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Inflation Continues to Decline, Surpassing Projections.
(VOR News) – A study published by the Bureau of Economic Analysis on Friday shows that although on an annual basis the measure of inflation regularly tracked by the Federal Reserve dropped more than expected, in August it showed a minor increase.
The report’s presentation of this data was Direct results of this event were people’s expectations on the Federal Reserve’s desire to drastically lower interest rates grew.
Beginning the month, the price index for personal consumption expenditures rose 0.1% then by 2.2% annually from the start of the month. Although this is less than the projected 2.3%, it is also less than the 2.5% rate noted in July.
Apart from the cost of food and energy, the core index gained 0.1% month-on-month. Conversely, the average annual rate showed a notable rise from 2.6% the month before to 2.7%.
August electricity price inflation dropped 0.8%, indicating an improvement.
Though it is not as well-known as the consumer price index, Federal Reserve Chairman Jerome Powell is a big proponent of the PCE. The Federal Reserve lowered interest rates by fifty basis points and declared that it was certain that inflation was under control. A little over a week has passed since the Fed made those announcements before this report.
“Friday’s weaker-than-expected PCE data increases the likelihood that the Federal Reserve will cut interest rates at both the November and December meetings,” states Bellwether Wealth President and Chief Investment Officer Clark Bellin.
As the chief investment officer of Bellwether Wealth put it, this is just one more piece of evidence showing that interest rates don’t have to be that much higher than the rate of inflation.
The Federal Reserve made the right move last week when it decided to lower interest rates by a more significant 50 basis points than was initially projected, based on data from the Consumer Price Index that was announced on Friday.
This is due to the possibility that the economy may suffer if interest rates are kept at an unreasonably high level for an extended length of time.
A day after the government presented its final estimate of second-quarter GDP growth, the report was made public. Concurrently, the government increased the rate of economic growth for the 2021–2023 era.
Inflation occurred as the country recovered from the COVID-19 pandemic.
The country’s savings rate and income growth were both higher than previously estimated, according to the revisions, indicating that consumers may still have the wherewithal to make purchases.
According to Inflation Cetera Investment Management’s chief investment officer, Gene Goldman, data has been coming in stronger than anticipated since July.
Vice President Kamala Harris might benefit from the economy, which has done better than expected, as she strives to succeed President Joe Biden in the White House. In the event that Harris defeats former President Donald Trump in November, she stressed on Wednesday that she will handle the economy in a “pragmatic” manner.
She proposed a plan that included raising the tax deduction cap for business owners, giving first-time homebuyers financial incentives, and supporting initiatives aimed at advancing manufacturing and sustainable energy.
Harris is still having trouble with inflation because a lot of Americans believe that the Biden administration is to blame for the price increases that have occurred over the last three years.
Prices are still rising for most goods compared to before the pandemic, even though they are not rising as quickly as they did in 2022, when consumer inflation was rising at a rate of 9% annually.
According to a comment from Allianz Trade’s chief economist for North America, Dan North, “inflation continues to accumulate over time.” It started in 2021, and prices went up after that.
SOURCE: US
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News
Trudeau Rocks to Taylor Swift While Montreal Burns
Prime Minister Justin Trudeau has come under fire yet again after a video surfaced on X, showing him dancing at a Taylor Swift performance while anti-Nato protestors ransacked downtown Montreal.
Trudeau attended Taylor Swift’s concert in Toronto on Friday night. Before Taylor Swift approached the stage, X shared a viral video of him dancing and singing along to the song “You Don’t Own Me.”
The image of Trudeau dancing amid violent protests in Montreal generated widespread indignation online. Some social media users even compared Trudeau to the ancient Roman dictator Nero, known for “fiddling while Rome burned.”
Don Stewart, a Member of Parliament (MP) representing part of Toronto, called out the prime minister in a post on X.
Lawless protestors run roughshod over Montreal in violent protest.
The Prime Minister dances.
This is the Canada built by the Liberal government.
Bring back law and order, safe streets and communities in the Canada we once knew and loved. pic.twitter.com/PVJvR6gtmf
— Don Stewart (@donstewartmp) November 23, 2024
“Lawless protesters run roughshod over Montreal in violent protest. The Prime Minister dances,” Stewart wrote. “This is the Canada built by the Liberal government.”
“Bring back law and order, safe streets and communities in the Canada we once knew and loved,” the MP added.
On Saturday, the day after Taylor Swift’s concert, Trudeau condemned the anti-NATO protests, calling them “appalling.”
Anti-NATO activists set off smoke bombs and marched through Montreal’s streets waving Palestinian flags. According to the Montreal Gazette, rioters set fire to automobiles and battled with police.
Pro-Palestinian protests
Protesters also tossed tiny explosives and metal objects at officers. At one point, the mob torched an effigy of Israeli Prime Minister Benjamin Netanyahu. Police used tear gas and batons to disperse the gathering, and three persons were arrested for attacking officers and impeding police operations.
Masked protesters were seen burning flares and bashing storefront windows in videos and photographs shared on social media. Pro-Palestinian protests have been taking place across Canada since the Israel-Gaza conflict began late last year.
Critics have lambasted Trudeau for doing nothing to stop the violent pro-Palestinian marches, with some claiming he has fueled anti-Israel sentiment in Canada.
On Friday, Trudeau stated that Canada would respect the orders of the International Criminal Court (ICC), which issued an arrest warrant for Mr Netanyahu, even if it meant arresting the Israeli prime leader on Canadian soil.
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News
Calgary Zoo Admits Human Error in Death of Baby Gorilla
The Calgary Zoo has admitted in a public statement that a zookeeper’s negligence caused the death of a 2-year-old baby gorilla. Eyare, a newborn gorilla, died last week after being slammed in the head by a hydraulic door.
The accident occurred when a zoo worker attempted to separate Eyare from the rest of the gorilla tribe for a solitary training session.
The gorilla died from significant head injuries, according to the zoo’s statement.
“This tragedy has struck us all in the deepest way imaginable,” Colleen Baird, director of animal care at the Calgary Zoo, said during a news conference. “Eyare’s brief but meaningful existence gave so much joy to our community, and all will sorely miss her. We will do everything possible to prevent repeat accidents.”
According to Baird, the staff member involved was immediately removed from the workplace and will be reassigned to another area of the zoo. The Calgary Zoo stated that it would take preventive steps, such as specialist personnel training and animal behavioral training, to avoid a similar incident.
Calgary Zoo Questioned
It is not the first time an animal at the zoo has died from negligence at the Calgary Zoo. A capybara was accidentally crushed by a hydraulic door similar to the one that killed Eyare in 2019.
An otter died in 2016 after being entangled in an “unauthorized” pair of jeans that a zookeeper had dropped in its enclosure. In 2013, a penguin died in “a freak accident” after swallowing a stick.
Animal Justice, a Canadian group that promotes animal welfare, has called for an independent investigation of animal safety and oversight at the Alberta facility.
“The Calgary Zoo appears to have a higher rate of animal deaths compared to other zoos, and in light of Eyare’s death there should be a systematic review of the zoo’s operations and practices, conducted transparently by the government or another outside party,” according to Camille Labchuk, the executive director of Animal Justice.
The Calgary Zoo refuted that it has more animal deaths than other zoos, emphasizing that it adheres to operating requirements and has maintained accreditation by the Association of Zoos and Aquariums’ independent Accreditation Commission since 1978.
“We love and care for more than 4,000 animals representing over 100 species that call our zoo home,” stated a Calgary Zoo representative.
“Human error-related deaths in animals are quite infrequent. We have lost two animals in the last ten years: a North American river otter in 2016 and ‘Eyare’ this week.
While rare, even one human-caused death is too many. These unfortunate instances have served as vital learning experiences, prompting us to examine and tighten protocols to provide the greatest level of care.”
Baird said at the news conference that using hydraulic doors is “common practice with accredited zoos,” adding that the facility will consider switching to alternate doors to improve safety.
The Calgary Zoo, which established the Wilder Institute in 2021, caters to nearly 4,000 creatures, including six more western lowland gorillas.
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News
Canada’s Lotto Max jackpot Climbs to $80M
Lotto Max in Canada has reached $80 million for only the second time in Canadian lottery history. Friday’s draw sought a winner for a $75 million pool, but the top reward remained unclaimed as of Saturday, increasing the jackpot.
Only once did the jackpot reach $80 million in September, when it broke the previous record. Before that, the prize was $75 million, a record.
The Lotto Max prize maximum was boosted earlier this year, enabling for jackpots of more than $70 million. The cap is now at $80 million.
While a greater fee may encourage more people to play, the odds of winning the lottery remain extremely low.
According to the Ontario Lottery and Gaming Corporation, the odds for a $5 ticket are around one in 33,294,800.
While there was no jackpot winner in Friday’s draw, someone did match six of the seven winning numbers, plus a bonus, earning them a payout of more than $320,000.
Lotto Max History
Lotto Max is one of three national lottery games in Canada, overseen by the Interprovincial Lottery Corporation. The game was introduced on September 19, 2009, and its inaugural draw occurred on September 25, 2009. It replaced Lotto Super 7.
The odds of winning the Lotto Max are 1 in 33,294,800. This is correct to a point but misleading.
Let’s have a look at the rules:
- Players choose 7 numbers out of 50
- Numbers cannot be repeated
- Numbers are automatically sorted into ascending order
- Each play buys 3 lines
- Each play costs $5
Seeing that players choose 7 out of 50 non-repeating numbers, the equation for the total number of possible combinations (this is different from permutations where the order in which the numbers appear is significant) when playing the Lotto Max is 50! / (7! x 43!)
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