Latest Inflation News

Dems want to tax high earners to protect Medicare solvency

Jul. 07, 2022 10:53 AM EDT

WASHINGTON (AP) — Senate Democrats want to boost taxes on some high earners and use the money to extend the solvency of Medicare, the latest step in the party's election-year attempt to craft a scaled-back version of the economic package that collapsed last year, Democratic aides told The...

Average long-term US mortgage rates retreat this week

Jul. 07, 2022 10:51 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates eased again this week as the Federal Reserve remains likely to raise its benchmark borrowing rate in its ongoing battle to bring down inflation. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.30%...

US stocks gain ground while bond market signals caution

Jul. 07, 2022 10:47 AM EDT

NEW YORK (AP) — Stocks rose broadly in early trading Thursday, putting major indexes on track for weekly gains. The S&P 500 rose 0.9% as of 10:19 a.m. Eastern. The Dow Jones Industrial Average rose 156 points, or 0.5%, to 31,189 and the Nasdaq rose 1.5%. ...

Retailers scale back hiring as worry about a slowdown grows

Jul. 07, 2022 10:14 AM EDT

NEW YORK (AP) — After going on a frenzied hiring spree for a year and a half to meet surging shopper demand, America's retailers are starting to temper their recruiting. The changing mindset comes as companies confront a pullback in consumer spending, the prospect of an economic...

Wall Street expects inflation squeeze on 2Q earnings

Jul. 07, 2022 10:01 AM EDT

NEW YORK (AP) — Inflation tightened its grip on businesses and consumers during the second quarter and investors expect to see a dent in the latest round of corporate earnings. Wall Street already had expected relatively muted earnings growth in 2022 following a sharp recovery in...

Sri Lanka's central bank raises key rates to curb inflation

Jul. 07, 2022 07:15 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s Central Bank has raised its key interest rates to their highest levels in more than 20 years to try to contain inflation that has added to the country’s economic woes. Recent price hikes have been a severe blow, especially for the South...

Inflation pushed 71M people into poverty since Ukraine war

Jul. 07, 2022 04:58 AM EDT

DUBAI, United Arab Emirates (AP) — A staggering 71 million more people around the world are experiencing poverty as a result of soaring food and energy prices that climbed in the weeks following Russia's invasion of Ukraine, the United Nations Development Program said in a report Thursday. ...

Asian stocks higher after Fed says rate hikes may be needed

Jul. 06, 2022 23:34 PM EDT

BEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said higher U.S. interest rates might be needed to cool inflation. Shanghai, Tokyo and Sydney advanced. Hong Kong declined. Oil prices fell more than $1 per barrel to stay below $100. Wall...

Biden in Ohio spotlights effort to rescue union pensions

Jul. 06, 2022 17:34 PM EDT

CLEVELAND (AP) — Reassuring frustrated blue-collar voters, President Joe Biden on Wednesday visited Ohio iron workers to highlight federal action to shore up troubled pension funding for millions now on the job or retired — and to make his political case that he's been a champion for workers in...

Fed: Sharply higher rates may be needed to quell inflation

Jul. 06, 2022 15:52 PM EDT

WASHINGTON (AP) — Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it. The policymakers also acknowledged, in minutes...