Yellen: Recession not inevitable, gas tax holiday weighed
Treasury Secretary Janet Yellen is offering a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation.
Inflation
Articles
Inflation taking bite out of new infrastructure projects
Rising prices for materials such as asphalt, steel and iron pipes are driving up the costs to build roads, bridges, rail lines and water mains. The prices for some infrastructure materials have risen even faster than general consumer prices.
Biden signs shipping law expected to cut consumer costs
The Ocean Shipping Reform Act passed the Senate unanimously via voice vote and garnered bipartisan House support.
Fed’s aggressive rate hikes raise likelihood of recession
Economic history suggests that aggressive, growth-killing rate hikes could be necessary to finally control inflation. And typically, that is a prescription for a recession.
Fed tries to attack inflation with its largest rate hike since 1994
The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate and signaling more large rate increases to come that could raise the risk of another recession.
U.S. retail sales post first drop in five months as auto purchases plunge
Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
Biggest rate hike since last century expected as Fed tackles inflation
A series of sizable increases would heighten borrowing costs for consumers and businesses, likely leading to an economic slowdown and raising the risk of a recession.
U.S. producer prices soar 10.8% as energy costs spike
The producer price data captures inflation at an earlier stage of production and can sometimes signal where consumer prices are headed. It also feeds into the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index.
Several factors converging to push gasoline prices higher
There is little evidence that gasoline prices, which hit a record national average of $5 a gallon on Saturday, will drop anytime soon.
U.S. consumer sentiment slumps to record low on inflation woes
As high prices leave less income for discretionary purchases, the risk to the economy is a more pronounced slowdown in consumer spending.
U.S. inflation rises again, hitting 40-year high of 8.6%
Some evidence in recent weeks had suggested that inflation might be moderating, particularly for long-lasting goods that were caught up in supply chain snarls and shortages last year. But that trend appeared to reverse itself in May.
Empty wallets, empty tanks: Surging gas prices leave more drivers stranded
The incessant run-up in prices has motorists testing the limits of their fuel gauges: AAA fielded 50,787 out-of-gas calls in April, a 32% jump from the same month last year.
Worry about stagflation, a flashback to 1970s, begins to grow
Stagflation is the bitterest of pills: High inflation mixes with a weak job market to cause a toxic brew that punishes consumers and befuddles economists.
Treasury Secretary Yellen expects inflation to ‘remain high’
The Federal Reserve and Treasury Department have been increasingly blamed by legislators and the public for allowing inflation to reach record highs—notably an 8.3% leap in consumer prices over the past year.
U.S. added 390,000 jobs in May as hiring remained robust
The job growth in May was high enough to keep the Federal Reserve on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years.
White House scrambles on inflation after Biden complains to aides
The White House launched a push Tuesday to contain the political damage caused by inflation after President Joe Biden complained for weeks to aides that his administration was not doing enough to publicly explain the fastest price increases in roughly four decades.
U.S. consumer confidence slips amid stubborn inflation
President Joe Biden will meet with Federal Reserve Chairman Jerome Powell on Tuesday as soaring inflation continues to carve up Americans’ earnings.
Analysis: U.S. policymakers misjudged inflation threat until it was too late
Prices for just about everything Americans buy have spiked in the past two years. Inflation, which had been scarcely noticeable for decades, is suddenly the top concern most people have about the economy. And it all seemed to catch Washington, D.C., by surprise.
Key inflation gauge slowed to still-high 6.3% over past year
High inflation appears to be forcing consumers, on average, to save less. The savings rate fell to 4.4% last month, the lowest level since 2008.
Indiana governor eyes ‘inflationary relief,’ not gas tax cut
Indiana Gov. Eric Holcomb said Wednesday he was preparing a plan to potentially tap into the growing state budget surplus to help residents with the national inflation jump.