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Tag: January

January inflation gives Fed more reason to hold on interest rate cuts

Egg prices soared by more than 15% in January. (iStock)

Annual inflation increased to 3% in January, rising above expectations and giving the Federal Reserve further reason to slow down interest rate cuts.

Inflation increased 0.5% monthly, slightly exceeding expectations and above the previous month’s increase of 0.4%, according to the Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS). Core CPI, which excludes food and energy, rose by 0.4% in January, coming in at the same level as December’s increase. This brought the year-over-year rate to 3.3%.

Shelter costs rose 0.4% and were the most significant contributor to the monthly increase in January, accounting for nearly 30% of the monthly increase in all items. Gas was up 1.8% over the month. Food prices continued to rise, increasing 0.4% last month. The food at home index rose 0.5%, driven primarily by the soaring costs of eggs, which increased 15.2% in January.

“The unexpected acceleration in inflation marks the third consecutive monthly uptick in the consumer price index and extends a reflationary trend since two consecutive flat months for the index in May and June 2024,” Jim Baird, Plante Moran Financial Advisors’ chief investment officer, said in a statement. “Against a backdrop of solid demand, inflation has accelerated. It’s a reality that may spook consumers who remember the Covid-19 era price spike all too well.

“It will also make President Trump’s proposed import tariffs a tougher sell than was the case during his first term, when both inflation and interest rates were exceptionally low,” Baird continued.

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SENIORS TO GET MODERATE COST OF LIVING BUMP IN SOCIAL SECURITY PAYMENTS NEXT YEAR

The Fed pauses on further rate cuts

The increase in inflation, combined with a stable jobs market and economic growth, has given the Federal Reserve more room to work.

The Federal Reserve held interest rates at 4.5% to 4.75% in January, prompted by strong economic indicators that gave the central bank more room to wait. Federal Reserve Chair Jerome Powell said that the central bank intend to remain cautious about additional rate cuts so long as the job market remains solid and prices continue to climb.

“The murkiness of evolving trade policy creates a significant unknown for Fed policymakers who will have to grapple with the potential conflicting policy challenges of slower real growth and higher inflation,” Baird said. “While even bearish forecasts are a far cry from the stagflationary environment of the 1970s, the playbook would seemingly still apply.

“Arresting inflation is likely to remain the priority for the Fed, even at the expense of near-term growth,” Baird said. “The fear of inflation expectations becoming unanchored is just too much for policymakers to ignore.”

You can take out a personal loan before future rate hikes to help pay down high-interest debt. Visit Credible to find your personal loan rate without affecting your credit score.

FHFA ANNOUNCES HIGHER MORTGAGE LOAN LIMITS FOR 2025

How higher for longer impacts your wallet

All signs point to the Fed holding interest rates higher for longer, which means consumers will continue to be impacted by stubbornly elevated interest rates impacting a range of credit products, including credit cards, mortgages, unsecured personal loans and auto loans, according to Charlie Wise, TransUnion’s senior vice president of research and consulting.

“Consumers should avoid building and carrying large credit card balances, particularly in light of very high interest rates on this type of debt, and whenever possible pay more than the monthly minimums due on their cards,” Wise said in a statement.

Additionally, Wise advised that consumers keep a close watch on their credit profiles and keep them in the best shape possible so that when rates finally drop to a more manageable level, they are ready to refinance their existing debts into more affordable loans.

Using a personal loan to pay off high-interest debt at a lower rate could help you reduce your expenses and put money back in your wallet. You can visit Credible to find your personalized interest rate today.

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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

February 13, 2025
Wholesale inflation rises 3.5% in January

Payne Capital Management president Ryan Payne joins ‘Varney & Co’ with his take on the markets.

U.S. producer prices increased solidly in January, offering more evidence inflation was picking up again and strengthening financial market views that the Federal Reserve would not be cutting interest rates before the second half of the year.

The producer price index for final demand rose 0.4% last month after an upwardly revised 0.5% gain in December, the Labor Department’s Bureau of Labor Statistics (BLS) said on Thursday. Economists polled by Reuters had forecast the PPI rising 0.3%. In the 12 months through January, the PPI advanced 3.5% after increasing 3.3% in December.

The report followed news on Wednesday that consumer prices accelerated by the most in nearly 1-1/2 years in January, dimming hopes that the U.S. central bank would resume cutting rates in June. Financial markets now expect a rate reduction in September, though some economists believe the window for further policy easing has closed, citing strong domestic demand and a stable labor market.

Fed Chair Jerome Powell told lawmakers on Wednesday “we are close but not there on inflation,” adding “we want to keep policy restrictive for now.”

The Fed left its benchmark overnight interest rate unchanged in the 4.25%-4.50% range in January, having reduced it by 100 basis points since September, when it launched its policy easing cycle. The policy rate was hiked by 5.25 percentage points in 2022 and 2023 to tame inflation.

President Donald Trump’s fiscal, trade and immigration policies are seen fanning inflation. A 25% tariff on goods from Canada and Mexico was suspended until March. But a 10% additional tariff on Chinese goods went into effect this month.

With January’s PPI report, the BLS updated weights to reflect price movements in 2024, and seasonal adjustment factors, the model that the government uses to iron out seasonal fluctuations from the data.

February 13, 2025
Inflation rises 3% in January, hotter than expected

Barrons Roundtable unpacks the impact of President Donald Trumps tariff plans.

Inflation ticked higher in January as stubbornly high prices continued to strain Americans’ household finances as the Federal Reserve weighs a continued pause to its interest rate cut plans.

The Labor Department on Wednesday said that the consumer price index – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.5% in January while it rose to 3% on an annual basis.

Both the annual and headline CPI figures were hotter than the estimates of economists polled by LSEG.

This is a developing story. Please check back for updates.

February 12, 2025
FBI, DOJ strike agreement in lawsuit over January 6 ‘agent list’

The Justice Department and FBI agents reached an agreement Friday in federal court after the FBI filed a lawsuit seeking to block the Trump administration from releasing information about its agents involved in the Jan. 6 investigation.

According to the text of the deal, the Trump administration cannot release information about the agents who investigated the January 6, 2021, U.S. Capitol riot without giving plaintiffs at least two days’ notice so that the matter can be considered again in federal court.

It does not, however, place such a time limit on the dissemination of agents’ identities to other government agencies or the White House.

The agreement by both parties comes after active FBI agents and the Federal Bureau of Investigation Agents Association, a voluntary agents’ group, sued the Justice Department earlier this week seeking to block the release of any identifying information about FBI agents involved in the January 6 investigations.

The two parties tussled for hours in court on Thursday before U.S. District Judge Jia Cobb, who questioned both parties at length on the nature of DOJ’s questionnaire, the potential for disclosures or retaliation, and how the Justice Department intends to use information divulged in the questionnaires.

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Kash Patel, Trump’s nominee to be FBI director, appears at his confirmation hearing before the Senate Judiciary Committee in 2025. (Kevin Dietsch/Getty Images)

“I do have questions about the survey,” Cobb said Thursday.

She also questioned the Justice Department’s attorney at length about what the questionnaire was being used for.

Cobb previously granted the two parties a brief administrative stay on Thursday evening, telling lawyers for both parties, saying that if the information was released she believed it “would put FBI agents in immediate danger.”

The agreement comes just days after FBI leadership said it had provided the Justice Department with a list of agents who worked on Jan. 6 investigations and criminal cases, in keeping with an earlier deadline set by U.S. Acting Deputy Attorney General Emil Bove.

Lawyers for the agents argued that any effort to review or discriminate against agents involved in the investigation would be “unlawful and retaliatory,” and a violation of civil service protections under federal law.

They also cited “profound concern” that the list of thousands of FBI agents involved would be leaked to the public, threatening their safety.

FBI AGENTS SUTE TRUMP DOJ TO BLOCK ANY PUBLIC IDENTIFICATION OF EMPLOYEES WHO WORKED ON JAN.6 INVESTIGATIONS

The FBI’s interactions with the Council for American-Islamic Relations was restricted due to allegations from the DOJ. (Getty Images)

“Plaintiffs assert that the purpose for this list is to identify agents to be terminated or to suffer other adverse employment action,” lawyers for the FBI agents said, adding that they “reasonably fear that all or parts of this list might be published by allies of President Trump, thus placing themselves and their families in immediate danger of retribution by the now pardoned and at-large Jan. 6 convicted felons.”

Meanwhile, lawyers for the Justice Department stressed that their intent in issuing the questionnaire was to conduct an “internal review” of activities in the Jan. 6 probe, not to punish individuals for carrying out orders.

Bove also sought to emphasize this message in an all-staff email to FBI personnel earlier this week. In the email, Bove stressed that the questionnaire was not intended to be a first step to mass layoffs, and stressed it was simply intended for review.

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This is a breaking news story. Check back soon for updates.

Breanne Deppisch is a politics reporter for Fox News Digital covering the Trump administration, with a focus on the Justice Department, FBI, and other national news.

February 7, 2025
US economy added 143,000 jobs in January

Crossmark Global Investments CEO and CIO Bob Doll unpacks the state of the U.S. economy on Maria Bartiromos Wall Street.

The U.S. economy added jobs at a slower pace than expected in January, as the Federal Reserve remains in a holding pattern for interest rate cuts as it evaluates the labor market and inflation data.

The Labor Department on Friday reported that employers added 143,000 jobs in January, below the estimate from LSEG economists.

The unemployment rate came in at 4%, coming in lower than economists’ expectations.

The number of jobs added in the prior two months were both revised, with job creation in November revised up by 49,000 from a gain of 212,000 to 261,000; while December was revised up by 51,000 from a gain of 256,000 to 307,000. Taken together, 100,000 more jobs were created in those two months than previously reported.

This is a developing story. Please check back for updates.

February 7, 2025
Private sector adds 183,000 jobs in January, above expectations, ADP says

Crossmark Global Investments CEO and CIO Bob Doll unpacks the state of the U.S. economy on ‘Maria Bartiromo’s Wall Street.’

Companies in the private sector added 183,000 jobs in January, payroll processing firm ADP said on Wednesday.

The figure is above economists’ estimates of 150,000 jobs and also more than the prior month’s reading of 122,000.

“We had a strong start to 2025 but it masked a dichotomy in the labor market,” said Nela Richardson, ADP’s chief economist. “Consumer-facing industries drove hiring, while job growth was weaker in business services and production.”

This is a developing story. Please check back for updates.

February 5, 2025
Kash Patel enrages Adam Schiff in Clintonian battle over the word ‘we’ and a January 6 song

Sen. Adam Schiff, D-Calif., clashed with FBI director nominee Kash Patel during his confirmation hearing on Thursday, particularly over a recording of a song released by Capitol Riot inmates.

Schiff began by asking Patel if he stood by prior testimony that he had nothing to do with the recording of the song, which the Democrat said featured President Donald Trump reciting the Pledge of Allegiance.

“[That] is interesting because here’s what you told Steve Bannon on his podcast: ‘So what we thought would be cool is if we captured that audio and then, of course, had the greatest president, President Donald J. Trump, recite the Pledge of Allegiance. Then we went to a studio and recorded it, mastered it, digitized it, and put it out as a song’.”

Schiff asked Patel why he told Bannon that.

“That’s why it says ‘we’ as you highlighted,” Patel incredulously shot back.

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“Yeah, and you’re part of that ‘we’ – right – when you say ‘we’ that includes you, Mr. Patel,” Schiff angrily replied.

“Not in every instance.” Patel said, adding he did not personally partake in the recording or mastering of the single.

Schiff was undeterred: “Well, that’s new. So when you said ‘we’. You didn’t really mean you. Is that your testimony?”

“Not unless you have a new definition for the word ‘we’,” Patel said.

Notably, in August 1997, President Bill Clinton was pressed on his sexual relations with intern Monica Lewinsky, and responded with a similar tenor as to which usage of the word “is” was being invoked during grand jury testimony.

MAJOR CHANGES PATEL COULD MAKE ON DAY 1 AT FBI

“It depends on what the meaning of the word ‘is’ is. If the—if he—if ‘is’ means is and never has been, that is not—that is one thing. If it means there is none, that was a completely true statement,” Clinton said.

In Thursday’s hearing, however, Patel said he was using the word “we” appropriately, while Schiff said he “promoted the hell out of it” – referencing the inmates’ single.

“I don’t know what that means, but I promoted the heck out of raising money for families in need,” Patel shot back.

Schiff then asked Patel to turn around and address the police officers in the room, claiming the inmates on the recording he purportedly promoted had assaulted them or their colleagues on January 6, 2021.

“I’m looking at you. You’re talking to me,” Patel sternly replied.

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When Schiff asked Patel to “tell them how proud you are” to see Trump pardon all such inmates, Patel said it was “an abject lie – and you know it.”

“I’ve never, never, ever accepted violence against law enforcement. I’ve worked with these men and women, as you know, you my entire life.”

Charles Creitz is a reporter for Fox News Digital.

He joined Fox News in 2013 as a writer and production assistant.

Charles covers media, politics and culture for Fox News Digital.

Charles is a Pennsylvania native and graduated from Temple University with a B.A. in Broadcast Journalism. Story tips can be sent to [email protected].

January 30, 2025
January 31, 2025 Special Days: Which Day Is Today? Know Holidays, Festivals, Events, Birthdays, Birth and Death Anniversaries Falling on Today’s Calendar Date
January 31, 2025, Special Days: January 31 is marked by unique observances like International Zebra Day, raising awareness about zebra conservation, and National Hot Chocolate Day, celebrating the warm, comforting beverage. Additionally, quirky events like Backwards Day encourage fun and creativity by doing things in reverse! Gorilla Suit Day celebrated on January 31, is a playful and humorous day encouraging people to don gorilla suits and embrace some lighthearted fun! In addition to these fun observances, there are major birthdays falling on January 31. January 2025 Festivals, Events and Holidays Calendar: Complete List of Important National and International Days and Dates.

List of Festivals & Events Falling on January 31, 2025 (Friday)
1. International Zebra Day
2. National Hot Chocolate Day
3. National Preschool Health and Fitness Day
4. National Fun at Work Day
5. Scotch Tape Day
6. Nauru Independence Day
7. Gorilla Suit Day
8. Hell is Freezing Over Day
9. Eat Brussel Sprouts Day
10. National Brandy Alexander Day
11. Backwards Day
12. Appreciate Your Social Security Check Day
Famous January 31 Birthdays and Birth Anniversaries
1. Preity Zinta
2. Justin Timberlake
3. Ruturaj Gaikwad
4. Kerry Washington
5. Amy Jackson
6. Amrita Arora
7. Portia de Rossi
8. Nithya Ram
9. R. Bendre (1896-1981)
10. Somnath Sharma (1923-1947)
11. Rajesh Vivek (1949-2016)
12. Debasree Chaudhuri
13. Bishnu Prasad Rabha (1909-1969)
14. Rudraprasad Sengupta
15. Ajay Chaudhary
16. Arumugam (1953-1988)
17. Angoorlata Deka
18. Vijay Kumar Chopra
19. Sivanath Sastri (1848-1919)
20. Manisha Kelkar
21. Jackie Robinson (1919-1972)
22. Nolan Ryan
23. Minnie Driver
24. Jonathan Banks
25. Tokugawa Ieyasu (1543-1616)
January 30, 2025, Special Days.

(The above story first appeared on LatestLY on Jan 31, 2025 12:05 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
January 30, 2025
January 30, 2025 Special Days: Which Day Is Today? Know Holidays, Festivals, Events, Birthdays, Birth and Death Anniversaries Falling on Today’s Calendar Date
January 30, 2025, Special Days: Mahatma Gandhi’s Death Anniversary, observed on January 30, honours the legacy of his non-violent struggle for India’s independence and his profound impact on global peace movements. Martyrs’ Day in India, observed on January 30, commemorates the sacrifice of those who fought for India’s freedom, particularly remembering the assassination of Mahatma Gandhi. Magha Navratri, an auspicious Hindu festival, will also be observed starting on January 30 and lasts for nine days, celebrating the worship of Goddess Durga and her various forms. It is a time of spiritual reflection, fasting, and devotion, but some people may find the rituals demanding, especially due to the fasting and strict observances, which can be physically challenging for certain individuals. These observances may differ depending on cultural and regional practices, but they highlight significant religious milestones. January 2025 Festivals, Events and Holidays Calendar: Complete List of Important National and International Days and Dates.

List of Festivals & Events Falling on January 30, 2025 (Thursday)
1. Magha Navratri
2. Ishti
3. Chandra Darshan
4. Gandhi Punyatithi / Mahatma Gandhi Death Anniversary
5. Martyrs’ Day India
6. World Leprosy Day
7. National Croissant Day
8. School Day of Non-violence and Peace
9. National Escape Day
Famous January 30 Birthdays and Birth Anniversaries
1. Felipe VI of Spain
2. Christian Bale
3. Priyadarshan
4. Olivia Colman
5. Prakash Javadekar
6. Anup Soni
7. Franklin D. Roosevelt (1882-1945)
8. Peter Crouch
9. Dick Cheney
10. Phil Collins
11. Wilmer Valderrama
12. Gene Hackman
13. Vanessa Redgrave
14. Eiza González
15. Satish Alekar
16. Jemima Goldsmith
17. Junior dos Santos
18. Faisal Khan
19. Gurdeep Kohli
20. Puja Gupta
21. Diya Kumari
22. Sunanda Sharma
23. Ramesh Deo (1929-2022)
24. Chandan Roy Sanyal
January 29, 2025, Special Days.

(The above story first appeared on LatestLY on Jan 30, 2025 12:04 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
January 29, 2025
January 29, 2025 Special Days: Which Day Is Today? Know Holidays, Festivals, Events, Birthdays, Birth and Death Anniversaries Falling on Today’s Calendar Date
January 29, 2025, Special Days: Mauni Amavasya in 2025 will be observed on January 28. It is considered a highly auspicious day in Hinduism, known for its spiritual significance, where devotees observe fasting and silence (maun) and engage in prayers, meditation, and rituals to seek inner peace and spiritual growth. Many people also take a holy dip in sacred rivers, believing it purifies the soul. Internationally, Chinese New Year is the biggest celebration of the day. Chinese New Year in 2025 will begin on January 29, marking the start of the Year of the Snake according to the Chinese zodiac. It is a time of family reunions, feasts, and cultural traditions, with festivities lasting up to 15 days, culminating in the Lantern Festival. There is also the Korean New Year or Seollal falling on the same date. Here is a list of festivals and observances that fall on January 29. There are also famous birthdays and birth anniversaries taking place on this date. January 2025 Festivals, Events and Holidays Calendar: Complete List of Important National and International Days and Dates.

List of Festivals & Events Falling on January 29, 2025 (Wednesday)
1. Mauni Amavasya
2. Thai Amavasai
3. Darsha Amavasya
4. Magha Amavasya
5. Anvadhan in January 2025
6. Chinese New Year
7. Korean New Year or Seollal
8. Curmudgeons Day
9. Freethinkers Day
10. Kansas Day
11. Auckland Anniversary Day
12. National Carnation Day
13. National Corn Chip Day
14. National Puzzle Day
15. RNLI SOS day
16. Seeing-Eye Guide Dog Anniversary
Famous January 29 Birthdays and Birth Anniversaries
1. Oprah Winfrey
2. Tom Selleck
3. Katharine Ross
4. Heather Graham
5. Paul Ryan
6. Justin Hartley
7. William McKinley (1843-1901)
8. Gauri Lankesh (1962-2017)
9. Mooji
10. Rajyavardhan Singh Rathore
11. Sanjiv Goenka
12. Rishabh Sinha
13. Deepti Sati
14. Divyank Turakhia
15. Sara Gilbert
16. Adam Lambert
17. Edward Burns
January 28, 2025, Special Days.

(The above story first appeared on LatestLY on Jan 29, 2025 12:08 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
January 28, 2025