The latest reading on food price inflation is a win-win for promoting certain diet plans and saving money.
By the numbers: Apples (down 14.5%), frozen fruits and vegetables (-1.7%) and starches like potatoes (-4.7%), rice (-3.7%) and pasta (-2.5%) saw some of the steepest declines in prices from a year ago, according to this morning's CPI report for July.
The latest Consumer Price Index report, released on Wednesday, shows that after two years inflation is no longer the economy's biggest problem.
Why it matters: The string of upbeat inflation data is all but certain to allow Fed officials to more comfortably shift their attention to the weakening labor market and lower interest rates.
The number of Americans applying for a mortgage hit its highest level since January 2023 last week, while the number of refinance applications surged to a level not seen since May 2022.
Why it matters: The number of Americans taking out new mortgages is still extremely low — but at least it's growing.
DraftKings abandoned a plan to implement a surcharge on winning bets in high-tax states after its biggest competitor didn't follow suit.
Why it matters: Sports gamblers hated the idea, but DraftKings CEO Jason Robins had described it as "fairly nominal" and necessary to improve the company's profit margins.
Each year, the Progressive Policy Institute releases its annual Investment Heroes report, which highlights the country's largest companies that are investing in the U.S.
This year's report underlines the strong U.S. economic growth and highlights the important role of capital investments to consumers.
The Consumer Price Index rose 2.9% in the 12 months through July, the smallest annual increase in more than 3 years.
Why it matters: Prices continued to rise at a mild pace again last month, the latest confirmation that the inflation shock is over. The new data paves the way for the Federal Reserve to lower interest rates, which could ease pressure on the economy.
EVgo, one of the nation's largest charging networks, is rolling out efforts to diagnose equipment issues in real time as part of a broader plan to replace outdated chargers and improve customer service, the company tells Axios exclusively.
Why it matters: While the number of public chargers continues to grow, many networks still aren't reliable enough to ease the public's charging anxiety — a leading concern about EVs.
Starbucks today poached Chipotle's heralded boss as its new CEO, hoping to replicate the same sort of turnaround that he executed at the fast-casual Mexican chain.
Why it matters: Starbucks has been reeling from a slowdown in sales and facing pressure from activist investors to make changes.
The United Auto Workers union said Tuesday that it filed federal labor charges against former President Trump and Tesla CEO Elon Musk after the duo's conversation on X veered into talk about workers striking.
Going forward, this newsletter will primarily focus on the politics and policy around cryptocurrency (or as our government friends prefer to describe it: digital ledger technology).
Why it matters: It's clear that regulatory clarity is a major source of friction for this industry, a leading impediment in the way of reaching whatever potential it might have.
Crypto entrepreneurs and DC (especially the Securities and Exchange Commission, or SEC) are at loggerheads.
The former are quite vocal about their frustrations, while the latter speaks the most precisely through lawsuits.
Catch up quick: All the way back in 2022, the Biden administration, via the Financial Stability Oversight Council (FSOC), did in fact call on Congress for regulatory clarity.
State of play: There are more Democratic Senate seats on the ballot this year than Republican. One consensus forecast puts the GOP as likely to gain a seat, hitting 50, with two seats — one being Brown's — too close to call.
If the two parties split those two, that puts Republicans in the majority, by one.
Consumers fell behind on debt payments as pandemic-era wealth disappeared, leaving some households in worse financial shape as the economy slows.
That's the takeaway from a new study by economists at the San Francisco Fed that shows how wealth built up during the pandemic helped support consumer spending in the face of high rates and inflation.
Why it matters: Now that "extra" wealth is gone, the opposite is the case: Spending is cooling, and many consumers have a smaller cushion to fall back on if the economy enters a recession.
Ford and Mazda are telling customers not to drive certain older vehicles equipped with faulty air bags that were recalled years ago but never replaced by their owners.
Why it matters: The warnings are an urgent reminder of the danger from the largest and most complex safety recall in U.S. history, affecting 67 million Takata air bags in tens of millions of vehicles.
Americans born to low-income families are faring worse than the last generation in most major U.S. cities, a new analysis finds.
Why it matters: Intergenerational mobility — the idea that you'll do better than your parents, your children will do better than you, and so on — is core to the American dream, but is far from a guarantee.
Elon Musk gently tried steering Donald Trump toward acknowledging climate risks and backing some kind of energy transition — and didn't get far.
Why it matters: The Tesla boss has endorsed Trump and has his ear. The pair chatted Monday night for two hours on X in an interview delayed by glitches.
McDonald's is making a play for consumers who grew up on Happy Meals with its new Collector's Meal that debuts Tuesday.
Why it matters: This is the fast-food giant's latest temporary offer and joins the $5 meal deal, which has been extended through August in the majority of U.S. locations.
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