A key inflation reading showed a glimmer of hope on Tuesday, revealinga slight slowdown in rising prices — though they remain uncomfortablyhigh. The Producer Price Index, which measures wholesale prices before goodsand services reach consumers, rose 10.8% in May compared to where itstood a year… Read More »Key inflation measure slows slightly but remains uncomfortably high
WASHINGTON (AP) — The Federal Reserve intensified its fight againsthigh inflation on Wednesday, raising its key interest rate bythree-quarters of a point — the largest bump since 1994 — andsignaling more rate hikes ahead as it tries to cool off the U.S.economy without causing a… Read More »Fed attacks inflation with its largest rate hike since 1994
The US stock market has entered a bear market and if history is anyguide, it could be long and painful. This is the fourth such event for the S&P 500 Index over the past twodecades. While the last bear market of 2020 was mostly a… Read More »Wall Street’s Latest Bear Market May Be Here to Stay for a While
US consumer inflation reached its highest level in more than fourdecades in May as surging energy and food costs pushed prices higher,with little indication of when the upward trend could ease. The Labor Department on Friday said the Consumer Price Index increased8.6% in May from… Read More »U.S. Inflation Hit 8.6% in May
The writing is on the wall, and the majority of U.S. economists agreethat the U.S. is in store of a recession next year. Year-over-year U.S. consumer price increases unexpectedly surged lastmonth to 8.6%. That means that the Federal Reserve’s efforts to slowdown the economy over… Read More »Over two-thirds of economists believe a recession is likely to hit in 2023
US inflation accelerated to a fresh 40-year high in May, a sign thatprice pressures are becoming entrenched in the economy. That willlikely push the Federal Reserve to extend an aggressive series ofinterest-rate hikes and adds to political problems for the White Houseand Democrats. The consumer… Read More »US Inflation Quickens to 40-Year High, Pressuring Fed and Biden
WASHINGTON — The Internal Revenue Service today announced an increasein the optional standard mileage rate for the final 6 months of 2022.Taxpayers may use the optional standard mileage rates to calculate thedeductible costs of operating an automobile for business and certainother purposes. For the final… Read More »IRS increases mileage rate for the remainder of 2022
Depending on your income in 2021, you may be feeling the pain ofpaying your state and federal income taxes. Some of you reading thispost may be feeling a bit more pain based on the state within whichyou live, how you earn your income, and whether… Read More »5 States With The Highest State Income Tax Burdens
KEY POINTS Amid high inflation that has become the No. 1 business risk, not asingle chief financial officer surveyed by CNBC thinks a recession canbe avoided.The macroeconomic view of CFOs informs a bearish stock market outlook,with most expecting the Dow Jones Industrial Average to fall… Read More »The recession will hit in the first half of 2023 and the Dow is heeded lower: CNBC CFO survey
Treasury Secretary Janet Yellen said Wednesday that tariff reductionson Chinese goods may be warranted as the White House tries to cool thehottest inflation in four decades, but said that such cuts are not a“panacea” to runaway consumers prices. While testifying before the House Ways and… Read More »Yellen says White House looking to ‘reconfigure’ China tariffs as inflation roars