A recent survey found most of the older generations think that the cost-of-living adjustments (COLA) made to their Social Security benefits won’t keep pace with inflation and rising costs. At the start of this year, Social Security beneficiaries received an 8.7 percent increase in their monthly checks, the largest one since an 11.2 percent increase…
Social Security Increase Might Not Be Enough to Cover Rising Costs: Survey
Wall Street Opens Higher as Inflation Data Eases Rate-Hike Worries
Wall Street’s main indexes opened higher on Wednesday as headline consumer prices cooled faster than expected in March, raising hopes that the Federal Reserve could hit a pause on its interest rate hiking cycle soon. The Dow Jones Industrial Average rose 79.42 points, or 0.24 percent, at the open to 33,764.21. The S&P 500 opened…
Bank of Canada Holds Key Policy Rate at 4.5 Percent, Not Forecasting Any Recession
OTTAWA—After the Bank of Canada announced a pause on interest rate hikes in January, it continued to stay true to its word on April 12 by holding its overnight rate target at 4.5 percent, which was widely expected. Forecasts for much weaker but still positive economic growth were shifted further into the future after a…
Dollar Slips Ahead of US Inflation Data
SINGAPORE/LONDON—The dollar dipped on Wednesday with investors expecting U.S. inflation data out later in the day to hold some clues on how soon U.S. interest rates will peak. Against a basket of currencies, the U.S. dollar index fell 0.1 percent to 102.02. The U.S. inflation data for March is forecast to come in at 5.2…
Oil Steadies as Market Awaits Key US Inflation Data
April 12, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Oil prices steadied Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve’s policy on interest rate hikes. Brent crude gained 14 cents, or 0.2 percent, to $85.75 a barrel by 0917 GMT, while U.S. West Texas Intermediate rose 10 cents, or 0.1 percent, to…
Global Shares Trend Higher With Focus on Inflation Data
April 12, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mostly higher Wednesday, as investors watched for key inflation data likely to influence the Federal Reserve’s stance on interest rates. France’s CAC 40 added 0.4 percent in early trading to 7,420.32. Germany’s DAX edged up 0.4 percent to 15,709.27. Britain’s FTSE 100 surged 0.5 percent to 7,825.05. The future for the Dow…
UK to Be Worst-Performing G-7 Economy This Year, Predicts IMF
The International Monetary Fund (IMF) expects the UK economy to grow more slowly than all other Group of Seven (G-7) advanced economies, though it has upgraded its forecast for the country. The latest IMF forecast shows that UK economic output is expected to contract by 0.3 percent this year before rebounding to grow by 1…
Wall Street Muted at Open as Investors Await Inflation Data
Wall Street’s main indexes were subdued at the open on Tuesday as investors kept an eye out for inflation data that could determine the U.S. Federal Reserve’s next policy moves. The Dow Jones Industrial Average rose 0.23 points at the open to 33,586.75. The S&P 500 opened higher by 1.18 points, or 0.03 percent, at…
Fed’s Williams Doubts Monetary Policy Spiked Banking Sector Stress
April 11, 2023
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Business & Marketseconomic policieseconomyFedinflationMarketsMonetaryPolicyrecessionSilicon Valley Bank CollapseUSUS NewsWilliams
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NEW YORK—Federal Reserve Bank of New York President John Williams said on Monday that financial system troubles that drove the central bank to provide large amounts of credit to banks is not collateral damage from the Fed’s aggressive effort to lower inflation. “I personally don’t think the pace of rate increases was behind the issues…
Bitcoin Breaks Above $30,000 as Investors Eye End of Rate Rises
Major cryptocurrency bitcoin breached the key $30,000 level for the first time in 10 months on Tuesday, adding to its steady gains as investors raised bets that the U.S. Federal Reserve will soon end its aggressive monetary tightening campaign. Bitcoin peaked at $30,438 in Asian trade and was last up 1.4 percent at $30,070. It…
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