Consumers defy inflation to support economy. For how long?

Consumers defy inflation to support economy.  For how long?

WASHINGTON (AP) — With prices across the economy — from food, gas and rent to cars, airfares and hotel rooms — soaring at their fastest pace in decades, you might think Americans would tap the brakes on spending. Not so far. Consumers as a whole are showing surprising resilience, not only sustaining their spending but … Read more

EXPLAINER: Why is Wall Street close to a bear market?

EXPLAINER: Why is Wall Street close to a bear market?

NEW YORK (AP) — The bears are rumbling toward Wall Street. The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to … Read more

Americans can expect to pay a lot more for medical care in retirement

Americans can expect to pay a lot more for medical care in retirement

Lisafx | Istock | Getty Images A 65-year-old couple retiring this year can expect to spend an average of $315,000 in health-care and medical expenses in their retirement, according to a new estimate by Fidelity Investments. That’s 5% higher than last year’s estimate. While much of the increase this year came from higher Medicare Part … Read more

Jeff Bezos SLAMS Biden again, saying further Covid stimulus money would’ve made inflation even worse

Jeff Bezos SLAMS Biden again, saying further Covid stimulus money would’ve made inflation even worse

Amazon founder Jeff Bezos once again went after President Joe Biden for the White House’s policies regarding inflation – and took credit for deficit reduction in a tweet on Sunday. Bezos, retweeting an account that goes by the name @ne0liberalargued that the inflation crisis could have been made worse if not for West Virginia Senator … Read more

Inflation threatens summer vacation plans for millions of Americans

Inflation threatens summer vacation plans for millions of Americans

Soaring inflation threatens to travel plans for millions of Americans, as surgent demand for trips and vacations drives prices higher. On Saturday, gasoline hit a new record high of $4.45, and the start peak summer travel season is still several weeks away. Earlier this week, federal inflation data showed that airfares are up 33 percent … Read more

Bitcoin tumbles, a stablecoin plunges in wild week in crypto

Bitcoin tumbles, a stablecoin plunges in wild week in crypto

NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards. Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry’s highest-profile companies lost a third of its market value. Here’s a look at some major developments in cryptocurrencies this week: Bitcoin The price of bitcoin dropped to … Read more

Senate confirms Powell for 2nd term as Fed fights inflation

Senate confirms Powell for 2nd term as Fed fights inflation

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp … Read more

Americans lament the state of their 401k plans as stock market plunges

Americans lament the state of their 401k plans as stock market plunges

Wall Street’s prolonged plunge is beginning to raise Americans’ concerns about their retirement savings, potentially pushing some to delay retirement as their account balances dwindle. So far this year, the benchmark S&P 500 has dropped 18 percent, wiping away $7 trillion in market value from the companies in the index. The Dow Jones Industrial average … Read more

US inflation dips from 4-decade high but still causing pain

US inflation dips from 4-decade high but still causing pain

WASHINGTON (AP) — Inflation eased slightly in April after months of relentless increases but remains near a four-decade high, imposing a continuing financial strain on American households. Consumer prices jumped 8.3% last month from a year ago, the government said Wednesday. That was below the 8.5% year-over-year surge in March, which was the highest since … Read more

China’s consumer prices climb as Covid prompts food stockpiling

China’s consumer prices climb as Covid prompts food stockpiling

Fresh vegetable prices rose by 24% year-on-year in April as consumers stocked up to prepare for potential stay-home orders. Pictured here is a delivery driver for Alibaba’s Hema Fresh supermarket in Beijing on May 10, 2022. Jade Gao | dpa | Getty Images BEIJING — China’s consumer and producer prices rose more than expected in … Read more