Lower-income and Black and Hispanic Americans have been hit especially hard.
inflation
Posted inBusiness
Did corporate greed fuel inflation? It’s not biggest culprit
Most economists say corporate price gouging is, at most, one of many causes of runaway inflation – and not the primary one.
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Posted inBusiness, Nation & World
Chairman Powell says Fed aiming to avoid recession while taming inflation
He tells senators that the Federal Reserve’s primary goal is to reduce inflation, and he still hopes to achieve what he has called a ‘soft landing’ – a reduction in inflation and a slowdown in growth without triggering a recession and high unemployment.
Posted inBusiness, Nation & World, News
Fed’s Powell facing rising criticism for inflation missteps
Struggling to curb the worst inflation outbreak in 3 decades, Federal Reserve Chair Jerome Powell last week engineered a three-quarters-of-a-point increase in the Fed’s short-term interest rate — the largest single rate hike in a quarter-century.
Posted inBusiness, Nation & World
Stocks rally after Fed’s big rate hike to fight inflation
The market’s ebullience is a sharp turnaround from the worldwide rout that has dominated much of this year.
Posted inBusiness, Nation & World
Fed attacks inflation with its largest interest rate hike since 1994
The move the Federal Reserve announced on Wednesday will increase its benchmark short-term rate, which affects many consumer and business loans, to a range of 1.5% to 1.75%.
Posted inBusiness, Local & State
As gas prices pass $5 a gallon, Maine lawmakers seek probe into price gouging
The average price for a gallon of regular gasoline in Maine was $5.06 on Friday, with Franklin County reporting the highest countywide average at $5.16.
Posted inBusiness, Nation & World
Biden’s inflation crunch: Too much shopping – even at the beach
The president needs U.S. consumers to pull back just enough so inflation eases, but not so much that the economy risks plunging into a recession.
Posted inBusiness
World Bank dims outlook for global economy amid Russia war
The agency predicts just 3% global growth for 2023 and 2024.
Posted inBusiness, Local & State
Average gas price in Maine nears $5 a gallon
‘I want them to install crying towels here,’ said one gas station customer, with per-gallon prices up nearly $2 from a year ago and likely to continue climbing.