ECONOMY

US INFLATION DROPS TO 2.5% AS FED CONSIDERS RATE CUT

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The latest Consumer Price Index (CPI) data released Wednesday showed U.S. inflation cooling to 2.5% in August, marking the slowest pace of price growth since February 2021. This decline from July's 2.9% rate brings inflation closer to the Federal Reserve's 2% target, potentially paving the way for interest rate cuts.

FED CHAIR SAYS THEY'VE MADE "QUITE A BIT OF PROGRESS" ON INFLATION

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The chair of the US Federal Reserve, Jerome Powell, has said that the reserve has made "quite a bit of progress" in its fight against rising prices and could hit its inflation target as soon as next year.

GLOBAL MARKETS TUMBLE AMID GROWING CONCERNS U.S. RECESSION

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Stock markets worldwide plummeted on Monday as weak U.S. economic data fueled concerns of a looming recession in the world's largest economy. The selloff, which began in Asia and spread to Europe, is expected to hit Wall Street hard when trading opens.

SENATORS UNVEIL $70 BILLION PROPOSAL TO REVITALIZE PUBLIC HOUSING

A group of U.S. Senators have introduced major legislation that would allocate $70 billion in federal funds to repair and rebuild the nation's aging public housing infrastructure. The bill, titled the "Public Housing Remediation of Longstanding Deficiencies Act," aims to eliminate the severe backlog of capital needs within the public housing system.

US ECONOMY BEATS GROWTH EXPECTATIONS IN SECOND QUARTER

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US economic growth blew past expectations in the second quarter, boosted by consumer spending and inventory building despite high interest rates, government data showed Thursday, after a slow start to the year.

US ECONOMY WALKS A TIGHTROPE: STAGFLATION FEARS GRIP INVESTORS

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The GDP report, a key indicator of economic health, showed a meager 1.6% annualized growth rate in the first quarter of 2024. This falls short of the 3.4% recorded in the previous quarter. While some argue this slowdown might be temporary, the Federal Reserve, the central bank responsible for managing inflation, is facing a difficult balancing act.

TRADE DEFICIT IN US EXPANDS LESS THAN THE EXPECTED MARK IN MAY

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The US government data showed on Wednesday that the US trade gap has grown slightly less than expected in May, to the widest level since late 2022.

THE WEALTH DISTRIBUTION AND MINIMUM WAGE LEADING TO ECONOMIC INEQUALITY IN USA

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One of the primary drivers of economic inequality is the distribution of wealth. In the USA, wealth is highly concentrated among the top percentile of earners, while a large portion of the population struggles to accumulate any significant assets.