Costco raises annual membership fees for the first time since 2017
The company disclosed the forthcoming 8% increase in the fee to gain entry into its more than 700 warehouses in the U.S. and Canada as part of a monthly sales report Wednesday.
Inflation
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Fed’s Powell highlights slowing job market in signal that rate cuts might be nearing
The Federal Reserve has made “considerable progress” toward its goal of defeating the worst inflation spike in four decades, Chair Jerome Powell said in his testimony to the Senate Banking Committee.
Fed Chair Jerome Powell: U.S. inflation cooling again, but rate cuts would be premature
After some persistently high inflation reports at the start of 2024, Powell said, the data for April and May “do suggest we are getting back on a disinflationary path.”
Federal Reserve’s preferred inflation gauge shows price pressures easing further
Prices for physical goods actually fell 0.4% from April to May. Gasoline prices, for example, dropped 3.4%, furniture prices 1% and the prices of recreational goods and vehicles 1.6%.
Medicare cutting prices of 64 drugs that outpaced inflation
Some of America’s seniors will see their out of pocket costs fall for more than five dozen drugs—including treatments for osteoporosis and cancer—as part of the White House’s crackdown on rising pharmaceutical prices.
Federal Reserve sees some progress on inflation, but envisions just one rate cut this year
The policymakers’ forecast for one rate cut was down from a previous forecast of three, likely because inflation, despite having cooled in the past two months, remains persistently elevated.
Inflation cooled slightly in May in sign price pressures might be easing
Federal Reserve officials, who will end their latest policy meeting later Wednesday, are scrutinizing each month’s inflation data to assess their progress in their fight against rising prices.
Inflation data this week could help determine Fed’s timetable for rate cuts
Chair Jerome Powell is likely to underscore at a news conference Wednesday that the policymakers will need to see several more months of low inflation readings before they would consider reducing their key rate.
Inflation gauge closely tracked by Federal Reserve rises at slowest pace this year
Friday’s report also showed that income growth slowed and spending cooled sharply in April, a trend that could help moderate economic growth and inflation in the coming months.
Lingering inflation pressures continue to keep Fed rate cuts on pause
Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation.
Target says it plans to cut prices on thousands of basic items
Target is very cognizant of the spending pullback by shoppers amid high inflation. In March, it reported its first annual decline in sales in seven years.
Inflation improved slightly in April, but impact on rate cuts still uncertain
The latest snapshot comes as the Federal Reserve is grappling with inflation data that continues to surprise them.
U.S. wholesale prices rose in April by more than projected
Tuesday’s unexpectedly high readings may raise concerns on Wall Street, at the White House and for inflation-fighters at the Federal Reserve.
Fed says interest rates will stay at two-decade high until inflation further cools
The Federal Reserve’s more cautious outlook stems from three months of data that pointed to chronic inflation pressures and robust consumer spending.
U.S. consumer sentiment falls as inflation expectations climb
The figures highlight the toll stubborn price pressures, along with higher borrowing costs, are taking on consumers.
Fed’s preferred inflation gauge shows price pressures remain elevated
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.
U.S. growth slowed sharply last quarter, to 1.6% pace
Despite cooling, the economy is still creating price pressures, a continuing source of concern for the Federal Reserve.
Sobering message from the Fed: Interest rate cuts aren’t coming soon
Since the start of the year, Federal Reserve Chair Jerome Powell and his colleagues had said they were looking for more assurance that inflation was ticking steadily down. Instead, they’ve gotten the opposite.
Higher gas, rents keep U.S. inflation elevated, likely delaying Fed rate cuts
The March figures, the third straight month of inflation readings well above the Fed’s 2% target, provide concerning evidence that inflation is stuck at an elevated level after having steadily dropped in the second half of 2023.
Employers added 303,000 jobs in March, soaring past expectations
The unemployment rate fell to 3.8 percent last month, the Bureau of Labor Statistics reported Friday, extending the longest stretch of unemployment below 4 percent in five decades.