Tax rebate still a possibility in Massachusetts
Lawmakers say the rebate Gov. Baker wants to give out is going to happen, but another rebate they were considering is off the table for now. WBZ-TV's Christina Hager reports.
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Motley FoolStimulus Update: These 7 States Are Sending Out Checks in August
Many Americans were hoping that the federal government would come to their rescue the way it did last year by issuing stimulus checks. In March of 2021, lawmakers approved a stimulus round that sent payments worth up to $1,400 out to the public, and that money helped a lot of people cover their living costs at a time when job loss was still rampant. Here are a number of states that are planning to send out stimulus funds in August.
- The Des Moines Register
Gov. Kim Reynolds allocates $12.5 million for permanent Field of Dreams stadium
The governor has now dedicated $18.5 million to a 'Field of Dreams' TV show and a Field of Dreams stadium. Backers say the stadium will boost tourism.
- CBS-Chicago
Mayor Lightfoot's 2023 budget forecast includes $42.7 million property tax hike
Facing the smallest budget shortfall of her tenure, a $127.9 million deficit for 2023, Mayor Lori Lightfoot is expecting a $42.7 million property tax hike as she prepares to run for a second term.
- GOBankingRates
Stimulus Updates To Know for August 2022
In 2020 and 2021, American consumers and businesses alike were flooded with various forms of stimulus in an attempt to keep the economy stable during the worst of the coronavirus pandemic. Since then,...
- Reuters
India could emerge as Asia's strongest economy in 2022-23, says Morgan Stanley
The brokerage expects India's growth to average 7% for 2022-2023 and contribute 28% and 22% to Asian and global growth, respectively. Morgan Stanley's projection comes as Asia's third-largest economy grew 9.2% in the fiscal year 2022, a sharp recovery from a 6.6% contraction in the previous year as COVID-19 lockdowns took a severe toll on its economy. "Lower corporate taxes, the production-linked incentive (PLI) scheme and India as a potential beneficiary of supply chain diversification will catalyse and sustain domestic demand, especially in investment," the economists said in a note dated Tuesday.
- Good Morning America
Inflation slows significantly as gas prices drop in July
Inflation data released on Wednesday revealed that price increases slowed in July, easing the strain on household budgets as the Federal Reserve fights inflation with a series of borrowing cost hikes. While still elevated, price hikes waned from the near-historic pace reached in June, giving hope to policymakers and consumers that inflation has peaked. The consumer price index, or CPI, rose 8.5% year-over-year in July, a marked slowdown from 9.1% in June, according to the Bureau of Labor Statistics.
- Fortune
‘The economy is deteriorating’: German finance minister paints dark picture of country’s increasingly fragile outlook
An energy crunch and rising inflation are set to make life more difficult for residents of Europe’s largest economy.
- Reuters
Fed's Kashkari: More rate hikes ahead, and possible recession
(Reuters) -Minneapolis Federal Reserve Bank President Neel Kashkari on Wednesday said he is sticking to his view that the U.S. central bank will need to raise its policy rate another 1.5 percentage points this year and more in 2023, even if that causes a recession. The Fed is "far, far away from declaring victory" on inflation, Kashkari said at the Aspen Ideas Conference, despite the "welcome" news in the consumer price index report earlier in the day that inflation may have begun to cool. Kashkari said he hasn't "seen anything that changes" the need to raise the Fed's policy rate to 3.9% by year-end and to 4.4% by the end of 2023.
- Fortune
The only thing keeping the U.K. from being an ’emerging-market economy’ is a currency crisis, says analyst
“What Brexit has not done by itself, Brexit coupled with COVID and high inflation have succeeded in doing,” Saxo Bank’s Christopher Dembik wrote. “The U.K. economy is crushed.”
- MoneyWise
‘Assume you are laid off’: Suze Orman likes these 3 simple techniques to prepare for the recession ahead
Get ready. Anything can happen.
- MarketWatch
Don’t be fooled by a drop in U.S. headline inflation. Markets will be attuned to another figure on Wednesday.
The core CPI reading, or measure which strips out volatile food and energy costs, could have the propensity to jolt markets after Wednesday's release.
- Time
Trump Allies Are Attacking Biden For a Plan to Hire 87,000 New IRS Agents That Doesn't Exist
The IRS will get nearly $80 billion in new funding from the Inflation Reduction Act, but most of it won't go to hiring new agents.
- MarketWatch
Why home prices can stay high, complicating the Fed’s battle against inflation
'What we are going through right now is a Fed mistake,' said Tracy Chen, a portfolio manager at Brandywine Global Investment Management.
- Bloomberg
US Inflation Runs Cooler Than Forecast, Easing Pressure on Fed
(Bloomberg) -- US inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve to continue aggressively hiking interest rates.Most Read from BloombergMusk Sells Another $6.9 Billion of Tesla Ahead of Twitter TrialUS Inflation Runs Cooler Than Forecast, Easing Pressure on FedDozens in China Infected With New ‘Langya’ Virus Carried by ShrewsRussia Is Scouring the Globe for Weapons to Use Against UkraineUK Plans for Blacko
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Abrams says her economic plan would use state surplus to expand Medicaid, help small businesses
She wants to take $10 million and create a small business investment fund which would guarantee loans made by banks to small businesses.
- Barrons.com
Inflation Slowed in July. But the Fed’s Work Isn’t Done.
A drop in gas prices offset gains in food and shelter costs, giving the central bank some sign that its policy tightening is starting to work. With inflation still near 40-year highs, however, more rate hikes can be expected.
- Reuters
German economy to lose $265 billion in added value due to war, high energy prices-study
Germany's economy will lose more than 260 billion euros ($265 billion) in added value by 2030 due to the Ukraine war and high energy prices, spelling negative effects for the labour market, according to a study by the Institute for Employment Research (IAB). In comparison with expectations for a peaceful Europe, Germany's price-adjusted gross domestic product (GDP) will be 1.7% lower next year and there will be about 240,000 fewer people in employment, said the study published on Tuesday. The employment level is expected to stay at around this level until 2026, when expansive measures will gradually begin to outweigh the negative effects and lead to a plus of about 60,000 gainfully employed in 2030.
- Reuters
Japan's wholesale inflation moderates on easing global commodity pressure
TOKYO (Reuters) -Japanese wholesale prices rose 8.6% in July from a year earlier, data showed on Wednesday, slowing from the previous month's pace in a sign inflationary pressure from higher fuel and raw material costs was easing. But price growth accelerated for some goods, such as food and machinery, Bank of Japan (BOJ) data showed, suggesting companies continued to pass on rising commodity costs blamed on the Ukraine war and the weak yen. "Cost-push inflationary pressure will gradually weaken," said Toru Suehiro, an economist at Daiwa Securities.
- Business Insider
Dow soars 460 points as US stocks surge after inflation cools from 4-decade high
Headline inflation in July eased to 8.5% from 9.1%. The core reading that strips out food and energy prices stayed at 5.9% but was below expectations.
- MarketWatch
Inflation hasn’t peaked yet because rents are still rising fast
If you want to know what the consumer price index will do in the months ahead, watch shelter prices.