Consumer inflation in the United States cooled last month yet remained elevated in the latest sign that the pandemic-fueled price surge is only gradually and fitfully coming under control. Tuesday's report from the Labor Department showed that the consumer price index rose 0.3% from December to January, up from a 0.2% increase the previous month.
The latest from Washington, D.C., impacting the insurance and financial services industries.
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Twice this week, government reports did not show inflation falling as many had expected. And rates will keep rising until the Federal Reserve starts cutting interest rates. Interest rates fell rapidly after the Fed's November meeting when Chairman Jerome Powell all but said a rate cut was a certainty.
Medicare beneficiaries who are having trouble paying their out-of-pocket prescription drug costs would have the option of spreading those costs throughout the year instead of paying all at once, according to guidance issued by the Centers for Medicare and Medicaid Services.
The presidential election couldn't be coming at a worse time for the Federal Reserve. If it cuts rates, former president Donald Trump and his supporters will accuse Chair Jerome H. Powell of goosing the economy for President Biden. If it doesn't cut rates, Democrats will say it's holding back the economy and helping Trump.
Some Federal Reserve officials, who were surprised by inflation's rapid descent in 2023, seem to be setting a new bar for interest-rate cuts: a broader pullback in price pressures. Last week, both Richmond Fed President Thomas Barkin and Boston Fed President Susan Collins indicated they not only want the decline in inflation to continue- like many other…
WASHINGTON- From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. The Fed is widely expected to do so this year- probably several times. "History tells many stories of inflation head-fakes," said Tom Barkin, president of the Federal Reserve…
Legislation introduced today would expand retirement savings opportunities for millions of workers by requiring businesses with 10 or more employees to offer a workplace retirement plan.
Senate bill would block SEC rule to regulate technology in financial services
A pair of Republican senators say a proposed rule to better regulate the use of artificial intelligence in financial services will end up stifling innovation instead.
Federal Reserve Chairman Jerome H. Powell warned that the United States government is on an "unsustainable fiscal path" as the national debt has ballooned to record levels. "In the long run, the U.S. is on an unsustainable fiscal path," Mr. Powell said in a "60 Minutes" interview on CBS. Mr. Powell also said the country is "making good progress" with lowering inflation rates,…
InsideSources reviewed ticket prices mid-afternoon on Wednesday, Jan. 31, and found the lowest face value Super Bowl tickets from Ticketmaster cost $7,495— before the added "convenience" fees. "To the average fan, the cost of going to the Super Bowl looks eye-watering," said John Breyault, vice president of Public Policy, Telecommunications and Fraud for the…
"Let's be honest: This is a good economy." So declared Jerome Powell, the chair of the Federal Reserve, in his news conference Wednesday after the Fed's latest policy meeting. He's right, even if the public isn't fully convinced.
Tax bill advanced in rare bipartisan House vote
Both Democrats and Republicans in Congress showed strong support for the Child Tax Credit and some business tax breaks as the House voted to send a bipartisan tax package to the Senate on Wednesday.
Federal Reserve is likely to show little urgency to cut interest rates despite market's anticipation
—The Federal Reserve will likely move closer Wednesday to cutting its key interest rate after nearly two years of hikes that were intended to fight the worst inflation in decades. The Fed is assessing the economy at a time when the intensifying presidential race is pivoting in no small part on voters' perceptions of President Joe Biden's economic stewardship.
