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Powell says spike in inflation lasting longer than expected

Sep. 27, 2021 19:03 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell is preparing to tell Congress that the current spike in U.S. inflation has proven to be larger and more long-lasting than expected. But, in remarks prepared for delivery Tuesday, he says that if inflation does...

EXPLAINER: Why coffee could cost more at groceries, cafes

Sep. 27, 2021 11:04 AM EDT

SILVER SPRING, Md. (AP) — As if a cup of coffee wasn’t expensive enough, a confluence of factors is driving up farmers' costs to grow the beans and it could begin filtering down to your local cafe before the end of the year. After hovering for years near $1 per pound,...

Business economists lower growth forecasts due to virus

Sep. 27, 2021 08:45 AM EDT

NEW YORK (AP) — The nation's business economists now expect slower economic growth this year due to the widespread delta variant of the coronavirus, while also saying the economy could improve more quickly next year as vaccinations become more accepted. In a survey...

Stocks end mixed on Wall Street, S&P 500 manages weekly gain

Sep. 24, 2021 16:59 PM EDT

Wall street closed out a choppy week of trading Friday with a mixed finish for the major stock indexes, though the S&P 500 managed its first weekly gain in three weeks. The benchmark index rose 0.1% after spending much of the day wavering between small gains and...

Powell meets a changed economy: Fewer workers, higher prices

Sep. 24, 2021 15:28 PM EDT

WASHINGTON (AP) — Restaurant and hotel owners struggling to fill jobs. Supply-chain delays forcing up prices for small businesses. Unemployed Americans unable to find work even with job openings at a record high. Those and other disruptions to the U.S. economy —...

Inflation forces homebuilders to take it slow, raise prices

Sep. 23, 2021 14:20 PM EDT

LOS ANGELES (AP) — Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders. Rising costs and shortages of building materials and labor are rippling across...

Bank of England keeps rates on hold, warns over inflation

Sep. 23, 2021 08:56 AM EDT

LONDON (AP) — The Bank of England kept its main interest rate at the record low of 0.1% while warning Thursday that inflation is set to be double its target rate by the end of this year, largely due to a sharp spike in energy prices. The decision from the central bank's...

Turkish central bank bows to Erdogan's pressure to cut rates

Sep. 23, 2021 08:40 AM EDT

ISTANBUL (AP) — Turkey’s Central Bank unexpectedly cut the main interest rate by one percentage point on Thursday, bowing to President Recep Tayyip Erdogan’s demand for lower borrowing rates to boost growth. The bank’s monetary committee cut the policy rate from...

Asian shares, Wall Street hold gains after Fed statement

Sep. 22, 2021 21:54 PM EDT

Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. Shares rose in Hong Kong, Shanghai, Australia and Taiwan but fell in South Korea and Malaysia. U.S....

Fed: On track to slow support for economy later this year

Sep. 22, 2021 18:26 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell signaled Wednesday that the Fed plans to announce as early as November that it will start withdrawing the extraordinary support it unleashed after the coronavirus paralyzed the economy 18 months ago. Powell said...