Inflation

Bahujan Samaj Party (BSP) president Mayawati on May 18 lashed out at the BJP for allegedly targeting religious places to divert people's attention from issues such as poverty, unemployment and inflation and cautioned that it will only weaken the country. She also said changing the names of the places associated with a particular religion will only create hatred. "In order to divert people's attention from issues such as rising poverty, unemployment and skyrocketing inflation in the country, the BJP and its associate organisations are specially targeting religious places and this is not hidden from anyone," Mayawati told newspersons in Lucknow. "This can spoil the situation anytime. Years after Independence, the manner in which people’s religious sentiments are being incited, as part of a conspiracy in the guise of Gyanvapi, Mathura, Taj Mahal and other places, will not strengthen the country but will only weaken it. The BJP needs to pay attention to this," she said. The BSP … [Read more...] about BJP targeting religious places to divert people’s attention from issues such as unemployment, inflation: Mayawati

NEW YORK: Shorter-dated U.S. Treasury yields jumped on Tuesday and the yield curve flattened after Federal Reserve Chairman Jerome Powell said that the U.S. central bank will "keep pushing" to tighten U.S. monetary policy until it is clear that inflation is declining. "What we need to see is inflation coming down in a clear and convincing way and we're going to keep pushing until we see that," Powell said at a Wall Street Journal event. "If that involves moving past broadly understood levels of 'neutral' we won't hesitate to do that," Powell added, referring to the rate at which economic activity is neither stimulated nor constrained. Read full story The comments confirmed the market’s view that the Fed is focused on easing price pressures even as stock market prices wobble and some investors worry that aggressive tightening will tip the U.S. economy into recession. “We’ve always known that 'neutral' is very difficult to estimate, and so the idea that the Fed was going … [Read more...] about Short-dated yields jump as Fed’s Powell adopts hawkish tone on inflation

Yesterday it was Walmart . Today is was Target’s turn to report quarterly results that showed sales soaring but profits crashing as the company was hit by higher costs for goods, shipping, and headcount. Shares were down by 27.6 percent after the company said that fuel and freight costs will be $1 billion higher this year than it expected. Headcount, compensation, and product costs were up as well. The company said it sees no signs of the cost pressures easing in the second half of the year. Target said it would try not to pass on the increased costs to customers, hoping that it can sacrifice some short-term profit to win market share from competitors. The results, and Target’s reaction, undermine the claim by the Biden administration and Capitol Hill Democrats such as Sens. Elizabeth Warren (D-MA) and Bernie Sanders (Ind-VT) that corporate profiteering and price gouging are fueling inflation. The results also highlight the drag the ESG energy crisis is having on the U.S. … [Read more...] about Target Shares Crash After Inflation Crushes Earnings

The poorest households are bearing the brunt of rising prices, with inflation of almost 11% driven by rising energy bills, experts have warned. Official statistics showed Consumer Prices Index inflation hit a 40-year high of 9% in April, but analysis by economic think tanks showed the squeeze on budgets faced by the poor was even greater. Institute for Fiscal Studies (IFS) analysis indicated the bottom 10% of the population in terms of income faced an inflation rate of 10.9%, while for the richest 10% it was 7.9%, a full three percentage points lower. The Resolution Foundation (RF), which focuses on living standards, estimated that the poorest households faced a rate of 10.2%. Recommended Coleen Rooney to resume evidence in Rebekah Vardy court battle - live ‘Putin likely to have lost third of troops in Ukraine’ – follow live The difference is largely due to soaring energy bills, with the price cap increasing by £693 for the typical … [Read more...] about Poorest ‘face almost 11% inflation’ as energy bills fuel cost-of-living squeeze

by Matthew Rusling WASHINGTON, May 18 (Xinhua) -- After two monotonous years of working from home amid the pandemic, Americans are opening their wallets, going out and spending - despite record inflation. But this may not last. Retail sales, a measure of how much consumers spend on products including food, automobile and gasoline, increased 0.9 percent in April from the prior month, the U.S. Commerce Department reported Tuesday. "The surprisingly robust jump in retail sales is a very good sign," Bernard Baumohl, chief global economist at The Economic Outlook Group, told Xinhua. "I think it's an indication that Americans are still willing to spend, despite the fact that they have shown to be in a dour mood when the confidence surveys are taken," Baumohl said. "The key thing here is to keep an eye on what consumers are actually doing, not how they describe their feelings," Baumohl said, referring to recent consumer sentiment polls that do not track actual spending. The … [Read more...] about News Analysis: Americans shell out cash on retail, despite record inflation

Home builders slowed construction on single-family homes much more than anticipated in April as inflation pushed up costs and rising mortgage rates made homes less affordable. Home builders broke new ground on new single-family homes at a seasonally adjusted annual rate of 1.1 million in April, a 7.3 percent drop from the downwardly revised March rate, data from the Census Bureau showed Wednesday. The figures for February and March were revised down sharply. February single-family starts were taken down to 1.213 million from 1.221 million. March’s single-family starts went from 1.2 million to 1.87 million. The April figure is 8.3 percent less than the March figure prior to the revision and nearly 10 percent below the February preliminary figure. That illustrates how big the slowdown in construction has been over the last few months. The single-family market is most sensitive to interest rates. In April, rates on the traditional 30-year fixed mortgage climbed sharply, … [Read more...] about Housing Starts Plunge as Bidenflation Rampages Across U.S.

“At least two children in Tennessee are being treated at the hospital due to [Joe Biden’s] nationwide formula shortage,” reports Fox 8. “According to WMC , neither doctors nor their families can find the formula these children need on store shelves.” This is happening … in America. No, not in America… It’s happening in Joe Biden’s America. And this is what happens when you give Democrats political power. You see, above all — unless, of course, you’re an illegal alien — Democrats believe in scarcity. Less is what Democrats believe in. Less for everyone. Baby formula is one of the most affected products in the dysfunctional supply chain, causing fear and the urge to hoard in parents. https://t.co/uoIrhSEdfZ — Breitbart News (@BreitbartNews) May 9, 2022 Less energy , less water , less speech , less housing , and (unless you’re an illegal alien) , less baby formula. The only thing Democrats want more of is gay porn in elementary schools, … [Read more...] about Nolte: Joe Biden’s Formula Shortage Puts Two Babies in Hospital

Donald Gorske has eaten a Big Mac nearly every day for 50 years straight—and he has no plans to stop. The McDonald's regular has been in the media spotlight for years, extending his own record as the years have passed. It culminated in an official celebration that took place Tuesday in his home state of Wisconsin. He has only missed eight days of Big Mac consumption in five decades, often eating two of the fast-food juggernaut's classic burgers during each visit. "I've only missed eight days in 50 years, which is phenomenal," Gorske told KFVS-12 from his hometown restaurant in Fond du Lac. "And like I say, I count every Big Mac. I've counted every Big Mac I've eaten my whole life." The Big Mac is composed of two beef patties sandwiched between a sesame seed bun. They are accompanied by pickles, shredded lettuce, finely chopped onion, American cheese and the chain's special sauce. The website Real Menu Prices lists Big Mac sandwich prices as $3.99 each, which means two … [Read more...] about Man has eaten Big Mac daily for 50 straight years: “Nothing I’d rather eat”

After inflation hit a 40-year high of 9 per cent today, Conservative MPs, including some ministers, are again pointing the finger of blame at the Bank of England and its governor Andrew Bailey for raising interest rates too slowly. Worryingly, some senior Tories are even raising the question of whether the Bank should lose its operational independence on monetary policy,  threatening the 25-year consensus since Gordon Brown ceded the politicians’ control of interest rates to the Bank. Liam Fox, the former cabinet minister, argues the Bank should stick to its “day job” of hitting the government’s 2 per cent inflation target, rather than worrying about political matters such as climate change (though Rishi Sunak added that to the Bank’s mandate last year). Fox said : “There is a distinct feeling that those who should be protecting us from the debasement of our currency, the erosion of our earnings and the devaluation of our savings, have had their minds too much … [Read more...] about Giving the government control over interest rates would be a disaster

Burberry has reported a jump in annual earnings as sales rebounded, but said its outlook for the year ahead depends on lockdowns and a recovery in spending across China. The luxury fashion firm reported underlying operating profits of £523 million for the year to April 2, up from £396 million the previous year as like-for-like sales jumped 18%. On a reported basis, pre-tax profits lifted 4% to £511 million. But the group said comparable store sales growth slowed to 7% in its fourth quarter as Covid lockdowns in China, its biggest market, hit March trading. The group said: “Our outlook is dependent on the impact of Covid-19 and rate of recovery in consumer spending in mainland China. Recommended Coleen Rooney to resume evidence in Rebekah Vardy court battle - live ‘Putin likely to have lost third of troops in Ukraine’ – follow live “While the current macro-economic environment creates some near-term uncertainty, we are actively managing … [Read more...] about Burberry sees outlook weighed on by China Covid lockdowns