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Consumer prices rose 4.2% annually in May, highest in three years
Inflation accelerated in May as rising energy costs contributed to pain for consumers, though underlying pressures were less intense. The consumer price index, a broad gauge of goods and services costs across the U.S. economy, rose at a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 4.2%, the Bureau of Labor Statistics reported Wednesday. Both numbers were in line with the Dow Jones consensus though the monthly number was 0.1 percentage point below the April...
Traders on Kalshi indicate that May's jobs report will top Wall Street expectations
Traders on Kalshi expect that job creation in May will see a slowdown but still surpass Dow Jones consensus. Dow Jones estimates that May's nonfarm payrolls report — due Friday from the Bureau of Labor Statistics — will show a gain of 90,000 jobs. The consensus reflects an anticipated decline from April's recorded 115,000 nonfarm payrolls and March's 185,000, the highest this year has seen so far.
Household worries over finances hit highest level since July 2022, New York Fed survey shows
U.S. households grew more worried over their financial situation, with the share of those seeing things as much worse than they were 12 months ago hitting a nearly four-year high, according to a Federal Reserve Bank of New York survey. While the central bank's monthly Survey of Consumer Expectations, released Monday, showed the inflation outlook mostly unchanged, the general perception of conditions deteriorated. The share of those seeing their current situation as "much worse" than a year...
Trump says Fed chair should ‘do whatever he wants’ but criticizes possible rate hikes
President Donald Trump criticized the possibility of the Federal Reserve raising interest rates, but said in an interview on NBC News’ “Meet the Press” that he wants Fed Chair Kevin Warsh “to do whatever he wants.” “Kevin is fantastic, and I want him to do whatever he wants,” Trump told moderator Kristen Welker. “I don’t want to have a big influence on him.
The May jobs report will be released Friday. Here's what to expect
The stronger-than-expected start this year for job creation could be in for a reality check when the Bureau of Labor Statistics releases the May nonfarm payrolls report Friday. Economists surveyed by Dow Jones expect the employment rolls to show that just 80,000 jobs were added during the month, which would mark a notch step down from the average of 150,000 over the prior two months, including 115,000 in April. Moreover, some prominent Wall Street voices think the month could feature some...
Dollar falls from highs after Iran halts Israel strikes; yen clings to 160/$
Dollar falls from highs after Iran halts Israel strikes; yen clings to 160/$ NEW YORK/LONDON, June 8 : The dollar pulled back on Monday from its highest level in nearly two months, after Iran said its attacks on Israel had ended. Tehran's comments lured investors into other currencies that had been dented after strong U.S. jobs data on Friday prompted traders to ramp up bets on a Federal Reserve rate rise this year. Iran's military announced on Monday that its first wave of attacks on Israel...
Hot jobs report puts Fed cuts further out of reach as Chair Warsh faces policy tests
Another big jobs report in May has pretty much swept aside the possibility of interest rate cuts anytime soon — and in the process underscored the tricky policy path ahead for new Federal Reserve Chair Kevin Warsh. The chance of rate reductions already had been on life support heading into Friday's nonfarm payrolls report. But the unexpectedly strong gain of 172,000, compounded by sharp upward revisions for prior months, makes the case for policy easing even weaker, particularly considering...
The Alligator Alcatraz Boondoggle
Since the early 1990s, I have visited scores of prisons and jails throughout the United States, as well as the Guantánamo Bay detention camp. The immigrant-detention facility known as Alligator Alcatraz, deep in the Florida Everglades, stands out as a uniquely cruel publicity stunt with an absurdly high price tag, in which much of the money goes into just a few pockets. For almost a year, the facility has been operated under an unusual arrangement: funded by the state of Florida and run by...
The Flu-Vaccine Routine Is Breaking
In a typical year, the process of bringing a new seasonal flu shot to market is one of the United States’ most predictable vaccine routines. This, however, is not a typical year. Vaccine manufacturers have prepared updated versions of the annual flu shot, as they normally do.
FIFA cancels World Cup tickets for about 60 fans who got them for free
FIFA cancels World Cup tickets for about 60 fans who got them for free Mispriced tickets were sold through the official World Cup site ahead of next week’s showpiece event for FIFA. FIFA has cancelled World Cup tickets issued to about 60 fans who mistakenly got them for free because of a website error. The tickets were “allocated at no charge (0 USD) due to a prior payment issue during the checkout process,” FIFA said in a statement on Thursday.