EXPLAINER: Why are fears of high inflation getting worse?
3 years, 7 months ago

EXPLAINER: Why are fears of high inflation getting worse?

Associated Press  

WASHINGTON — Gas prices are rising. Not since the late 1960s and early ‘70s has the United States endured chronic high inflation, with consumer prices rising at or near double-digit percentages from one year to the next. Under Chair Jerome Powell, the Fed is betting that it can keep rates ultra-low even as the economic recovery kicks into high gear — and that it won’t have to quickly raise rates to stop runaway inflation. “A persistent material increase in inflation would require not just that wages or prices increase for a period after reopening, but also a broad expectation that they will continue to increase at a persistently higher pace,” Lael Brainard, a Fed governor and key voice on the central bank’s interest rate policies, said in an appearance Tuesday. If the public expects inflation to stick around 2%, then consumers and businesses won’t likely change their behavior much even if commodity prices rise.

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History of this topic

The economy is still inflated
2 weeks, 5 days ago

The economy is still inflated

Live Mint  

The Federal Reserve has slowed inflation, but many Americans continue to pay a high price for the cumulative inflationary consequences of excessive monetary and fiscal stimulus. Joe Biden’s $1.9 trillion American Rescue Plan was close to being enacted, but we never imagined that the Fed would maintain zero interest rates and continue its massive purchases of assets until March 2022, …

Fed up with high prices? Here's where things stand with inflation
1 month, 1 week ago

Fed up with high prices? Here's where things stand with inflation

NPR  

Fed up with high prices? Here's where things stand with inflation toggle caption Justin Sullivan/Getty Images By the numbers, inflation in America continues in the same direction: Easing largely — but still sticky. "We both make decent wages, but with the way that inflation has increased, it's like our dollar just doesn't go as far," says Spangler, who helps manage …

Column: American economists and consumers got inflation wrong during its recent surge. They still do
2 months, 3 weeks ago

Column: American economists and consumers got inflation wrong during its recent surge. They still do

LA Times  

Sen. JD Vance tried to blame the $4 price of a dozen eggs on Kamala Harris in this campaign video. The “strong policy response” Powell referred to was the Fed’s raising of short-term interest rates 11 times, a total of 5.25 percentage points, from March 2022 through July 2023. In November 2021, however, Powell told Congress that it was “probably …

U.S. inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates
3 months, 1 week ago

U.S. inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates

LA Times  

Wednesday’s report from the Labor Department showed that consumer prices rose 2.5% in August from a year earlier, down from 2.9% in July. The post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a three-year low, clearing the way for the Federal Reserve to cut interest rates next week. Excluding volatile food and energy costs, …

Powell stresses message that US job market is cooling, a possible signal of coming rate cut
5 months, 1 week ago

Powell stresses message that US job market is cooling, a possible signal of coming rate cut

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell on Wednesday reinforced a message that the Fed is paying growing attention to a slowing job market and not only to taming inflation, a shift that signals it’s likely to begin cutting interest rates soon. “We also have an employment mandate.” On Tuesday, when Powell addressed the Senate Banking Committee, he suggested that …

Federal Reserve sees some progress on inflation but envisions just one rate cut this year
6 months, 1 week ago

Federal Reserve sees some progress on inflation but envisions just one rate cut this year

Associated Press  

WASHINGTON — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers’ forecast for one rate cut was down from their previous projection of three cuts, because inflation, despite having cooled in the past two months, …

US inflation cooled in May in a sign that price pressures may be easing
6 months, 1 week ago

US inflation cooled in May in a sign that price pressures may be easing

Associated Press  

WASHINGTON — Inflation in the United States eased in May for a second straight month, a hopeful sign that an acceleration of prices that occurred early this year may have passed. Consumer prices excluding volatile food and energy costs — the closely watched “core” index — rose 0.2% from April to May, the government said Wednesday. Fed officials, who will …

Inflation eases in May, but major relief on interest rates not coming soon
6 months, 1 week ago

Inflation eases in May, but major relief on interest rates not coming soon

LA Times  

Federal Reserve Chair Jerome H. Powell and his colleagues at the central bank have kept interest rates at a more than 20-year high to fight inflation. The Federal Reserve has raised interest rates to the highest level in more than two decades to fight inflation, and on Wednesday policymakers said the fight wasn’t over. “But we don’t see ourselves as …

An inflation gauge closely tracked by Federal Reserve rises at slowest pace this year
6 months, 3 weeks ago

An inflation gauge closely tracked by Federal Reserve rises at slowest pace this year

Associated Press  

WASHINGTON — A price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year. Overall inflation increased 0.3% from March to April, the same as in the previous month, and 2.7% from a year earlier, also unchanged from March’s figure. Friday’s …

An inflation gauge closely tracked by the Federal Reserve rises at slowest pace this year
6 months, 3 weeks ago

An inflation gauge closely tracked by the Federal Reserve rises at slowest pace this year

LA Times  

A price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year. Inflation fell sharply in the second half of last year before sticking well above the Fed’s 2% target in the first few months of 2024. Friday’s report also showed …

US inflation eased last month in the first slowdown of 2024
7 months, 1 week ago

US inflation eased last month in the first slowdown of 2024

Associated Press  

WASHINGTON — Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team. Instead, he stressed that the Fed’s policymakers need “greater confidence” that inflation is falling to their 2% …

High inflation is pinching, 'consumers more discriminating with every dollar', McDonald's says
7 months, 3 weeks ago

High inflation is pinching, 'consumers more discriminating with every dollar', McDonald's says

Hindustan Times  

Inflation remains a pressing concern for some of America's most prominent corporations, with rising prices impacting consumers and bottom lines. McDonald’s CEO, Chris Kempczinski, highlighted the ongoing challenges faced by consumers during the company's recent earnings call, noting that elevated prices are prompting individuals to be more discerning with their spending. Other firms, including 3M and Newell Brands, have also …

Fed’s preferred inflation gauge shows price pressures stayed elevated last month
7 months, 3 weeks ago

Fed’s preferred inflation gauge shows price pressures stayed elevated last month

Associated Press  

WASHINGTON — A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the Fed’s reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Biden’s re-election bid. Friday’s inflation data showed that excluding volatile food and energy costs, “core” prices rose by an elevated 0.3% from February to March, …

Why beating inflation is turning out to be as hard as losing weight
8 months, 2 weeks ago

Why beating inflation is turning out to be as hard as losing weight

NPR  

Why beating inflation is turning out to be as hard as losing weight Enlarge this image toggle caption Scott Olson/Getty Images Scott Olson/Getty Images Beating inflation is starting to feel a lot like losing weight, at least before the Ozempic era: Losing the first pounds is generally easier — it's getting rid of the last ones that's proving hard. Enlarge …

American consumers are pushing back against high inflation — and they are winning
9 months, 4 weeks ago

American consumers are pushing back against high inflation — and they are winning

The Hindu  

Inflation has changed the way many Americans shop. In a video released on Super Bowl Sunday, Mr. Biden denounced shrinkflation as a “rip-off.” Consumer pushback against high prices suggests to many economists that inflation should further ease. “That was the fear — that everybody would tolerate higher prices,” said Gregory Daco, chief economist at EY, who notes that it hasn't …

US inflation slows but remains elevated in sign that price pressures are easing only gradually
10 months, 1 week ago

US inflation slows but remains elevated in sign that price pressures are easing only gradually

Associated Press  

WASHINGTON — Consumer inflation in the United States cooled last month yet remained elevated in the latest sign that the pandemic-fueled price surge is only gradually and fitfully coming under control. At his most recent news conference, Fed Chair Jerome Powell singled out persistently high services prices as a concern and indicated the central bank’s policymakers would like to see …

Inflation slows but remains elevated, a sign price pressures are easing only gradually
10 months, 1 week ago

Inflation slows but remains elevated, a sign price pressures are easing only gradually

LA Times  

U.S. consumer prices rose more than expected in January, further reducing the chances that Federal Reserve officials will start lowering interest rates soon. At his most recent news conference, Fed Chair Jerome H. Powell singled out persistently high services prices as a concern and indicated the central bank’s policymakers would like to see services inflation ease further before starting to …

Federal Reserve On Cusp Of What Some Thought Impossible: Defeating Inflation Without Steep Recession
1 year ago

Federal Reserve On Cusp Of What Some Thought Impossible: Defeating Inflation Without Steep Recession

Huff Post  

In this photo made with a slow shutter speed, Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy at the Federal Reserve, Wednesday, Dec. 13, 2023, in Washington. “I think it’s really good to see the progress that we’re making,” Chair Jerome Powell said at a news conference Wednesday after the Fed's …

The Federal Reserve could do what was thought impossible: Defeat inflation without a steep recession
1 year ago

The Federal Reserve could do what was thought impossible: Defeat inflation without a steep recession

Associated Press  

WASHINGTON — It was the most painful inflation Americans had experienced since 1981, when “The Dukes of Hazzard” and “The Jeffersons” were topping the TV charts. Confidence is growing among Federal Reserve officials and many economists that high interest rates and healed supply chains will soon defeat inflation. With inflation cooling, Powell said the 19 officials on the Fed’s policy …

Federal Reserve’s preferred inflation gauge shows price pressures continuing to cool
1 year ago

Federal Reserve’s preferred inflation gauge shows price pressures continuing to cool

Associated Press  

WASHINGTON — The Federal Reserve’s preferred inflation measure cooled last month, the latest sign that price pressures are waning in the face of high interest rates and moderating economic growth. Under the hood, there is a slowing that suggests they’re making progress.” In the past six months, core inflation has risen at just a 2.5% annual rate, not far above …

What’s pushing inflation down? More goods, workers and housing
1 year, 1 month ago

What’s pushing inflation down? More goods, workers and housing

Associated Press  

WASHINGTON — Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve. Overall inflation didn’t rise from September to October, the first time that consumer prices collectively haven’t budged from one month to another in more than a year. …

Slower economic growth, rate hikes needed to bring inflation under 2%: Powell
1 year, 2 months ago

Slower economic growth, rate hikes needed to bring inflation under 2%: Powell

Live Mint  

Federal Reserve Chair Jerome Powell said on Thursday, October 19, that inflation in the US remains too high and bringing it down to the Fed's 2 per cent target level will likely require a slower-growing economy and job market. More rate hikes to battle high inflation Powell underscored lingering theme at the US central bank and explained that despite a …

Why the US job market has defied rising interest rates and expectations of high unemployment
1 year, 2 months ago

Why the US job market has defied rising interest rates and expectations of high unemployment

Associated Press  

WASHINGTON — Last year’s spike in inflation, to the highest level in four decades, was painful enough for American households. Grim forecasts from economists had predicted that as the Federal Reserve jacked up its benchmark rate ever higher, consumers and businesses would curb spending, companies would slash jobs and unemployment would spike as high as 7% or more — twice …

Fed keeps rates unchanged and signals optimism about a potential ‘soft landing’
1 year, 3 months ago

Fed keeps rates unchanged and signals optimism about a potential ‘soft landing’

Associated Press  

WASHINGTON — The Federal Reserve left its benchmark interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. The Fed’s policymakers also signaled that they expect to raise rates once more this year and envision their key rate staying higher in 2024 than …

Fed Chair Jerome Powell warns the fight against inflation is far from over
1 year, 3 months ago

Fed Chair Jerome Powell warns the fight against inflation is far from over

NPR  

Fed Chair Jerome Powell warns the fight against inflation is far from over Enlarge this image toggle caption Kevin Dietsch/Getty Images Kevin Dietsch/Getty Images Federal Reserve Chair Jerome Powell said on Friday inflation is still too high, and he warned that restoring price stability will likely require an extended period of elevated interest rates. Speaking to a gathering of economists …

Economy’s solid growth could require more Fed hikes to fight inflation, says Fed’s Jerome Powell
1 year, 3 months ago

Economy’s solid growth could require more Fed hikes to fight inflation, says Fed’s Jerome Powell

LA Times  

Federal Reserve Chairman Jerome Powell noted that the economy has been growing faster than expected and that consumers have kept spending briskly — trends that could keep inflation pressures high. The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain …

Federal Reserve minutes: Too-high inflation, still a threat, could require more rate hikes
1 year, 4 months ago

Federal Reserve minutes: Too-high inflation, still a threat, could require more rate hikes

Associated Press  

WASHINGTON — Most Federal Reserve officials last month still regarded high inflation as an ongoing threat that could require further interest rate increases, according to the minutes of their July 25-26 meeting released Wednesday. At the same time, the officials saw “a number of tentative signs that inflation pressures could be abating.” It was a mixed view that echoed Chair …

What rising inflation means for you: CPI increases to a six-month high - what happens next?
1 year, 4 months ago

What rising inflation means for you: CPI increases to a six-month high - what happens next?

Daily Mail  

Inflation has risen higher than the national target, meaning consumers pay more Inflation rose above the Bank of England's 2 per cent target in October, reaching a six-month high. The bigger-than-expected rise in the headline inflation rate to 2.3 per cent coincided with another increase in core inflation, which has continued to run hot. Julian Jessop, economics fellow at the …

An inflation gauge that is closely tracked by the Fed falls to its lowest level in more than 2 years
1 year, 4 months ago

An inflation gauge that is closely tracked by the Fed falls to its lowest level in more than 2 years

LA Times  

Shoppers peruse a display of Rainer cherries at a Costco warehouse July 11 in Sheridan, Colo. On Friday, the Commerce Department issues its June report on consumer spending. Prices rose just 3% in June from 12 months earlier, down from a 3.8% annual increase in May, though still above the Fed’s 2% inflation target. Friday’s report from the Commerce Department …

An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 years
1 year, 5 months ago

An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 years

Associated Press  

WASHINGTON — An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs. Still, last month’s progress in easing overall inflation was tempered by an elevated reading of “core” prices, a category that excludes volatile food and energy costs. From …

Why inflation is worse than anyone expected – and what comes next
1 year, 6 months ago

Why inflation is worse than anyone expected – and what comes next

The Telegraph  

The Bank of England’s Governor has warned about this. Big changes include airfares - up by almost one-third, though this can be affected by the timing of the Easter holidays - live events, which may have been affected by shows by big stars including Beyonce, and second hand cars, which are less exciting than pop sensations but typically more important …

Hiltzik: The vanishing of wage inflation
1 year, 6 months ago

Hiltzik: The vanishing of wage inflation

LA Times  

Fed Chairman Jerome H. Powell has been fixated on pushing unemployment higher, even though it has no effect on inflation. some softening of labor market conditions,” Powell said in his most recent news conference, following the Fed’s latest interest rate hike on May 3. Powell treated every statistic showing labor market strength — low unemployment, “excess demand” for workers, persistent …

A measure of inflation that is closely tracked by the Federal Reserve increased in April
1 year, 6 months ago

A measure of inflation that is closely tracked by the Federal Reserve increased in April

Associated Press  

WASHINGTON — A key index of U.S. prices ticked higher in April, and consumer spending rebounded, a sign that inflationary pressures in the economy remain high. But a vocal group among the Fed’s 18-member interest-rate setting committee has pushed for more rate hikes later this year on the grounds that inflation isn’t slowing quickly enough. Omair Sharif, founder of Inflation …

Why does low unemployment no longer lift inflation?
1 year, 7 months ago

Why does low unemployment no longer lift inflation?

Hindustan Times  

EVERY NIGHT at about 10pm the lights of the prisoner-of-war camp in Indonesia would mysteriously dim, to the puzzlement of the Japanese guards. His fame rests instead on his “quick and dirty” study, published in 1958, documenting a striking, decades-long relationship between British wage inflation and unemployment: the one tended to be high when the other was low. Economists decided …

Inflation stayed high last month, compounding the challenges facing the U.S. economy
1 year, 7 months ago

Inflation stayed high last month, compounding the challenges facing the U.S. economy

NPR  

Inflation stayed high last month, compounding the challenges facing the U.S. economy Enlarge this image toggle caption Justin Sullivan/Getty Images Justin Sullivan/Getty Images Inflation remained stubbornly high last month after more than a year of rising interest rates. "My feeling is that there's a gradual slowdown here, but March seemed a little too good to be true," said Omair Sharif, …

Inflation eased in March but prices are still climbing too fast for comfort
1 year, 8 months ago

Inflation eased in March but prices are still climbing too fast for comfort

NPR  

Inflation eased in March but prices are still climbing too fast for comfort New consumer prices data for March show that inflation has fallen from a four-decade high last summer, but prices are still climbing faster than the Federal Reserve would like. But, you know, prices are still climbing about 2 1/2 times as fast as the Federal Reserve would …

The Fed already had a tough inflation fight. Now, it must deal with banks collapsing
1 year, 9 months ago

The Fed already had a tough inflation fight. Now, it must deal with banks collapsing

NPR  

The Fed already had a tough inflation fight. Now, it must deal with banks collapsing Enlarge this image toggle caption Justin Sullivan/Getty Images Justin Sullivan/Getty Images The Federal Reserve's fight against inflation just got harder. Last week, Fed chairman Jerome Powell warned the central bank might have to raise interest rates higher and more quickly in order to bring prices …

Have employers used high inflation as cover to make excessive profits?
1 year, 9 months ago

Have employers used high inflation as cover to make excessive profits?

ABC  

Inflation isn't the same, always and everywhere. Dr Weber's latest paper, Sellers' Inflation, Profits and Conflict: Why can Large Firms Hike Prices in an Emergency? Once you do that, she says, you'll appreciate why the current inflation is predominantly a "seller-induced inflation" that derives from micro-economic origins, namely the ability of firms with market power to hike prices. "Bottlenecks can …

Cautious but steady consumers buoying hopes for US economy
1 year, 10 months ago

Cautious but steady consumers buoying hopes for US economy

Associated Press  

WASHINGTON — Call it the Goldilocks consumer. “Decreasing inflation expectations,” Ball said, “are unambiguously good for the inflation fight.” He added, though, that he’s still concerned about the robust jobs market and how sharp pay raises may still keep inflation elevated. She feels the impact of inflation every day, she said, in “everything we eat at home, everything we need …

US inflation slows to 6.4%, but price pressures re-emerge
1 year, 10 months ago

US inflation slows to 6.4%, but price pressures re-emerge

Associated Press  

WASHINGTON — The pace of consumer price increases eased again in January compared with a year earlier, the latest sign that the high inflation that has gripped Americans for nearly two years is slowly easing. At the same time, Tuesday’s consumer price report from the government showed that inflationary pressures in the U.S. economy remain stubborn and are likely to …

US inflation slows to 6.4% but price pressures remain
1 year, 10 months ago

US inflation slows to 6.4% but price pressures remain

Al Jazeera  

The pace of consumer price increases eased again in January compared with a year earlier, the latest sign that the high inflation that has gripped Americans for nearly two years is slowing. And on a monthly basis, consumer prices increased 0.5 percent from December to January, much higher than the 0.1 percent rise from November to December. Tuesday’s inflation report …

Businesses are fuelling inflation with unnecessary price hikes — and struggling Australians are paying for it
1 year, 10 months ago

Businesses are fuelling inflation with unnecessary price hikes — and struggling Australians are paying for it

ABC  

Higher prices, that is. The Reserve Bank summed this up in this week's Monetary Policy Decision: "Global factors explain much of this high inflation, but strong domestic demand is adding to the inflationary pressures in a number of areas of the economy." "There's no doubt that corporations have taken advantage of the supply chain problems and the desperation of consumers …

An unexpected job surge confounds the Fed’s economic models
1 year, 10 months ago

An unexpected job surge confounds the Fed’s economic models

Associated Press  

WASHINGTON — Does the Federal Reserve have it wrong? “Like $20 bills on the sidewalk and free lunches, falling inflation paired with falling unemployment is the stuff of economics fiction.” In economic models used by the Fed and most mainstream economists, a job market with strong hiring and a low unemployment rate typically fuels higher inflation. Chair Jerome Powell has …

Can US avoid a recession? As inflation eases, optimism rises
1 year, 11 months ago

Can US avoid a recession? As inflation eases, optimism rises

Associated Press  

WASHINGTON — For months, the outlook for the U.S. economy has been a mostly bleak one: Inflation hitting a four-decade high, consumer spending weakening, interest rates surging. These trends are raising expectations that the Fed might manage to engineer an often-elusive “soft landing,” whereby the economy slows but doesn’t go into reverse and unemployment rate rises slightly but stays low. …

US recession a growing fear as Fed plans to keep rates high
2 years ago

US recession a growing fear as Fed plans to keep rates high

Associated Press  

WASHINGTON — After scaling 40-year highs, inflation in the United States has been slowly easing since summer. We’re going to break inflation or we’re going to break the economy.’’ Many investors had convinced themselves that with inflation pressures gradually easing, the Fed might soon declare some progress in their fight and perhaps even reverse course and cut rates sometime in …

A diminished US workforce could lead Fed to keep rates high
2 years ago

A diminished US workforce could lead Fed to keep rates high

Associated Press  

WASHINGTON — Still eager to hire, America’s employers are posting more job openings than they did before the pandemic struck 2½ years ago. “This labor shortage that we have,” the Fed chair said, “it doesn’t look like it’s going away anytime soon. “It’s hard enough finding workers, but a bench jeweler is a dying breed,” said Moriarty, referring to an …

Lowering inflation without a recession might not be feasible: Fed official
2 years, 1 month ago

Lowering inflation without a recession might not be feasible: Fed official

Live Mint  

KANSAS CITY : Inflation is at risk of growing entrenched in the economy due to an overheated job market, and that will make it increasingly difficult for the Federal Reserve to bring inflation down without a recession, a central bank official said in an interview. “I’m looking at a labor market that is so tight, I don’t know how you …

Stock market surges after inflation report shows the pain of high prices may ease
2 years, 1 month ago

Stock market surges after inflation report shows the pain of high prices may ease

NPR  

Stock market surges after inflation report shows the pain of high prices may ease Enlarge this image toggle caption FREDERIC J. BROWN/AFP via Getty Images FREDERIC J. BROWN/AFP via Getty Images Stocks surged in their biggest rally in two years on Thursday, after a better-than-expected inflation report showed that the galloping price increases that consumers have endured all year are …

As the causes of US inflation grow, so do the dangers
2 years, 2 months ago

As the causes of US inflation grow, so do the dangers

Associated Press  

WASHINGTON — What keeps driving inflation so high? Thursday’s report on consumer prices in September came in hotter than expected even as some previously big drivers of inflation — gas prices, used cars — fell for a third straight month. “The profile of who’s buying used is a dramatically upper-scale type of customer.” SERVICES INFLATION TAKES OVER Rising prices can …

Worsening inflation will pressure Fed to keep raising rates
2 years, 2 months ago

Worsening inflation will pressure Fed to keep raising rates

Associated Press  

WASHINGTON — Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains and ensuring that the Federal Reserve will keep raising interest rates aggressively. And on a month-to-month basis, such “core” prices soared 0.6% for a second straight time, defying expectations for a slowdown and signaling …

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