Connect with us

Published

on

US inflation rose 3.1% in January, a hotter-than-expected increase that further stokes doubts as to whether the Federal Reserve will begin cutting interest rates this spring.

Last month’s Consumer Price Index — which tracks changes in the costs of everyday goods and services — came in higher than the 2.9% figure economists had expected, according to FacfSet.

Core CPI — a number that excludes volatile food and energy prices — increased 0.4% in January, to 3.9%, after rising 0.3% in December. The figure, a closely-watched gauge among policymakers for long-term trends, was also higher than what economists at FactSet expected.

Dow futures were poised to drop early Tuesday as traders began to unwind bets that the Fed will begin easing rates sooner rather than later.

The latest inflation figure marks a cooldown from December’s stiffer-than-expected 3.4% gain, which dampened hopes on Wall Street that the first of three highly-anticipated interest rate cuts this year could come as soon as March.

“The question is whether or not May 1 remains a possibility if the next series of inflation related data do not edge lower than expected,” said LPL Financial’s chief global strategist, Quincy Krosby.

“This could easily be a one off. But for all those people saying rates are too high, he’s got to cut now,” Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, said of Fed Chair Jerome Powell. “What are we waiting for? This is why. This is exactly what Powell was worried about.”

The Bureau of Labor Statistics attributed the CPI’s increase to the shelter index, which rose 0.6% on a monthly basis and contributed to two-thirds of the monthly all-items increase. The food index increased 0.4% in January, more than the 0.2% it advanced in December.

The gas index, meanwhile, experienced a handsome 3.3% drop, offsetting increases in the electricity and natural gas indexes, the federal agency said. As of Tuesday, the average price for a gallon of gas in the US is $3.23, according to AAA data.

The Bureau of Labor Statistics’ latest CPI report underscores that cash-strapped Americans, who are still dealing with retail prices far above where they were before the pandemic.

Hopes for rate cuts also took a hit with the January jobs report showing the labor market is booming, with US employers adding a staggering 353,000 jobs last month.

The figure blew past the 185,000 jobs economists expected, as the unemployment rate remained steady at 3.7% for the third month in a row.

Januarys jobs report was the first major piece of economic data since the Federal Reserves latest policy meeting, when central bankersunanimously decided to keep interest rates at their current 22-year high, between 5.25% and 5.5%.

Considering the jobs report and the CPI, the Fed still “doesnt have a coherent set of criteria for cutting, so for all we know this resets the clock,” according to Subadra Rajappa, Societe Generale’s Head of US Rates Strategy.

“If cutting is a confidence game, we dont know when enough progress is enough or whether mild setbacks undermine their confidence.”

Subscribe to our daily Business Report newsletter!

Please provide a valid email address.

By clicking above you agree to the Terms of Use and Privacy Policy.

Never miss a story.

Meanwhile, President Joe Biden has addressed the issue of “shrinkflation” — when businesses cut product sizes but keep prices the same — in a video posted on X ahead of Super Bowl LVIII.

Biden called the practice “a rip-off.”

Im calling on companies to put a stop to this. Lets make sure businesses do the right thing now, he said, though he didn’t offer a solution or policy to address the practice.

Senator Bob Casey in December released a report that showed the impact of smaller product sizes on everything from toilet paper to Oreos.

The report noted that household paper products were 34.9% more expensive per unit than they were in January 2019, with about 10.3% of the increase due to producers shrinking the sizes of rolls and packages.

It said the price of snacks like Oreos and Doritos had gone up 26.4% over the same period, with shrinking portions accounting for 9.8% percent of the increase.

Although inflation appears to be slowing, the economy remains Americans overall top concern, cited by 22% of poll respondents, as they have struggled with inflation and other aftershocks of the COVID-19 pandemic, according to a Reuters/Ipsos poll released last month.

Since taking office, Biden has made a pitch for lower supermarket prices, pushed drug makers to lower insulin costs, hotel chains to reduce fees and tried to diversify the meat-packing industry after beef prices skyrocketed in the aftermath of the pandemic.

Continue Reading

Entertainment

The Who drummer Zak Starkey rejoins band days after departure

Published

on

By

The Who drummer Zak Starkey rejoins band days after departure

The Who’s Zak Starkey is back in the band after reports earlier this week he’d been sacked.

A statement on the band’s official social media pages written by guitarist Pete Townshend said “communication issues” had been “aired happily” and Starkey was “not being asked to step down”.

Townshend also acknowledged the situation “blew up very quickly and got too much oxygen”, concluding “it’s over” and acknowledged his part in “the confusion”.

Titled, “News Flash! Who Backs Zak,” the long statement said Starkey was “not being asked to step down from The Who”.

It said: “There have been some communication issues, personal and private on all sides, that needed to be dealt with, and these have been aired happily.

“Roger and I would like Zak to tighten up his latest evolved drumming style to accommodate our non-orchestral line-up and he has readily agreed.”

Roger Daltrey from The Who performs during the Teenage Cancer Trust show at the Royal Albert Hall, London. Picture date: Sunday March 30, 2025.
Image:
Roger Daltrey and Starkey on stage at the Royal Albert Hall in March. Pic: PA

The rock and roll row followed the band’s Teenage Cancer Trust shows in March.

Townsend’s statement went on: “I take responsibility for some of the confusion. Our TCT shows at the Royal Albert Hall were a little tricky for me.

“I thought that four and a half weeks would be enough time to recover completely from having a complete knee replacement. (Why did I ever think I could land on my knees?) Wrong!

“Maybe we didn’t put enough time into sound checks, giving us problems on stage. The sound in the centre of the stage is always the most difficult to work with.”

So what went wrong?

Going on to highlight the specifics of what went wrong, Townshend added: “Roger did nothing wrong but fiddle with his in-ear monitors. Zak made a few mistakes and he has apologised. Albeit with a rubber duck drummer.

“We are a family, this blew up very quickly and got too much oxygen. It’s over. We move forward now with optimism and fire in our bellies.”

A review of one gig, published in the Metro, suggested frontman Roger Daltrey – who launched the annual gig series for the charity in 2000 – had been “frustrated” with the drumming during some tracks.

Townsend also said he owed drummer Scott Devours “an apology” for not “crushing the rumour” that he would be replacing Starkey in the Who line-up.

Devours is supporting Roger Daltrey on his solo tour, which kicked off this weekend.

Read more from Sky News:
The Last Of Us: The science behind the real ‘zombie’ fungus
Eurovision star and face of Bisto gravy dies

Starkey – who is the son of The Beatles drummer Ringo Starr – reposted Townshend’s statement, with the message: “V grateful to be a part of the Who family Thanks Roger and Pete xx”.

The 59-year-old drummer previously said he was “surprised and saddened” by news of his sacking.

He’s been with The Who for nearly three decades, after joining in 1996 for their Quadrophenia tour.

Starkey also drums for supergroup Mantra Of The Cosmos – along with fellow musicians Shaun Ryder and Bez from Happy Mondays, and Andy Bell of Ride and Oasis – and has previously played with Oasis, Lightning Seeds and Johnny Marr.

Continue Reading

World

Pope blesses Easter crowds from popemobile in first significant appearance since illness

Published

on

By

Pope blesses Easter crowds from popemobile in first significant appearance since illness

Pope Francis has made his first significant public appearance since he left hospital, greeting cheering crowds from the popemobile.

He blessed the thousands of faithful gathered to celebrate Easter Sunday at the Vatican.

The 88-year-old pontiff appeared frail as he was wheeled out onto the balcony over the entrance of St Peter’s Basilica, before being driven in the popemobile through the crowds of faithful gathered in St Peter’s Square.

He was met with cheers, applause and chants of “Viva il Papa” – meaning long live the Pope.

It is his longest stint out in public since he spent five weeks in hospital being treated for double pneumonia.

Pope Francis speaks from a balcony, on the day of the "Urbi et Orbi" (to the city and to the world) message at St. Peter's Square, on Easter Sunday, in the Vatican, April 20, 2025. REUTERS/Yara Nardi
Image:
Pic: Reuters

Pope Francis tours St. Peter's Square on the Pope mobile, as faithfull react, on the day the "Urbi et Orbi" (to the city and to the world) message is delivered, on Easter Sunday, at the Vatican, April 20, 2025. REUTERS/Guglielmo Mangiapane
Image:
Pope Francis being driven through the crowds in St Peter’s Square. Pic: Reuters

“Brothers and sisters, Happy Easter!” Pope Francis managed to say, before an aide read the rest of his annual Urbi et Orbi blessing and speech, which called for an end to the conflicts in Ukraine and Gaza.

“May the risen Christ grant Ukraine, devastated by war, his Easter gift of peace, and encourage all parties involved to pursue efforts aimed at achieving a just and lasting peace,” the message said.

Pope Francis looks on from a balcony, on the day the "Urbi et Orbi" (to the city and to the world) message is delivered at St. Peter's Square, on Easter Sunday, at the Vatican, April 20, 2025. REUTERS/Guglielmo Mangiapane
Image:
Pic: Reuters

“In this Jubilee year, may Easter also be a fitting occasion for the liberation of prisoners of war and political prisoners!”

Pope Francis rides in a vehicle in St. Peter's Square after the "Urbi et Orbi" (to the city and to the world) message was delivered, on Easter Sunday, in the Vatican, April 20, 2025. REUTERS/Yara Nardi
Image:
Pic: Reuters

Crowds then stretched out their hands and filmed as the Pope was driven past in the special vehicle.

The popemobile stopped a number of times in order for the pontiff to bless babies and small children, appearing to also give them gifts.

The Pope blesses a baby as he travels around St Peter's Square in his Popemobile
Image:
The Pope blesses a baby as he travels around St Peter’s Square

Before the public appearance, the Pope “exchanged good wishes” with US vice president JD Vance during a private audience at the Vatican.

Pope Francis meets with U.S. Vice President JD Vance on Easter Sunday at the Vatican, April 20, 2025. Vatican Media/­Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. TPX IMAGES OF THE DAY
Image:
The Pope meeting JD Vance on Easter Sunday. Pic: Vatican Media

JD Vance meeting Pope Francis at the Vatican on Easter Sunday. Pic: Vatican Media
Image:
Pic: Vatican Media

Mr Vance, who is in Rome with his family, also met with Pope Francis on Saturday, where the Vatican said there had been “an exchange of opinions” over international conflicts, migrants and prisoners.

The Pope has only appeared in public a handful of times since returning to the Vatican on 23 March.

The faithful gather in St. Peter's Square during the Easter Sunday Mass, at the Vatican, April 20, 2025. REUTERS/Yara Nardi
Image:
The faithful gather in St. Peter’s Square. Pic: Reuters

Members of the clergy gather in St. Peter's Square on the day of the Easter Sunday Mass at the Vatican, April 20, 2025. REUTERS/Yara Nardi
Image:
Members of the clergy. Pic: Reuters

Leading up to Easter, he skipped the solemn services of Good Friday and Holy Saturday. Before Sunday, his biggest outing had been a visit to Rome’s central prison to spend Holy Thursday with inmates.

He also missed the Easter Sunday open-air mass, which was led instead by Cardinal Angelo Comastri, the retired archpriest of St Peter’s Basilica.

Read more from Sky News:
London-born teenager about to become a saint
Four mistakes to avoid when running London Marathon

Cardinal Angelo Comastri leads the Easter Sunday Mass at St. Peter's Square at the Vatican, April 20, 2025. REUTERS/Guglielmo Mangiapane
Image:
Cardinal Angelo Comastri leading the Easter Sunday mass. Pic: Reuters

Despite cutting down his workload, the Pope was able to meet King Charles and Queen Camilla during the British monarch’s four-day state visit to Italy at the beginning of April.

Charles and Camilla’s 20-minute meeting with the Pope included an exchange of gifts and the pontiff wishing them a happy 20th wedding anniversary.

Continue Reading

US

Anti-Trump protests sweep America for the second time in weeks

Published

on

By

Anti-Trump protests sweep America for the second time in weeks

Anti-Trump protests took place across America on Saturday, with demonstrators decrying the administration’s immigration crackdown and mass firings at government agencies. 

Events ranged from small local marches to a rally in front of the White House and a demonstration at a Massachusetts commemoration of the start of the Revolutionary War 250 years ago.

Thomas Bassford, 80, was at the battle reenactment with his two grandsons, as well as his partner and daughter.

He said: “This is a very perilous time in America for liberty. I wanted the boys to learn about the origins of this country and that sometimes we have to fight for freedom.”

At events across the country, people carried banners with slogans including “Trump fascist regime must go now!”, “No fear, no hate, no ICE in our state,” and “Fight fiercely, Harvard, fight,” referencing the university’s recent refusal to hand over much of its control to the government.

Some signs name-checked Kilmar Abrego Garcia, a Salvadorian citizen living in Maryland, who the Justice Department admits was mistakenly deported to his home country.

Read more: Donald Trump’s deportations explained

Pic: AP
Image:
Pic: AP

People waved US flags, some of them held upside down to signal distress. In San Francisco, hundreds of people spelt out “Impeach & Remove” on a beach, also with an inverted US flag.

People walked through downtown Anchorage in Alaska with handmade signs listing reasons why they were demonstrating, including one that read: “No sign is BIG enough to list ALL of the reasons I’m here!”

Pic: AP
Image:
Pic: AP


Protests also took place outside Tesla car dealerships against the role Elon Musk ahas played in downsizing the federal government as de facto head of the Department of Government Efficiency (DOGE).

The protests come just two weeks after similar nationwide demonstrations.

👉 Follow Trump 100 on your podcast app 👈

Organisers are opposing what they call Mr Trump’s civil rights violations and constitutional violations, including efforts to deport scores of immigrants and to scale back the federal government by firing thousands of government workers and effectively shuttering entire agencies.

The Trump administration, among other things, has moved to shutter Social Security Administration field offices, cut funding for government health programs and scale back protections for transgender people.

Continue Reading

Trending