inflation

America gained 2.5 million new millionaires last year, according to Credit Suisse report

Hong Kong CNN Business — The number of rich people in the world rose at a rapid pace last year, boosted by gains in the stock market and house prices. As many as 5.2 million people became millionaires last year, with nearly half in the United States alone, according to Credit Suisse’s latest annual wealth …

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America’s gas prices rise for the first time in 99 days

new York CNN Business — The historic streak of falling gasoline prices is over. After sinking every day for more than three months, US gas prices edged higher – by a penny – to $3.68 a gallon, on average Wednesday, according to AAA. That ends 98 consecutive days of falling pump prices, the second-longest such …

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Treasury yields fall ahead of Federal Reserve interest rate decision

Treasury yields stumbled on Wednesday, coming off recent highs as traders await the Federal Reserve’s decision on interest rate hikes. The yield on the benchmark 10-year Treasury was last at 3.536%, down by 3 basis points. Meanwhile, the policy-sensitive 2-year Treasury declined by about 2basis points and was last at 3.948%. Both Treasury notes had …

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Janet Yellen says Fed needs ‘skill’ and ‘good luck’ to avoid recession – and warns it’s a ‘concern’

Janet Yellen warns the Fed will ‘need great skill’ and ‘some good luck’ to avoid recession: Treasury Secretary admits economic downturn and higher gas prices in winter are a ‘RISK’ despite her multi-state victory tour for Biden Treasury Secretary Janet Yellen has for months sought to strike an optimistic tone about the economy even as …

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As small businesses raise prices, some customers push back

NEW YORK (AP) — Inflation isn’t only costing small businesses money. It’s costing them customers as well. At the Bushwick Grind Cafe in Brooklyn, New York, Kymme Williams-Davis has raised prices and switched to different types of goods to keep up with the rising costs of milk, coffee, paper goods and plastic, as well as …

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Stocks week ahead: The worst of inflation might finally be over

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. new York CNN Business — Is inflation really peaking? Are consumers growing more confident? We’ll get those answers this week when the latest consumer and producer price indexes as well as retail …

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Fed Governor Christopher Waller warns THIRD consecutive .75% interest rate is imminent

The governor of the Federal Reserve said he’s in favor of another ‘significant’ increase in interest rates for a third consecutive month, in a move that will further spike mortgage repayments for inflation-battered Americans. Christopher Waller backed the central bank in making what’s known as a 75 basis-point move, or a .75 percent increase, during …

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Foreclosure concerns grow in housing market

SOUTHFIELD, Mich. (WXYZ) — From Farmington Hills to Ferndale, homeowners are expressing worry over rising interest rates and anticipated falling prices that could soon be creating a troubling scenario. Hairstylist Jayme McNeil is among those watching the situation closely. “I hope for the best and plan for the worst,” says McNeil who bought a home …

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