Inflation stays high as Fed tracks key gauge in May
The PCE price index rose 0.6 percent from April to May with a 6.3 percent year over year gain, signaling persistent inflation. Consumer spending rose 0.2 percent month to month, while after inflation adjustment spending fell 0.4 percent. The report underscores pressure on households and outlines Fed rate hikes aimed at slowing growth.
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FED
Washington
Federal Reserve
Commerce Department
U.S
Jennifer Lee
BMO Capital Markets
Joe Biden
Associated Press-Norc Center For Public Affairs Research
Particu
OPEC to Boost Crude Oil Production Despite High Gas Prices
OPEC and allied nations agreed to raise crude output by 648000 bpd in August, a move seen as largely symbolic for easing high fuel costs. Russia, Nigeria, and Angola face capacity and sanctions limits while Saudi Arabia and the UAE may supply spare capacity. President Biden urged increased flows and considered using reserves or tax suspensions to lower prices.
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OPEC
New York
Opec Oil Cartel
OPEC+ alliance
Russia
Saudi Araba
U.S
Joe Biden
Kingdom
Biden
Congress
Nigeria
Angola
Ukraine
International Energy Agency
Carsten Fritsch
Commerzbank
Saudi Arabia
United Arab Emirates
Stocks end quarter with worst drop in two years on Wall Street
Stocks slumped to close the quarter with the S&P 500 down 0.9 percent and 21 percent below its early-year high as inflation, Fed policy, and growth uncertainty weigh on markets. A weak May inflation reading and tepid consumer spending add to concerns amid supply chain strains and the Ukraine war.
MENTIONED IN THIS ARTICLE
Wall Street
Lindsey Bell
Ally Invest
Fed
Federal Reserve
Quincy Krosby
Credit agencies curb medical debt on reports nationwide
Three major U S credit agencies will stop counting paid medical debt and extend the grace period before reporting delinquent medical debt to collections. Starting next year unpaid medical debt under 500 dollars may also be excluded. The move aims to wipe out roughly 70 percent of medical debt on consumer reports amid calls to remove medical debt from credit scoring altogether.
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U.S
Federal
Consumer Financial Protection Bureau
John McNamara
Justin Hakes
Consumer Data Industry Association
Credit Reporting
Experian
Equifax
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Community Service Society of
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McDonough
Georgia
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the Market IN Review
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Immunm
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