Economy

How is the red-hot inflation hurting the common man?

 How is the red-hot inflation hurting the common man?

Inflation hits the common man hard. People are getting poorer dealing with this fastest inflation.

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Soaring gasoline, food prices boost US consumer inflation in May

Soaring gasoline, food prices boost US consumer inflation in May

  • June 10, 2022 06:20 AM PDT
  • Reuters

U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of services rose further, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflatio...

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Central banks double down in fight against 'galloping' inflation

Central banks double down in fight against 'galloping' inflation

  • June 09, 2022 11:24 PM PDT
  • Reuters

LONDON: Major central banks are racing to ditch post-pandemic stimulus and picking up the pace of interest rate hikes to get on top of surging inflation. The Reserve Bank of Australia on Tuesday became the latest to deliver a hawkish surprise with a...

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US retailers rush to slash prices to downsize inventory

US retailers rush to slash prices to downsize inventory

Highlights: US retailers cut prices to clear heavily stocked inventory. The services industry kept inflation hot as prices went above pre-pandemic levels. The CPI data to come out on Friday kept investors edgy. Amid the rising inflation i...

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US household wealth declines for first time since 2020

US household wealth declines for first time since 2020

US household wealth declines for first time since 2020 Highlights: US household wealth dropped in the first quarter of 2022, the first time since 2020. US household net worth fell to US$149.3 trillion from a historic US$149.8 trillion at the end...

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Crypto bank vs Fed: It is not Fed’s first brush with litigation

Crypto bank vs Fed: It is not Fed’s first brush with litigation

Highlights: Wyoming-based crypto bank, Custodia has sued the Federal Reserve for blocking its access to Fed’s Masters Accounts. The lawsuit states that the central bank sat on Custodia’s application for 19 months without taking any ...

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US narrows record trade deficit as imports shrink 3.4% in April

US narrows record trade deficit as imports shrink 3.4% in April

Highlights: US imports in April dropped sharply amid inflation concerns. The declining imports helped narrow the US trade deficit from a record high in March. The World Bank has warned that inflation and sluggish growth to hit global trade thi...

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US job market outpaced expectations, unemployment steady at 3.6%

US job market outpaced expectations, unemployment steady at 3.6%

US employment figures were better-than-expected in May while the unemployment rate remained stable at 3.6%, the labor department said on Friday. The US labor market is currently tight, even as the Federal Reserve works to cool demand. Nonfarm pay...

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US GDP declined 1.5% in Q1, consumer spending stayed strong

US GDP declined 1.5% in Q1, consumer spending stayed strong

In a revised GDP data on Thursday, the Commerce Department said that the US economy shrank at an annual rate of 1.5% in the first three months of this year, more than its prior estimate of 1.4%. It is the first slump since the second quarter of 20...

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Fed expresses urgency for raising rates in inflation fight

Fed expresses urgency for raising rates in inflation fight

The central bank on Wednesday released the details of their meeting from May 3-4 as it raced to combat the spiraling high inflation that threatened to slow US economic growth. Most participants backed a half-percentage point increase in interest r...

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Why is China moving against the tide in terms of interest rate changes?

Why is China moving against the tide in terms of interest rate changes?

Highlights China’s government has initiated country-wide lockdowns as rising COVID cases spark concerns. Lockdowns across the country have landed major businesses in losses, resulting in shipment delays. The Chinese central bank has rece...

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