U.S. inflation rose moderately in March, but that is unlikely to change financial markets’ expectations that the Federal Reserve will hold off cutting interest rates until September. The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department’s Bureau of Economic Analysis said on Friday. Data for February was unrevised to show … Read more
The nation’s economy slowed last quarter, growing at an annual rate of 1.6 per cent in a sign that the high interest rates may be taking a toll on borrowing and spending. Thursday’s report from the Commerce Department said the gross domestic product – the economy’s total output of goods and services – decelerated from … Read more
Production at U.S. factories increased solidly in March as output at motor vehicle assembly plants and elsewhere rose, suggesting that manufacturing was turning the corner after being constrained by higher borrowing costs. Manufacturing output rose 0.5% last month after an upwardly revised 1.2% rebound in the prior month, the Federal Reserve said on Tuesday. Factory … Read more
New York: US stocks fell Wednesday on worries that what seemed like a blip in the battle to bring down inflation is turning into a trend. The S&P 500 was 1.2% lower in a wipeout where nine out of 10 stocks in the index fell. The Dow Jones Industrial Average was down 514 points, or … Read more
The UK-based cosmetics company, The Body Shop, shut down all of its US-based operations and will soon be closing dozens of Canadian store locations after filing for bankruptcy, CNN reported. Earlier this month, The Body Shop, in an official release, announced that its US subsidiary was no longer operational, effective March 1. It further added … Read more
Washington: The speed at which US inflation is easing means it will likely be appropriate for the Federal Reserve to start cutting interest rates over the summer, a senior Fed official said Thursday. The US central bank recently pencilled in three interest rate cuts this year, but did not say when it would begin reducing … Read more
