RPT-WEEKAHEAD-Wall St Week Ahead: Inflation Data May Seal Fate of Unloved US Stock Rally

A rally in US stocks that has powered on despite skepticism from Wall St faces a reality check in the coming week, as key inflation data threatens to close the door on expectations of a dovish shift from the Federal Reserve. The S&P 500 has walked a tightrope this summer, rising 13% from its mid-June … Read more

Senate passes Democrats’ sweeping climate, health and tax bill, delivering win for Biden

Washington — The Senate on Sunday passed Democrats’ sweeping economic package designed to combat climate change, address health care costs and raise taxes on large corporations, marking a crucial achievement for President Biden and his party as they look to maintain their hold on Congress in the November midterm elections. The plan, called the Inflation … Read more

Buffett’s firm reports $44B loss but its businesses thrive

OMAHA, Neb. (AP) — Warren Buffett’s company reported a $43.76 billion loss in the second quarter as the paper value of its investments plummeted, but Berkshire Hathaway’s many operating companies generally performed well suggesting the overall economy is weathering the pressure from inflation and rising interest rates. Berkshire said Saturday that a largely unrealized $53 … Read more

The Inflation Reduction Act would double IRS agents and audits — but superrich aren’t real targets

The Manchin-Schumer “Inflation Reduction Act,” which could clear the Senate this weekend, is supposed to raise tens of billions of dollars by adding $80 billion to the IRS budget and hiring as many as 80,000 more auditors and agents. The plan is estimated to double the number of Americans audited each year. To quote the … Read more

Senate Dems announce they have the votes to pass the Inflation Reduction Act

Senate Democrats have reached an agreement on changes to their marquee economic legislationthey announced late Thursday, clearing the major hurdle to pushing one of President Joe Biden’s leading election-year priorities through the chamber in coming days. Sen. Kyrsten Sinema, D-Ariz., a centrist who was seen as the pivotal vote, said in a statement that she … Read more

Democrats’ big package: What remains in and what’s out?

WASHINGTON (AP) — It’s nowhere near the $4 trillion proposal President Joe Biden first launched to rebuild America’s public infrastructure and family support systems but the compromise package of inflation-fighting health care, climate change and deficit reduction strategies appears on track toward Senate votes this weekend. The estimated $740 billion proposal, struck by two top … Read more

Valley News – Home heating costs expected to strain Upper Valley budgets this winter

Further ratcheting up the pain of inflation, the Upper Valley is bracing for higher home heating costs and the burden they will place on household budgets this winter. The convergence of pricier fuel and lighter wallets has experts expecting an increased strain on fuel assistance programs and urging eligible people to start planning in the … Read more

The US economy has yet to face its biggest recession challenge

A person removes the nozzle from a pump at a gas station on July 29, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images You’d be hard-pressed now to find a recession in the rearview mirror. What’s down the road, though, is another story. There is no historical precedent to indicate that an … Read more

Opinion: Bear market blues: How to keep a sense of financial control in uncertain times.

Between pandemic lockdowns, health scares, contentious politics and significant inflation with rising prices, many US investors might feel they’re losing control of their situations. Add to that a bear market for stocks, with a possible recession looming. To remain resilient, we can focus on caring for our physical, mental and financial wellness — and that … Read more

Bank of England set for biggest rate hike in 27 years as inflation soars

LONDON, February 03: Governor of the Bank of England Andrew Bailey leaves after a press conference at the Bank of England on February 3, 2022 in London, England. The Bank is expected to hike interest rates for a fifth consecutive meeting on Thursday, but faces a tough balancing act between supporting growth and curbing inflation. … Read more