Latest Inflation News

Powell: 'No guarantee' Fed can tame inflation, spare jobs

Jun. 29, 2022 12:28 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said there's “no guarantee'' the central bank can tame runaway inflation without hurting the job market. Speaking Wednesday at a European Central Bank forum in Sintra, Portugal, Powell repeated his hope that the Fed can...

US stocks waver, on track for 4th monthly loss this year

Jun. 29, 2022 12:18 PM EDT

NEW YORK (AP) — Stocks shifted between gains and losses on Wall Street Wednesday, keeping the market on track for its fourth monthly loss this year. The S&P 500 was down 0.2% as of 12:09 p.m. The benchmark index has been volatile all week, and is down 20% for the year as...

Fuel, transport subsidies help keep German inflation at 7.6%

Jun. 29, 2022 10:36 AM EDT

BERLIN (AP) — Inflation in Germany eased slightly in June compared to the previous month, in part due to new subsidies that helped rein in the price of gasoline and public transport. Official figures released Wednesday show inflation hit 7.6% this month, down from 7.9% in May,...

US economy slipped 1.6% to start year; return to growth eyed

Jun. 29, 2022 09:40 AM EDT

WASHINGTON (AP) — The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter. It was the first drop in gross domestic product — the broadest...

Asian shares track Wall St drop as inflation fears drag on

Jun. 29, 2022 01:06 AM EDT

BANGKOK (AP) — Shares skidded in Asia on Wednesday after another broad decline on Wall Street as markets remain gripped by uncertainty over inflation, rising interest rates and the potential for a recession. U.S. futures edged higher while oil prices fell back. A...

NC GOP unveils budget; House backs Medicaid expansion path

Jun. 28, 2022 20:33 PM EDT

RALEIGH, N.C. (AP) — North Carolina Republican legislative leaders on Tuesday unveiled state budget adjustments for the coming year, proposing to spend or set aside billions in expected extra tax collections to raise worker pay, recruit companies, build more infrastructure and combat inflation. ...

French parliament elects woman as its speaker, for 1st time

Jun. 28, 2022 16:56 PM EDT

PARIS (AP) — The new speaker of France's lower house of parliament — the first woman to hold the post — vigorously defended the right to abortion Tuesday and called on the chamber to be “vigilant” about protecting it from reversal. The National Assembly elected Yael...

How major US stock indexes fared Tuesday 6/28/2022

Jun. 28, 2022 16:18 PM EDT

Stocks slid on Wall Street Tuesday as the market remains gripped by uncertainty over pervasive inflation, rising interest rates and the potential for a recession. The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell. The Conference Board reported that consumer...

US consumer confidence slumps to lowest level in 16 months

Jun. 28, 2022 11:04 AM EDT

WASHINGTON (AP) — U.S. consumer confidence slipped to its lowest level in 16 months as persistent inflation and rising interest rates have Americans as pessimistic as they've been about the future in almost a decade. The Conference Board said Tuesday that its consumer confidence...

Europe's central bank ready to 'stamp out' surging inflation

Jun. 28, 2022 06:47 AM EDT

SINTRA, Portugal (AP) — The head of the European Central Bank said Tuesday that it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to “stamp out" inflation if it surges faster than expected. In a...