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Inflation is forcing Americans to spend $709 more per month on everyday goods and services than they did just two years ago, according to the chief economist at Moody’s Analytics.

“The high inflation of the past 2+ years has done lots of economic damage,” Mark Zandi tweeted on Friday following the release of the Consumer Price Index — a closely-watched measure of inflation that tracks changes in the costs of everyday goods and services.

The CPI rose moderately, to 3.2% in July versus a year earlier.

“Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago,” Zandi added.

Zandi — who also co-founded Moody’s global economic analysis service, Economy.com — said he sees relief ahead, predicting that inflation is “set to moderate further” as the Federal Reserve approaches its 2% inflation goal.

“Vehicle prices will decline more, so too will electricity prices, and the growth in the cost of housing will slow further. The biggest worry is the jump in oil prices, which bears close watching,” he added in the thread posted to X, formerly known as Twitter.

To be sure, the high inflation of the past 2+ years has done lots of economic damage. Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago.

Though gas prices hit an eight-month high late last month, energy unexpectedly rose a mere 0.1%, the latest CPI report showed.

However, over the past month, US West Texas Intermediate and Brent crude futures climbed nearly 10%, to $82.83 and $86.39, respectively.

Zandi concluded his analysis with: “The deeper I dig into last weeks inflation statistics, the more confident I am that inflation will be back to the Feds inflation target by this time next year. And this without more interest rate hikes, a recession, or even much of an increase in unemployment.”

Fed officials have said that they’re also no longer forecasting a recession, though the sentiment opposes that of ratings agency Fitch, which owngraded the US top-tier sovereign credit from AAA to AA+, citing the possibility that the economy will slip into a mild recession later this year.

Consumers, however, have continued to feel reprieve from the central bank’s aggressive tightening regime, with core CPI which excludes volatile food and energy prices only rising 0.2% from a month ago, matching the 0.2% increase in June.

“The trend lines look good,” Zandi said, noting that “the July CPI report was great,” especially when compared to June 2022, when inflation peaked at 9.1% to hit a four-decade high.

Rising housing costs were by far the largest contributor to Julys uptick in prices, accounting for 90% of the advance, the Bureau of Labor Statistics reported, though Zandi didn’t seem too concerned.

When The Post reached out to Moody’s for comment, the financial services firm pointed to commentary from another economist at the company, Bernard Yaros, who said that “the US consumer price index was fully in line with our and consensus expectations in July.”

“Moodys Analytics believes that the Federal Reserve is done with interest-rate hikes for the current tightening cycle, and the July CPI helps cement our near-term view on monetary policy,” he added.

The CPI report fueled questions about whether the Fed will continue to hike interest rates later this year after the Fed decided on a 25-basis-point rate hike in July, taking them to a 22-year high.

Fed Chairman Jerome Powell announced that the advance was a unanimous decision, raising the benchmark federal-funds rate to a range between 5.25% and 5.5%. 

Economists were divided on the pending rate hikes following the release of the CPI report.

Greg Wilensky, head of US fixed income at Janus Henderson Investors, added: If economic conditions continue as expected, we believe we have seen the last hike for this cycle. This makes us more constructive on adding interest-rate risk, particularly at the front of curve.

Meanwhile, Raymond James Chief Economist Eugenio Aleman believes stubbornly-high shelter costs are slated to put pressure on headline inflation going forward.

No doubt the Fed will also look at the Labor Departments hiring report for July as it considers whether its done enough to snuff out inflation.

Last month, US employers added 187,000 jobs, the lowest number since COVID peaked in 2020, though unemployment remained little changed month-over-month, at 3.5%.

The labor market has showed surprising resiliency over the last couple of months, adding 209,000 jobs in June and a robust 339,000 jobs in May.

The US is currently enjoying a 30-month streak of monthly job gains.

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Sources: UConn, Toledo’s Candle finalizing deal

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Sources: UConn, Toledo's Candle finalizing deal

UConn is finalizing a six-year deal with Toledo‘s Jason Candle to replace Jim Mora, who left to coach Colorado State, sources told ESPN’s Pete Thamel on Saturday.

Candle went 81-44 in 10 seasons at Toledo, with two MAC titles. He also coached the Rockets to a win in his debut as head coach, the Boca Raton Bowl in the 2015 season. Toledo was 8-4 this season and is awaiting a bowl assignment.

The 46-year-old Candle has been the top target of UConn’s search since the beginning, sources told Thamel. He visited campus Thursday, and the sides are expected to formalize the deal soon.

Mora is coming off back-to-back nine-win seasons at UConn, which hadn’t had one since 2007. Mora led UConn to three bowl seasons in his four years there; the school had been to only one bowl game in the previous 11 seasons.

UConn’s 2025 season (9-3) included a 2-1 mark against ACC schools, with wins over Duke and Boston College. UConn also had the distinction of not having any losses in regulation, as all three of its defeats came in overtime.

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Penn State hires Cyclones’ Campbell as new coach

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Penn State hires Cyclones' Campbell as new coach

Penn State named Iowa State‘s Matt Campbell as its head football coach, the school announced Friday.

The deal, which will go before the compensation committee of the school’s board of trustees for final approval Monday, is for eight years, sources told ESPN’s Pete Thamel.

“Coach Campbell is, without a doubt, the right leader at the right time for Penn State Football,” athletic director Patrick Kraft said in a statement. “He is a stellar coach with a proven track record of success and his values, character and approach to leading student-athletes to success on and off the field align perfectly with the traditions and values of Penn State.”

Campbell, the winningest coach in Iowa State history, met with Penn State officials Thursday night before negotiating a deal Friday. Iowa State quickly moved to hire Washington State coach Jimmy Rogers to replace Campbell.

In its search to replace longtime coach James Franklin, who was fired Oct. 12, Penn State shifted its focus to Campbell after BYU coach Kalani Sitake agreed to a long-term extension Tuesday to remain with the Cougars.

Campbell, a three-time Big 12 Coach of the Year, led the Cyclones for 10 seasons and achieved eight winning seasons, two Big 12 championship game appearances and a Fiesta Bowl victory over Oregon in 2020 for the school’s first top-10 finish.

Campbell, 46, went 72-55 during his decade at Iowa State, becoming its winningest coach last season, and went 35-15 as coach at Toledo from 2011 to 2015.

He will bring strong Midwest ties to the job as a Massillon, Ohio, native who began his college playing career at Pitt before winning three national championships as a player at Division III Mount Union.

This season, Iowa State started 5-0 and climbed as high as No. 14 in the AP poll before a four-game losing streak knocked the team out of the Big 12 title race. The Cyclones rallied with a three-game winning streak in November to go 8-4.

Last year, Iowa State went 11-3 and would have advanced to the College Football Playoff with a victory over Arizona State in the Big 12 title game. The program finished No. 15 in the AP poll after defeating Miami in the Pop-Tarts Bowl.

Campbell and his coaching staff have developed 15 NFL draft picks over the past seven years, including NFL stars Brock Purdy, Breece Hall and David Montgomery. Defensive end Will McDonald IV became the first Cyclones player to be selected in the first round since 1973.

Before Campbell’s arrival, Iowa State hadn’t had a winning season since 2009 and hadn’t played in a Big 12 championship game. The Cyclones won 14 games against AP Top 25 opponents during his tenure.

Campbell had been a serious candidate for high-profile coaching jobs throughout his decade at Iowa State, including the Detroit Lions and USC, but preferred to stay in Ames and continue building a program that had never achieved a 10-win season until last year.

He was earning $5 million per year in total compensation at Iowa State after agreeing to a contract extension through 2032 with the school earlier this year.

Penn State ranked No. 2 in the preseason AP Top 25 and was expected to compete for a national championship in 2025 after reaching the College Football Playoff semifinals last season. Franklin was fired during a three-game losing streak to open Big Ten play that dropped the Nittany Lions out of the Top 25 at 3-3.

Franklin agreed to a five-year deal to become the coach at Virginia Tech on Nov. 17 and took a $9 million settlement with Penn State on the $49 million buyout that he was originally owed upon his firing.

Former Penn State interim coach Terry Smith agreed to a four-year deal to stay on staff and work with Campbell, sources told Thamel, confirming a report by Inside the Lions. Smith is a Penn State graduate who has been a linchpin on the school’s staff for the past 12 seasons. The Nittany Lions won their final three Big Ten games this year to become bowl-eligible at 6-6 under Smith.

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Sources: Mississippi State, Arnett set for reunion

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Sources: Mississippi State, Arnett set for reunion

Mississippi State defensive coordinator Coleman Hutzler has been informed that he is not returning next season, with the Bulldogs expected to target former head coach Zach Arnett to be the next defensive coordinator, sources told ESPN’s Pete Thamel on Saturday.

The move would be the rare reunion of a former head coach returning to the staff of that team.

Arnett is a proven high-end defensive coordinator in the SEC. In three years as Mississippi State DC (2020-22), his defenses ranked in the top five in the conference in total defense, rushing defense and takeaways.

He took over as coach following the death of Mike Leach in December 2022, but Arnett was fired with two games to play in 2023 after leading the Bulldogs to a 4-6 record that season.

After leaving Mississippi State, Arnett has spent the past two seasons as an analyst at Ole Miss and Florida State.

Hutzler had been the Bulldogs’ defensive coordinator since 2024, but Mississippi State has ranked last and second to last in yards per game allowed and points per game allowed the past two seasons.

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