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9 months into ERC claim processing moratorium, still a waiting game

In September 2023, the IRS announced a moratorium on the processing of new employee retention credit (ERC) claims because of what it said was rampant fraud. That moratorium has not stopped the filing of new claims, and the IRS has not been able to process all the claims filed before the moratorium. For example, the… Read More »9 months into ERC claim processing moratorium, still a waiting game

Dollar’s Rise Toward 2024 High Aided by CPI, Fed Speculation

The dollar is rising toward a new high for the year on speculation that Wednesday’s US inflation reading and Federal Reserve policy decision will increase demand. The Bloomberg Dollar Spot Index rose Tuesday for a fourth straight session, climbing a total of 1.2% in that period, amid help from last week’s report of US jobs growth and… Read More »Dollar’s Rise Toward 2024 High Aided by CPI, Fed Speculation

Inflation slows in May, with consumer prices up 3.3% from a year ago

KEY POINTS The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported Wednesday. The CPI, a broad inflation gauge that measures a basket of goods and services costs across the U.S. economy, held flat on the month though it increased 3.3% from a… Read More »Inflation slows in May, with consumer prices up 3.3% from a year ago

Political heat gives central bankers pause for thought on interest rate cuts

Mounting political heat is complicating interest rate decisions in the US and the UK, where central banks are weighing whether to cut borrowing costs as voters prepare to go to the polls. The Bank of England and the Federal Reserve want to avoid any perception that they were cutting interest rates to help incumbent governments, former officials… Read More »Political heat gives central bankers pause for thought on interest rate cuts

World Bank boosts forecast: Strength of US economy will support global growth of 2.6% this year

WASHINGTON (AP) — The World Bank upgraded its outlook for the global economy Tuesday, estimating that it will expand 2.6% this year on the strength of sustained growth in the United States. The bank’s latest outlook marks an increase from the 2.4% growth for 2024 it had predicted in January. And it would match the… Read More »World Bank boosts forecast: Strength of US economy will support global growth of 2.6% this year

Americans Really, Really Hate Inflation—and That’s a Big Problem for the Fed

Inflation is still higher than the 2% the Federal Reserve is aiming for, and maybe that is OK. That is, if we could just put aside the fact that we hate inflation so much. Fed policymakers are poised on Wednesday to leave their benchmark federal-funds rate steady at the highest level in more than two decades, and… Read More »Americans Really, Really Hate Inflation—and That’s a Big Problem for the Fed

Fed Seen Curbing Rate-Cutting Plans With Inflation Staying High

Economists are divided over how many interest-rate cuts Federal Reserve officials will signal for 2024 at their policy meeting next week, following a pop in recent inflation figures. Policymakers are likely to back away from a longstanding forecast for three rate reductions this year, but it’s a close call on whether they will still pencil… Read More »Fed Seen Curbing Rate-Cutting Plans With Inflation Staying High

U.S. adds a much-better-than-expected 272,000 jobs in May, but unemployment rate edges up to 4%

KEY POINTS The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates. Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate… Read More »U.S. adds a much-better-than-expected 272,000 jobs in May, but unemployment rate edges up to 4%