Weekly Digest – November 20 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Wholesale prices edge up 0.2% in October, meeting expectations amid moderating inflation
Wholesale inflation increased by only 0.2% in October, exactly as Wall Street had forecasted, new figures from the Producer Price Index indicate, the Federal Reserve’s measure of inflation at the wholesale level. It reflects the prices producers receive for goods and services.
Global stocks drop as Fed signals slower pace of rate cuts
A gauge of global stocks was set for its biggest weekly drop in two months and the 10-year U.S. Treasury yield hit its highest level in 5-1/2 months on Friday as economic data and comments from Federal Reserve officials suggested a slower pace of interest-rate cuts ahead.
How China reduced its reliance on US farm imports
Since the U.S. and China imposed tit-for-tat tariffs in their trade war during Donald Trump’s first presidential term, Beijing has taken steps to reduce its reliance on American farm goods in a wider effort to bolster its food security. That has put China in a better position to withstand tariffs of at least 60% on Chinese imports threatened by Trump.
Taxpayer Advocate criticizes IRS move to shorten notice requirements
National Taxpayer Advocate Erin Collins is objecting to proposed regulations that would enable the Internal Revenue Service to shorten its third-party notice requirements to as little as 10 days, saying they would unfairly erode the taxpayer notice requirements.
Toyota slams California’s ‘impossible’ EV mandate
Toyota Motor North America has weighed in on California’s ambitious new electric vehicle (EV) mandates, calling the goals “impossible” given the slow growth of EVs in America. Currently, only 9% of U.S. car buyers choose EVs and in many states, the adoption rates of EVs are even lower.
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