Stocks fall on dashed inflation hopes; The S&P 500 loses 3%

NEW YORK — Stocks tumble and disappointment hits markets around the world on Tuesday, following the sudden realization on Wall Street that inflation is not slowing as much as hoped. Them&P 500 was down 3% in afternoon trading, threatening to snap a four-day winning streak. Bond prices also fell sharply, pushing up their yields, after … Read more

Inflation rose 0.1% in August despite a sharp drop in gasoline prices

Inflation rose more than expected in August as higher housing and food costs offset lower gasoline prices, the Bureau of Labor Statistics reported Tuesday. The consumer price index, which tracks a wide range of goods and services, rose 0.1% for the month and 8.3% over the past year. Excluding volatile food and energy costs, the … Read more

Inflation report could show CPI moderating with gasoline, travel costs falling

A customer buys eggs at a Kroger grocery store on August 15, 2022 in Houston, Texas. Brandon Bell | Getty Images Inflation is still scorching, but is expected to have moderated in August as gasoline prices have fallen, supply chains have improved and the cost of travel has fallen. The Consumer Price Index will be … Read more

Yellen says inflation and rising gas prices remain a ‘risk’

CNN — Treasury Secretary Janet Yellen said on Sunday there is a ‘risk’ that US gas prices could rise again later this year as fears grow that Americans’ wallets could be put to the test. hardship by a price spike similar to the one seen this summer. “Well, it’s a risk. And that’s a risk … Read more

As Small Businesses Raise Prices, Some Customers Push Back

NEW YORK (AP) — Inflation isn’t just costing small businesses money. It also costs them customers. At the Bushwick Grind Cafe in Brooklyn, New York, Kymme Williams-Davis raised prices and switched to different types of products to cope with rising costs for milk, coffee, paper and plastic items, as well as to shortages of items … Read more

How a rail strike could drive up food prices

The country’s food supply could be hit if railroad workers go on strike, driving up grocery prices and limiting US grain exports to countries facing famine. As early as next week, 115,000 rail freight workers could leave if they fail to secure a new contract with the railways, which could lead to the closure of … Read more

August consumer inflation report could test market recovery in coming week

Stocks could continue to rise early next week as investors await a major consumer inflation report on Tuesday. The consumer price index for August is one of many reports on a busy economic calendar in the week ahead, but it’s the only final data point that market strategists believe could help determine how much the … Read more

Stocks end higher overall, snapping a three-week losing streak

NEW YORK — Wall Street added to its recent gains on Friday with a broad rally that snapped the market’s three-week losing streak. Them&P 500 closed 1.5% higher, its third straight increase, and ended with a 3.7% gain for the week. That makes it the benchmark’s best week since July. Big gains for technology companies … Read more

European Central Bank makes biggest ever interest rate hike

FRANKFURT, Germany (AP) — The European Central Bank made its largest interest rate hike on Thursday, following the US Federal Reserve and other central banks in a global rush of rapid rate hikes designed to stifle inflation that is squeezing consumers and push Europe into recession. The bank’s board of governors raised its main benchmarks … Read more

Fed Chairman Powell pledges to raise rates to fight inflation ‘until the job is done’

Federal Reserve Chairman Jerome Powell in an appearance on Thursday stressed the importance of bringing inflation down now before the public gets too used to higher prices and comes to expect them like the standard. In his final comments outlining his commitment to fighting inflation, Powell said expectations played an important role and were key … Read more