Activity Highlights: Vet Prices, Fed on Inflation

What the U.S. Vet Price Spike Reveals About Inflation

WASHINGTON — Most pets hate going to the vet. Now it also becomes much more unpleasant for their owners. The worst bout of inflation in the United States in four decades has inflated the cost of visiting your dog or cat with the animal doctor. Prices for veterinary services have jumped 10% in the past year, government data shows – the biggest such spike in two decades. Soaring costs for veterinary services illustrate how high inflation has spread far beyond physical goods, such as cars, which have become scarce as the economy accelerated after the pandemic recession, to many services of which pet care is an example.

The Fed expressed its determination at its last meeting to curb inflation

WASHINGTON — At their last meeting, Federal Reserve officials stressed their commitment to tackling “unacceptably high” inflation before announcing they were raising their benchmark interest rate by a substantial three-quarters of a point for the third time in a row and signaled larger rate hikes. ahead. In minutes of their Sept. 20-21 meeting released Wednesday, Fed policymakers said a “softening labor market” — likely including rising unemployment — would be needed to curb inflationary pressures in the country. They noted that hiring remains “robust,” which itself is fueling high inflation as wages rise sharply.

Late slide drags Wall Street down in more uncertain trading

NEW YORK — Stocks ended a shaky day on Wall Street after a late afternoon decline erased interim gains that major indexes had clung to for much of the day. The S&P 500 fell 0.3% on Wednesday, its sixth consecutive decline. The Dow Jones and the Nasdaq finished with smaller losses. Yields on 2-year and 10-year Treasury bills ended lower. Shares had oscillated between gains and losses for much of the day as traders analyzed a government report that showed inflation at the wholesale level eased last month, although it was a little worse than expected. Crude oil prices fell.

Yellen says US economy ‘resilient’ against global headwinds

WASHINGTON — U.S. Treasury Secretary Janet Yellen is seeking to project confidence in the U.S. financial outlook while pledging vigilance to respond to “risks on the horizon.” She delivers that message as world finance leaders gather in Washington to discuss the increasingly bleak outlook for the global economy. Yellen says in prepared remarks that the U.S. economy “remains resilient in the face of headwinds in the global economy.” His remarks crediting President Joe Biden’s domestic policies with contributing to America’s economic strength came as administration officials tried to talk about the president’s policies ahead of the midterm elections.

Europe looks to Africa to replace Russian natural gas

DAKAR, Senegal — European leaders are turning to Africa for more natural gas as they try to replace Russian energy amid war in Ukraine. While Africa’s natural gas reserves are vast and North African countries like Algeria already have pipelines connecting to Europe, lack of infrastructure and security concerns have long prevented producers in other parts of the continent to increase their exports. Nigeria has the largest natural gas reserves on the continent but accounts for only 14% of the European Union’s liquefied natural gas imports which arrive by ship. Algeria and Egypt accounted for 60% of Africa’s natural gas production in 2020 and do not export enough to replace Russian supplies of the fuel that powers factories, generates electricity and heats homes.

U.S. producer price inflation eases to still high 8.5%

WASHINGTON — Wholesale trade inflation rose 8.5% in September from a year earlier, its third straight decline despite still being painfully high. Wednesday’s report from the Labor Department also showed the Producer Price Index – which measures price changes before they reach the consumer – rose 0.4% in September from August. , after two months of decline.

Biden hit economy as more say finances bad: AP-NORC poll

WASHINGTON — More American adults now feel financially vulnerable amid high inflation. It’s a political risk for President Joe Biden and his fellow Democrats a month before the midterm elections. A new survey from the Associated Press-NORC Center for Public Affairs Research indicates that about 46% of people now rate their personal financial situation as poor. This figure rose from 37% in March. This comes at a particularly inopportune time for Biden, given that the share of Americans who felt positive about their finances had remained steady for the past few years. A majority of Americans now see high prices as beyond Biden’s control, but they disapprove of his handling of the economy as a whole.

India’s energy future looks green, report says

BENGALURU, India — India’s renewable energy sector is booming, with the country set to add 35 to 40 gigawatts of renewable energy per year until 2030, enough to power up to 30 million additional homes each year, according to a report released Thursday. The Institute for Energy Economics and Financial Analysis has estimated that India, the world’s third-largest energy-consuming country, will reach 405 gigawatts of renewable energy capacity by 2030 and exceed the country’s goal of producing 50% of its electricity from non-fossil fuels. sources by the end of the decade. Although the country has made significant progress on clean energy, experts say there is still room for improvement.

The S&P 500 fell 11.81 points, or 0.3%, to 3,577.03. The Dow Jones Industrial Average slipped 28.34 points, or 0.1%, to 29,210.85. The Nasdaq fell 9.09 points, or 0.1%, to 10,417.10. The Russell 2000 Small Business Index fell 5.15 points, or 0.3%, to 1,687.76.

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