WASHINGTON - With inflation raging near its highest level in about 40 years, the U.S. House gave thumbs up to President Biden’s Inflation Reduction Act, but will it actually do it? Economic analyses suggest likely not - anytime soon. The legislation doesn’t address the main drivers of surging prices in gas, food, rent and eating out. Over time, the bill may save money for some Americans by lessening the cost of certain prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices.
Wall Street win streak
NEW YORK - In a semi-related note at week's end, stocks closed higher on Wall Street, giving the S&P its first 4-week winning streak since November. The benchmark index gained 1.7% on Aug. 12. Technology stocks led the rally. Inflation cooled last month, which sent stocks higher. Investors see a greater chance inflation may have peaked, allowing the Federal Reserve to be less aggressive with its rate hikes. Additionally, crude oil prices fell and bond yields were mixed. (Source: The AP 08/12/22)
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