US inflation rose for the second consecutive month in August, driven by higher gas prices. However, core inflation, which excludes food and energy prices, continued to slow, signaling that the Federal Reserve’s rate hikes are having an impact. The Consumer Price Index (CPI) increased by 3.7% in August compared to the previous year, up from July’s…
Global oil prices surged past $92 a barrel on Tuesday, reaching their highest level in almost 10 months. This rise comes as the energy market grapples with supply disruptions resulting from catastrophic flooding in Libya. Tragically, this flooding has led to the loss of at least 2,000 lives, with another 10,000 individuals feared missing. The…
Fueled by a resurgent stock market and rising home values, US household wealth reached a historic high of $154.3 trillion in the second quarter of this year, according to federal data. Consumer wealth has now fully rebounded from the recent drop in stock prices and real estate values driven by inflation. Household and nonprofit net…
US inflation has significantly slowed over the past year as the Federal Reserve took aggressive measures to increase interest rates, aiming to curb demand and reduce price inflation. While wages haven’t cooled as much, there’s constant speculation about the implications of each monthly jobs report on the Fed’s decisions. The central bank will continue to…
The US dollar is on its longest winning streak in nearly nine years, with eight consecutive weeks of gains against major currencies, marking its best performance since 2014-2015. It has surged by 5% since mid-July. This rally follows months of uncertainty over the dollar’s status as the world’s reserve currency, as concerns about de-dollarization rose…
Elon Musk’s X Corp, the parent company of the social media platform formerly known as Twitter, is taking legal action against California’s attorney general, Robert Bonta, regarding the state’s new content moderation law. This move has added fuel to the ongoing debates surrounding online free speech, government regulation, and content moderation. Last September, California Governor…
Apple ‘s shares took a sharp hit, declining by 2.9% on a fateful Thursday. The cause? Reports that China was expanding its ban on the use of iPhones to encompass government-affiliated agencies and corporations. This news has sent shockwaves through investors and triggered discussions about Apple’s ability to maintain its foothold in the world’s second-largest…
Economists have recently coined a new phrase in their discussions: “Immaculate Disinflation.” While there isn’t an official definition for “Immaculate Disinflation,” it’s being used to describe a situation where inflation cools without causing a spike in unemployment. In the past, achieving this scenario was challenging, primarily due to the well-known concept called the sacrifice ratio….
Oil prices have surged to new highs for the year as Saudi Arabia and Russia, the world’s top crude exporters, announced an extension of their production cuts for at least another three months. Brent crude, the global benchmark, rose by 1.8%, reaching over $90 per barrel, while West Texas Intermediate (WTI), the US benchmark, increased…
The UK economy rebounded from the Covid-19 pandemic more swiftly than previously believed, thanks to substantial revisions in official statistics that have transformed Britain’s economic status. New data released by the Office for National Statistics (ONS) on Friday revealed that by the end of 2021, the UK’s gross domestic product (GDP) was actually 0.6% larger…