy. On Thursday, interest rate futures were decidedly tilted toward the Federal Reserve hiking its benchmark rate in September, according to CME FedWatch, which tracks traders to forecast the central bank’s policy decisions. But after Friday morning’s dismal July jobs report, which showed that employers unexpectedly…
President Trump is planning to announce over $180 million in grants to boost educational and trade programs for the mining industry Friday, CBS News has learned, part of a bid to increase critical mineral production. Mr. Trump will unveil the plans at a roundtable at the State Department with educational leaders from universities like the…
Europe’s wildfire emergency eased across much of western Europe on Saturday, but its most dangerous front shifted to Greece, where gale-force winds drove flames through a seaside resort, forced hundreds to flee by sea and hampered firefighting aircraft. For Greece, the danger carried grim resonance: a 2018 wildfire at the seaside community of Mati, near Athens,…
16m ago U.S. commander warns troops not to share video of strikes on bases, says it could be helping Iran U.S. troops across the Middle East have been warned that cellphone videos they share online could help Iran target American bases, the Reuters news agency reported Wednesday. Admiral Brad Cooper, overall commander of U.S….
Inflation across the U.S. accelerated in May as the shock to global energy supplies from the Iran war continued to push prices higher. The Consumer Price Index rose at an annual rate of 4.2%, up from 3.8% in the prior month and marking the highest level since April 2023. By the numbers Economists polled by financial…
