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“Food banks impacted by nation-wide baby formula shortage” A country-wide shortage of baby formula is hitting food banks and pantries that help lower-income clients. Derrick Williams, operations manager for the Food Bank of Central and Eastern North Carolina in Raleigh, N.C., said Friday that his food bank, which helps 600,000 people, is “definitely being impacted”…
“Biden’s student-loan relief is un-‘forgive’-able” Rumblings that the Biden administration plans to “forgive” some student-loan debt for potentially millions of upper-class people earning up to $125,000 a year doesn’t sit well with many Americans. It will drive up inflation and create an unfair subsidy from the working class to the most educated people, many on…
“Biden’s big jobs lie is another sign he won’t right the US economy” The president sure loves repeating his empty brags on job creation. He crowed in a press release Friday about the latest jobs data that “our plans and policies have produced the strongest job creation economy in modern times.” Fact check: Joe Biden…
“Rent hikes aren’t nearly enough to save NYC’s landlords or housing” Tenant advocates are already squealing after Thursday’s preliminary decision by the city’s Rent Stabilization Guidelines Board to OK modest rent hikes for the city’s 965,000 rent-regulated units. The de Blasio years had fed activists the habit-forming drug of zero-dollar increases — and tenant groups…
“Stock market troubles could get worse, Bank of America warns” The worst may still be yet to come for stocks – even after leading exchanges suffered their worst day of the year as anxiety mounts that the Federal Reserve’s plan to combat inflation will result in a recession. The Dow Jones Industrial Average plunged more…
“US economy adds 428,000 jobs in April, beating forecasts” America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment…
“Market panic because of Biden and Powell’s inflation incoherence” Fed chairs have historically been inscrutable when talking in public, leaning on something called “Fedspeak.” By talking in riddles, financial markets don’t overreact to your every word. But speaking in riddles is different than acting in riddles. And that’s exactly what the Biden administration and Fed…
“Kellogg raises sales forecast after hiking price of cereals” Kellogg raised its 2022 forecast on Thursday, banking on more price increases to help counter the impact of supply shortages stemming from a workers’ strike at the company’s US plants last year and the war in Ukraine. Shares of the Michigan-based company rose 4%, after it also…
“Dow falls 1,200 points as ‘relief rally’ over Fed plan fades” Stocks cratered in trading Thursday, logging their worst day since 2020 as Wall Street grew skittish over the Federal Reserve’s high-wire effort to combat inflation without derailing the US economy. The Dow Jones Industrial Average plunged 1,063.09 points, erasing more than 3% of its…
“The Fed could turn the housing market from boom to bust” Herb Stein famously said that if something cannot go on forever, it will stop. Those buying houses in the belief that today’s rapid rate of home price increases will continue indefinitely might take note of the economist’s adage. With the Federal Reserve beginning to…