Most people want to forget this part of the 1970s. But inflation is back, and investor Peter Boockvar predicts it will be the most widespread in decades. “Monetary policy … is right now impotent in its ability to stimulate economic activity,” the Bleakley Advisory Group chief investment officer told CNBC’s “Trading Nation” on Wednesday. Boockvar
Economy
Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy, the Labor Department reported Thursday. The consumer price index, which represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods, rose 5% from a year ago.
U.S. dollars are counted by a at a bank in Westminster, Colorado. Rick Wilking | Reuters The net worth of U.S. households climbed to new heights as 2021 began and the effects of the Covid-19 pandemic began to fade. Thanks largely to a surge in the stock market, the total balance sheet for households and
Inflation has been warming up this spring, and it’s expected to hit historical levels for the month of May. The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years. Economists expect both core
A real estate agent and a potential home buyer in Coral Gables, Fla. Getty Images Mortgage rates fell slightly last week, but not enough to light a fire under mortgage demand. Total mortgage application volume decreased 3.1% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for
The CMA CGM Marco Polo, an Explorer class container ship crosses under the Verrazzano-Narrows Bridge, to enter New York Harbor as seen from Brooklyn, New York, U.S., May 20, 2021. Brendan McDermid | Reuters Americans’ demand for imports abated in April, easing the U.S. trade deficit from the record level it had hit the month
Job openings in April soared to a new record high, with 9.3 million vacancies coming as the economy rapidly recovered from its pandemic depths. The standard set in April was well above the 8.3 million in March that itself was a new series high going back to 2000 for the Labor Departments Job Openings and
A help wanted sign is displayed outside of a business before Memorial Day near the boardwalk in Wildwood, New Jersey. Spencer Platt | Getty Images News | Getty Images The weaker-than-expected April jobs report fueled speculation of U.S. labor shortages and led some state officials to declare an early end to enhanced unemployment benefits.
Chairman of the Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on “The Quarterly CARES Act Report to Congress” on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh | Reuters The Federal Reserve is in the early stages of a campaign to ready markets for reducing its $120 billion in
U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. Justin Tallis | Rueters U.S. Treasury Secretary Janet Yellen said that President Joe Biden‘s $4 trillion spending proposal would be positive for the country, even if it leads to
Federal Reserve Chairman Jerome Powell Kevin Lamarque | Reuters Federal Reserve Chairman Jerome Powell said Friday that climate change is not a main consideration for the central bank when formulating monetary policy. Speaking on a panel of his global colleagues, the head of the U.S. central bank said taking on issues related to global warming
Job creation disappointed again in May, with nonfarm payrolls up a solid 559,000 but still short of lofty expectations, the Labor Department reported Friday. Payrolls were expected to increase by 671,000, according to economists surveyed by Dow Jones. The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%. May’s
A help wanted sign is posted at a taco stand in Solana Beach, California. Mike Blake | Reuters Hiring improved in May, but 559,000 new jobs aren’t enough to spur the Federal Reserve to begin to talk about tapering back its bond purchases. Friday’s Labor Department report on new payrolls was below the 671,000 expected
May’s job gains were “solid” but not enough to change the direction of monetary policy, Cleveland Fed President Loretta Mester told CNBC. “Bottom line, I would like to see further progress than where we are right now,” Mester told CNBC’s Steve Liesman during a live “Squawk on the Street” interview Friday. The Labor Department reported
Initial jobless claims fell below 400,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department reported Thursday. First-time filings for unemployment benefits totaled 385,000 for the week ended May 29, a decline from the previous week’s 405,000 and below the Dow Jones estimate of 393,000. Zoom In IconArrows pointing
A Wingets restaurant displays a “Now Hiring” sign in Tampa, Florida, U.S., June 1, 2021. Octavio Jones | Reuters Private job growth for May accelerated at its fastest pace in nearly a year as companies hired nearly a million workers, according to a report Thursday from payroll processing firm ADP. Total hires came to 978,000
The recent spike in U.S. inflation is likely transitory for now — but it could become more persistent in the coming years as more people return to work, said former New York Fed President William Dudley. “I think that the scare right now is probably going to abate a bit as we go through the
The flags of China, U.S. and the Chinese Communist Party are displayed in a flag stall at the Yiwu Wholesale Market in Yiwu, Zhejiang province, China, May 10, 2019. Aly Song | Reuters BEIJING — China’s Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen spoke Wednesday for the first time since President Joe