Inflation Rises More Than Expected To 3.2% In February, Rebuffs Expectations Of June Fed Rate Cut
The U.S. consumer price index exceeded expectations in February, mirroring the robust performance seen in January and casting doubt on the imminent commencement of interest rate cuts by the Federal Reserve.
In February 2024, the inflation rate climbed to 3.2% compared to the previous year, as disclosed by the Bureau of Labor Statistics on Tuesday.
Read More4 Ways a Biden Win in 2024 Could Impact the Future of Social Security
For years, President Joe Biden has delivered the same message on Social Security: He aims to strengthen the program while also avoiding benefit cuts,
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Read More‘Not on my watch’: Biden pledges to stop cuts to social security and Medicare
Joe Biden swiftly seized on Donald Trump’s suggestion that he would cut “entitlements” like social security and Medicare if re-elected, saying: “Not on my watch.”
That was in a presidential tweet. In a campaign speech in New Hampshire on Monday, Biden had elaborated.
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Read MoreStocks Open Higher After Hotter-Than-Expected Inflation Reading
Stocks opened higher on Tuesday after February’s inflation reading came in slightly hotter than expected.
The Dow Jones Industrial Average was up 123 points, or 0.3%. The S&P 500 was up 0.5%. The Nasdaq Composite was up 0.7%.
The headline consumer price index rose at a 3.2% annual rate in February,
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Read MoreCoBank Quarterly: Sticky inflation puts Federal Reserve on the horns of a dilemma
Lower interest rates are coming, but the Fed will err on the side of caution
DENVER — Strong labor and consumer spending metrics have led most market participants to dismiss earlier recession concerns, but there are still some worrying signs for the U.S. economy. While inflation rates are trending in the right direction,
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