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Powell: Fed inflation ‘pain’ could cause job losses
JACKSON HOLE, Wyoming (AP) – Federal Reserve Chairman Jerome Powell issued a brief message Friday: The Fed is committed to fighting inflation with higher interest rates, which will likely hurt Americans amid a weak economy and job losses. . “These are the unfortunate costs of reducing inflation,” Powell said in a high-profile speech at the Fed’s annual economic symposium in Jackson Hole. But failure to restore price stability means more pain. Investors were hoping from Powell’s signal that the Fed could soon adjust rates later this year if inflation shows further signs of easing. But the federation chairman indicated that time may not be near.
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The Dow fell 1,008 after the Fed’s Powell said rates would be higher
NEW YORK (AP) — Stocks closed higher after ending Wall Street’s hopes that it could soon ease higher interest rates in an effort to tame inflation. The S&P 500 lost 3.4% on Friday, its biggest decline in two months, after Jerome Powell said the Fed would need to raise interest rates to temporarily slow the economy to combat the high inflation that is plaguing the nation. Tech stocks led the way lower, pulling the Nasdaq composite further lower. Higher prices help coral inflation, but hurt property values.
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Hints of cooling rates, but the Fed has promised a firm stance on inflation.
WASHINGTON (AFP) – Inflation eased last month as energy prices fell, raising hopes that higher spending on everything from gasoline to food could be higher. Consumer prices rose 6.3 percent in July, after posting a 6.8 percent annual increase in July, the biggest jump since 1982, according to Friday’s Commerce Department report, which is closely watched by the Federal Reserve. July: They went down last month after mounting in June. However, at the Federal Reserve’s annual economic symposium in Jackson Hole on Friday, Chairman Jerome Powell delivered a succinct message: The Fed is likely to make even bigger interest rate hikes in the coming months and will focus decisively on tackling inflation.
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As the crisis deepens, Britain could see an 80 percent rise in energy bills.
LONDON (AP) — British residents will see an 80% increase in annual household energy bills. The U.K.’s energy regulator said on Friday that it rose from 1,971 pounds a year to 3,549 pounds in October. It follows a 54% annual increase in April. The spending is crippling the UK economy, which has the most inflation among the Group of Seven wealthy democracies, and has seen months of crippling strikes as workers push for higher wages to keep up with the ever-rising cost of living. Charities, public health leaders and energy companies warn of dire consequences for poor people who already struggle to afford essentials.
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The US and China have reached a dispute over the audit of a Chinese company
WASHINGTON (AP) — The U.S. and China have reached an initial agreement that would allow U.S. regulators to audit Chinese-focused companies whose shares trade on U.S. exchanges. In the long-running dispute, U.S. regulators have threatened to delist several Chinese companies from U.S. exchanges if China does not approve the inspection. The deal was announced Friday. If successful, the deal would mean American investors could continue to own shares of important Chinese companies while at the same time being protected by the companies’ audit integrity.
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Moderna Pfizer, BioNTech sued over the patent of the Covid-19 vaccine
Covid-19 vaccine maker Modena is suing its main rivals Pfizer and German drugmaker BioEntech. It is accusing its competitors of copying Moderna’s technology to make their own vaccines. Moderna said Friday that Pfizer and BioNTech’s vaccine infringes on a patent that Cominnati filed several years ago to protect Moderna from its vaccine, Spikevax. The company has filed patent infringement lawsuits in both US federal court and German court. A Pfizer spokesman said the drugmaker would vigorously defend itself against the allegations in the case.
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CNN management aims to change the perception of the network
NEW YORK (AP) — The first steps of change at CNN have been slow and incremental — at least until the network ditched its longstanding media critique of ‘reliable sources’ and fired host Brian Stater. CNN’s new leadership is trying to restore the brand’s perception that it’s an unbiased news source, clearly damaged by Donald Trump’s presidency. Under new chairman Chris Licht, CNN is trying to eliminate the ‘food fight’ of pundits who fight extreme opinion. He reached out to Republican leaders to encourage GOP politicians to come forward for more interviews on the network.
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Michigan Chipotle Store Employees Union, chain 1st
LANSING, Mich. (AP) — Workers at a Chipotle store in Michigan have voted to unionize, becoming the first of the Mexican fast-food chain’s 3,000 locations to do so. Workers at a Chipotle store in Lansing, Michigan, have “voted with all their hearts” Thursday to form a union with the Teamsters, members of the International Brotherhood of Teamsters said. The workers are “unionizing to improve their work schedules, increase their wages and get the management respect they rightfully deserve,” he said. Chipotle in Newport Beach, Calif., said Friday that store employees were “disappointed” they had “elected a third party to speak on their behalf.” The Lansing store’s vote to unionize comes amid a broader union push across the country.
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The S&P 500 fell 141.46 points, or 3.4%, to 4,057.66. The Dow Jones industrial average fell 1,008.38 points, or 3 percent, to 32,283.40. The Nasdaq lost 497.56 points, or 3.9%, to 12,141.71. The Russell 2000 index of smaller companies fell 64.81 points, or 3.3 percent, to 1,899.83.
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