I Ignored Summers’ Inflation Warnings ‘to Instill Some Confidence’ in People, Deal with COVID
In an interview with MSNBC that aired during Thursday's broadcast of “The Last Word,” President Joe Biden said that despite warnings from people like Harvard professor Larry Summers that it would cause inflation. He said he decided to proceed with a large-scale economic stimulus package “because we considered realistic policies.” We need to instill some […]
Biden defends inflation policies, says ‘red states really screwed up’ their economies in final interview
President Biden defended his administration by claiming that inflation was falling and that “red states” were messing up their economies. Biden sat down with MSNBC host Lawrence O'Donnell for his final interview in office before officially leaving office on Monday. The two discussed a number of topics, including Biden's response to the economy and the […]
Demand Helped Cause Inflation, But Price Pressure from Stimulus Was Worth Growth
In an interview with Bloomberg that aired Thursday on “Balance of Power,” White House Council of Economic Advisers Chairman Jared Bernstein said “strong demand” helped drive inflation, adding that the coronavirus Inflation rates were about the same in all G7 countries, although he conceded that the upward pressure on prices from virus stimulus was worth […]
Biden’s Parting Gift: Inflation Accelerated In December
U.S. consumer prices rose at a faster pace in December, capping the final year of the inflation-plagued Biden administration and suggesting the Federal Reserve's efforts to rein in inflation may be running out of steam. The consumer price index rose 0.4% from November, bringing the annual inflation rate to 2.9%, according to the Labor Department. […]
Energy and food prices drove inflation in December
RBC Chief Economist Frances Donald explains how inflation affects the average household in Making Money. Inflation rose in December to its highest level since July, with much of the rise due to higher energy and food prices. The Department of Labor released December's Consumer Price Index (CPI), a broad measure of the prices of daily […]
December Inflation clouds Fed’s outlook on interest rate cuts
Gasoline prices were the main contributor to the rise in inflation in December. (iStock) According to the Consumer Price Index (CPI), the annual inflation rate rose to 2.9% in December, slightly higher than the previous month's annual inflation rate of 2.7%. Published by the Bureau of Labor Statistics (BLS). The inflation rate in December rose […]
USD/JPY tumbles over 1% as US core inflation cools – FXStreet
USD/JPY falls sharply as US consumer inflation data shows core inflation slowing. The yen appreciates due to the Bank of Japan governor's hawkish remarks. US 10-year bond yields fell 12bps. Upcoming Fed speeches and US economic data will be key to the further direction of the market. USD/JPY fell more than 1% in early trade […]
Inflation speeds up, ends 2024 at 2.9 percent
Inflation accelerated in December as the US economy showed unexpected signs of strength at the end of 2024. The Consumer Price Index (CPI) rose 0.4% in the final month of 2024 and rose 2.9% at the end of the year, according to data released by the Labor Department on Wednesday. Economists had expected annual inflation […]
US inflation ticks up again — dimming prospects for significant Fed cuts this year
U.S. consumer prices showed no signs of cooling in December on the back of rising prices for energy products, indicating that inflation remains high, a sign that the Federal Reserve expects fewer interest rate cuts this year. This is consistent with the Board's outlook. The Consumer Price Index rose 0.4% last month, after rising 0.3% […]
Inflation rises 2.9% in December, in line with expectations
Kudlow panelists John Carney and Brian Bremberg discuss job growth and the Fed's actions. Inflation rose again in December as persistently high prices continued to weigh on consumers' finances ahead of the Federal Reserve's next interest rate decision. The Labor Department said Wednesday that the Consumer Price Index (CPI), a broad measure of the prices […]