Inflation

Bank of England tipped for biggest interest rate hike in 27 years as inflation soars

Bank of England tipped for biggest interest rate hike in 27 years as inflation soars

LONDON-FEB 3: Bank of England Governor Andrew Bailey leaves after a news conference at the Bank of England on February 3, 2022 in London, England. The Bank is expected to raise interest rates for a fifth consecutive meeting on Thursday, but faces a difficult balancing act between supporting growth and reining in inflation. Dan Kitwood …

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The housing market correction takes an unexpected turn

The housing market correction takes an unexpected turn

The Federal Reserve has a simple playbook for fighting inflation. It goes like this: Keep applying upward pressure on interest rates until business and consumer spending across the economy weakens and inflation recedes. Historically speaking, the Fed’s inflation-fighting playbook always hits the US housing market particularly hard. When it comes to housing transactions, monthly payments …

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SPAM goes on lockdown due to inflation in NYC

SPAM goes on lockdown due to inflation in NYC

It’s the nation’s crises in a can. Inflation and crime have gotten so bad in Gotham City that even cheap meat like spam has to be locked up. At the Duane Reade store at the Port Authority Bus Terminal, the nonperishable product — just $3.99 a can — is now stored in anti-theft plastic cases. …

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Home Depot co-founder insists US economy has entered downturn 

Home Depot co-founder Ken Langone appeared on Fox to talk about the economy and defended his claims about the recession, saying that

The Home Depot co-founder slammed Joe Biden’s claim that the United States is not in a recession, saying the economy is falling, adding that the president’s economic policies were to blame for the skyrocketing inflation. Ken Langone appeared on Fox’s ‘Your World with Neil Cavuto’ on Friday and said, ‘This is where we are. And …

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Stocks rally again, close out best month since Nov. 2020

Stocks rally again, close out best month since Nov. 2020

Stocks racked up more gains on Friday as Wall Street closed its best month since November 2020, a welcome reprieve for investors after a tough year for the market. The S&P 500 index, a benchmark for many stock funds, rose 1.4% to end 9.1% higher in July. A rally in tech stocks, big box retailers …

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Top economic takeaways as US wrangles with recession fears

Top economic takeaways as US wrangles with recession fears

Back-to-back GDP slowdown, Fed doubling, labor market cooling, red-hot prices, and the big bang in tech: these are the main economic highlights of a busy week. It was an eventful and data-packed week for the US economy. The Federal Reserve, the country’s central bank, raised interest rates by 75 basis points on Wednesday, the second …

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Key inflation gauge jumps 6.8% in June as prices continue to surge

Key inflation gauge jumps 6.8% in June as prices continue to surge

An inflation gauge closely watched by the Federal Reserve jumped 6.8% in June from a year earlier, the biggest annual rise in four decades. Friday’s government figures underscore the persistence of inflation that is eroding Americans’ purchasing power, weakening their confidence in the economy and threatening Democrats in Congress in the run-up to November’s midterm …

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How to recession-proof your life amid economic uncertainty

How to recession-proof your life amid economic uncertainty

NEW YORK (AP) — Gas, food and rent prices soar. The Federal Reserve has raised interest rates to the highest level since 2018. The US economy has contracted for two consecutive quarters. Economists are divided on whether a recession is coming. What is clear is that economic uncertainty is not going to go away any …

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Biden shrugs off recession talk, talks up fighting inflation

Biden shrugs off recession talk, talks up fighting inflation

WASHINGTON (AP) — President Joe Biden and his administration did their best Thursday to downplay a troubling new economic report. that added to the evidence of a recession, trying to focus instead on important legislative progress on measures to control inflation, reduce debt and preserve America’s competitive advantage. The desire to accentuate the positive reflected …

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There is deflation in some items as Wingstop notes dropping chicken wing prices

There is deflation in some items as Wingstop notes dropping chicken wing prices

Three months ago, Wingstop put a surprise in its earnings release: It was seeing a DEFLATION in the costs of bone-in chicken wings. The chicken chain reiterated the trend with its latest results on Thursday morning and its shares jumped 20% on the news. “We are benefiting from significant deflation in bone-in wings,” said CEO …

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