The Fed may have retired too soon to call inflation ‘temporary’

Federal Reserve Chairman Jerome Powell arrives at a news conference after a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, July 27, 2022. Elisabeth Frantz | Reuters It may be time for the Federal Reserve to revive the word “temporary” after all. While the dictionary’s first definition of “transitional” is “short-term,” additional … Read more

Yoon from South Korea pardons Jay Y Lee from Samsung for facing the ‘economic crisis’

Samsung heir spent 18 months in prison for bribery Businessmen convicted in scandal that brought down a president South Korea says leaders need help to overcome economic crisis Samsung May Increase Investment With Pardon Analysts SEOUL (Reuters) – South Korean President Yoon Seok-yeol has pardoned Samsung Electronics. (005930.KS) Vice Chairman Jay Y. Lee on Friday, … Read more

Here is where China’s real estate problems can extend

China’s real estate industry accounts for more than a quarter of national GDP, according to Moody’s. Pictured is a housing complex under construction on December 15, 2021 in Guizhou Province. Costphoto | Publishing in the future | Getty Images BEIJING – China’s real estate problems could spill over into other key sectors if problems persist … Read more

Democrats’ Inflation Cut Act Could Mean Lower Wages for Millions of Americans

Financial Services Commission member Warren Davidson, R-Ohio, criticized the proposed social spending and tax bill after Senator Kirsten Senema’s decision to go ahead with its “Morning with Maria” passage. Democrats are touting the latest health care and climate spending bill as a major way to cut costs for American families, but new analysis shows the … Read more

With inflation continuing to rise, Social Security recipients can get a $1,900 raise next year

Older Americans and other Social Security workers could get a big bump in their annual cost of living adjustment next year, with experts predicting that the typical recipient could get an extra $1,900 in 2023 to keep up with inflation. Many seniors have struggled this year, as inflation in 2022, at 5.9%, is below the … Read more

US gas prices fall below $4 a gallon, says AAA

US gas prices dipped below $4 a gallon on Thursday, falling to their lowest level since March, in a sign of relief for Americans grappling with historically high inflation and a political boost to the President Bidenwho was pressured to do more to bring prices down. The national average cost per gallon of regular gasoline … Read more

Inflation has made shoppers fear back-to-school items will strain budgets

Check out what’s clicked on Shoppers get shrinking due to inflation They worry that back-to-school shopping will further strain their already tight budgets, according to a recent Bankrate report. This fear leads most consumers, specifically middle-income families, to rely on money-saving methods to offset these costs, according to a Bankrate survey of more than … Read more

China’s trade restrictions imposed on Taiwan after Pelosi’s visit are falling into the ocean

Beijing’s new trade blocs against Taiwan affect about 0.04% of bilateral trade, making it more political than economic. Beijing has taken action against the following Taiwan US House Speaker Nancy Pelosi’s visit to the island earlier this month despite Beijing’s warnings. This included suspending imports of Taiwanese citrus fruits, frozen fish, sweets, biscuits and natural … Read more

Second-largest aluminum mill in US slows due to ‘unstable’ energy prices, laying off 600 American workers

The second largest aluminum plant in the United States has shut down, laying off about 600 American workers, due to “unacceptable” electricity and energy prices. In June, Century Aluminum executives announced that they would be out of business at their Hawesville, Kentucky aluminum plant for nine to 12 months as a result of skyrocketing prices … Read more