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The Latest Breaking News from Inflation

Sen. Manchin backs $369 billion energy-climate plan, rejects SALT

WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

Tribune News Service

Cost-of-living squeeze forces families to adapt as Perth struggles with Australia's worst inflation

A Mandurah family has found a creative way to combat cost-of-living hikes, gathering three generations under one roof as Australia's inflation figure surges to a 20-year-high.

ABC News

Schumer, Manchin Strike Deal To Raise Taxes, Cut the Deficit, Spend Billions on Climate Change

The proposal reportedly hikes taxes by over $730 billion, with $300 billion of that money to be used for reducing the federal budget deficit.

Reason

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Federal Treasurer to warn cost of living 'heavy weather' coming in economic update

The Treasurer is painting a grim picture of the coming months, forecasting spiking inflation, rising unemployment and more interest rate hikes, ahead of a speech to parliament later today.

ABC News

US hikes rates 0.75pc again amid ongoing inflation surge 'surprise'

Wall Street has surged after Federal Reserve chair Jerome Powell hinted rate hikes could ease, with the Australian share market following.

ABC News

Bill Shorten says robodebt royal commission set to start this year – as it happened

This blog is now closed

The Guardian - AU

After spiking earlier talks, Manchin agrees to a new deal on climate and taxes

The agreement is a major reversal for Democrats who had narrowed their ambitions for the package to addressing looming lapses in the Affordable Care Act and changes to prescription drug prices.

WEKU

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Build Back Manchin: Democrats reach deal on major climate and health care bill

Manchin billed the legislation as the Inflation Reduction Act.

The Independent UK

McDonald's prices rise for first time in 14 years including burgers and McFlurry

McDonald's has confirmed that it will be increasing the cost of products from across its menu, including burgers and nuggets, with some not seeing a price rise in 14 years

Glasgow Live

The Loop: 'Incredibly disturbing' Closing the Gap data, more bad inflation news, and how much for biggest pink diamond in 300 years?

Here's your quick catch-up for this morning's news.

ABC News

Fed's rate rises might have way to go yet

By the time this article is published, readers will know how much the US Fed funds rate has been raised for the fourth time this year. It does not really matter whether the rate is raised by 0.75% or 1% this time because the Fed will need to keep raising…

Bangkok Post

Morning mail: challenges ahead amid soaring inflation, US lifts interest rate, farewell to Ramsay Street

Thursday: Treasurer trims economic growth prediction amid warnings the world is ‘on the edge’ of global recession. Plus: a deep dive into colonic irrigation clinics

The Guardian - AU

Experts React To 0.75% Fed Rate Hike: 'Don't Think They Will Pause'

The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months.

Benzinga

Chalmers' challenge: why the treasurer's words on the economy carry so much weight

When Bill Clinton’s campaign manager, James Carville, scrawled, “the economy, stupid” on a sign in 1992, he merely wanted the campaign volunteers to stick to their presidential candidate’s talking points.

The Conversation

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StockNews.com

3 Risky Stocks to Avoid in the Current Environment

Amid rising inflationary pressure and aggressive interest rate hikes, investors might want to avoid stocks that cannot withstand the current market conditions. We think fundamentally weak stocks Carvana (CVNA), Wayfair (W), and Nextdoor (KIND) are best avoided now. Read on….

StockNews.com

5 Reliable Stocks to Buy in a Volatile Market

Concerns over high inflation and the potential rate hikes are stoking recession fears and driving immense market volatility. So, dividend-paying stocks Coca-Cola (KO), Keurig Dr Pepper (KDP), Ennis (EBF), Constellation Brands (STZ), and Casey's General Stores (CASY) could be ideal picks now for ensuring a steady income stream. Read more….

The Independent UK

How the Federal Reserve's rate hikes affect your finances

Higher mortgage rates have sent home sales tumbling

The Guardian - US

Fed announces another three-quarter-point increase in interest rates

The move is intended to curb inflation though previous increases this year have had little effect so far

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The Independent UK

Federal Reserve hikes interest rates 0.75 per cent for second time in two months

Another ‘unusually large’ hike possible to tackle inflation, depending on data, but increases will likely slow, says Fed Chair Powell

Axios

US Fed raises interest rates another 0.75 points, sees economy softening

A series of rate hikes, intended to bring down inflation, have increased the risk the United States will fall into recession.

Benzinga

Nervous About Interest Rate Hikes? These 3 Under-the-Radar, Tax-Advantaged Securities Offer Yield Up to 14%+

For 14 years, the federal funds rate has hovered around zero. The Federal Reserve or “Fed” maintained these low rates to stimulate the economy during two steep market downturns: the 2008 Great Recession and the 2020 COVID-19 pandemic sell-off.

The Guardian - AU

Jim Chalmers to cut economic growth estimates amid inflation ‘headwinds’

Treasurer will use state of the economy speech to trim 2021-22 growth to 3.75% and provide new inflation, wage and unemployment forecasts

The Guardian - AU

Despite Australia’s soaring inflation rate, some economists say the peak may be ‘coming into view’

Analysis: Inflation optimists look to falling global supply chain pressures but spiking energy prices suggest we haven’t reached a plateau yet

The Guardian - AU

The RBA is increasing interest rates to counter inflation – but it will also slow wages growth

Combined with major price increases on essential items, the RBA’s policies will deliver a brutal whack to lower-income households

The Independent UK

Train drivers to strike next month as industrial action causes travel chaos

Aslef announced its members will walk out on Saturday August 13.

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