Wholesale inflation surges 11.3 percent in June
The Labor Department reports the U.S. producer price index rose 11.3 percent from June 2021, led by energy costs up 54 percent. Excluding food and energy, prices were up 8.2 percent year over year. Month to month, PPI gained 1.1 percent from May, signaling continued inflation pressures and potential Fed rate hikes.
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Amazon Concessions Sought in EU Antitrust Probes
EU commission to seek feedback on Amazon commitments to treat third party merchants fairly amid two antitrust investigations. The tech giant faces concerns over misuse of supplier data to boost its own products and possible favoritism toward its own retail arm and logistics system. Lawsuit risks include fines up to 10 percent of global revenue.
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JPMorgan Posts Weak Earnings Start Bank Earnings Slump
JPMorgan Chase reports weak quarterly results and warns the economy may face a hurricane as inflation remains hot. Stocks broadly fall with the S&P 500 down 0.3 percent and the Dow sliding 0.5 percent. Investors price in a likely full percentage point Fed rate hike next meeting amid fears of a recession.
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Mortgage rates rise as inflation stays high in May report
U.S. mortgage rates edged higher with the 30-year at 5.51 percent and the 15-year at 4.67 percent as inflation remains elevated. Fed officials anticipate another rate increase later this month amid steady price gains, while housing activity cools with slower existing-home sales and record high prices.
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