Tag: inflation

If measures of the U.S. economy keep coming in hot, as they did in January, the Federal Reserve will likely have to raise interest rates even higher than it has already signaled — and keep them there longer — Chair Jerome Powell will likely warn in testimony to Congress on Tuesday.

The Congressional Budget Office said Wednesday that it expects the U.S. economy to stagnate this year with the unemployment rate jumping to 5.1% — a bleak outlook that was paired with a 10-year projection that publicly held U.S. debt would nearly double to $46.4 trillion in 2033.

The Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signaling more hikes to come. But it announced a smaller hike than it had in its past four meetings at a time when inflation is showing signs of easing.

Amazon said Wednesday it had its biggest ever Thanksgiving holiday shopping weekend, aided by a record number of consumers looking for deals online amid high inflation.

Don’t look for plastic partitions or faraway benches when visiting Santa Claus this year. The jolly old elf is back, pre-pandemic style, and he’s got some pressing issues on his mind.