Amid stubborn inflation, 60% of Americans live paycheck to paycheck
Despite higher prices, consumers are still spending, although not as much as they were a year ago, which is giving their budgets some breathing room.As of January, 60% of all U.S. adults, including 45% of high-income earners, were living paycheck to paycheck, according to a new LendingClub report. That’s down from 64% a year earlier, suggesting […]
Gold set for biggest drop in 20 months on rate hike worries
American Eagle and South African Krugerrand gold bullion in Chicago, Illinois.Scott Olson | Getty ImagesGold prices slipped to a two-month low on Tuesday and were on track for their biggest monthly decline since June 2021, pressured by an elevated dollar and prospects of more rate hikes from the U.S. Federal Reserve.Spot gold was down 0.17% […]
54% of Americans are dipping into savings to pay for everyday expenses
Inflation is still taking a hefty toll on households, recent reports show.Prices continued their upward momentum in January, rising 0.5% for the month and 6.4% over the past 12 months, according to the latest consumer price index data released by the U.S. Bureau of Labor Statistics.To make ends meet, 27% of Americans said they’ve had to take money […]
Gold slips from nine-month peak as dollar regains lost ground
Gold bars being counted in IstanbulYoray Liberman | Getty ImagesGold prices slipped nearly 2% as the dollar rebounded and some investors locked in profits after bullion scaled a nine-month peak on dovish remarks from Federal Reserve Chair Jerome Powell.Spot gold dipped 1.91% to $1,9153.09 per ounce, having hit its highest since April 2022 earlier in […]
Federal Reserve chairman Jerome Powell to stress inflation fight far from over
WASHINGTON (AP) — Inflation is cooling, and parts of the economy appear to be weakening. But Chair Jerome Powell is likely Wednesday to underscore that the Federal Reserve’s primary focus remains the need to fight surging prices with still-higher interest rates.With financial markets anticipating that the Fed will stop raising rates soon and possibly even […]
Powell says Fed might make unpopular decisions to stabilize prices
Federal Reserve Chairman Jerome Powell on Tuesday emphasized the need for the central bank to be free of political influence while it tackles persistently high inflation.In a speech delivered to Sweden’s Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.”Price stability is the bedrock of a healthy economy and […]