Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy.
After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate today, a first step toward dialing back its efforts to combat inflation.
States that don’t impose income taxes on individuals tend to charge higher sales taxes to fund government, the Louisiana Legislative Auditor’s office reports.Â
Inflation in the US slowed again last month in the latest sign that price increases are gradually cooling despite the pressures they continue to inflict on American households.
Retirees walloped by high inflation and volatile stock and bond markets are getting some good news: The 4% spending rule—or something close to it—is back.