Economy News
Economic news covering Fed interest rate decisions, inflation data, jobs reports, GDP growth, and macroeconomic trends affecting the stock market.
SoFi Holds Steady as Traders Pivot to PCE Data
SoFi shares ended the week nearly unchanged at $15.62, with traders focused on Thursday's PCE inflation report for clues on rate direction.
Bezos Calls for Eliminating Federal Income Tax for Bottom Half of Earners, Clashes with NYC Mayor
Jeff Bezos advocates for eliminating federal income taxes for the bottom half of U.S. earners, opposing NYC Mayor Mamdani's proposed tax on luxury second homes. The tax policy debate intensifies.
Seniors Group Raises 2027 Social Security COLA Forecast to 3.9%
The Senior Citizens League lifted its 2027 Social Security COLA estimate to 3.9%, citing rising energy, food, and housing costs, which would add roughly $81 per month to the average retired worker's benefit.
Fed Officials Signal Possible Rate Hikes Amid Sticky Inflation
Fed minutes show most officials may hike rates if inflation stays above 2%, shifting market expectations from cuts to possible increases.
2026 Earnings Test: Early Social Security Filers Face $24,480 Cap
Social Security claimants under full retirement age in 2026 will see benefits reduced if earnings exceed $24,480, with $1 withheld per $2 over the limit. The cap rises to $65,160 in the year full retirement age is reached.
Warsh Confirmed as Fed Chair Amid Stubborn Inflation, Rate Cut Bets Fade
Kevin Warsh wins Senate confirmation as Fed chair as April inflation data (CPI +3.8% YoY, PPI +6.0% YoY) complicates rate cut outlook; markets now see 71% chance of no cuts in 2026.
US Retail Sales, Jobless Claims in Focus After Inflation Data Surprise
April retail sales and weekly jobless claims are set for release at 8:30 a.m. EDT, with import-export prices and business inventories also due.
UK Households Face £7bn Energy Arrears as Debt Relief Stalls
UK household energy arrears are projected to hit £7 billion by year-end as a £500 million government relief scheme remains stuck in regulatory limbo, with British Gas alone seeing over £1 billion in unpaid bills.
Limerick City Council Approves 76-Unit Residential Development on Derelict Site
Limerick City and County Council has approved Thanos Securities' plan for 76 apartments on Catherine Street, clearing a long-derelict pub and nightclub site for housing. The project includes demolitions, refurbishment of protected structures, and a new six-storey building.
Social Security Payments for May 2026: Schedule and Key Details
Social Security's May 2026 payment cycle starts May 13 for those born 1st-10th, with average retired worker checks at $2,081.16. The 2.8% COLA increase is partly offset by higher Medicare Part B premiums.