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Inflation

FILE - Federal Reserve Board Chair Jerome Powell speaks at a news conference at the Federal Reserve in Washington, May 1, 2024. On Wednesday, May 22, 2024, the Federal Reserve releases minutes from its most recent policy meeting. (AP Photo/Susan Walsh, File)

Federal Reserve minutes: Policymakers saw a longer path to rate cuts

After several unexpectedly high inflation readings, Federal Reserve officials concluded at a meeting earlier this month that it would take longer than they previously thought for inflation to cool enough to justify reducing their key interest rate, now at a 23-year high.
 
FILE - Merchandise is displayed at a Target store Nov. 15, 2023, in Orlando, Fla. Target reports earnings on Wednesday, May 22, 2024. (AP Photo/John Raoux, File)

Target sales decline to start the year, but it sees improvement

 
A general view of the Bank of England in London, Thursday May 9, 2024. The Bank of England has kept its main U.K. interest rate at a 16-year high of 5.25% with several policymakers still worrying about some key inflation measures. In a statement Thursday, the bank’s nine-member Monetary Policy Committee voted 7-2 to keep rates unchanged, with the 2 dissenters backing a quarter-point reduction. (Yui Mok/PA via AP)

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4

 
Commuters wait to board a subway car, in Buenos Aires, Argentina, Friday, May 17, 2024. Argentine commuters in Buenos Aires on Friday were hit by an abrupt 360% increase in subway fares, as part of President Javier Milei's budget austerity campaign. (AP Photo/Rodrigo Abd)

Subway commuters in Buenos Aires see fares spike by 360% as part of austerity campaign in Argentina

 
FILE - A worker carries bananas inside the Walmart Supercenter on Feb. 9, 2023, in North Bergen, New Jersey. Walmart reports earnings on Thursday, May 17, 2024. (AP Photo/Eduardo Munoz Alvarez, File)

Walmart’s strong first quarter driven by consumers seeking bargains with inflation still an issue

 

Subway fares surge almost four times in Buenos Aires as part of Argentina’s austerity campaign

Commuters in Buenos Aires have been hit by an abrupt 360% increase in subway fares. It’s one of the most dramatic price hikes in libertarian President Javier Milei’s harsh budget austerity campaign in Argentina. (AP video shot by Victor Caivano)
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Argentina reports its first single-digit inflation in 6 months as markets swoon and costs hit home

Federal Reserve chair Powell says interest rates will stay at high until inflation further cools

Long lines in front of banks and ATMs as Cubans face another hurdle to their difficult daily routine – the search for cash

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Norwegian Cruise Line, Wix.com rise; Cushman & Wakefield, Target fall, Monday, 5/20/2024

Stocks that traded heavily or had substantial price changes on Monday: Norwegian Cruise Line, Wix.com rise; Cushman & Wakefield, Target fall.
 

Walmart, Canada Goose rise; Deere, Freeport-McMoRan fall, Thursday, 5/16/2024

Stocks that traded heavily or had substantial price changes on Thursday: Walmart, Canada Goose rise; Deere, Freeport-McMoRan fall.
 
FILE - A customer checks out of a Walmart store Wednesday, Feb. 21, 2024, in Englewood, Colo. On Wednesday, May 15, 2024, the Commerce Department releases U.S. retail sales data for April. (AP Photo/David Zalubowski, File)

Retail sales were unchanged in April from March as inflation and interest rates curb spending

Americans unexpectedly paused their spending in April from March as inflation continued to sting and elevated interest rates made taking on debt more burdensome.
 
Currency traders work near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 16, 2024. (AP Photo/Ahn Young-joon)

Stock market today: Asian shares advance after another round of Wall St records

Asian shares are higher after U.S. stocks rallied to records on hopes that inflation is heading back in the right direction.
 
A sign trumpets discounts available in a clothing store in a mall Monday, April 29, 2024, in Lone Tree, Colo. On Wednesday, May 15, 2024, the Labor Department issues its report on inflation at the consumer level in April. (AP Photo/David Zalubowski)

US inflation eased last month in the first slowdown of 2024

Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team.
 
President Joe Biden speaks in the Rose Garden of the White House in Washington, Tuesday, May 14, 2024, announcing plans to impose major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China. (AP Photo/Susan Walsh)

New US tariffs on Chinese electric vehicles, batteries and solar cells could raise consumer prices

New tariffs on Chinese electric vehicles and batteries, solar cells, medical equipment and other goods are intended to protect U.S. jobs and manufacturers.
 
A vendor waits for customers at the central market for fruit and vegetables in Buenos Aires, Argentina, Friday, May 10, 2024. (AP Photo/Natacha Pisarenko)

Argentina reports its first single-digit inflation in 6 months as markets swoon and costs hit home

Government data in Argentina says the country’s monthly inflation rate has eased sharply to a single-digit rate in April for the first time in half a year.
 
FILE - Federal Reserve Board Chair Jerome Powell appears before the House Financial Services Committee on Capitol Hill, March 6, 2024, in Washington. Powell said Tuesday, May 14, that the central bank is unlikely to hike its key interest rate in response signs of stubborn inflation, and underscored his view that price increases would soon start to cool again. (AP Photo/Mark Schiefelbein, file)

Fed’s Powell downplays potential for a rate hike despite higher price pressures

Federal Reserve Chair Jerome Powell said Tuesday that the central bank is unlikely to raise its key interest rate in response to signs of stubborn inflation and underscored his view that price increases would soon start to cool again.
 
FILE - Rubila Clemente waters green onions, on April 19, 2024, at Christopher Farm in Modoc, Ind. On Tuesday, May 14, 2024, the Labor Department releases producer prices data for April. (AP Photo/Joshua A. Bickel)

Wholesale price increases accelerated in April as inflation remains sticky

U.S. wholesale prices rose sharply last month, a sign that stubbornly high inflation may persist after three elevated readings in consumer prices to start the year.
 
FILE - A view of the exterior of the Home Depot improvement store, in Niles, Ill., on Feb. 19, 2022. Home Depot reports earnings on Tuesday, Nov. 14, 2023. Home Depot's sales continued to soften in the first quarter as the nation's largest home improvement retailer not only was constrained by high mortgage rates and customers dealing with inflation concerns, but it also had to deal with a delayed start to spring. (AP Photo/Nam Y. Huh, File)

Home Depot’s sales continue to soften in 2024 as inflation, delayed start to spring weigh on sales

Home Depot’s sales continued to soften in the first quarter as the nation’s largest home improvement retailer not only was constrained by high mortgage rates and customers dealing with inflation concerns, but it also had to deal with a delayed start to spring.
 
A person on a bicycle pauses in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, May 15, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Stock market today: Asian markets follow Wall Street higher ahead of U.S. key inflation update

Asian stocks have advanced after equities rose on Wall Street, with the Nasdaq composite hitting a record high. Markets in Hong Kong and Seoul were closed for holidays.
 

This Week: Producer prices, inflation check, April retail sales

The Labor Department releases producer price data for April on Tuesday, and its April report on consumer prices on Wednesday.
 
A currency trader gives a thumps up near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 14, 2024. Asian shares were mixed in muted trading Tuesday, after U.S. stock indexes drifted to a mixed finish. (AP Photo/Ahn Young-joon)

Stock market today: Asian shares mixed in muted trading after Wall Street barely budges

Asian shares are mixed in muted trading after U.S. stock indexes were little changed. Investors are waiting for updates on inflation in the U.S.
 
FILE - A shopper passes a display of televisions at a Costco warehouse on April 29, 2024, in Lone Tree, Colo. On Friday May 10, 2024, the University of Michigan releases its preliminary reading of consumer sentiment for May. (AP Photo/David Zalubowski, File)

US consumer sentiment drops to 6-month low on inflation, unemployment fears

Consumer sentiment fell sharply in May to the lowest level in six months as Americans cited concerns about stubbornly high inflation and interest rates and fears that unemployment could rise.
 
FILE - A beam is measured and marked at a housing site in Madison County, Miss., Tuesday, March 16, 2021. Homeowners have been spending more for renovations in recent years, as high interest rates and inflation drove up costs for everything from flooring to refrigerators. (AP Photo/Rogelio V. Solis, File)

Spending on home renovations slows, but high remodeling costs mean little relief in sight for buyers

Homeowners have been spending more for renovations in recent years, as high interest rates and inflation drove up costs for everything from flooring to refrigerators.
 
A woman pays with cash as she buys from a street vendor, Sept. 26, 2017 in New York. Despite numbers showing a healthy economy overall, lower-income spenders are showing the strain. (AP Photo/Mark Lennihan)

Despite numbers showing a healthy economy overall, lower-income spenders are showing the strain

Cracks are showing in one of the main pillars keeping the economy out of a recession: resilient spending by U.S. households.
 
A general view of the Bank of England in London, Thursday May 9, 2024. The Bank of England has kept its main U.K. interest rate at a 16-year high of 5.25% with several policymakers still worrying about some key inflation measures. In a statement Thursday, the bank’s nine-member Monetary Policy Committee voted 7-2 to keep rates unchanged, with the 2 dissenters backing a quarter-point reduction. (Yui Mok/PA via AP)

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation

The Bank of England is keeping its main U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards as soon as June as inflation is forecast to fall below target.
 
FILE - The Bank of England in London, is shown on Dec. 15, 2022. The bank is expected to maintain interest rates at a 16-year high of 5.25%, but a cut wouldn't be a huge surprise as inflation falls from multi-decade highs. (AP Photo/Alastair Grant, File)

Bank of England expected to wait for more evidence that inflation is under control before rate cut

The Bank of England is expected to maintain interest rates at a 16-year high of 5.25% Thursday, but a cut wouldn’t be a huge surprise as inflation falls from multi-decade highs.
 
File - A worker counts money at a grocery store in Buenos Aires, Argentina, Nov. 21, 2023. Prices have surged so dramatically that the government has multiplied the size of its biggest banknote in circulation to 10,000 peso note, five times the value of the previous biggest bill, according to the central bank on May 8, 2024, and the new bill is expected circulate in June. (AP Photo/Natacha Pisarenko, File)

With inflation soaring, Argentina will start printing 10,000 peso notes

Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note by five — to 10,000 pesos, worth about $10.
 
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, May 1, 2024. (AP Photo/Seth Wenig)

Stock market today: Wall Street rallies after hiring shows welcome signs of cooling

Stocks closed sharply higher on Wall Street, erasing their losses for the week, after the government reported a cooldown in hiring last month.
 
FILE - A sign highlighting the financing interest rate is displayed near the price sticker on an unsold 2023 vehicle at a Mercedes-Benz dealer on Nov. 30, 2023, in Loveland, Colo. The Federal Reserve’s decision Wednesday, May 1, 2024 to keep its benchmark rate at a two-decade high should have ripple effects across the economy. Mortgage rates, credit card rates, and auto loan rates will all likely maintain their highs, with consequences for consumer spending. (AP Photo/David Zalubowski, file)

The Fed indicated rates will remain higher for longer. What does that mean for you?

The Federal Reserve’s decision Wednesday to keep its benchmark rate at a two-decade high should have ripple effects across the economy.
 

Text of the policy statement the Federal Reserve released Wednesday

WASHINGTON (AP) — Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended:
 
Workers surround a manhole on a street in Park Ridge, Ill., Monday, April 29, 2024. On Wednesday, May 1, 2024, the Labor Department reports on job openings and labor turnover for March. (AP Photo/Nam Y. Huh)

US job openings fall to 8.5 million in March, the lowest level in more than 3 years

U.S. jobs openings slid in March to the lowest level in more than three years, but stayed at historically high levels in a sign that the job market remains resilient in the face of higher interest rates.
 
A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, May 2, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Stock market today: Asian markets follow Wall Street swings after Fed keeps interest rates high

Asian markets are wobbling in early trading after U.S. stocks swung to a mixed finish with the Federal Reserve delaying cuts to interest rates.
 
Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, May 1, 2024. (AP Photo/Susan Walsh)

Federal Reserve says interest rates will stay at two-decade high until inflation further cools

The Federal Reserve emphasized that inflation has remained stubbornly high and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target.
 
FILE- In this Feb. 5, 2018, file photo, the seal of the Board of Governors of the United States Federal Reserve System is displayed in the ground at the Marriner S. Eccles Federal Reserve Board Building in Washington. (AP Photo/Andrew Harnik, File)

Affluent Americans are driving US economy and likely delaying need for Fed rate cuts

Older Americans are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending — the principal driver of economic growth — than ever before.
 
FILE - Heavy traffic is seen at O'Hare International Airport in Chicago, Monday, April 15, 2024. Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago. (AP Photo/Nam Y. Huh, File)

Surging auto insurance rates squeeze drivers, fuel inflation

Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago.
 
Jamie Dimon, CEO and chairman of JPMorgan Chase, center, attends the ribbon-cutting ceremony during the community branch opening in the Bronx borough of New York, on Friday, April 26, 2024. Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation. (AP Photo/Andres Kudacki)

JPMorgan’s Dimon hopes for soft landing for US economy but says stagflation is a possible scenario

JPMorgan CEO Jamie Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation.
 
A clearance sign is displayed at a retail clothing store in Downers Grove, Ill., Monday, April 1, 2024. On Friday, April 26, 2024, the Commerce Department issues its March report on consumer spending. (AP Photo/Nam Y. Huh)

Fed’s preferred inflation gauge shows price pressures stayed elevated last month

A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the Fed’s reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Biden’s re-election bid.
 
A trader works on the floor of the New York Stock Exchange shortly after the opening bell, Wednesday, April 24, 2024, in New York. (AP Photo/Mary Altaffer)

Stock market today: Alphabet and Microsoft help Wall Street clinch its best week in nearly 6 months

Alphabet and Microsoft led the U.S. stock market to its first winning week in the last four and its biggest weekly gain since November. The S&P 500 rose 1% Friday.
 
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