On Thursday, the media celebrated when Bidenflation rose from 12.8% to 13.3% in October.
The corporate media celebrated the past week with headlines such as "U.S. Inflation Slows More Than Forecast, Gives Fed Downshift Room" and "Price Pressures Show Signs of Cooling."
True, the Consumer Price Index (CPI) released by the government last Thursday showed a 7.7% year-over-year price increase from October 2021 to October 2022, edging down from a rate of 8.2% in September. The CPI has declined steadily from a 40-year high of 9.1% in June to 7.7% in September.
Speaking to CNBC during the G7 finance ministers’ meeting in Paris, Dombrovskis described the situation as a “stagflationary shock,” warning that Europe is facing weaker growth alongside rising prices.
The 10-year U.S. Treasury yield rose to 4.601%, its highest level in 15 months, while the 30-year bond remained above 5.1%, according to market data.
Recent economic reports showed inflation pressures continuing to build.
Retail sales increased 0.5% in April compared to the previous month, marking the third straight monthly gain.
Speaking to CNBC during the G7 finance ministers’ meeting in Paris, Dombrovskis described the situation as a “stagflationary shock,” warning that Europe is facing weaker growth alongside rising prices.
The company plans to cut roughly 10% of its workforce, or about 8,000 jobs, while also freezing thousands of unfilled positions. The move follows earlier layoffs across Meta’s Reality Labs and content moderation operations.
The strike began Saturday after last-minute contract talks collapsed over wages and working conditions
The dismissal comes as the administration discusses creating a proposed $1.8 billion compensation fund for individuals who believe they were unfairly investigated by federal agencies under previous administrations
