The Fed's preferred gauge of inflation sees biggest jump in four decades.
Good morning! It's Kristin with your daily morning digest. Today, the Bureau of Economic Analysis released its latest update on the Fed's preferred inflation gauge, the personal consumption expenditures (PCE) index, which jumped 6.4% in February from one year prior. It's the biggest yearly increase since the early 1980s. Excluding volatile food and energy prices, the core PCE price index rose 5.4% from a year ago, also the biggest annual jump in nearly four decades. The PCE index tracks how much consumers spend on goods and services. The latest figures show how much inflationary pressure people in the U.S. are feeling in stores. President Joe Biden is also reportedly planning to release 1 million barrels of oil per day from strategic reserves to help fight rising gas prices and supply shortages. Rising costs of oil are felt by U.S. consumers in two ways: first at the gas pump when filling up vehicles, and secondly at stores as rising oil prices also cause goods to get more expensive. Oil is used in manufacturing and shipping, so the pricier oil is, the pricier goods can get. However, it's unclear how much the release will help U.S. consumers, given the size of the release relative to the nation's oil consumption—the U.S. consumes an average of nearly 20 million barrels each day. - Kristin |
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A majority of U.S. adults—64%—support raising taxes on the country's wealthiest people, according to a survey from The Balance on President Joe Biden's Build Back Better (BBB) plan. |
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April is Financial Literacy Month, and The Balance is going on IG live in a series dedicated to your personal finance journey. Join The Balance Editor-in-Chief Kristin Myers with special guests throughout the month of April. Our first IG live event is on April 5 at 3 p.m. EST with Berna Anat, producer, speaker and fin-fluencer. Follow us on Instagram to get updates on The Balance's live events this month! |
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New bill helps older workers save more for retirement.
Good morning! It's Kristin with your daily morning digest. Private U.S. employers added 455,000 jobs in March, according to the latest ADP National Employment Report. Though the number was lower than February's upwardly revised gain of 486,000, it was still higher than the 450,000 economists expected, and could provide a sneak peek at what we might expect on Friday, when the government releases its employment report for March. Friday's report will be watched particularly closely as the strength of the labor market represents a key part of the Federal Reserve's rationale for potentially more aggressive interest rate hikes to fight inflation. So if March's figures are strong, the central bank could choose to raise rates higher and faster than previously anticipated. Tomorrow, we'll also get an update on the Fed's preferred measure of consumer inflation, the personal consumption expenditures (PCE) price index, from the Bureau of Economic Analysis. There's some good news for Americans saving for retirement: Yesterday, the House passed a new bipartisan bill that will raise contribution limits for older workers and allow retirees to delay the age at which they must make withdrawals. Currently, people in the U.S. with a 401(k) must withdraw money from the account at the age of 72. This new bill would raise that limit to 75, allowing people to develop a larger nest egg for their retirement. Data shows that many people in the U.S. are not on track and feel unprepared for retirement, so this bill could help people accumulate a healthy amount of savings to rely on as they age. - Kristin | |
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Maryland and Georgia have already enacted laws, while 16 other states—including California, Florida. and New York—are discussing some form of gas tax relief, according to a recent memo from the National Conference of State Legislatures. These include tax suspensions, tax reductions. and temporary freezes on planned taxes. |
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$138 - That's how much credit cardholders with the lowest credit scores paid in late fees in 2019—more than 10 times the average for those with the highest scores. |
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Season 2 of the "Money Confidential" podcast is back with "Taxes in Ten," a six-episode mini-season covering your top tax questions. Host and nationally recognized money expert, Stefanie O'Connell Rodriguez, is teaming up with The Balance's very own Editor-in-Chief, Kristin Myers, as well as Caleb Silver, Editor-in-Chief of Investopedia, to talk about everything from doing your own taxes to the specific tax considerations of different life stages. You can listen now to "Taxes in Ten." |
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Dotdash Meredith 28 Liberty Street, 7th Floor, New York, NY 10005
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