Big-picture view of CPI: U.S. inflation continues to cool. But hot spots remain
Inflation has cooled considerably over the past year,...
Inflation has cooled considerably over the past year, but there are still a few hot spots. The biggest is the cost of shelter - rent and housing. It accounted for about 90% of the increase in the consumer price index in July.
Still, the report is unlikely to prevent the Federal Reserve from reducing interest rates in September as widely expected.
The big question for investors is whether it will be a 1/4-point cut or a larger 1/2-point reduction. The July CPI probably doesn't settle the question.
For now, betting markets suggest a smaller cut is more likely.
Sam Altman-backed startup Heimdal has opened the largest US carbon dioxide...
Sam Altman-backed startup Heimdal has opened the largest US carbon dioxide capture facility in Shidler, Oklahoma, capable of removing 5,000 tons of CO2 annually at a cost of less than $200 per ton. The company channels the captured gas into enhanced oil recovery, setting it apart from competitors who focus solely on CO2 storage.
Nearing hurricane strength, Tropical Storm Ernesto is projected to bring...
Nearing hurricane strength, Tropical Storm Ernesto is projected to bring heavy rain and cause power outages as it skirts Puerto Rico today. It could also bring dangerous rip currents along the East Coast next week.
The numbers: Applications for mortgages surged as homeowners jumped on lower rates to refinance their home loans.
The 30-year mortgage rate fell for the second week to the lowest level in a year.
The drop in rates pushed the market composite index — a measure of mortgage-application volume — up last week, the Mortgage Bankers Association said Wednesday.
The market index rose 16.8% weekly to 251.3 for the week ending August 9. A year ago, it stood at 193. The index is now at its highest level since January 2023.
Your kids go back to school soon, but their phones might not. The...
Your kids go back to school soon, but their phones might not. The national effort to ban cell phones in schools got another boost yesterday when California Gov. Gavin Newsom wrote an open letter to school districts, urging them to restrict the use of smartphones in class. Newsom cited evidence that excessive phone use is linked to mental health problems. Other states like South Carolina have already passed limited phone bans, while New York City—the US’ largest school system—is reportedly mulling a ban starting next year.
Paramount laid off 15% of its workforce and shuttered its television studio to cut costs ahead of its planned merger with Skydance Media.
Google announced a new Pixel 9 phone series that will use the company’s Gemini AI assistant.
Russia was forced to pull some of its troops out of Ukraine in order to defend its borders from Ukraine’s ongoing counterattack, Ukrainian officials said yesterday.
Ford and Mazda issued a warning not to drive more than 457,000 vehicles with recalled Takata airbags.
Tropical Storm Ernesto is expected to become a hurricane today as it passes through the Caribbean before shifting north.
