Category: high inflation

Biden’s Spending Policies Result From ‘Lack of Understanding,’ Maybe Beginning of ‘Inflationary Regime’: Portfolio Manager

September 18, 2022
Business & Marketseconomic policieseconomyfederal spending splurgefiscal spendinghigh inflationinflationInflation Reduction ActInvestmentstock market lossUSUS Budget DeficitUS unemployment
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Tavi Costa, portfolio manager at Crescat Capital, has criticized the Biden administration’s spending measures, warning that Americans’ inflation woes might have only just begun. During the recent White House celebration of the passage of the “Inflation Reduction Act,” the president defended his government’s massive spending by saying that “we spend, but we pay.” Biden said…

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Stocks Heading to New Lows as Inflation ‘Ain’t Over’: Bank of America

September 17, 2022
american stock marketBank of AmericaBusiness & Marketseconomyhigh inflationinflationMarketsS&P 500 indexstocksU.S. labor marketUS
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Despite falling for much of the year, the U.S. stock market might decline even further rather than recover due to elevated inflation rates, according to a note by a Bank of America (BofA) strategist. Warning that the “inflation shock ain’t over,” strategist Michael Hartnett highlighted that past bear markets show the average peak-to-trough declines of…

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Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash

September 16, 2022
30-year mortgageBusiness & Marketseconomyhigh inflationhome pricesMarketsmonths of supplymortgage ratesreal estateU.S. home salesUSUS NewsUS Real Estate
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The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market. Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week…

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Average Social Security Payments Could Hit $1,800 Owing to Inflation

September 15, 2022
benefitsBusiness & Marketscolaeconomyhigh inflationinflationpersonal financeSenior Citizens LeagueSocial IssuesSocial SecurityUS
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Inflation could drive up Social Security payments by a record-high level next year due to inflation, with average payments reaching $1,800, according to an analysis by the Senior Citizens League, a nonpartisan group that focuses on issues related to older U.S. citizens. Based on the inflation data through August, the Senior Citizens League estimates the…

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These Are the Cities Where Inflation Is Rising the Most

September 13, 2022
AtlantaBusiness & Marketsconsumer price index (CPI)Dallaseconomyfood pricesgas priceshigh inflationinflationpersonal financephoenix arizonaRegional-Local NewsTAMPAUSUS News
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As Americans deal with decades-high inflation, some regions of the country have been hit harder than others, such as the Arizona cities of Phoenix, Mesa, and Scottsdale; the Florida cities of Tampa, St. Petersburg, and Clearwater; and the Texas cities of Dallas, Fort Worth, and Arlington, according to official numbers released by the U.S. Bureau…

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Small-Business Optimism Inches Up, but Inflation Remains ‘Serious Problem’: NFIB

September 13, 2022
Business & Marketseconomyhigh inflationinflationlabor costssmall business ownerssmall business sentimentUSUS News
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Small-business sentiment saw an improvement in August, but continued to remain depressed, according to a survey by the National Federation of Independent Business (NFIB). The NFIB Small Business Optimism Index rose by 1.9 points last month, to 91.8, data from a Sept. 13 press release showed. Though the index reversed some of the declines seen…

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Americans’ Household Wealth Falls by Record $6.1 Trillion

September 12, 2022
Business & Marketseconomic recessioneconomyhigh inflationHousehold debt ratiohousehold spendinghousehold wealthMarketspersonal financerecessionUS
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The net worth of American households dropped by $6.1 trillion in the second quarter of 2022, triggered by a decline in the stock market, according to a latest report by the Federal Reserve. Total net worth of households and nonprofit organizations at the end of the second quarter was at $143.8 trillion, according to the…

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Annual Inflation in Laos Exceeds 30 Percent in August

September 10, 2022
Asia & PacificBusiness & Marketsdebt trapeconomyhigh inflationLaosLaos-ChinaWorld
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Inflation in the Southeast Asian nation of Laos spiked to 30.1 percent on an annual basis last month according to the Lao Statistics Bureau. August inflation was roughly five percentage points higher than the 25.6 percent inflation rate posted in July. In August 2021, inflation was only at 3.81 percent. As such, the August 2022…

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Has Inflation Peaked? White House Admits Maybe Not

August 31, 2022
Bureau of Labor StatisticsBusiness & Marketseconomyhigh inflationinflationJared BernsteinUSUS NewsWhite House Council of Economic Advisers
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Jared Bernstein, a member of the White House Council of Economic Advisers, has admitted that inflation might not have hit its highest level yet. In an interview with Saleha Mohsin, senior Washington correspondent for Bloomberg News, Bernstein was asked about the inflation situation. “I’ve seen folks say that the peak is behind us. I’m just…

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Inflation Can ‘Take Years, Not Months,’ to Cool Off: Former CBO Director

August 30, 2022
Business & MarketsCBOeconomyhigh inflationinflationInflation Reduction ActstagflationU.S. interest rate hikesUSUS News
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Former Congressional Budget Office Director Douglas Holtz-Eakin has warned that the high inflation rate troubling American citizens isn’t going away anytime soon and is here to stay for several years. In an interview with Fox, Holtz-Eakin cited Federal Reserve Chairman Jerome Powell’s statement on Aug. 26 about inflation. “One of the things that Powell emphasized…

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