Tag: inflation

Turkey Shocks Markets by Slashing Rates Despite Soaring Inflation, Currency Tumbles

The Turkish central bank is plowing ahead with more cuts to the national interest rate, even as the inflation of the Turkish lira continues to accelerate to unforeseen levels. On Thursday, Turkey shocked markets when it announced a new interest rate cut that would reduce the benchmark to only 13 percent, after seven months in…


[Live on Aug 19 11:00AM ET] Can the Rising Class of New Leaders Steer the US in the Right Direction?

Social unrest. Soaring inflation. High crime rates. Abuse of political power. Loss of faith… America hasn’t faced challenges like this since the 1970s. But Joe Kent isn’t despairing and says you shouldn’t either. He draws his inspiration from family, community, and the country he served in uniform, and means to serve again on Capitol Hill….


Home Sales Drop 6 Percent in July as ‘Housing Recession’ Hits, Says NAR

Existing U.S. home sales have dropped 5.9 percent in July, the sixth consecutive month of decline, according to the National Association of Realtors (NAR), which admitted a “housing recession.” At a seasonally adjusted annual rate of 4.81 million, home sales are down 25.9 percent since January and 20.2 percent from a year ago. “The ongoing…


Inflation Reduction Act Won’t

Commentary In January 1925, President Calvin Coolidge addressed the American Society of Newspaper Editors in Washington. In his remarks, Coolidge said, “the chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing, and prospering in the world.” On Tuesday, President Biden returned from vacation to sign the misnamed “Inflation Reduction Act.” He…


UK A-Level Grades Drop as Exam Boards Rein in ‘Lockdown Inflation’

British school leaving grades have fallen, according to data published Thursday, as exam boards reigned in “grade inflation” from the lockdowns, when schools were shut and A-level exams replaced with teacher assessment. The A-level exam results in England show 82.1 percent of students received a C grade or above compared to 88.2 percent in 2021…


This Is Not the Path to Growth and Prosperity

Commentary Consumer retail spending right now is one of the few measures of economic activity that has not hit the skids. It rose two months ago, was flat last month, but there is every indication that it is rising again, as people dig deep to cough up to pay much higher bills while trying their…


Wall Street Steady at Open as Investors Assess Fed Minutes

Wall Street’s main indexes were subdued at the open on Thursday, with investors seeking fresh signals for future rate hikes after minutes from the Federal Reserve’s July meeting suggested a less aggressive monetary policy tightening path. The Dow Jones Industrial Average rose 1.54 points at the open to 33,981.86. The S&P 500 opened lower by…


US Weekly Jobless Claims Edged Lower Last Week

WASHINGTON—The number of Americans filing new claims for unemployment benefits fell moderately last week, suggesting some loss momentum in the labor market against the backdrop of higher interest rates. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 250,000 for the week ended Aug. 13, the Labor Department said on Thursday. Data…


Eurozone July Inflation Confirmed at 8.9 Percent Year-on-Year, Core Measure Sharply Up

BRUSSELS—Eurozone inflation reached a new record high of 8.9 percent year-on-year in July, the EU’s statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up. The European Union’s statistics office Eurostat said consumer prices in the 19 countries using the euro rose 0.1…


Dollar Holds Its Gains as Fed Set for Lengthy Inflation Fight

HONG KONG—The dollar touched a three-week high on Thursday after minutes from the Federal Reserve’s July meeting pointed to U.S. interest rates staying higher for longer to bring down inflation. The stronger greenback caused the pound briefly to dip below $1.2 in early European trading, its lowest in three weeks, the euro to drop to…