NEWSLETTER
Thursday / September 29Sep 29
Wednesday / April 13
US inflation
Prices US consumers pay in March to their highest levels since the early days of the Reagan administration, according to Labor Department data released Tuesday.
The consumer price index, which measures a wide-ranging basket of goods and services, jumped 8.5% from a year ago on an unadjusted basis, above even the already elevated Dow Jones estimate for 8.4%.
Excluding food and energy, core CPI increased 6.5% on a 12-month basis, in line with the expectation. Core inflation rose just 0.3% for the month, less than the 0.5% estimate.
Stocks rose and government bond yields declined.
The data reflected price rises not seen in the U.S. since the stagflation days of the late 1970s and early ’80s. March’s headline reading in fact was the highest since December 1981.
The inability of wages to keep up with costs could add to inflation pressures.
Food rose 1% for the month and 8.8% over the year, as prices for goods such as rice, ground beef, citrus fruits and fresh vegetables all posted gains of more than 2% in March. Energy prices were up 11% and 32%, respectively, as gasoline prices popped 18.3% for the month.
More weapons to Ukraine
US President Joe Biden’s administration is expected to announce on Wednesday another $750 million in military assistance for Ukraine for its fight against Russian forces.
The equipment would be funded using Presidential Drawdown Authority, or PDA, in which the president can authorize the transfer of articles and services from US stocks without congressional approval in response to an emergency.
A US official told Reuters that final determinations were still being made about the mix of equipment.
A senior congressional aide said the equipment to be announced would likely include heavy ground artillery systems to Ukraine, including howitzers.
The White House said last week that it has provided more than $1.7 billion in security assistance to Ukraine since the Feb. 24 invasion of Ukraine that Russia calls a “special military operation.”
The Pentagon will host leaders from the top eight U.S. weapons manufacturers on Wednesday to discuss the industry's capacity to meet Ukraine's weapons needs if the war with Russia lasts years.
Raytheon Technologies and Lockheed Martin Corp jointly produce Javelins, while Raytheon makes Stingers. Other top weapons makers are Boeing, Northrop Grumman, and General Dynamics.
Ukraine's Ambassador to the United States met with officials from General Atomics last week. General Atomics says it has UAVs ready to go if the U.S. approves, WaPo reports.
US-India trade
U.S. Trade Representative Katherine Tai met Indian External Affairs Minister Subrahmanyam Jaishankar on Tuesday and both agreed the newly relaunched U.S.-India Trade Policy Forum could help boost bilateral trade and reduce barriers, Tai's office said.
Tai and one of her deputies, Sarah Bianchi, discussed bilateral trade relations and the implications of Russia's war against Ukraine for global trade and economic developments, USTR said in a statement.
The United States is seeking more help from the world's largest democracy in condemning Russia's invasion of Ukraine and pressuring Moscow to halt what it calls a "special military operation." U.S. officials say India has its own concerns about deepening ties between Russia and China.
US stocks
Stocks fell on Tuesday, after an early morning bounce gave way to selling.
The S&P 500 declined 0.34% to 4,397.45, and the Nasdaq Composite fell 0.30% to 13,371.57, as both averages posted losses for a third trading day. The Dow Jones Industrial Average traded 87.72 points lower, or 0.26%, to 34,220.36.
The major averages were sharply higher to start the session, with the Dow rallying as much as 361.89 points, or about 1.1%.
Prices US consumers pay in March to their highest levels since the early days of the Reagan administration, according to Labor Department data released Tuesday.
The consumer price index, which measures a wide-ranging basket of goods and services, jumped 8.5% from a year ago on an unadjusted basis, above even the already elevated Dow Jones estimate for 8.4%.
Excluding food and energy, core CPI increased 6.5% on a 12-month basis, in line with the expectation. Core inflation rose just 0.3% for the month, less than the 0.5% estimate.
Stocks rose and government bond yields declined.
The data reflected price rises not seen in the U.S. since the stagflation days of the late 1970s and early ’80s. March’s headline reading in fact was the highest since December 1981.
The inability of wages to keep up with costs could add to inflation pressures.
Food rose 1% for the month and 8.8% over the year, as prices for goods such as rice, ground beef, citrus fruits and fresh vegetables all posted gains of more than 2% in March. Energy prices were up 11% and 32%, respectively, as gasoline prices popped 18.3% for the month.
More weapons to Ukraine
US President Joe Biden’s administration is expected to announce on Wednesday another $750 million in military assistance for Ukraine for its fight against Russian forces.
The equipment would be funded using Presidential Drawdown Authority, or PDA, in which the president can authorize the transfer of articles and services from US stocks without congressional approval in response to an emergency.
A US official told Reuters that final determinations were still being made about the mix of equipment.
A senior congressional aide said the equipment to be announced would likely include heavy ground artillery systems to Ukraine, including howitzers.
The White House said last week that it has provided more than $1.7 billion in security assistance to Ukraine since the Feb. 24 invasion of Ukraine that Russia calls a “special military operation.”
The Pentagon will host leaders from the top eight U.S. weapons manufacturers on Wednesday to discuss the industry's capacity to meet Ukraine's weapons needs if the war with Russia lasts years.
Raytheon Technologies and Lockheed Martin Corp jointly produce Javelins, while Raytheon makes Stingers. Other top weapons makers are Boeing, Northrop Grumman, and General Dynamics.
Ukraine's Ambassador to the United States met with officials from General Atomics last week. General Atomics says it has UAVs ready to go if the U.S. approves, WaPo reports.
US-India trade
U.S. Trade Representative Katherine Tai met Indian External Affairs Minister Subrahmanyam Jaishankar on Tuesday and both agreed the newly relaunched U.S.-India Trade Policy Forum could help boost bilateral trade and reduce barriers, Tai's office said.
Tai and one of her deputies, Sarah Bianchi, discussed bilateral trade relations and the implications of Russia's war against Ukraine for global trade and economic developments, USTR said in a statement.
The United States is seeking more help from the world's largest democracy in condemning Russia's invasion of Ukraine and pressuring Moscow to halt what it calls a "special military operation." U.S. officials say India has its own concerns about deepening ties between Russia and China.
US stocks
Stocks fell on Tuesday, after an early morning bounce gave way to selling.
The S&P 500 declined 0.34% to 4,397.45, and the Nasdaq Composite fell 0.30% to 13,371.57, as both averages posted losses for a third trading day. The Dow Jones Industrial Average traded 87.72 points lower, or 0.26%, to 34,220.36.
The major averages were sharply higher to start the session, with the Dow rallying as much as 361.89 points, or about 1.1%.
