- A + A NEW YORK (May 17): US retail sales grew at a solid pace in April, reflecting broad-based gains and suggesting demand for merchandise remains resilient despite rampant inflation. The value of overall retail purchases increased 0.9%, after an upwardly revised 1.4% gain in March, Commerce Department figures showed on Tuesday. Excluding vehicles and gas stations, sales rose 1% last month. The figures are not adjusted for inflation. The median estimate in a Bloomberg survey of economists had called for an 1% increase in overall retail sales from a month earlier and a 0.7% jump in the figure excluding autos and gas stations. Treasuries sold off after the report, while stock futures held gains and the dollar remained lower. "While the increase will look less impressive after taking price movements into account, today's data still suggests that the squeeze on household incomes from inflationary pressures isn't yet having a material impact on discretionary … [Read more...] about US retail sales show consumer standing firm in face of inflation
Walmart CEO Doug McMillon - A + A DALLAS (May 17): Walmart Inc fell the most in two years after cutting its profit outlook due to inflationary pressures, especially in food and fuel. The retail giant now sees earnings per share falling by about 1% this year, compared with a prior view of mid-single-digit gains, Walmart said in a statement Tuesday. Adjusted profit fell to US$1.30 a share during the first quarter ended in late April. That trailed the US$1.48 average of analyst estimates compiled by Bloomberg . The Bentonville, Arkansas-based company, which for decades has championed “everyday low prices,” is vying for more customers as inflation pushes shoppers to look harder for bargains. But higher costs for merchandise, transportation and labor pose a growing threat to profitability. That’s raising the stakes as Walmart must decide how much of those costs they will pass along to consumers. “US inflation levels, particularly in food and fuel, created more … [Read more...] about Walmart slides after cutting profit forecast on rising costs
London (CNN Business) Among the many silly, mind-numbing, agenda-pushing exchanges happening on Twitter at any given moment, the one playing out between the President of the United States and the world's second-richest person stands out for both its dullness and its deliberate oversimplification. If you've been away from Twitter lately, first of all: Good on you. Here's a quick recap of the dispute between Jeff Bezos and President Joe Biden. On Friday, Biden tweeted that the way to bring down inflation is to "make sure the wealthiest corporations pay their fair share." Bezos, founder of Amazon, an absurdly wealthy corporation, took issue with that. He fired off a reply, saying that linking corporate taxes to inflation is "just misdirection." The White House pushed back, then Bezos pushed back again . Read More In short, Bezos believes federal stimulus payments caused inflation. Biden says corporate greed is the culprit. … [Read more...] about Jeff Bezos and Joe Biden are having the stupidest fight ever
Share to Twitter Share to Linkedin Topline The platform behind the embattled luna cryptocurrency said Thursday afternoon it had temporarily halted its blockchain to stop transactions after the token’s price plummeted nearly 100% overnight, making the network more susceptible to a possible attack. Key Facts Shortly after 12 p.m. EDT, Terraform Labs announced on Twitter that the blockchain’s miners had decided to halt the Terra blockchain in order to “prevent governance attacks” following “severe [luna] inflation.” In a separate tweet minutes later, Terra said validators are working to restart the network “in a few minutes.” The move comes after Terra’s luna token collapsed in value, falling to less than a penny on Thursday afternoon despite trading at about $80 one week ago. Fueling the recent weakness, sister asset TerraUSD , a so-called stablecoin meant to trade at about $1, broke its peg last weekend, falling to 36 cents … [Read more...] about Terra Blockchain Halted To ‘Prevent Attacks’ After Luna Token Crashes Nearly 100% Overnight
Share to Twitter Share to Linkedin Donald Trump, Jr. has weighed in on student loan forgiveness — and here’s what he said. Here’s what you need to know. Student Loans Trump sharply criticized President Joe Biden’s potential plan to cancel student loans for millions of Americans. “Biden essentially wants blue-collar workers like truck drivers — who didn't have the luxury of going to college to get drunk for four years — to bail out a bunch of upper-middle-class kids who chose to spend tens of thousands of dollars that they didn't have on worthless gender study degrees,” Trump told The Washington Post. Trump is referring to one major criticism of wide-scale student loan cancellation . As many Republicans have argued, Americans who didn’t go to college or who couldn’t afford to go to college would pay student loan debt for the select few who could. According to the latest student loan debt statistics , approximately 80% of adult Americans don’t … [Read more...] about Student Loan Forgiveness Makes Blue-Collar Workers Pay For ‘Worthless Gender Study Degrees,’ According To Donald Trump, Jr.
Share to Twitter Share to Linkedin Here’s what student loan borrowers think about student loan forgiveness — and it’s not what you expect . Here’s what you need to know. Student Loans A new report from the Federal Reserve Bank of Philadelphia shows what student loan borrowers think about student loan forgiveness, student loan relief, student loan forbearance and student loan cancellation. According to the national survey: No cancellation of most student debt: Among current student loan borrowers, there was not support for canceling most or all student loans. Targeted student loan relief: Most respondents — either with or without student loan debt — said any student loan cancellation should be targeted . Cancel some student loans: 86% of student loan borrowers said there should be at least some wide-scale student loan forgiveness . Limited student loan forgiveness: A majority of respondents without student loans preferred … [Read more...] about What Student Loan Borrowers Think About Student Loan Forgiveness