The Federal Reserve will start dialing back its ultra-low-interest rate policies this year as long as hiring continues to improve. Chair Jerome Powell signaling the beginning of the end of the Fed’s extraordinary response to the pandemic recession. Such a move could lead to higher borrowing costs for mortgages, credit cards and business loans.
Growth in U.S. consumer spending slowed in July to a modest increase of 0.3% while inflation over the past 12 months rose to the fastest pace in three decades. The July increase in spending was down sharply from a 1.1% rise in June. It was the clearest signal yet that the surge in the delta variant of the coronavirus was having an impact on consumer spending, the driving force in the economy. The report showed that consumer prices over the past 12 months have risen 4.2%.
Sickies in East Grand Forks has closed its doors. The restaurant made the announcement in a Facebook post….