News about US

The Producer Price Index rose 1.3% in September, its largest monthly gain since March 2022, and is running at an annual rate of 6.3%, far above the roughly 0.6% economists expected. Wholesale energy prices jumped 10.8% and producer-level gasoline surged 20.3%, while final demand goods rose 2.6%, the largest monthly increase since the series began in 2009. Retail sales rose 0.8% in September, but excluding gasoline they increased just 0.2%. The author argues inflation has not been defeated, pointing to a 3.7% CPI reading and cost pressures spreading through the economy.

Germany’s Merkur, in an article dated October 12, called Russia’s Kh-BD cruise missile a “range monster,” with an estimated range of up to 6,500 km, and Russian outlet ABN24 picked up the report on October 15. The missile is believed to be developed for the Tu-95MS and Tu-160M strategic bombers, allowing strikes from far away without the aircraft needing to approach enemy airspace. According to Defense Express, leaked Russian procurement documents show an order of 32 missiles in two batches of 16, at about USD 4.5 million each, for a total of around USD 144 million. If the estimated range is achieved, bombers could launch from areas far from US air defenses, putting some targets on US territory within potential reach. Still, long range does not mean the ability to penetrate every defense system.

The S&P/ASX Small Ordinaries Index gained 68.80 points (2.20%) to 3,189.20 on Friday, though it remained down 111.90 points (3.39%) over the past five trading days. Noble Helium applied for an exploration permit covering about 7,760 square kilometres in Western Australia's Southern Carnarvon Basin, following sampling that showed elevated helium and hydrogen readings. NewPeak Metals has secured a drill rig and full funding for a minimum 1,000-metre second phase of diamond drilling at its Las Opeñas Gold Project in Argentina, scheduled to begin in mid-October 2026. Medallion Metals is targeting first gold production and sales in November, with processing at its Cosmic Boy Concentrator set to begin in October. Orion Minerals' US$40 million Tranche A financing from Glencore has become unconditional, clearing the way for development of the Uppers Mine at its Prieska Copper Zinc Mine in South Africa.

The U.S. Mint stopped producing pennies for circulation in November 2025, and new federal legislation sets a framework for rounding cash payments to the nearest five-cent increment when exact change isn't available. Under the rules, totals ending in one, two, six or seven cents generally round down, while those ending in three, four, eight or nine cents round up, so a $12.42 purchase could become $12.40. The framework excludes credit cards, debit cards, checks, gift cards and other noncash payments, which can still be charged the exact amount. Sales taxes should still be calculated on the actual taxable purchase, and rounding is permitted rather than required, so practices may vary by retailer. Existing pennies remain legal tender.

New York City Mayor Zohran Mamdani said the city will receive 15% of intellectual property proceeds from the Quantum Fabrication Facility (QFab) being built by New York University (NYU) in Manhattan, along with three seats on the project's Executive Advisory Board. NYU is contributing $255 million of the $284 million total, while the city will award $29.2 million, and the lab is expected to open in 2030. A city statement estimates quantum technology could generate up to $2.7 trillion in economic value by 2035. The article also notes the Trump administration has made government equity stakes a recurring tool, holding 9.9% of Intel Corp. and committing $2 billion to nine quantum computing companies in exchange for equity stakes.

The article notes the S&P 500 has delivered an average annual total return of about 10% since 1957 and rose 15% over the past 12 months, trading just 2% below its all-time high at 21 times forward earnings versus a 25-year average of 17. The index has suffered sharp drawdowns, including declines of 57% from 2007 to 2009, 34% in 2020 and 25% in 2022, yet its total return since 2007 is 686%. Even investors who bought at the January 3, 2022 peak, just before the Fed's rate hikes, would still have a 71% total return. The author concludes that long-term investors should not focus on timing the entry point, but start a position now and invest regularly each month using dollar-cost averaging.

Michigan residents describe a tough economy, and the University of Michigan's consumer sentiment index, the nation's longest-running survey dating back to 1946, is lower than almost any time in modern history, including the stagflation era, the 2008 financial crisis and post-COVID price spikes. The share of consumers expecting wages to outpace inflation fell from 18% to 11% in September, as wages have not kept up with prices. According to the Bureau of Labor Statistics, grocery prices rose more than four percent over two years, AAA reports gas prices are up 35 percent, and Freddie Mac projects 30-year mortgage rates to stay above seven percent through next year. A Northville real estate agent said mortgage rates rising from 6.5 percent to 7.5 percent meant buyers could afford $50,000 less, leaving a house on the market for over a month. Trump had promised to bring prices down quickly, but many voters feel he has not kept that promise, raising the question of whether gloomy sentiment will translate into votes.

The Social Security Administration announced a 3.6% cost-of-living adjustment (COLA) for benefits in 2027, starting in January for 72 million beneficiaries and on December 31 for Supplemental Security Income (SSI) recipients. The increase reflects inflation measured by the Consumer Price Index from the third quarter of 2025 through the third quarter of 2026, and average retirement benefits will rise by about $75 a month. The payroll tax rate stays at 6.2%, while the taxable earnings cap rises from $184,500 to $192,300. The program faces a shortfall as payments exceed tax collections, and without congressional action, benefits would automatically begin to decrease in 2032. Senate candidates in key races have so far been relatively quiet on the issue.

Dell Technologies shares fell 22.9% last week to close at $451.71 on Friday, Oct. 15, after Barclays downgraded the stock to hold from buy. Barclays argued that recent server revenue growth reflects memory cost inflation passed on to customers rather than a surge in enterprise AI adoption, and noted that hardware is only about a quarter of corporate AI budgets. In its last quarter ended July 31, Dell reported record revenue of $47 billion, up 57.7%, including $16.4 billion in AI server revenue. The article says Dell trades at a trailing P/E of 26.2 and that its AI-optimized servers are estimated to account for less than 40% of annual revenue this fiscal year. The next quarterly earnings report is scheduled for Nov. 24.

Gas prices have risen sharply since the U.S. war with Iran began in February, with the EIA's average regular gasoline price at $4.36 in September. The Get the Facts Data Team built a calculator that shows how many gallons a given amount of money buys at the pump, based on each month's national average price. The BLS reported that the gasoline index rose 34.2% year over year in September, and a 9.1% monthly jump in gasoline accounted for over half of the overall monthly increase in prices. Overall inflation worsened to 3.7% year over year as oil prices stay elevated amid the ongoing conflict.

This opinion piece argues that Iowa Democrats opposing Amendment 1 want to raise income taxes. If approved on the 2026 general election ballot, the amendment would require a two-thirds vote of the Iowa Legislature to raise or create any income tax. The author notes that after reforms, Iowa's flat individual income tax is 3.8% and corporate rates range from 5.5% to 7.1%, down from a 12% top corporate rate a decade ago, and that sixteen states already require supermajorities for major tax increases. The author dismisses the claim that the measure would lead to sales tax hikes, saying most Republican legislators have long resisted such increases, though the 2008 sales tax change added a 1-cent SILO tax to the state rate without raising costs for taxpayers.

A Reuters/Ipsos poll of 4,506 U.S. adults found most Americans oppose betting on election results through prediction markets, with 69% of Democrats and 61% of Republicans opposed. Even betting on professional sports drew opposition from 43% of respondents, versus 29% who supported it. The industry, led by Polymarket and Kalshi, is embroiled in lawsuits between states and federal agencies over who regulates these markets, as the Trump administration pursues federal rules through the CFTC while states push back. Many expect the dispute to reach the Supreme Court, and 39 states plus the District of Columbia have filed an amicus brief calling the clash a “national turf war.”

Roth conversions move pretax or nondeductible IRA money into a Roth IRA, which can potentially reduce lifetime taxes but can also raise income in the conversion year, so the strategy isn't right for everyone. As of March 31, Roth conversions were up 41% from the same period in 2025, according to Fidelity data covering 19.6 million IRA accounts. Advisors warn that extra income can phase out tax benefits such as education credits, the SALT deduction worth up to $40,400 for 2026, and the $6,000 senior deduction, and can also raise Medicare premiums. For ACA marketplace enrollees, income above 400% of the federal poverty line, about $63,000 for a single person or $129,000 for a family of four in 2026, can cost them the premium tax credit, so they should proceed with caution.

Xcel Energy, Minnesota's largest electric utility, proposes freezing its electricity rates for two years and postponing any rate increase requests until at least November 2028. In exchange, it wants regulators' permission to use federal tax credits from five planned battery storage projects sooner than expected. The company says the plan would still allow it to invest almost $4.5 billion in the state's electric system over the next two years. The proposal comes as customers complain about rising utility costs following a 5.8% increase over two years approved in June, which drew strong opposition. Attorney General Keith Ellison and consumer advocates asked regulators to reconsider, but the Public Utilities Commission declined and instead launched a statewide investigation into the affordability of electric and natural gas service.

The Social Security Administration (SSA) announced on Oct. 14 a 3.6% cost-of-living adjustment (COLA) for 2027, the fifth highest in 35 years. Based on August 2026 benefit figures, the average beneficiary is projected to receive about $75 more per month in 2027, while average benefits for disabled workers and survivors are expected to rise by about $59. Medicare Part B premiums are expected to rise about 3.25% (about $6.60, to $209.50) in 2027 according to the 2026 Medicare Trustees Report, which would make 2027 the first year since 2023 that the COLA exceeds the premium increase, though the estimate is unconfirmed. Still, Social Security's reserves are projected to run out in the early 2030s without Congressional action: the OASI trust fund by late 2032, while the DI fund is projected to last through 2100.

The average U.S. price of regular gasoline was $4.36 in September, according to the Energy Information Administration, after rising sharply since the U.S. war with Iran began in February. The Bureau of Labor Statistics said the gasoline index was up 34.2% year over year, and its 9.1% monthly surge accounted for over half of the overall monthly increase, with headline inflation at 3.7%. The Get the Facts Data Team's new calculator lets users enter typical pump spending to see how many gallons it would have bought at the EIA's monthly average price.

Gasoline prices have risen sharply since the U.S. war with Iran began in February, with the average price of regular gasoline at $4.36 in September according to the EIA. The Get the Facts Data Team built a gas price calculator that uses the EIA's monthly national average to show how many gallons the amount you normally spend at the pump buys now compared with before this year's price changes. The BLS reported the gasoline index rose 34.2% year over year in September, and a 9.1% monthly surge in the index accounted for over half of the month's overall increase. Overall inflation worsened to 3.7% year over year last month as the ongoing U.S. war with Iran keeps oil prices elevated.

Applied Digital Corporation (NASDAQ: APLD) shares closed at $18.05 on October 16, down 26.4% from the December 31, 2025 close, even though revenue and contracted capacity grew quickly. Recurring earnings have not yet caught up with the financing costs of building AI data centers. The fiscal 2026 annual report listed 1,410 contracted megawatts and about $36.2 billion in base-term contracted revenue, with revenue rising from $228.6 million to $611.3 million and operating cash flow turning positive at $89.7 million. In the first fiscal quarter of 2027, revenue reached $341.9 million, up 322%, but adjusted EBITDA of $64.4 million fell about $13.0 million short of the $77.383 million interest expense. The article notes that most of that quarter's revenue came from tenant fit-out services ($183.5 million) rather than base rent ($65.8 million), and that questions over cash, debt and dilution remain large.

Iranian Foreign Minister Abbas Araqchi says Iran's offer to reopen the Strait of Hormuz within seven days remains on the table, while Tehran reviews Washington's response. Iran's conditions include lifting the US blockade of its ports and US sanctions on its oil exports, plus ending hostilities on all regional fronts; if accepted, the strait could reopen within six days. Washington wants Iran's nuclear program addressed from the outset, and Vice President JD Vance has demanded a “meaningful” cut in Iran's uranium enrichment capacity. Iran's Revolutionary Guards say two oil tankers caught fire after hitting naval mines while crossing the strait, a claim IRNA reported without independent confirmation. The waterway is only 35 to 40 km wide at its narrowest point, and the conflict there has pushed up global energy prices and inflation.

Gas prices have sharply risen since the U.S. war with Iran began in February, with the average price of regular gasoline at $4.36 in September, according to the EIA. The Get the Facts Data Team's new calculator shows how many gallons a given amount of spending buys at the pump, based on EIA's monthly national average prices. The BLS reported that the gasoline index rose 34.2% year over year in September, and its 9.1% surge accounted for over half of the monthly increase in all items. Overall inflation worsened to 3.7% year over year as the ongoing war keeps oil prices elevated.

A tariff is a tax on imported goods, paid to U.S. Customs and Border Protection by the importer of record, though who ultimately bears the cost is a separate question. Studies of the 2018 and 2019 tariffs on steel, aluminum, washing machines and Chinese goods found nearly the full cost was passed through to U.S. importers and often consumers, while foreign exporters cut prices only modestly. Tariffs can also raise prices for domestic producers of the protected goods, add costs for industries using imported inputs, and provoke retaliation, as China's 2018 response forced the government to pay farmers tens of billions of dollars in aid. Presidents rely on laws including Section 232, Section 301, Section 201 and IEEPA, which was used in 2025 for broad tariffs and challenged in court up to the Supreme Court. The article advises checking the current status of those tariffs, since they have changed repeatedly.

The Federal Reserve's 2025 Survey of Consumer Finances, released on 9 October 2026, found that a record 37% of US families lacked a good idea of their income for the following year, up since the 2019 survey. Even so, the share of families reporting unusually high or low income fell from 28% in 2022 to 23% in 2025, and real median family income rose 7% from 2021 to 2024, to $82,200. Over the same period, the unemployment rate rose from 3.7% to 4.2%, and the share of families with overdue loan payments climbed from about 12% to almost 20%. Meanwhile, the University of Michigan's preliminary consumer sentiment index fell to 46.3 in October 2026, and the report does not establish why families became more uncertain or whether they were unemployed or facing income losses.

Democratic Governor Tina Kotek of Oregon is fighting for a second term in November, despite being favored to win, as widespread voter discontent weighs on her. Her approval rating is dismal, and voters give her poor marks on promises to build 36,000 new homes and improve education and behavioral health, while homelessness has not abated despite her pledge to make it a top priority. Republican challenger Christine Drazan, who narrowly lost to Kotek in 2022, argues that Oregon's problems are Kotek's responsibility. The article notes that Oregon, a progressive stronghold where Kamala Harris beat Donald Trump by more than 14 percentage points in 2024, is an exception to the broader trend that favors Democrats.

Gas prices have risen sharply since the U.S. war with Iran began in February, with the average price of regular gasoline at $4.36 per gallon in September according to the U.S. Energy Information Administration. The article introduces a calculator that shows how many gallons a set amount of money buys at each month's national average price, allowing comparisons with earlier periods. It notes that the gasoline index was up 34.2% year over year in September according to the Bureau of Labor Statistics, and that overall inflation rose to 3.7%.