inflation

Millions of Americans will save on Medicare fees next year

WASHINGTON (AP) — For the first time in a decade, Americans will pay less next year on monthly premiums for Medicare’s Part B plan, which covers routine doctors’ visits and other outpatient care. The rare 3% decrease in monthly premiums is likely to be coupled with a historically high cost-of-living increase in Social Security benefits …

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Southern California gas prices continue to rise sharply

LOS ANGELES (KABC) — The average price of a gallon of self-serve regular gasoline in Los Angeles County rose 4.1 cents Monday to $5.84, its 24th consecutive increase. The average price has increased 59.4 cents over the past 24 days, including 11 cents Sunday, according to figures from the AAA and Oil Price Information Service. …

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The Fed will try to avoid ‘deep, deep pain’ for the US economy, Bostic says

The Federal Reserve is trying to engineer an economic slowdown to try to bring inflation under control, but will try to avoid a protracted recession, Atlanta Fed President Raphael Bostic said Sunday. “We need a slowdown. There’s no question about that. But I do think that we’re going to do all we can at the …

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The Schedule For The Remaining 2022 Fed Decisions And What The Market Expects From Them

Jerome Powell, chairman of the US Federal Reserve, arrives to speak during a news conference … [+] following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, Sept. 21, 2022. The Fed has two remaining meetings scheduled in 2022 to set interest rates. Here’s what the market expects. Photographer: Sarah Silbiger/Bloomberg …

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Americans have lost $4.2k in income under Biden: report

The average American has lost $4,200 in annual income since President Biden took office — entirely wiping out gains made under the Trump administration, an analysis from the Heritage Foundation shows. The losses come down to surging inflation and higher interest rates, experts at the conservative think tank said in a Thursday report. Their analysis …

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Costco to keep $1.50 hot dog-and-soda combo ‘forever’ despite inflation: exec

A top Costco Wholesale executive confirmed the big-box retailer has no plans to change the price of its $1.50 hot dog-and-soda combo at its stores despite months of decades-high inflation. Costco CFO Richard Galanti reiterated the cheap price point on the fan-favorite deal would stay in place during the company’s fourth-quarter earnings call on Thursday. …

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US ‘housing recession’ could send prices 20% lower by mid-2023

US home prices are now “clearly falling” and could plummet by as much as 20% by mid-2023 as the Fed continues its aggressive push to hike interest rates, according to a prominent economist. Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said his firm’s estimates suggest home prices have already declined by about 5% from …

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Mortgage rates rose to nearly 6.3%, the highest level since 2008

Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgage averaged 6.29% in the week ending September 22, up from 6.02% the week before, according to Freddie Mac. That is significantly higher …

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