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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.”

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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.

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Sports

Keys to the offseason: What’s next for the Predators, other eliminated teams?

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Keys to the offseason: What's next for the Predators, other eliminated teams?

The 2023-24 NHL regular season was an entertaining one, with races for playoff position, point and goal leaders, and major trophies all coming down to the bitter end.

But not every fan base got to enjoy all of it so much.

With eliminations piling up, it’s time to look ahead to the offseason. Clubs that didn’t quite hit the mark this season will use the draft, free agency and trades in an effort to be more competitive in 2024-25.

Read on for a look at what went wrong for each eliminated team, along with a breakdown of its biggest keys this offseason and realistic expectations for next season. Note that more teams will be added to this story as they are eliminated.

Note: Profiles for the Atlantic and Metro teams were written by Kristen Shilton, while Ryan S. Clark analyzed the Central and Pacific teams. Stats are collected from sites such as Natural Stat Trick, Hockey Reference and Evolving Hockey. Projected cap space per Cap Friendly. Dates listed with each team are when the entry was published.

Jump to a team:
ANA | ARI | BUF | CGY
CHI | CBJ | DET | LA
MIN | MTL | NSH | NJ
NYI | OTT | PHI | PIT
SJ | SEA | STL | TB
WSH | WPG

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Sports

Who wins Game 7 of Bruins-Maple Leafs? Key players to watch, final score predictions

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Who wins Game 7 of Bruins-Maple Leafs? Key players to watch, final score predictions

It all comes down to this. After it looked like the Boston Bruins were going to breeze right by an imploding Toronto Maple Leafs team, the blue and white stormed back to take Games 5 and 6.

Now it’s 3-3 in the series, and a trip to the second round is on the line between the rivals as they face off in Game 7 Saturday night in Boston (8 p.m. ET, ABC/ESPN+).

Which players will be most critical to their team’s success? And who wins the game?

Who is the one key player you’ll be watching for the Bruins?

Ryan S. Clark, NHL reporter: Charlie Coyle. Coyle has two assists and zero goals through six games against the Maple Leafs. It’s a bit jarring, considering he scored a career-high 25 goals and 60 points this regular season (both third most on the team). That allowed the Bruins to get by without more established top-six options down the middle.

This also goes back to Jim Montgomery saying he needs more from his stars. Although he was talking mostly about Brad Marchand and David Pastrnak, the regular-season numbers Coyle put up mean there are expectations for him as well.

Kristen Shilton, NHL reporter: Jeremy Swayman. That’s assuming Jim Montgomery doesn’t go completely off the deep end and start Linus Ullmark in Game 7. Swayman has been the Bruins’ backbone in this series and their most consistent performer — with the .947 save percentage and 1.60 goals-against average to prove it.

But while Swayman has been excellent in these playoffs — and was great in Boston’s last postseason go-around, too — he has never won an elimination game. That will obviously have to change in Game 7 for the Bruins to advance. Montgomery said earlier in the first round he thought Swayman was in the Leafs’ heads a little bit. Well, now it’s time for Swayman to show that script hasn’t flipped to where Toronto is messing with his mojo.

Greg Wyshynski, NHL reporter: Brad Marchand. These are the moments that define a player’s captaincy. I spoke with Marchand before the season, and no one was more disgusted with Boston squandering its series against the Florida Panthers than he was, feeling that the Bruins cost two of their players — Patrice Bergeron and David Krejci — the “fairy-tale ending” that they deserved.

Marchand didn’t have a point in Game 7 against the Panthers last season. He hasn’t hit the score sheet in the past two losses to the Maple Leafs. He didn’t have a shot on goal in Game 5, and he has six penalty minutes combined in those two losses. He’s the heartbeat of the Bruins. If he’s not a difference-maker in Game 7, it’s another “fairy tale” with “THE END” printed on page one for Boston.


Who is the one key player you’ll be watching for the Maple Leafs?

Clark: Max Domi. What Domi accomplished in the playoffs last year by helping the Stars get to the Western Conference finals showed he can be a key player for a playoff contender. He leads the Maple Leafs in points, and he has looked like one of their better players to this stage.

Three of his four points have been assists, which means he’s able to facilitate play for others. But it also goes back to what he did last year. The 13 points Domi had in 19 playoff games with the Stars is what made him such an attractive option in free agency. Now it’s about seeing whether Domi can continue building his postseason résumé with the sort of performance that can get the Leafs into the second round.

Shilton: Mitch Marner. There’s something about Auston Matthews not being in the Leafs’ lineup — it just brings out the best in Marner. He was sensational for Toronto in Games 5 and 6, revealing a confidence and determination at both ends of the ice that was lacking in his previous playoff performances.

Where Marner could have more of an impact is on the scoresheet. He has just one goal and two assists through the six games, and while Toronto has benefitted in its comeback from contributions outside the core, it would be a boost for both Marner and the Leafs to see him capitalize on those golden opportunities (like when his shot went off the post in Game 6). It feels like Marner is still on the cusp of a breakthrough, production-wise. There’s no time like Game 7 to make that a reality.

Wyshynski: Joseph Woll. Stanley Cup playoff history includes a number of rookie goalies popping off and becoming postseason heroes. I’m not saying Joseph Woll is going to be Ken Dryden or Patrick Roy or even Cam Ward, but he has given the Leafs everything they need in goal right now: a .964 save percentage and an 0.86 goals-against average in his two games since replacing Ilya Samsonov.

The huge goaltending advantage Boston had with Jeremy Swayman has been mitigated. We’ve got some proof of concept now with Woll, as he played well in last season’s playoffs, too. The Leaf-iest thing would be for Woll to melt down and give up three goals in the first 10 minutes in Game 7 on the road. But at this point, I’d be surprised if the rookie goalie costs them the game — and not surprised at all if he’s the reason they win it.


The final score will be _____.

Clark: 4-3 Bruins in OT. How much did the Bruins learn from last year’s first-round exit, and can they avoid a similar fate Saturday? Those are the two major questions they’ll be seeking to answer. One way to answer those questions is by establishing the “big period” like they did in Game 1, when they scored three goals in the second period and again in Game 3 when they scored three in the final frame.

Maybe that happens. Or maybe it’s too late given how they’ve looked in Games 5 and 6. But if the Bruins want to win this game, it’s about trying to find that one period in which they can pump in multiple goals, with those goals coming from different parts of their lineup.

Shilton: 2-1 Leafs. Scoring has been at a premium lately in this series, and given how well Swayman and Woll are playing, Game 7 doesn’t project as a barn burner. Boston was in control, but now the Bruins look lost at times.

Toronto has played with Game 7 levels of urgency twice already, and Boston will have to match that on the fly come Saturday — while grappling with how they went from dominant to docile so quickly. The Bruins have had their chances to close the Leafs out, but Toronto has snatched all the momentum; plus, the Leafs have been a terrific road team all season (and in this series).

Wyshynski: 3-1 Leafs. Bruins coach Jim Montgomery went from calling their first-round disaster last season a teachable moment after Game 5 to declaring that Boston is not living in the past after Game 6. Sorry, but the déjà vu is simply too strong here: 3-1 lead, overtime loss at home, loss on the road, back to Boston for Game 7.

The Bruins look slow. They look ineffective. The Leafs are playing the kind of simple, straight-ahead game the Bruins used to be known for playing: dominating zone time and the face-off circle. I’m not sure Boston can flip the script. The Bruins have lost six straight games with a chance to clinch a playoff series, tied for the seventh-longest streak by any team in NHL history.

We all assumed the pressure of a Game 7 in Boston would crush the Maple Leafs. At this point, is there any question that the Bruins are the ones with the flop sweat?

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Politics

Boris Johnson pays tribute to polling station staff who refused to let him vote without photo ID

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Boris Johnson pays tribute to polling station staff who refused to let him vote without photo ID

Boris Johnson has paid tribute to the villagers who Sky News revealed turned him away from a polling station when he tried to vote without a valid photo ID – under rules he introduced.

The former prime minister said he attempted to cast his ballot using a magazine sleeve with his name and address on as proof but was prevented from doing so.

The requirement to provide photo ID was introduced by Mr Johnson during his time in Downing Street as part of the Elections Act 2022.

The move was controversial over fears it would bar people from voting, particularly among disadvantaged groups.

Local election live: Khan likely to cling on to London – as West Midlands on knife-edge

Mr Johnson had been seeking to vote in South Oxfordshire, where a police and crime commissioner for Thames Valley was being elected.

Writing in his Daily Mail column, he said: “I want to pay a particular tribute to the three villagers who on Thursday rightly turned me away when I appeared in the polling station with nothing to prove my identity except the sleeve of my copy of Prospect magazine, on which my name and address had been printed.

“I showed it to them and they looked very dubious… within minutes I was back with my driving licence and voted Tory.”

Sky’s election coverage plan – how to follow

The weekend: Sophy Ridge will host another special edition of the Politics Hub on Saturday from 7pm until 9pm. And Sunday Morning with Trevor Phillips will take a look back over what’s happened from 8.30am until 10am.

How do I watch?: Freeview 233, Sky 501, Virgin 603, BT 313, YouTube and the Sky News website and app. You can also watch Sky News live here, and on YouTube.

The Electoral Dysfunction podcast with Beth Rigby, Jess Phillips and Ruth Davidsonis out now, and Politics at Jack and Sam’s will navigate the big question of where the results leave us ahead of a general election on Sunday.

You can also follow the latest on our politics page

Read more:
The winners and losers
Charts tell story of Conservative collapse

Analysis: Labour’s future success is less clear-cut

Thursday’s election is the first time many voters in England and Wales have had to present ID to vote under provisions first rolled out at last year’s local elections.

As well as driving licences, other acceptable forms of ID include passports, proof of age cards, blue badges, and some concessionary travel cards.

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The government has also said it intends to make veterans’ ID cards a valid form of voter identification after former service personnel were turned away.

Veterans’ minister Johnny Mercer apologised to those who had been unable to use the document to vote, vowing to “do all I can” to have it added to the list of valid identification.

Labour said the government has had years to ensure the card was included, having begun rolling out the scheme in 2019.

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