Inflation is slowing steadily, but itās too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said.
The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates.
BANGKOK (AP) ā Asian shares were mostly higher Thursday ahead of an update on U.S. consumer inflation and a meeting of oil producers in Vienna.
A key Federal Reserve official raised the possibility that the Fed could decide to cut its benchmark interest rate as early as spring if inflation keeps declining steadily.
President Joe Biden has opened the first meeting of his supply chain resilience council by warning companies against price gouging and saying that his administration is working to lower costs for U.S. families.
The Conference Board issues its consumer confidence report for November on Tuesday. Dollar Tree reports its latest financial results on Wednesday, giving investors a glimpse into consumer spending habits at discount retailers.
Shares are mixed in Asia after Wall Street benchmarks edged lower as investors looked ahead to updates on inflation and how American consumers are feeling about the economy.
The shelves at Moscow supermarkets are full of fruit and vegetables, cheese and meat. But many of the shoppers look at the selection with dismay as inflation makes their wallets feel empty.
Stocks drifted to a mixed finish after a half-day trading session capped a holiday shortened week that left the major indexes with their fourth straight winning week.
Retailers try big discounts and other enticements to lure shoppers to stores for Black Friday. But they worry those may not be enough.
Turkeyās central bank has delivered another huge interest rate hike as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods.
Retailers are kicking off the unofficial start of the holiday shopping season on Friday with a bevy of discounts and other enticements.
The exchange rate is top of mind for millions of Argentines coping with triple-digit inflation. Now they are anxious for signs of what the victory of President-elect Javier Milei will mean for the value of the peso.
Federal Reserve officials concluded earlier this month that inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2% target, according to the minutes of their meeting.
Shares are mostly lower in Asia after Wall Streetās rally ran out of momentum. Tokyo and Mumbai advanced while most other major markets declined.
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, suggested that the economy appears to be on what he calls the āgolden path,ā another term for what economists often term a āsoft landing,ā in which the Fed would curb inflation without causing a deep recession.
Inflation has reached its lowest point in 2 1/2 years. The unemployment rate has stayed below 4% for the longest stretch since the 1960s.
Americans cut back on retail spending in October, ending six straight months of gains, though the decline was partly driven by falling prices for both gasoline and cars.
U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease in the face of a year and a half of higher interest rates.
Target on Wednesday reported a hefty third-quarter profit increase that handily beat Wall Street expectations, benefiting from efforts to hold down costs.
The European Unionās executive commission has lowered growth its expectations for this year and next, saying the economy āhas lost momentumā as inflation discourages consumers and higher interest rates deter borrowing for purchases and investment.
Inflation in the U.K. dropped sharply in October to its lowest level in two years largely because last yearās steep rise in domestic energy bills dropped out of the annual comparison.
Asian shares have retreated after Wall Street added a bit more to its big rally from a day before. Oil prices and U.S. futures also were lower.
Nearly 5 million chickens, turkeys and other birds have been slaughtered this year because of a persistent bird flu outbreak that began in 2022.
Home Depot is continuing to see its sales decline amid inflation concerns, and the home improvement retailer narrowed its fiscal 2023 outlook.
Asian shares are mostly higher, cheered by a rally on Wall Street that was one of the best days of the year following a surprisingly encouraging report on inflation.
Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve.
The Labor Department releases its October snapshot of U.S. consumer prices Tuesday. The Commerce Department delivers its U.S. retail sales data for October on Wednesday and its latest monthly housing starts figures on Friday.
The British economy flatlined in the third quarter of the year. The Office for National Statistics said Friday that growth in the July to September period was zero compared to the previous three months.
Wall Street rose sharply to add to an already strong November, which is on track to be one of the marketās best months of the year.
Federal Reserve Chair Jerome Powell suggested that the Fed is in no hurry to further raise its benchmark interest rate, given evidence that inflation pressures are continuing to ease at a gradual pace.