Articles written by christopher rugaber
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Fed lifts rate by quarter-point but says inflation is easing
WASHINGTON (AP) — The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate a quarter-point, its eighth hike since March. And the Fed signaled that even though inflation is easing, it remains high e...
Can US avoid a recession? As inflation eases, optimism rises
WASHINGTON (AP) — 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. Most economists penciled in a recession for 2023. An economic d...
A slowdown in US inflation eases some pressure on households
WASHINGTON (AP) — Inflation in the United States slowed again last month in the latest sign that price increases are cooling despite the pressures they continue to inflict on American households. Consumer prices rose 7.1% in November from a year a...
US wholesale inflation eases to 8%, 4th straight slowdown
WASHINGTON (AP) — Prices at the wholesale level rose 8% in October from a year ago, the fourth straight decline and the latest sign that inflation pressures in the United States are easing from painfully high levels. The annual figure is down from 8...
Fed unleashes another big rate hike but hints at a pullback
WASHINGTON (AP) — The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time to fight high inflation but also hinted that it could soon reduce the size of its rate hikes. The Fed's m...
Powell's stark message: Inflation fight may cause recession
WASHINGTON (AP) — The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession. Speaking at a news conference, Chair J...
Driven by consumers, US inflation grows more persistent
WASHINGTON (AP) — U.S. inflation is showing signs of entering a more stubborn phase that will likely require drastic action by the Federal Reserve, a shift that has panicked financial markets and heightens the risks of a recession. Some of the l...
US wholesale inflation fell in July for 1st time in 2 years
WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy's inflationary pressures cooled last month. Thursday's report from the Labor D...
US inflation will likely stay high even as gas prices fall
WASHINGTON (AP) — Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months. Thanks largely to falling gas prices, the government's inflation...
EXPLAINER: Mixed US inflation signs. Where are prices going?
WASHINGTON (AP) — Consumers struggling with skyrocketing prices for food, gas, autos and rent got a tantalizing hint of relief last month, when prices didn't budge at all from June after 25 straight months of increases. With gas prices continuing t...
Lower prices offer Americans slight reprieve from inflation
WASHINGTON (AP) — Falling prices for gas, airline tickets and clothes gave Americans a little bit of relief last month, though overall inflation is still running at close to its highest level in four decades. Consumer prices jumped 8.5% in July c...
Fed set to impose another big rate hike to fight inflation
WASHINGTON (AP) — With inflation at a four-decade high, the job market strong and consumers still spending, the Federal Reserve is under pressure to continue raising interest rates aggressively. When it ends its latest policy meeting Wednesday a...
How the Federal Reserve's rate hikes affect your finances
WASHINGTON (AP) — Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling. The F...
US inflation at new 40-year high as price increases spread
WASHINGTON (AP) — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from a year e...
Biden plots inflation fight with Fed chair as nation worries
WASHINGTON (AP) — Focused on relentlessly rising prices, President Joe Biden plotted inflation-fighting strategy Tuesday with the chairman of the Federal Reserve, with the fate of the economy and his own political prospects increasingly dependent o...
EXPLAINER: Recession fears grow. But how high is the risk?
WASHINGTON (AP) — Inflation is at a 40-year high. Stock prices are sinking. The Federal Reserve is making borrowing much costlier. And the economy actually shrank in the first three months of this year. Is the United States at risk of enduring a...
How higher Fed rates stand to affect Americans' finances
WASHINGTON (AP) — Record-low mortgages below 3%, reached last year, are long gone. Credit card rates will likely rise. So will the cost of an auto loan. Savers may finally receive a yield high enough to top inflation. The substantial half-point h...
How higher Fed rates stand to affect Americans' finances
WASHINGTON (AP) — Record-low mortgages below 3%, reached last year, are long gone. Credit card rates will likely rise. So will the cost of an auto loan. Savers may finally receive a yield high enough to top inflation. The substantial half-point h...
A key inflation gauge jumped 6.6% in March, most since 1982
WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the h...
A key inflation gauge sets 40-year high as gas and food soar
WASHINGTON (AP) — An inflation gauge that is closely monitored by the Federal Reserve jumped 6.4% in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans' finances. The figure r...
US job openings, quitting at near record high in February
WASHINGTON (AP) — Job openings hovered at a near-record level in February, little changed from the previous month, continuing a trend that Federal Reserve officials see as a driver of inflation. There were 11.3 million available jobs last month, matc...
Embattled Federal Reserve pick Raskin withdraws nomination
WASHINGTON (AP) — Sarah Bloom Raskin withdrew her nomination Tuesday to a position on the Federal Reserve's Board of Governors after a key Democrat had joined with all Senate Republicans to oppose her confirmation. West Virginia Sen. Joe Manchin a...
Fed begins inflation fight with key rate hike, more to come
WASHINGTON (AP) — The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the early 1980s, raising its benchmark short-term interest rate and signaling up to six additional rate hikes this year. The Fed's q...
Biden to keep Powell as Fed chair, Brainard gets vice chair
WASHINGTON (AP) — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate p...
Defying inflation, Americans ramped up spending last month
WASHINGTON (AP) — Many Americans have taken a darker view of the economy as inflation has worsened. Yet so far, they appear no less willing to spend freely at retailers — an encouraging sign for the crucial holiday shopping season. Buoyed by sol...
