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Not since the housing market crash of 2008 has the U.S. economy seen a bigger single-month spike in inflation, which proved troubling for investors. |
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Inflation surge sends markets, consumers a reality check The Federal Reserve was prepared for some bad news Tuesday when the Department of Labor released its latest figures on the Consumer Price Index and other key indicators. But the blow proved worse than the buildup -- to the tune of 5.4% -- as the economy saw its biggest single-month surge in inflation in more than a decade. Still recovering from the COVID-19 pandemic and the widespread unemployment and business closings associated with it, The Fed says the economy is simply adjusting to the new normal. But rising inflation appears to be the biggest threat to the recovery as stocks retreated from record highs and consumers keep paying the price. SEE WHY THE NUMBERS MAY PUSH THE FED INTO ACTION
Biden to warn U.S. companies about Hong Kong dealings In the latest escalation of tensions in US-China relations, President Joe Biden plans to issue a warning to US-based companies about their business dealings in Hong Kong. That's because Beijing has continued to insert itself into private affairs with strict new laws. China has the authority to access all data stored by private entities in Hong Kong in the name of national security, and a new law imposes sanctions on companies that participate in sanctions imposed by the US, UK and EU. Biden will issue a word of warning about the risks. SEE CHINA'S REACTION TO THE LATEST CONFRONTATION
US financial institutions report big jump in Q2 profits In a positive signs for the economic recovery, financial institutions reported rising profits Tuesday. Led by heavy hitters like Goldman Sachs and JPMorgan Chase, banks saw 45% jumps in the second quarter earnings compared to last year at the pandemic's peak. Analysts credit the combination of vaccines, stimulus spending, the reopening economy, low interest rates, a housing boom, and other contributing factors to the turnaround. The health of banking systems and financial institutions is seen as vital to a full economic recovery. CHECK OUT THE ENCOURAGING FIGURES POSTED BY BANKS
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Markets
| DJIA | 34,888.79 | -0.31% |
| S&P 500 | 4,369.21 | -0.35% |
| Nasdaq Composite | 14,677.65 | -0.38% |
| Japan: Nikkei 225 | 28,659.12 | -0.21% |
| UK: FTSE 100 | 7,124.72 | -0.01% |
| Crude Oil Futures | 74.99 | -0.35% |
| Gold Futures | 1,813.90 | 0.22% |
| Yen | 110.49 | -0.13% |
| Euro | 1.18 | 0.08% | | * As of market close |
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Senate Dems back $3.5T infrastructure bill
It's been three weeks since President Joe Biden confidently strolled out of the White House, bipartisan posse in tow, and declared "We have a deal" on an infrastructure bill. If only things were so simply in Washington, D.C. After failing to agree on whether they actually had a deal in the first place, Senate Democrats have decided to do an end-run around Republicans and pass a $3.5 trillion bill -- the full amount of the two-tiered plan and then some -- through budget reconciliation. The move would allow Dems to pass the package with a simple majority -- a 50-50 tie plus Vice President Kamala Harris' tie-breaking vote. But the plan could backfire with the loss of a single vote (all eyes on Sen. Joe Manchin, D-WV), and even the House might not be a slam-dunk given its razor-thin majority. ARE DEMS BLUFFING IN HOPES OF FORCING THE GOP TO FOLD?
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US seeks international rules on use of AI
This might sound like something out of fictional "Justice League" comic book, but the US is calling on nations to come to an agreement on international laws governing the use (or more importantly, the misuse) of artificial intelligence and other technologies that are being used for evil. Following a flurry of cyberattacks and ransomware hacks, Secretary of State Antony Blinken said Tuesday that a broad international coalition is needed to fend off attacks and enforce regulations against bad actors using AI to commit cyber crimes. Of course, Russia is the primary target. SEE HOW THE US PROPOSES TO GET COUNTRIES ONBOARD
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Ohtani makes history at All-Star Game
While Japan is counting down the days to hosting the world (at least virtually, anyway) for the Summer Olympics, one of its native sons was writing one of the biggest international sports stories 5,000 miles away at the Major League Baseball All-Star Game at Coors Field on Tuesday. Shohei Ohtani is having one of the most remarkable seasons in MLB history, becoming the first two-way player in the showcase. The best pitcher/hitter combination since the days of Babe Ruth, Ohtani earned the 5-2 win as the starting pitcher for the American League, throwing a perfect first and going 0-for-2 at the plate. He's the biggest dual threat from Japan since "Godzilla vs. Mechagodzilla" and a first for baseball in a century. WHY IS OHTANI ONE OF THE GAME'S MOST UNDERPAID PLAYERS?
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Armed and dangerous
Ohtani is on pace to become the first player to hit at least 15 homers while pitching at least 50 innings in a single season. Who did it last and when? Tuesday's answer: Before he journeyed to the edge of space Sunday, billionaire entrepreneur Richard Branson bungee-jumped off Victoria Falls as part of his equally ill-fated TV show "The Rebel Billionaire" in 2004. SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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