After the dollar-loving Milei wins the presidency, Argentines anxiously watch the exchange rate

The exchange rate is top of mind for millions of Argentines coping with triple-digit inflation. Now they are anxious for signs of what the victory of President-elect Javier Milei will mean for the value of the peso.

Federal Reserve minutes: Officials saw inflation slowing but will monitor data to ensure progress

Federal Reserve officials concluded earlier this month that inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2% target, according to the minutes of their meeting.

Stock market today: Asian shares slip following a weak close on Wall Street

Shares are mostly lower in Asia after Wall Street’s rally ran out of momentum. Tokyo and Mumbai advanced while most other major markets declined.

Key Fed official sees possible ‘golden path’ toward lower inflation without a recession

Austan Goolsbee, president of the Federal Reserve Bank of Chicago, suggested that the economy appears to be on what he calls the “golden path,” another term for what economists often term a “soft landing,” in which the Fed would curb inflation without causing a deep recession.

Why Americans feel gloomy about the economy despite falling inflation and low unemployment

Inflation has reached its lowest point in 2 1/2 years. The unemployment rate has stayed below 4% for the longest stretch since the 1960s.

Retail sales slip in October as consumers pull back after summer splurges

Americans cut back on retail spending in October, ending six straight months of gains, though the decline was partly driven by falling prices for both gasoline and cars.

US producer prices slide 0.5% in October, biggest drop since 2020

U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease in the face of a year and a half of higher interest rates.

Target tops third quarter profit expectations, but inflation weighs on shoppers

Target on Wednesday reported a hefty third-quarter profit increase that handily beat Wall Street expectations, benefiting from efforts to hold down costs.

Economy has lost momentum during a tough year, EU commission says and warns of risk from Mideast

The European Union’s executive commission has lowered growth its expectations for this year and next, saying the economy “has lost momentum” as inflation discourages consumers and higher interest rates deter borrowing for purchases and investment.

UK government meets pledge to halve inflation this year as rate falls to 2-year low of 4.6%

Inflation in the U.K. dropped sharply in October to its lowest level in two years largely because last year’s steep rise in domestic energy bills dropped out of the annual comparison.

Stock market today: Asian shares fall over China-US jitters following Biden’s meeting with Xi

Asian shares have retreated after Wall Street added a bit more to its big rally from a day before. Oil prices and U.S. futures also were lower.

The bird flu outbreak isn’t over, but it’s less severe, helping egg and poultry prices recover

Nearly 5 million chickens, turkeys and other birds have been slaughtered this year because of a persistent bird flu outbreak that began in 2022.

Home Depot sales continue to slide but the biggest home improvement chain still tops expectations

Home Depot is continuing to see its sales decline amid inflation concerns, and the home improvement retailer narrowed its fiscal 2023 outlook.

Stock market today: Asian shares get a lift from rally in US following encouraging inflation report

Asian shares are mostly higher, cheered by a rally on Wall Street that was one of the best days of the year following a surprisingly encouraging report on inflation.

What’s pushing inflation down? More goods, workers and housing

Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve.

This Week: Consumer price index, retail sales, housing starts

The Labor Department releases its October snapshot of U.S. consumer prices Tuesday. The Commerce Department delivers its U.S. retail sales data for October on Wednesday and its latest monthly housing starts figures on Friday.

British economy flatlines in third quarter of the year, update shows ahead of budget statement

The British economy flatlined in the third quarter of the year. The Office for National Statistics said Friday that growth in the July to September period was zero compared to the previous three months.

Stock market today: Wall Street rallies and adds to its strong gains in November

Wall Street rose sharply to add to an already strong November, which is on track to be one of the market’s best months of the year.

Powell reinforces Fed’s cautious approach toward further interest rate hikes

Federal Reserve Chair Jerome Powell suggested that the Fed is in no hurry to further raise its benchmark interest rate, given evidence that inflation pressures are continuing to ease at a gradual pace.

International Monetary Fund warns Europe against prematurely declaring victory over inflation

The International Monetary Fund says the European Central Bank and other policymakers across Europe need to keep interest rates at current elevated levels until they’re sure inflation is under control despite sluggish growth.

Stock market today: Asian shares mixed as China reports that prices fell in October

Shares are meandering in Asia after a another mixed close as Wall Street recalibrates following recent big swings.

Australian central bank lifts benchmark cash rate to 4.35% with 13th hike

Australia’s central bank has lifted its benchmark interest rate for the first time since June with a quarter percentage point hike that brought the cash rate to a 12-year high of 4.35%.

How major US stock indexes fared Friday, 11/3/2023

Wall Street steamrolled even higher to add more gains to its best week nearly a year. The S&P 500 rose 0.9% Friday.

Stock market today: Wall Street closes its best week of the year with even more gains

Wall Street steamrolled even higher to add more gains to its best week in nearly a year. The S&P 500 rose 0.9% Friday.

US employers pulled back on hiring in October, adding 150,000 jobs in face of higher borrowing rates

The nation’s employers slowed their hiring in October, adding a modest but still decent 150,000 jobs, a sign that the labor market may be cooling but remains resilient despite high interest rates that have made borrowing much costlier for companies and consumers.

How major US stock indexes fared Thursday, 11/2/2023

Wall Street roared higher, adding to its rally from the day before on hopes the Federal Reserve may finally be done with its market-rattling hikes to interest rates.

Hold the olive oil! Prices of some basic European foodstuffs keep skyrocketing

Olive oil is continuing its staggering rise in prices in Europe. It is the prime example of how food still outruns overall inflation in the European Union.

Retail trade group: holiday sales expected to slow to 3% to 4%, compared with 5.4% growth a year ago

The National Retail Federation, the nation’s largest retail trade group, expects shoppers will spend more this year than last year, but their spending pace will slow given all the economic uncertainty.

Bank of England keeps main UK interest rate at 15-year high of 5.25% and cautions over oil prices

The Bank of England kept its main interest rate unchanged at the 15-year high of 5.25% and indicated that borrowing costs will likely remain at these sort of elevated levels for a while yet especially if oil and gas prices increase sharply because of the Israel-Hamas war.

Stock market today: Asian shares follow Wall St higher on hopes for an end to Fed rate hikes

Asian shares have advanced after Wall Street roared higher on hopes that market-rattling hikes to interest rates are coming to an end.