ALL THE MONEY NEWS YOU NEED TO KNOW | | | |
Happy almost-Friday, Daily Money readers. It's Bailey Schulz here with the day's top headlines. |
We learned yesterday that inflation is slowing but still high, with the consumer-price index up 5% year-over-year in March. For context, the Federal Reserve's goal inflation rate is 2%. |
You can blame skyrocketing rent prices, according to the Bureau of Labor Statistics, which reported that housing costs – which make up 40% of the index – were up 8% during the same time period. |
"This more than offset a decline in the energy index, which decreased 3.5% over the month as all major energy component indexes declined," the Bureau of Labor Statistics noted in a Wednesday report. |
The competitive housing market, higher mortgage rates and a shortage of inventory have contributed to an 18% spike in the U.S. median rent price over the past two years. Most of the significant yearly increases are in Southern and Midwestern states. |
The good news? Newly constructed apartments are expected to hit the market this year, which should lower rental prices. | The future site of the Laureate Apartments in Derwood, MD is visible as it nears completion Wednesday, Jan. 18, 2022. Josh Morgan, USA TODAY |
The Biden Administration pushes for more EVs |
President Joe Biden's administration on Wednesday proposed historically tougher greenhouse gas emission standards for cars and trucks sold in the U.S that would take effect in 2027. |
The move could lead to electric vehicles accounting for as much as 67% of all new sales in less than a decade, compared with just 6% of new sales in 2022. |
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Sarge, Justin Marcum Sr.'s 14-year-old service dog, was awarded Diamond status in Carnival Cruise Line's Very Important Fun Person Club loyalty program in February, marking over 200 nights at sea (though Marcum said he has sailed far more). |
"He loves going to Alaska, and I think it's probably one of the better times he had," said Marcum, a 48-year-old retired U.S. Army military police officer based in Katy, Texas. |
Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. | | | | While consumers paid less for gasoline and grocery housing costs went up 8% during the same time period. | | | | The Biden administration is proposing stringent new emission standards for cars and trucks, saying it's needed to fight climate change, protect health | | | | Sarge was awarded Diamond status in Carnival Cruise Line's Very Important Fun Person Club loyal program in February, marking over 200 nights at sea. | | | | SVB increased its lobbying as efforts strengthened to repeal parts of the Obama-era Dodd Frank Act, designed to prevent the type of crisis SVB faced. | | | | Former executives of Chicago-based health technology startup Outcome Health were convicted of fraud after a 10-week federal trial. | | | | Meet Max: The streaming service is a rebrand of HBO Max, now with content from Discovery+. What you need to know. | | | | Navigation apps use your phone's GPS location to determine exactly where you are. That location is stored in your profile. Here's how to remove it. | | | | A Native Hawaiian musician will help create the first Cirque du Soleil resident show for the islands, slated to debut in late 2024. | | | | LGBTQ civil rights group Equality Florida and the Florida Immigrant Coalition warned people away from the state due to Gov. Ron DeSantis' policies. | | | | Splash Mountain is closing in May at Disneyland. It closed in January at Disney World. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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