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US inflation ticked up last month as some price pressures remain persistent
Court Line News |
2024/12/07 10:08
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Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated.
Consumer prices rose 2.7% in November from a year earlier, up from a yearly figure of 2.6% in October. Excluding volatile food and energy costs, so-called core prices increased 3.3%, the same as in the previous month. Measured month to month, prices climbed 0.3% from October to November, the biggest such increase since April. Core prices also rose 0.3% for a fourth straight month.
Wednesday’s inflation figures from the Labor Department are the final major piece of data that Federal Reserve officials will consider before they meet next week to decide on interest rates. The relatively mild November increase won’t likely be enough to discourage the officials from cutting their key rate by a quarter-point. The probability of a rate cut next week, as envisioned by Wall Street traders, rose to 98% after Wednesday’s inflation report was released, according to futures pricing tracked by CME FedWatch.
“It’s generally in the ballpark of what the Fed would like to see,” said Jason Pride, chief investment strategist at Glenmede, a wealth management firm. Though sharp increases for such items as groceries and hotel rooms increased overall inflation last month, those categories are often volatile. Pride noted that the cost of services, such as rents, car insurance, and airline fares, cooled in November.
Last week, Fed Chair Jerome Powell suggested that with the economy generally healthy, the Fed could reduce its key rate slowly.
“We’re not quite there on inflation, but we’re making progress,” Powell said. “We can afford to be a little more cautious.”
With the job market cooling, growth in Americans’ paychecks has slowed from a nearly 6% annual pace in 2022 to about 4% now, a rate nearly consistent with inflation at the Fed’s 2% target. Powell has said he doesn’t think the current job market is a driver of higher prices.
Randy Carr, CEO of World Emblem, a maker of patches, labels and badges for companies, universities and law enforcement agencies, said he is providing smaller wage increases, in the 3% to 5% range, than his company did during the height of inflation.
“Things have kind of leveled off,” he said.
Carr’s customers, which include the company that makes emblems for UPS uniforms, generally won’t accept price hikes much more than 2% a year. So World Emblem aims to offset the cost of its higher wages through greater efficiencies in manufacturing.
In September, the Fed slashed its benchmark rate, which affects many consumer and business loans, by a sizable half-point. It followed that move with a quarter-point rate cut in November. Those cuts lowered the central bank’s key rate to 4.6%, down from a four-decade high of 5.3%.
Though inflation is now way below its peak of 9.1% in June 2022, average prices are still about 20% higher than they were three years ago — a major source of public discontent that helped drive President-elect Donald Trump’s victory over Vice President Kamala Harris in November.
Grocery prices jumped last month, an uncomfortable reminder for consumers that food prices remain a big drag on households’ budgets. Beef prices leapt 3.1% just from October to November and are up 5% from a year earlier.
Egg prices, which have been volatile for more than two years, in part because of outbreaks of bird flu, soared 8.2% just last month. They are nearly 38% higher than a year ago.
Gas prices ticked up 0.6% from October to November, ending a string of declines. Still, gas is down more than 8% from a year earlier. Hotel prices leapt 3.2% from October to November and are 3.7% higher than a year ago.
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Romanian court orders a recount of presidential election first round
Court Line News |
2024/11/28 11:19
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A top Romanian court on Thursday asked the official electoral authority to recount and verify all of the ballots cast in the first round of the presidential election, which was won by a far-right outsider candidate, sending shockwaves through the political establishment.
The Constitutional Court in Bucharest approved the recounting of the more than 9.4 million ballots, and said its decision was final. The Central Election Bureau is expected to meet on Thursday afternoon to discuss the request.
Calin Georgescu, a little-known, far-right populist and independent candidate, won the first round, beating the incumbent prime minister. Georgescu was due to face reformist Elena Lasconi, the leader of the Save Romania Union party, in a Dec. 8. runoff.
Georgescu’s unexpected success has prompted nightly protests by people concerned with previous remarks he made in praising Romanian fascist and nationalist leaders and Russian President Vladimir Putin, and believe he poses a threat to democracy.
Without naming Georgescu, Romanian President Klaus Iohannis’ office said following a Supreme Council of National Defense meeting in Bucharest on Thursday that an analysis of documents revealed that “a presidential candidate benefited from massive exposure due to preferential treatment granted by the TikTok platform.”
Earlier this week, Romania’s National Audiovisual Council asked the European Commission to investigate TikTok’s role in the Nov. 24 vote. Pavel Popescu, the vice president of Romania’s media regulator Ancom, said he would request TikTok’s suspension in Romania if investigations find evidence of “manipulation of the electoral process.”
The vote recount was prompted by a complaint made by Cristian Terhes, a former presidential candidate of the Romanian National Conservative Party who garnered 1% of the vote. Terhes alleged that Lasconi’s party had urged people to vote before some diaspora polls had closed on Sunday, saying it violated electoral laws against campaign activities on polling day.
After Thursday’s court ruling, Terhes’ press office posted on Facebook that the court ordered the recount “due to indications of fraud,” and alleged that valid votes cast for Ludovic Orban — who had dropped out of the race but remained on the ballot — had been reassigned to Lasconi.
It is the first time in Romania’s 35-year post-communist history that the country’s most powerful party, the Social Democratic Party, did not have a candidate in the second round of a presidential race. Prime Minister Marcel Ciolacu resigned as party leader after he narrowly lost to Lasconi by just 2,740 votes. |
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What to know about the unprecedented floods that killed more than 200 in Spain
Court Line News |
2024/11/04 08:03
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In a matter of minutes, flash floods caused by heavy downpours in eastern Spain swept away almost everything in their path. With no time to react, people were trapped in vehicles, homes and businesses. Many died and thousands of livelihoods were shattered.
A week later, authorities have recovered 218 bodies — with 213 of them in the eastern Valencia region. Police, firefighters and soldiers continued to search Tuesday for an unknown number of missing people.
In many of the 69 devastated localities, mostly located in the southern outskirts of Valencia city, people still face shortages of basic goods. Water is back to running through pipes but authorities say it is only for cleaning and not fit for drinking. Lines form at impromptu emergency kitchens and food relief stands in streets still covered with mud and debris.
Thousands of volunteers are helping soldiers and police reinforcements with the gargantuan task of cleaning up the mire and the countless wrecked cars. At least 46,000 insurance claims for totaled vehicles had been filed, according to Spain’s Economy Minister Carlos Cuerpo.
The ground floors of thousands of homes have been ruined. Inside some of the vehicles that the water washed away or trapped in underground garages, there were still bodies waiting to be identified.
The frustration over the crisis management boiled over on Sunday when a crowd in hard-hit Paiporta hurled mud and other objects at Spain’s royals, Prime Minister Pedro Sánchez and regional officials when they made their first visit to the epicenter of the flood damage.
The storms concentrated over the Magro and Turia river basins and, in the Poyo canal, produced walls of water that overflowed riverbanks, catching people unaware as they went on with their daily lives on Tuesday evening and early Wednesday.
In the blink of an eye, the muddy water covered roads and railways, and entered houses and businesses in towns and villages on the southern outskirts of Valencia city. Drivers had to take shelter on car roofs, while residents took refuge on higher ground.
Spain’s national weather service said that in the hard-hit locality of Chiva, it rained more in eight hours than it had in the preceding 20 months, calling the deluge “extraordinary.” Other areas on the southern outskirts of Valencia city didn’t get rain before they were wiped out by the wall of water that overflowed the drainage canals.
When authorities sent alerts to mobile phones warning of the seriousness of the flooding and asking people to stay at home, many were already on the road, working or covered in water in low-lying areas or underground garages, which became death traps.
Scientists trying to explain what happened see two likely connections to human-caused climate change. One is that warmer air holds and then dumps more rain. The other is possible changes in the jet stream — the river of air above land that moves weather systems across the globe — that spawn extreme weather.
Climate scientists and meteorologists said the immediate cause of the flooding is called a cut-off lower-pressure storm system that migrated from an unusually wavy and stalled jet stream. That system simply parked over the region and poured rain. This happens often enough that in Spain they call them DANAs, the Spanish acronym for the system, meteorologists said.
And then there is the unusually high temperature of the Mediterranean Sea. It had its warmest surface temperature on record in mid-August, at 28.47 degrees Celsius (83.25 degrees Fahrenheit), said Carola Koenig of the Centre for Flood Risk and Resilience at Brunel University of London.
The extreme weather event came after Spain battled with prolonged droughts in 2022 and 2023. Experts say that drought and flood cycles are increasing with climate change.
“Climate change kills, and now, unfortunately, we are seeing it firsthand,” Sánchez said Tuesday after announcing a 10.6-billion-euro relief package for 78 municipalities. |
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Sean ‘Diddy’ Combs to stay in jail while appeals court takes up bail fight
Court Line News |
2024/10/14 06:20
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A federal appeals court judge has ruled to keep Sean “Diddy” Combs locked up while he makes a third bid for bail in his sex trafficking case, which is slated to go to trial in May.
In a decision filed Friday, Circuit Judge William J. Nardini denied the hip-hop mogul’s immediate release from jail while a three-judge panel weighs his bail request.
Combs’ lawyers appealed to the 2nd U.S. Circuit Court of Appeals on Sept. 30 after two judges rejected his release.
Combs, 54, has been held at a federal jail in Brooklyn since his Sept. 16 arrest on charges that he used his “power and prestige” as a music star to induce female victims into drugged-up, elaborately produced sexual performances with male sex workers in events dubbed “Freak Offs.”
Combs has pleaded not guilty to racketeering conspiracy and sex trafficking charges alleging he coerced and abused women for years with help from a network of associates and employees while silencing victims through blackmail and violence, including kidnapping, arson and physical beatings.
At a bail hearing three weeks ago, a judge rejected the defense’s $50 million bail proposal that would’ve allowed the “I’ll Be Missing You” singer to be placed under house arrest at his Florida mansion with GPS monitoring and strict limits on visitors.
Judge Andrew L. Carter Jr., who has since recused himself from the case, said that prosecutors had presented “clear and convincing evidence” that Combs is a danger to the community. He said “no condition or set of conditions” could guard against the risk of Combs obstructing the investigation or threatening or harming witnesses.
In their appeal, Combs’ lawyers argued that the judge had “endorsed the government’s exaggerated rhetoric” and ordered Combs detained for “purely speculative reasons.”
“Indeed, hardly a risk of flight, he is a 54-year-old father of seven, a U.S. citizen, an extraordinarily successful artist, businessman, and philanthropist, and one of the most recognizable people on earth,” the lawyers wrote.
Combs’ lawyers have not asked the new trial judge, Arun Subramanian, to consider releasing him on bail. At a hearing Thursday, as Combs sat alongside his lawyers in a beige jail jumpsuit, Subramanian suggested he would at least be open to taking up the issue.
After setting a May 5 trial date, Subramanian briefly questioned Combs’ lawyers about his treatment at the Metropolitan Detention Center, which has been plagued by violence and dysfunction for years.
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Supreme Court leaves in place two Biden environmental regulations
Court Line News |
2024/10/03 13:24
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The Supreme Court left in place Friday two Biden administration environmental regulations aimed at reducing industry emissions of planet-warming methane and toxic mercury.
The justices did not detail their reasoning in the orders, which came after a flurry of emergency applications to block the rules from industry groups and Republican-leaning states. There were no noted dissents.
The high court is still considering challenges to a third Environmental Protection Agency rule aimed at curbing planet-warming pollution from coal-fired power plants.
The regulations are part of a broader effort by the Biden administration aimed at curbing climate change that includes financial incentives to buy electric vehicles and upgrade infrastructure, and rules tightening tailpipe pollution standards for cars and trucks.
The industry groups and states had argued the EPA overstepped its authority and set unattainable standards with the new regulations. The EPA, though, said the rules are squarely within its legal responsibilities and would protect the public.
An EPA spokesperson said Friday the agency is pleased that the Supreme Court denied applications to stay the final methane and mercury rules. EPA believes the rule tightening methane emissions from oil and gas drilling will deliver major climate and health benefits for all Americans, while the mercury rule will limit hazardous pollution from coal-fired power plants, spokesperson Remmington Belford said.
The methane rule will build on innovative technologies and solutions that many oil- and gas-producing states and companies are already using or have committed to use, while the mercury and air toxics rule “will ensure that the nation’s coal-fired power plants meet up-to-date standards for hazardous air pollutants,” Belford said.
Both rules are firmly grounded in the EPA’s authority under the Clean Air Act, he said. The Supreme Court has shot down other environmental regulations in recent years, including a landmark decision that limited the EPA’s authority to regulate carbon dioxide emissions from power plants in 2022, and another that halted the agency’s air-pollution-fighting “good neighbor” rule.
The methane rule puts new requirements on the oil and gas industry, which is the largest emitter of the gas that’s a key contributor to climate change. A lower court previously refused to halt the regulation.
Methane is the main component in natural gas and is far more potent than carbon dioxide in the short term. Sharp cuts in methane emissions are a global priority — including the United States — to slow the rate of climate change.
The methane rule targets emissions from existing oil and gas wells nationwide, rather than focusing only on new wells. It also regulates smaller wells that will be required to find and plug methane leaks.
Studies have found that smaller wells produce just 6% of the nation’s oil and gas but account for up to half the methane emissions from well sites. The plan also calls for a phased-in requirement for energy companies to eliminate routine flaring, or burning of natural gas that is produced by new oil wells.
The states challenging the rule called the new standards “impossible to meet” and said they amounted to an “attack” on the industry.
The mercury rule, meanwhile, came after a reversal of a move by the Trump administration. It updated regulations that were more than a decade old for emissions of mercury and other harmful pollutants that can affect the nervous system, kidneys and fetal development.
Industry groups and conservative-leaning states argued emissions were already low enough, and the new standards could force the shuttering coal-fired power plants. |
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Trump in court as lawyers fight to overturn verdict in E. Jean Carroll sex abuse suit
Court Line News |
2024/09/02 08:29
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Veering from the campaign trail to a courtroom, Donald Trump quietly observed Friday as his lawyer fought to overturn a verdict finding the former president liable for sexual abuse and defamation.
The Republican nominee and his accuser, E. Jean Carroll, a writer, sat at tables about 15 feet (4.5 meters) apart, in a Manhattan federal appeals court. Trump didn’t acknowledge or look at Carroll as he passed directly in front of her on the way in and out, but he sometimes shook his head, including when Carroll’s attorney said he sexually attacked her.
Trump attorney D. John Sauer told three 2nd U.S. Circuit Court of Appeals judges that the civil trial in Carroll’s lawsuit was muddied by improper evidence.
“This case is a textbook example of implausible allegations being propped up by highly inflammatory, inadmissible” evidence, Sauer said, noting that jurors saw the infamous “Access Hollywood” tape in which Trump boasted in 2005 about grabbing women’s genitals because when someone is a star, “you can do anything.”
Carroll’s lawyer, Roberta Kaplan, told judges the evidence in question was proper, and that there was plenty of proof in the nearly two-week-long trial of Carroll’s claim that Trump attacked her in a luxury department store dressing room decades ago. She said the “Access Hollywood” tape, as the trial judge had noted, could be viewed as a confession.
“E. Jean Carroll brought this case because Donald Trump sexually assaulted her in 1996, in a dressing room at Bergdorf Goodman, and then defamed her in 2022 by claiming that she was crazy and made the whole thing up,” Kaplan said.
Carroll, standing with Kaplan outside the courthouse afterward, declined to comment.
Trump left court in a motorcade, then delivered a lengthy diatribe against the case at Trump Tower, where he said again that Carroll — and other women who had accused him of sexual assault — were making everything up.
“It’s so false. It’s a made up, fabricated story by somebody, I think, initially, just looking to promote a book,” Trump said. Carroll first spoke publicly about her encounter with Trump in a newly published memoir in 2019.
In remarks to reporters Friday, Trump repeated many claims about Carroll that a jury has already deemed defamatory, and added some new ones, like suggesting that a photograph of him and Carroll together in 1987 was produced by artificial intelligence. It was unclear whether his comments could lead to a new defamation lawsuit by Carroll.
“I’ve said before and I’ll say it again: all options are on the table,” Kaplan said after Trump’s news conference.
The three-judge panel, if it follows the pattern of other appeals, would be unlikely to rule for weeks, if not months.
A jury found in May 2023 that Trump sexually abused Carroll. He denies it. That jury awarded Carroll $5 million.
Trump did not attend the trial and has expressed regret that he was not there. The civil case has political and financial implications for Trump.
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