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Inflation, Fed and Biden on 40 Years of High Pressure Consumers
WASHINGTON: Inflation jumped last month at its fastest pace in nearly 40 years, up 7% from a year ago that is sagging household spending, eating into wage gains and putting pressure on President Joe Biden and the Federal Reserve. making what has become the biggest threat to the US economy. Prices for cars, gas, food and furniture rose sharply in 2021 as part of a rapid recovery from the pandemic slowdown. Price gains may slow further as supply chain eases, but most economists say inflation will not return to pre-pandemic levels anytime soon.
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US records smallest monthly loss in two years in December
Washington: The federal government last month reported its smallest monthly budget deficit in two years. This was thanks to a rebounding economy that helped boost tax receipts, along with slow spending as some COVID relief programs ended. The Treasury Department reported that the December deficit of $21.3 billion was the smallest monthly deficit since a $13 billion decrease in December 2019. This was before the US was hit by the COVID pandemic and put millions out of work, leaving the economy in a shambles. But a sharp downturn. The government reported a deficit of $377.7 billion in the first three months of this budget year, down 30.1% from the same period a year ago.
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Fed survey shows modest growth in economy despite COVID
WASHINGTON: The Federal Reserve says the economy was growing at a modest pace at the end of 2021, but was still being held back by supply-chain disruptions and labor shortages. In its latest survey of business conditions across the country, the Fed said 12 of its regional banks found the economy was growing steadily. But several districts reported a sudden reduction in spending on leisure travel, hotels and restaurants due to the rapid spread of the Omicron version of the coronavirus. The Fed survey, known as the Beige Book, will form the basis of discussion when the central bank holds its next meeting on January 25-26.
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Stock growth keeps rate hikes on track as inflation reports
NEW YORK: Stocks closed higher on Wall Street on Wednesday after the latest reports of price hikes to keep the Federal Reserve on track to raise interest rates later this year. The S&P 500 rose 0.3%, the Dow Jones Industrial Average 0.1% and the Nasdaq 0.2%. Technology stocks propelled the market higher. Inflation rose 7% last month, its fastest year-on-year pace in nearly four decades, but in line with economists’ forecasts. Fed Chairman Jerome Powell told Congress on Tuesday that the Fed is ready to raise rates to fight inflation. The yield on the 10-year Treasury note declined to 1.73%.
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US shoppers find some groceries scarce due to virus, weather
NEW YORK: US grocery stores’ shortages have worsened in recent weeks. New problems like fast-spreading Omicron variants and severe weather are piling up as supply chain conflicts and labor shortages have plagued retailers since the coronavirus pandemic began. Shortages are widespread, affecting production and packaged goods such as meat as well as cereals. And they are being reported across the country. American groceries typically have 5% to 10% of their items out of stock at any given time. According to the Consumer Brands Association, the unavailability rate is around 15%. Experts are divided on how long grocery shopping will sometimes feel like a scavenger hunt.
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Biogen falters after Medicare introduces EduHelm coverage plan
NEW YORK: Shares of Biogen fell on Wednesday, a day after regulators imposed tough limits on drugmakers’ coverage of new Alzheimer’s disease treatments. The Centers for Medicare and Medicaid Services said Tuesday that patients taking Biogens EduHelm will have to participate in clinical trials to assess the drug’s effectiveness to cover the cost of Medicare. This is an important caveat because Medicare is expected to cover most patients who opt for EduHelm, and the drug can cost up to $28,000 a year, not counting the expense for a brain scan and taking it. time other care patients will need.
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NY, NJ. Will hold internal auction for offshore wind power in
Trenton, NJ: The Biden administration says it will hold its first offshore wind auction next month. It is offering about 500,000 acres off the coast of New York and New Jersey for wind power projects that could produce enough electricity to power about 2 million homes. Interior Secretary Deb Haaland says a February 23 auction in the New York Bight field will allow offshore wind developers to bid on six leased fields, the most offered at auction for offshore wind. The auction comes as the administration on Wednesday announced a flurry of clean energy works, including steps to expedite the review of solar, onshore wind and geothermal power projects.
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Mexico: Citibank sale has delicate monopoly issues
MEXICO CITY: Mexican officials say they are going to be keeping a close eye on Citigroups’ proposed sale of its Mexico subsidiary, Citibanamex, noting that the transaction causes delicate regulatory issues. Citibanamex is Mexico’s third-largest bank, and regulators are clearly concerned that anyone who acquires it could hoard a large chunk of the banking market. The country’s Treasury Department said on Wednesday that the exit of such a large retail bank … poses delicate questions for finance and regulatory authorities … including the fundamental issue of market concentration. Citigroup announced Tuesday that it will sell or list its retail banking operations in Mexico as part of a worldwide strategy.
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The S&P 500 gained 13.28 points, or 0.3%, to end at 4,726.35. The Dow Jones Industrial Average rose 38.30 points, or 0.1%, to 36,290.32. The Nasdaq closed 34.94 points, or 0.2%, up at 15,188.39. The Russell 2000 Index of Small Companies fell 17.95 points, or 0.8%, to 2,176.06.
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