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Yahoo
30-05-2025
- Business
- Yahoo
Fed's Daly: April PCE inflation is a 'relief,' but incomplete, Fox Business
(Reuters) -San Francisco Federal Reserve Bank President Mary Daly said on Friday cooling inflation offers "relief" for Americans suffering from high prices, but that there are risks of higher inflation ahead. "The inflation number that printed today, that's good relief for American consumers," Daly said on Fox Business' "Maria Bartiromo's Wall Street," referring to the 2.1% rise in the personal consumption expenditure price index increase last month, the slowest annual increase in four years. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-04-2025
- Business
- Yahoo
Forget the Sunbelt. More people are moving to the Snowbelt.
The Sunbelt isn't quite as hot — for movers, that is — as it once was. The pandemic and remote work initially drove people to the South, but that trend has slowed. Some Midwestern states, particularly Wisconsin and Missouri, are attracting more residents. Midwestern small towns and suburbs are in luck. Over the last few decades, domestic migration to the Sunbelt has slowed — and the Midwest is becoming the new place to be. In the mid-20th century, large numbers of Americans traded chillier, pricier locales in the North — also known as the Snowbelt — for balmy winters and cheaper homes across the South and Southwest, also called the Sunbelt. When the pandemic hit, the widespread adoption of remote work spurred a new surge of Americans to move to Florida, Texas, Arizona, the Carolinas, and other states across the Sunbelt. But the COVID-related spike in southern transplants obscures a longer-term reverse trend. Over the last few decades, moves to the Sunbelt have significantly slowed. And more recently, some Midwestern and Northeastern states have been losing fewer people than they did pre-pandemic, and a few have even gained population. Rural areas in particular have seen an uptick in movers, creating a reverse Sunbelt to Snowbelt migration trend. Just before the pandemic, Missouri and Wisconsin were experiencing net population losses, but now they're growing, a new paper from Harvard's Joint Center for Housing Studies found. Illinois, Ohio, and Michigan have seen their outflows slow post-pandemic. In the Northeast, Connecticut has also seen outward migration slow. Two economists at the San Francisco Federal Reserve Bank, Sylvain Leduc, and Daniel Wilson, similarly reported last year that the warmest places in the country have seen their population growth slow while the coldest places are growing. They argue that as temperatures rise with climate change, that trend looks like it's here to stay. "The 'pivoting' in the U.S. climate-migration correlation over the past 50 years is likely to continue, leading to a reversal of the 20th century Snow Belt to Sun Belt migration pattern," they wrote. It's not totally clear why we're seeing this new Sunbelt-to-Snowbelt trend, but cost-of-living issues and climate change could be factors, the researchers wrote. Housing costs have spiked in much of the Sunbelt and South, particularly over the last few years, helping slow southern migration, Riordan Frost, a research analyst at Harvard and the author of the paper, told Business Insider. "Not only in the typically super high-cost states has affordability been an issue, but it's becoming more of an issue in the Sunbelt," Frost said. At the same time, much of the Snowbelt, particularly more rural areas, has stayed relatively affordable. The North is also experiencing less frigid winters, while the Sunbelt grows ever steamier, making the Snowbelt increasingly attractive. "These new migration trends should help mitigate the effects of climate change, as fewer people would be directly exposed to the negative impacts of hotter and more frequent extreme heat days," Leduc and Wilson wrote. Zooming out, it's important to note that many Americans are staying put. Household mobility in the US has plummeted since its peak in the 1980s, falling from a rate of 18% in 1986 to 9.7% in 2019. The pandemic briefly disrupted that trend, but over the last couple of years rates of moving have continued their pre-2020 decline trajectory. And a big part of the problem is elevated housing costs. Many can't afford to move because of elevated mortgage rates, home prices, and rents. Others fear losing the low-interest home loans they secured when interest rates fell in the early months of the pandemic. "In general, the homeowner mobility rate has really plunged, and that's dragging down the overall mobility rate quite a bit," Frost said. Have you moved to the Midwest — or left? Reach out to this reporter at erelman@ Read the original article on Business Insider
Asharq Al-Awsat
31-03-2025
- Business
- Asharq Al-Awsat
Trade War Woes Propel Gold to Record High
Gold breached the $3,100 level on Monday to touch an all-time high as investors turned to the safe-haven asset amid concerns that US President Donald Trump's tariff plans would widen the global trade war and trigger an economic fallout. Spot gold added 0.9% to $3,110.81 an ounce as of 0444 GMT after hitting a record high of $3,115.79 earlier. Bullion has gained more than 8% in March, Reuters reported. The dollar index eased 0.2%, making greenback-priced gold less expensive for buyers holding other currencies. "Markets' anxiety levels have been ramping up ahead of the reciprocal US tariff announcements, which is keeping gold in high demand as a defensive play," KCM Trade chief market analyst, Tim Waterer said. "If the tariff announcements this week are not as severe as feared, then the gold price could start to backtrack as profit-taking from the highs may be triggered." Trump is expected to announce reciprocal tariffs on April 2, while auto tariffs will take effect on April 3. On Sunday, the US president said he was "pissed off" at Russian President Vladimir Putin and would impose secondary tariffs of 25%-50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine, further escalating trade war concerns. Gold, traditionally seen as a hedge against political and economic uncertainties, has risen more than 18% this year. The rally prompted multiple banks to increase their 2025 forecasts. Meanwhile, San Francisco Federal Reserve Bank President Mary Daly said inflation data released on Friday confirms her decreased confidence in her baseline expectation that two interest rate cuts this year are a "reasonable" projection. Spot silver rose 0.7% to $34.35 an ounce, platinum was steady at $984.07 and palladium gained 0.5% to $976.72. All three metals are set for a monthly rise.
Arab News
31-03-2025
- Business
- Arab News
Gold hits record high, on track for best quarter since 1986 on tariff worries
BENGALURU: Gold hit a record high and was set to post its biggest quarterly gain in over 38 years on Monday, as concerns over US President Donald Trump's tariff plans widening the global trade war and triggering an economic slowdown boosted bullion's appeal. Spot gold jumped 1.1 percent to $3,116.82 an ounce, as of 0638 GMT, after hitting an all-time high of $3,128.06 earlier. US gold futures was up 1.1 percent to $3,148.00. Gold, traditionally seen as a hedge against political and economic uncertainties, has risen over 18 percent so far this quarter, its biggest quarterly gain since September 1986. Interest rate cut bets, central bank buying and exchange-traded fund demand are the other factors that have supported the rally. The rapid price rise prompted multiple banks to increase their 2025 price forecasts. The dollar index eased 0.2 percent, making greenback-priced gold less expensive for buyers holding other currencies. 'Markets' anxiety levels have been ramping up ahead of the reciprocal US tariff announcements, which is keeping gold in high demand as a defensive play,' KCM Trade chief market analyst Tim Waterer said. 'If the tariff announcements this week are not as severe as feared, then the gold price could start to backtrack as profit-taking from the highs may be triggered.' Trump is expected to announce reciprocal tariffs on April 2, while automobile tariffs will take effect on April 3. On Sunday, Trump said he was 'pissed off' at Russian President Vladimir Putin and would impose secondary tariffs of 25 percent-50 percent on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine. Meanwhile, San Francisco Federal Reserve Bank President Mary Daly said inflation data released on Friday confirms her decreased confidence in her baseline expectation that two rate cuts this year are a 'reasonable' projection. Spot silver rose 0.6 percent to $34.32 an ounce, platinum was up 1.1 percent to $994.60 and palladium gained 0.9 percent to $980.11. All three metals headed for monthly gains.
Yahoo
31-03-2025
- Business
- Yahoo
Gold hits record high, on track for best quarter since 1986 on tariff worries
By Anushree Mukherjee (Reuters) - Gold hit a record high and was set to post its biggest quarterly gain in over 38 years on Monday, as concerns over U.S. President Donald Trump's tariff plans widening the global trade war and triggering an economic slowdown boosted bullion's appeal. Spot gold jumped 1.1% to $3,116.82 an ounce, as of 0638 GMT, after hitting an all-time high of $3,128.06 earlier. U.S. gold futures was up 1.1% to $3,148.00. Gold, traditionally seen as a hedge against political and economic uncertainties, has risen over 18% so far this quarter, its biggest quarterly gain since September 1986. Interest rate cut bets, central bank buying and exchange-traded fund (ETF) demand are the other factors that have supported the rally. The rapid price rise prompted multiple banks to increase their 2025 price forecasts. [GOL/ETF] The dollar index eased 0.2%, making greenback-priced gold less expensive for buyers holding other currencies. "Markets' anxiety levels have been ramping up ahead of the reciprocal U.S. tariff announcements, which is keeping gold in high demand as a defensive play," KCM Trade chief market analyst Tim Waterer said. "If the tariff announcements this week are not as severe as feared, then the gold price could start to backtrack as profit-taking from the highs may be triggered." Trump is expected to announce reciprocal tariffs on April 2, while automobile tariffs will take effect on April 3. On Sunday, Trump said he was "pissed off" at Russian President Vladimir Putin and would impose secondary tariffs of 25%-50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine. Meanwhile, San Francisco Federal Reserve Bank President Mary Daly said inflation data released on Friday confirms her decreased confidence in her baseline expectation that two rate cuts this year are a "reasonable" projection. Spot silver rose 0.6% to $34.32 an ounce, platinum was up 1.1% to $994.60 and palladium gained 0.9% to $980.11. All three metals headed for monthly gains. Sign in to access your portfolio
