This reading comes at a time when war in Ukraine is raising the prices of energy and agricultural commodities.
The survey found that as prices continue to rise, Americans are also expecting their housing costs to rise in the coming year. Expenditure expectations have risen to 7.7%, the new peak for the Central Bank of New York poll and the biggest one-month jump since the series began in 2013.
Economists who voted for Refinitiv predict that the consumer price index for March will reach 8.4%, a new 40-year high that has been in line with the level since January 1982.
As the Ukraine conflict continues to add to the price pressure, it remains to be seen whether inflation will actually peak. Americans faced pump prices in March, while food inflation is expected to rise throughout the year.
So what to do?
The central bank has already begun to reverse its epidemic, including raising interest rates last month for the first time since 2018. The central bank is expected to raise rates this year to curb inflation.
Market expectations for a rare half-percentage point increase at the central bank’s next meeting in early May are above 80%.
But there are concerns that the actions of the central bank could do more harm than good.
Russia rejects ‘default’ because it tried to pay in rubles
The bills are coming, paving the way for Russia to repay its first foreign debt in a century.
It’s a bit dark here: there is a 30-day grace period from April 4 to pay capital and interest in Moscow. It is difficult to do that under Western restrictions.
Of course, Russia has the money. It is inaccessible to a bunch.
Since 2014, the Kremlin has generated about $ 640 billion in foreign reserves. More than half of those funds have now been frozen under Western sanctions imposed after the invasion of Ukraine.
Russia plans to reject the “default” label, although it is unclear how.
“We will sue because we have taken all necessary steps to ensure that investors receive their payments,” Finance Minister Anton Siluvanov told the pro-Kremlin’s Izvestia newspaper on Monday.
“As we did in foreign currency, we will show court proof of our payment to confirm our efforts to pay in rubles. This will not be a simple process,” he added. He did not say who Russia plans to sue.
The Kremlin spokesman Dmitry Peskov told a news conference last week that any default was “artificial” because the dollars Russia had to pay – it could not access them.
“There is no basis for a real default,” Peskov said. “Not even close.”
Musk’s Twitter U-Turn
History is completely dizzying.
My colleague Claire Duffy writes that these are certainly not new to the corporate mess, and that these are shocking improvements even for Twitter. This could be the start of many headaches for its relatively new CEO.
Musk still owns 9.2% of the stock and more than 80 million followers on the platform. In other words, he can say no to the board seat, but he is not trying to shake up Twitter.
Some analysts expect Musk to try to buy more of the company’s shares, but now he has not joined due to the board’s condition of restricting his ownership to 14.9%. If Agarwal has ever handled a friendly musk, one can only imagine what a hostile attitude would be.
In an investor note on Monday, Whitebush analyst Dan Eves outlined some possible scenarios for Muskin’s, including joining a private partner to force or acquire the changes. Or, Musk could simply go “creating too much noise and anger for the Twitter board / executives”.
At the end of the day, Musk is a wild card and he is now powerful enough to undermine Agarwal’s leadership.
The US Bureau of Labor Statistics will release its US Consumer Price Report at 8:30 ET.