Record-high inflation translated to some big hikes in the Internal Revenue Service’s dozens of new inflation adjustments affecting individual income tax brackets, deductions and credits for 2023.
The Fed can’t pause its campaign of monetary policy tightening once its benchmark interest rate reaches 4.5% to 4.75% if “underlying” inflation is still accelerating, Minneapolis Fed President Neel Kashkari said.
Russia will support an extension of the grain export deal despite concerns about its implementation because that would present the best opportunity for increased Russian ag and fertilizer shipments. . .
India has sufficient stocks of rice and wheat and the government will sell wheat in the open market if needed to control prices, a senior government official said.
Russia on Monday told a top United Nations representative that the extension of a landmark Black Sea grain deal was dependent on the West easing restrictions on its grain and fertilizer shipments.
China has asked its state-owned gas importers to stop reselling liquefied natural gas (LNG) to buyers in Europe and Asia as it seeks to ensure its own supply for the winter season, Bloomberg News reported.
Although lawmakers may try to cut SNAP benefits as part of the farm bill due in 2023, “we’re not going backwards,” said Senate Ag Committee chair Debbie Stabenow (D-Mich.).
Consumer prices in the U.S. rose 0.4% on a monthly basis in September, the highest reading in three months, and twice the market expectation of a 0.2% gain.
