ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Swapna Venugopal Ramaswamy | National Housing and Economy Correspondent @SwapnaVenugopal | | | | |
Happy Thursday! This is Swapna Venugopal Ramaswamy bringing you the Daily Money headlines. |
After 10 straight interest rate hikes, the Federal Reserve decided to take a pause yesterday while indicating that two more increases would be likely this year in the battle against high inflation. |
The decision leaves the benchmark rate at a range of 5% to 5.25%, marking the first meeting at which the central bank hasn't raised its federal funds rate since January 2022. |
"As we get closer and closer to our destination (the peak rate), it's reasonable, it's common sense to go a little slower," Fed Chair Jerome Powell said at a news conference. |
The decision to halt the interest hikes should provide a reprieve to consumers who have seen steady increases in rates for credit cards, adjustable-rate mortgages and other loans. Yet Americans, especially seniors, have benefited from the hikes by finally reaping higher bank savings yields after years of meager returns. | Beyoncé returns to the stage in the first of 56 shows for the RENAISSANCE WORLD TOUR, at Friends Arena in Stockholm, Sweden May 10. Andrew White |
The Beyoncé effect – did she 'Bleed the Sweds'? (note: 'Succession' reference) |
We always knew the Swedes were into "Money, Money, Money," but unless Michael Grahn, Danske Bank's Chief Economist for Sweden, is a " Beautiful Liar," Queen Bey has caused inflation to spike in the Scandinavian country. |
Grahn calculated that Beyoncé's much-hyped concert likely accounted for about 0.2 of the 0.3 percentage points added to inflation by hotels and restaurant prices in Sweden's capital as fans flocked to her concert. |
Ticket platform SeatGeek says that the average price for Beyoncé concert tickets is about $1,000, but you can find them for as low as $150. Select seats can cost up to $5,000. In May, online users in Sweden appeared to say that the average ticket for her Stockholm show was on sale for about $200. |
All we can say is: Mamma Mia! |
📰 More stories you should not miss:📰 | | | | CPI data shows inflation fell to 4% in May, a new 2-year low, as gas prices, food price gains eased. Core consumer price increases remained high. | | | | She can sing. She can dance. Beyoncé can also cause unexpectedly high inflation in Sweden, an economist calculated. | | | | After more than two decades, Bud Light in May lost its spot as the No.-1 selling U.S. beer to Modelo amid a boycott. | | | | While you can start withdrawing from your 401(k) in your 50s, you'll have to wait until you're in your early 60s to receive Social Security benefits. | | | | Starting July 10, McDonald's beloved Quarter Pounder with Cheese sandwich will get one degree hotter as pickled jalapeño slices are added to burger. | | | | The recall of Great Value frozen fruit comes days after Wawona Frozen Foods announced a voluntary recall due to potential Hepatitis A contamination. | | | | Mickey's Very Merry Christmas Party isn't going anywhere, but Disney World guests will have another after-hours option this holiday season. | | | | A bag fee policy update means American Airlines will now charge up to $75 for the first checked bag on some flights for basic economy ticketholders. | | | | The Teamsters union and UPS have tentatively agreed to equip the delivery vehicles with air conditioning to protect drivers. | | | | The food combo is available nationwide until August 6 and includes a variety of Jack's popular items. | | | | | | | 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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