Business Update – 17 April 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Fed’s rate-cut confidence wobbles as elevated inflation persists

As Federal Reserve officials last year started steering the world towards possible interest rate cuts in 2024, they took heart in data showing inflation over many months had collapsed to the U.S. central bank’s 2% target, evidence their policies were curbing a still too-hot economy. Those downward sloping lines have now reversed through the first quarter of 2024.

U.S. High school students want financial education at school

The new Intuit Financial Education survey, out today, found that 85% of U.S. high school students say that they are interested in learning about financial topics in school, and 95% of students who currently receive financial curriculum find it helpful.

Gas prices surge to six-month high at $3.60: here’s where prices are highest, and why they could keep climbing

Gas prices in the U.S. surged this week to a six-month high, with drivers paying roughly $3.60 per gallon at the pump, as high oil prices, refinery maintenance and international turbulence in the energy market continue to leave a dent in drivers’ pocketbooks.

Soaring insurance costs hit as US buyers get a break on car prices

A new form of sticker shock has hit American car buyers. In one of the cruel twists of an inflation-weary U.S. economy, car prices are coming down after surging by record amounts during the COVID-19 pandemic. But at least part of those gains for consumers are getting gobbled up by rising auto insurance rates that for some models now account for more than a quarter of the total cost of owning a vehicle.

Jobs Report: Unemployment hits 3.8% as job growth pops

The U.S. added more jobs than expected in March, as the economy walks the tightrope between moderating inflation and keeping the labor market afloat.

You can thank the baby boomers for the stunning strength of the US economy

The US economy has baby boomers to thank for its strength and resilience even as some worry about a potential recession. According to market veteran Ed Yardeni, the baby boomer generation is powering spending in key areas of the economy that have seen massive job gains in recent years.

Biden-Harris Administration announces preliminary terms with TSMC

The Biden-Harris Administration announced that the U.S. Department of Commerce and TSMC Arizona Corporation (TSMC Arizona), a subsidiary of Taiwan Semiconductor Manufacturing Company Limited (TSMC), have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $6.6 billion in direct funding under the CHIPS and Science Act.

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