by Alex Tanzi
BNN Bloomberg

(Bloomberg) — US consumer expectations for inflation and home prices rose in April while perceptions of the labor market weakened, underscoring an uneasy backdrop for household finances and the cost of living.

Consumers expect prices will climb at an annual rate of 3.3% over the next year after hovering around 3% for the past four months, a Federal Reserve Bank of New York survey showed. That marked the highest reading since November. Anticipated home price growth rose at a similar pace — the fastest advance since July 2022.

The data follow a string of reports that have indicated sticky inflation and a relentless run-up in home prices. Data out this week is projected to show US consumer prices still rose at stubborn pace last month, and shelter has been consistently responsible for boosting measures of inflation.

Continue Reading at BNNBloomberg.ca…

from CNBC Television

by Sherin Elizabeth Varghese
Reuters.com

May 14 (Reuters) – Gold prices drifted up on Tuesday, with spotlight shifting to key inflation reports due this week, which could offer more insights on the pace and scale of the U.S. Federal Reserve’s interest rate cuts this year.

Spot gold was up 0.2% at $2,340.77 per ounce by 0306 GMT after falling 1% on Monday.

U.S. gold futures rose 0.2% to $2,346.30.

The U.S. producer price index data is scheduled for release at 1230 GMT, followed by the consumer price index on Wednesday. The CPI data is expected to show core inflation rose 0.3% month-over-month in April, down from 0.4% the prior month, according to a Reuters poll, pulling the annual rate down to 3.6%.

Continue Reading at Reuters.com…

from Yahoo Finance

by Ian Hanchett
Breitbart.com

During an interview with Bloomberg on Monday, Treasury Secretary Janet Yellen commented on President Joe Biden’s reported forthcoming announcement of increased tariffs on China by stating that the move is being made because President Joe Biden wants to protect “the stimulus that’s being provided through the Inflation Reduction Act” to support certain industries.

Yellen stated, “The President believes that it’s critically important for the United States to have a role and a presence in strategic industries like semiconductors and like clean energy that are going to be the foundation of good jobs and national security in the decades ahead. He believes it’s unacceptable, as I do, to be completely dependent on China in these areas.

Continue Reading at Breitbart.com…

from Bloomberg Podcasts

by Krystal Hur
CNN

New York (CNN) – Gen Z is in the financial trenches.

A new study from credit reporting agency TransUnion found those in their early 20s are earning less, have more debt and see higher delinquency rates than Millennials did at their age.

The findings outline the credit usage of 22 to 24 year old Gen Zers. Millennials who fell in that age range in 2013 were asked about their credit usage during that period. Gen Zers are defined as those born between 1995 and 2012, and Millennials as those born between 1980 and 1994.

Gen Zers, like Millennials, have had to deal with economic calamities early in their careers. For Gen Z, it was the Covid-19 pandemic. For Millennials, it was the global financial crisis.

Continue Reading at CNN.com…

from Peter Schiff

by Khristopher J. Brooks
CBS News

Kevin Roberts remembers when he could get a bacon cheeseburger, fries and a drink from Five Guys for $10. But that was years ago. When the Virginia high school teacher recently visited the fast-food chain, the food alone without a beverage cost double that amount.

Roberts, 38, now only gets fast food “as a rare treat,” he told CBS MoneyWatch. “Nothing has made me cook at home more than fast-food prices.”

Roberts is hardly alone. Many consumers are expressing frustration at the surge in fast-food prices, which are starting to scare off budget-conscious customers.

A January poll by consulting firm Revenue Management Solutions found that about 25% of people who make under $50,000 were cutting back on fast food, pointing to cost as a concern.

Continue Reading at CSBNews.com…

from CNBC Television

So far, 2024 isn’t going quite how it was supposed to for the US economy: Inflation has been higher than expected and household spending seems to have lost some momentum.

by Matthew Boesler
Financial Post

(Bloomberg) — So far, 2024 isn’t going quite how it was supposed to for the US economy: Inflation has been higher than expected and household spending seems to have lost some momentum.

Those trends represent a new risk for economic growth forecasts that were upgraded around the turn of the year, largely on the view that rapid disinflation would help bring about rising real incomes and lower borrowing costs.

Two key reports due Wednesday, on consumer prices and retail sales, will give an indication of how real the threat is to the outlook. Payroll and wage growth slowed in April, and without a corresponding cooldown in price increases, families’ budgets will come under further strain.

Continue Reading at FinancialPost.com…

from Lena Petrova

by Lewis Krauskopf
Reuters.com

NEW YORK, May 10 (Reuters) – A strong earnings season and blockbuster reports from tech industry titans fueled a U.S. stock market rebound from the first real swoon of 2024. Next week’s inflation data could determine whether the good vibes continue.

The benchmark S&P 500 index (.SPX), opens new tab is up over 9% for the year, up near its late-March record high, following a 5% pullback that occurred last month.

The bounce has overlapped with a stronger-than-expected first-quarter reporting season for U.S. companies. With well over 80% of the S&P 500 having reported results, companies are on track to have increased earnings by 7.8%, well ahead of the April expectation of 5.1% growth, according to LSEG IBES.

Continue Reading at Reuters.com…

from Bloomberg Television

by Derek Saul
Forbes

Consumer sentiment fell to its lowest level of 2024 this month, according to a University of Michigan poll, as Americans react sourly to inflation that won’t go away during the election year, though the economy remains far from the recession braced for by many.

Key Facts

The Michigan survey’s preliminary May index reading came in at 67.4, coming in far weaker than mean economist forecasts of 76 and registering its weakest level since November.

The sharper-than-expected decline came as Americans expressed “worries that inflation, unemployment and interest rates may all be moving in an unfavorable direction in the year ahead,” Joanne Hsu, the director of the phone poll, said in a statement.

Continue Reading at Forbes.com…

from CNBC

by Liz Capo McCormick and Ye Xie
Yahoo! Finance

(Bloomberg) — Nothing has been setting the US bond market’s direction this year more than the monthly inflation figures. This week will be no exception.

The release of the April consumer-price index on Wednesday is poised to provide the biggest test yet of the rally that started this month when Federal Reserve Chair Jerome Powell swatted away worries that the central bank may raise interest rates again. It gained steam after the Labor Department reported a slowdown in job growth, pulling yields down sharply from last month’s peaks.

The advance has increased the stakes in the upcoming inflation data — which could either extend it or doom it as another ill-fated turnaround. Bank of America Corp. strategists said the market will be in a “holding pattern” until then.

Continue Reading at Finance.Yahoo.com…

from David Lin

by John Carney
Breitbart.com

Inflation Haunts the Biden White House

The specter of inflation haunts the corridors of the West Wing, and the Biden administration’s every attempt to exorcise the poltergeist of rising prices only deepens the grip of its possession.

The most recent consumer price index (CPI) reports have show inflation accelerating at an alarming pace. After the annualized monthly rise in CPI fell below two percent in October and November, inflation surged higher and has been running much hotter each month since.

In December, inflation rose at an annualized rate of 2.8 percent. In January, this accelerated to 3.7 percent. In February, we hit 5.4 percent. In March, the latest figure available, the consumer price index climbed at an annualized rate of 4.6 percent.

Continue Reading at Breitbart.com…

from Kitco NEWS