Price increases in US remain uncomfortably high for consumers
On
Inflation has been rapid for some 18 months. Our continued high inflation numbers have surprised economists and policymakers. During this period, they expected our inflation rate to cool down, but the data has repeatedly proved them wrong. On
Inflation has widened across the economy, eroding Americans' purchasing power and forcing many Americans to rely on savings and credit cards to maintain their living standards. The report highlighted the increased costs of shelter, food and medical care. As weighed by the CPI, shelter represents nearly a third of consumers' costs.
According to the
Fed watchers predict that our central bank will increase overnight rates an additional 75 basis points at their November meeting to a range of 3.75% to 4.00%. Officials have estimated that borrowing costs will hit 4.6% by the end of 2023.
Despite the
Kansas City Fed President
The average rate on a 30-year mortgage recently rose to 6.85%, the highest rate since 2007. These higher costs have slowed down home sales. Data from the
Our high inflation numbers have triggered the highest
A New York Times article, "Inflation Remains Voters' Top Concern. Can Republicans Keep their Focus?" reported that inflation and the economy remain the top concerns on voters' minds. The New York Times/Siena poll shows that 49% of respondents believe that economic issues such as jobs, taxes and cost of living were likely to determine their votes in November. This compares with 31% who saw societal issues such as abortion, guns or democracy as decisive. More than 50% of registered voters said they agreed with
As economy downshifts, municipal bonds remain attractive
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