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The pickup in inflation is coming as rebounding demand and supply shortages push costs higher.Credit.Karsten Moran for The New York Times Prices are climbing at the fastest pace since 2008, a key index released on Friday showed, an increase that is sure to keep inflation central to economic and political debates. The Bureau of Economic Analysis’ personal consumption expenditure inflation measure climbed 3.6 percent in April from the prior year the strongest reading in 13 years and more than the 3.5 percent gain that economists in a Bloomberg survey had expected. The core price index, which strip out volatile food and fuel prices, rose 3.1 percent in the year through April the fastest pace since 1992. Prices rose 0.7 percent compared with the prior month, the biggest increase in two decades. ....
Source: Factset Treasury Secretary Janet Yellen said that her agency lacks sufficient resources to oversee an economic recovery that still has “a long road ahead” and called on Congress to provide her with more funds.Credit.Erin Scott for The New York Times Treasury Secretary Janet L. Yellen warned on Thursday that her agency lacked sufficient resources to oversee an economic recovery that still has “a long road ahead” and called on Congress to provide her with more funds to oversee a sprawling set of relief programs. In testimony before a House appropriations subcommittee, Ms. Yellen expressed confidence that the end of the pandemic recession was in sight, but said that the Treasury Department is facing an overwhelming task in disbursing hundreds of billions of dollars of relief money with the same budget that it had a decade ago. The Treasury Department has been central to the federal government’s response to the health crisis, funneling stimulus payments a ....
Demand for Restaurant Relief Fund Far Exceeds Funding Last Updated This briefing has ended. Follow our latest coverage of Isabel Casillas Guzman, the head of the Small Business Administration.Credit.Ting Shen for The New York Times Many applicants to the government’s pandemic relief program for restaurants, bars, caterers and other food businesses will be left empty-handed unless Congress provides more money for the $28.6 billion grant program, the head of the Small Business Administration said on Wednesday. The agency’s Restaurant Revitalization Fund received more than 372,000 applications, seeking $76 billion far more than the fund has available, the administrator, Isabella Casillas Guzman, said at a House Small Business Committee oversight hearing. ....
Debt Relief Payments to Minority Farmers Will Start in June Last Updated Follow our latest coverage of Handy Kennedy, the founder of a cooperative of Black farmers formed with the goal of reducing overhead costs, feeds his cows last month in Cobbtown, Ga.Credit.Michael M. Santiago/Getty Images The United States Department of Agriculture said on Friday that it will begin making loan forgiveness payments in June to thousands of minority farmers as part of the Biden administration’s $4 billion debt relief program. The initiative, part of the $1.9 trillion economic relief package that Congress passed in March, has been criticized by white farmers, who claim that it is a form of reverse discrimination, and by banks, which have complained they are losing out on profits from lost interest payments. Delays in implementing the program have frustrated Black farmer organizations, whose members have struggled financially for years and received little help from the Trum ....
Stocks Rebound as Wall Street Shakes Off Inflation Worries: Live Updates nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.