US inflation rose 3.1% in November, stubbornly above Fed’s target

Published

11 months ago

December 15, 2023

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US inflation rose 3.1% in November, stubbornly above the Federal Reserve’s long-term target and bolstering the case for central bankers to keep interest rates at current levels this spring.

The Consumer Price Index — which tracks changes in the costs of everyday goods and services — was down slightly from October’s 3.2% reading, in line with economists’ forecasts, and was its lowest monthly reading since June.

Nevertheless, it remained well above the 2% pace eyed by the Fed — a figure the US economy hasn’t seen since 2012 — as central bankers have ratcheted interest rates to a 22-year high, between 5.25% and 5.5%, in hopes of an economic slowdown.

The Bureau of Labor Statistics attributed the second consecutive month-over-month slowdown to the gasoline index, which saw a 6% decline from last month.

Core CPI a number that excludes volatile food and energy prices and serves as a closely watched gauge among policymakers for long-term trends increased 0.2% in November after rising 0.3% in October.

Per AAA figures, gas averages at about $3.14 in the US on Tuesday, down from the $3.35-per-gallon average when last month’s CPI report was released.

The shelter index, which tracks housing costs, rose 0.4%, “offsetting a decline in the gasoline index,” the Bureau of Labor Statistics said.

Fed Chair Jerome Powell has kept economists guessing about whether another rate hike is impending, though central bankers themselves have even seemed to be wrestling with conflicting economic signals.

In a hawkish speech earlier this month, he insisted that central bankers will continue their tightening regime until the job is done and inflation is once again 2%.

We are prepared to tighten policy further if it becomes appropriate to do so, he said during a fireside chat at Spelman College in Atlanta.

The full effects of our tightening have likely not yet been felt,” Powell insisted.

However, just days earlier he seemed to take a more cautious approach to raising interest rates moving forward, noting that central bankers were “proceeding carefully,” according to minutes of the Oct. 31 to Nov. 1 session, when the Fed ended up holding the benchmark overnight interest rate steady in the current 5.25% to 5.5% range.

Meanwhile, the CME FedWatch Tool now projects a more than 98% chance that the Fed doesnt raise rates again this year — up from 85% last month.

Economists and prominent Wall Street executives have been worried that without a rate cut soon, the economy could be headed for a so-called “hard landing” — where interest rates are taken so high that it spurs a recession — especially following November’s strong jobs report that signaled the economy’s momentum has continued despite the Fed’s tightening cycle.

US employers added a higher-than-expected 199,000 jobs last month, well above the 180,000 jobs economists expected to be added, according to Refinitiv data.

However, the unemployment rate edged down to 3.7% a sign that the economy could skirt a recession in favor of a soft landing.

Lower hiring stints combined with higher-than-expected unemployment historically signals a recession.

Entertainment

First Glastonbury tickets sell out in 30 minutes as new booking system launched

Published

3 hours ago

November 15, 2024

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First Glastonbury tickets sell out in 30 minutes as new booking system launched

Coach tickets to Glastonbury 2025 were sold out in half an hour, organisers have said, as they roll out a new booking system for festivalgoers.

They were the first group of tickets to be sold for the world-famous festival in Somerset, which is set to take place between 25 and 29 June.

This year, fans navigated a new system to buy the tickets as they were “randomly assigned a place in a queue” instead of having to refresh the holding page once they went live.

The organisers said in a post on X: “The Glastonbury 2025 tickets + coach travel which were on sale this evening have now all been sold.

“Our thanks to everyone who bought one.”

They added that National Express services would be available to bring festivalgoers from across the country to Glastonbury.

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Standard tickets will go on sale on Sunday at 9am. Last year they were sold out within an hour.

See Tickets said in a post on X that “confirmation emails are going out now to everyone who got @Glastonbury coach tickets this evening”.

Tickets for the annual event at Worthy Farm in Somerset cost £373.50 plus a £5 booking fee, and are sold exclusively through the See Tickets website, with no third-party sellers involved.

The new ticket system has changed the way people join the booking system.

Organisers previously warned hopefuls to log in “at least a few minutes” before the sale opened today and to avoid refreshing the page.

Festivalgoers were also told not to attempt to game the system by using multiple devices.

The sale follows chaos earlier this year when tickets for the Oasis reunion went on sale, seeing a multitude of disappointed fans as well as those who felt cheated after being charged hundreds of pounds more for their tickets than was originally advertised.

Anyone wishing to buy tickets for Glastonbury must have registered by 11 November, a rule in place to avoid touting.

US

RFK Jr chosen as Donald Trump’s health secretary

Published

3 hours ago

November 15, 2024

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RFK Jr chosen as Donald Trump's health secretary

Donald Trump has chosen vaccine sceptic Robert F Kennedy Jr as his new health secretary.

The news was announced by Donald Trump Jr on X, before the president-elect confirmed the appointment just moments later.

Former Democrat RFK Jr, the nephew of former president John F Kennedy, had been running as an independent presidential candidate but dropped out of the race and endorsed Mr Trump in August.

In return for Mr Kennedy’s support during the election, President-elect Trump pledged to give him a “big role” – and RFK Jr’s preference for the health position was widely reported.

The health and human services (HHS) department includes the Food and Drug Administration, the Centers for Disease Control and Prevention, Medicare, Medicaid and the National Institutes of Health.

RFK Jr will “restore these Agencies to the traditions of Gold Standard Scientific Research, and beacons of Transparency, to end the Chronic Disease epidemic, and to Make America Great and Healthy Again,” the president-elect wrote on X.

Mr Trump added: “For too long, Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to Public Health.

“The Safety and Health of all Americans is the most important role of any Administration.”

Mr Kennedy is a known vaccine sceptic who has repeated misinformation on multiple occasions, including the discredited theory that childhood immunisations cause autism.

The RFK Jr-led health department will “play a big role in helping ensure that everybody will be protected from harmful chemicals, pollutants, pesticides, pharmaceutical products, and food additives that have contributed to the overwhelming Health Crisis in this Country,” the president-elect added.

Earlier, his son Donald Trump Jr was the first to confirm the appointment, writing on X: “Robert F Kennedy Jr will be The Secretary of Health and Human Services! Promises Made Promises Kept.”

RFK Jr’s position will need to be confirmed with a Senate vote – but even with the chamber under Republican control, his appointment may face opposition because of his views on health issues.

Before Mr Trump announced his choice, Mr Kennedy had already claimed the new president would push to remove fluoride from drinking water on his first day in office. The addition of the compound has been cited as helping to improve dental health.

The department RKF Jr is hoping to oversee has more than 80,000 employees across the United States.

Environment

A 100-MW solar farm just broke ground in Wisconsin

Published

3 hours ago

November 14, 2024

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A 100-MW solar farm just broke ground in Wisconsin

Wisconson solar — Image: National Grid Renewables

National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.

The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.

Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.

“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”

Electrek reported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.

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