Economy

The US has added well over half a trillion dollars to its national debt since the start of 2024 as the CEO of the world’s largest bank issues a warning on the state of America’s balance sheet. According to new data from the Treasury, as of May 14th, the US national debt grew by $582.381 billion year-to-date, with…

Two percent inflation is more than just the Federal Reserve’s goal, one could argue, as it works to wrestle down pandemic-related price increases that have plagued U.S. households over the past three years.It’s the Fed’s holy grail. Its lodestar. Its mantra.Lately, though, the 2% target feels more like the economy’s Godot – a remedy to its…

WASHINGTON -- It was a time of fear and chaos four years ago.The death count was mounting as COVID-19 spread. Financial markets were panicked. Oil prices briefly went negative. The Federal Reserve slashed its benchmark interest rates to combat the sudden recession. And the U.S. government went on a historic borrowing spree — adding trillions to…

An economist offered an explanation for a paradox that has emerged in recent data showing that spending has remained robust even as consumers report feeling pessimistic. Joanne Hsu, who is the director of the University of Michigan’s consumer sentiment survey, told CNBC on Friday that she thinks Americans have abandoned plans to save money as…

Former President Trump criticized President Biden’s handling of inflation in a late-night social media rant, joking that he is blaming his “economic disaster” on the shrinking size of Snickers Bars.  In back-to-back Truth Social posts late Friday night, Trump went after Biden, his likely general rival, for suggesting “corporate greed” is…

Part of retail has been sheltered from ecommerce, but changes are underway. By Wolf Richter for WOLF STREET. Ecommerce sales in Q1 jumped by 8.6% year-over-year, to a record $289 billion seasonally adjusted. The rest of retail trade sales, not including ecommerce, ticked up only 0.3% to $1.53 trillion, according to data from the Census…

The latest U.S. tariff hikes primarily target lithium-ion batteries, electric vehicles (EVs), semiconductors, and medical devices from China. These measures are part of the Biden administration’s response to what it describes as China’s unfair trade practices that undermine American businesses and workers . The tariffs have been significantly…

(Kitco News) – With the Federal Reserve signaling at their May meeting that they fully intend to keep interest rates at highs not seen in over 20 years until stubborn inflation levels show sustained improvement, market participants have resigned themselves to expensive capital and credit costs for the foreseeable future.According to mainstream…

Politics By Steven Nelson Published May 14, 2024, 5:21 p.m. ET WASHINGTON — President Biden again claimed Tuesday that the annual US inflation rate was 9% when he took office in January 2021 — when it actually was 1.4% and didn’t pass 9% until 17 months into his term — as he attempted to deflect…

All eyes are on April's Consumer Price Index (CPI) report, as it will reveal details about the current state of inflation among consumers. SEI (SEIC) CIO Jim Smigiel joins Market Domination to break down what investors should expect from Wednesday's CPI print and what it could signal for the Fed's next moves."We have three hot prints in a row,…