An important gauge for the Federal Reserve showed inflation eased slightly from a year ago in June, helping to open the way for a widely anticipated September interest rate cut.The personal consumption expenditures price index increased 0.1% on the month and was up 2.5% from a year ago, in line...
Category: Economy
Why an indicator that has foretold almost every recession doesn’t seem to be working anymore
Pedestrians walk along Wall Street near the New York Stock Exchange (NYSE) in New York, US, on Thursday, May 16, 2024. Alex Kent | Bloomberg | Getty ImagesWall Street's favorite recession signal started flashing red in 2022 and hasn't stopped — and thus far has been wrong every step of the...
Wealth in Turkey grew the most in the world at 157% despite soaring inflation, according to ranking
Golden Horn and Bosphorus at sunset, Istanbul, TurkeyMatteo Colombo | Digitalvision | Getty ImagesTurkey came out miles ahead of the rest of the world in an annual global wealth ranking — in a result that may come as surprising, given the country's high levels of inflation."Türkiye stands out with a...
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut interest rates.Speaking at the Economic Club of Washington D.C., Powell referenced the idea that central bank policy works with "long and variable lags" to explain why the Fed wouldn't wait...
Inflation falls 0.1% in June from prior month, helping case for lower rates
The monthly inflation rate dipped in June for the first time in more than four years, providing further cover for the Federal Reserve to start lowering interest rates later this year.The consumer price index, a broad measure of costs for goods and services across the U.S. economy, declined 0.1% from...