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Black Friday big changes from previous years it looks like! UBS Global Wealth Management’s recent analysis indicates the prolonged period of high inflation might be nearing its end, with the consumer price index showing only a 3.2% increase in October compared to the same month last year, down from 3.7% in September. Despite this, households continue to feel the pressure of accumulated price rises, as noted by Bankrate’s Chief Financial Analyst, Greg McBride. The strain on family budgets remains significant, with 47% of adults reporting monthly expenses exceeding their income, and 62% living paycheck to paycheck. This data reflects the ongoing financial challenges despite the Federal Reserve’s aggressive rate hikes, totaling 11 times in a year and a half, bringing the key interest rate to a range of 5.25% to 5.5%. While the Fed may pause rate increases for now, with Fed Chair Jerome Powell acknowledging that inflation remains high, the path forward into 2024 remains uncertain. UBS Wealth Management’s Chief Investment Officer of the Americas, Solita Marcelli, suggests that inflation should slow down to a more manageable level by next spring, yet the Federal Reserve might not be able to claim complete victory over high inflation just yet. This means consumers may not see immediate relief from high borrowing costs, continuing the financial strain for many. #Inflation #recession #blackfriday #cybermonday #multiplejobs #ConsumerPriceIndex #debt #InterestRates #Budget #Financial
Timestamps:
Inflation is Over and Done Apparently 0:00
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