Reckless government spending enabled by the Federal Reserve is hurting average Americans and threatening President Joe Biden’s chances of being re-elected, billionaire investor Stanley Druckenmiller said Tuesday. During an appearance on CNBC’s “Squawk Box,” the head of the Duquesne Family Office, who made his name betting against the British pound in the early 1990s, criticized…
A Turkish national flag (left) and a flag with the portrait of Kemal Ataturk, the founder of the modern Turkish republic, hang on the outside of a building in the Sisli district of Istanbul, Turkey, on Monday, August 29, 2022. Bloomberg | Bloomberg | Getty Images Inflation in Turkey accelerated to an annual rate of…
Federal Reserve officials left interest rates unchanged and signaled they were mindful of how stubborn inflation would prove, paving the way for a prolonged period of high borrowing costs. The Fed kept interest rates steady at 5.3 percent on Wednesday, leaving them at their highest level in more than two decades, where they have been…
Employee compensation costs rose more than expected at the start of the year, posing a further threat signal for continued inflation, while consumer confidence hit its lowest level in nearly two years. The employment cost index, which measures workers’ salaries and benefits, rose 1.2% in the first quarter, the Labor Department reported Tuesday. That was…
McDonald’s employee gives change to a customer. Jeffrey Greenberg | UIG | Getty Images Some of America’s best-known companies say their consumers are suffering from inflation as prices continue to rise. For the past three years, inflation has dominated corporate America’s discourse after the pandemic loosened monetary policy and cost trillions of dollars in Covid…
People walking the streets of Montmartre, Paris, France on April 23, 2024. Photo only | Photo only | Getty Images According to flash figures published on Tuesday, price increases in the euro area remained stable at 2.4% in April, while the economy returned to growth in the first quarter. Headline inflation of 2.4% was in…
A crucial question hangs over the American economy and this fall’s presidential election: Why are consumer prices still rising uncomfortably quickly, even after a sustained campaign by the Federal Reserve to slow the economy by raising interest rates? Economists and policy experts have offered several explanations. Some are essentially idiosyncrasies of the current economic situation,…
A customer shops for groceries at a grocery store on March 12, 2024 in San Rafael, California. Justin Sullivan | Getty Images News | Getty Images The final inflation news that Federal Reserve officials will see before their policy meeting next week is in, and none of it is particularly good. Overall, Commerce Department indexes,…
Inflation showed little sign of abating in March, with a key barometer closely watched by the Federal Reserve showing price pressures remaining elevated. The price index of personal consumption expenditures excluding food and energy rose 2.8% in March from a year earlier, the same as in February, the Commerce Department reported Friday. That was above…
Joe Biden and Donald Trump 2024. Brendan Smialowski | Jon Cherry | Getty Images More voters trust Donald Trump than President Joe Biden to tackle inflation and the cost of living, their top concerns for the U.S., according to the latest NBC News poll. The poll of 1,000 registered voters nationwide found that 52% of…
