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Business & Economy
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Business & Economy
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Inside the final inflation report before the election
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The Bureau of Labor Statistics rolled out its final inflation reading before the presidential election next month, as the economy remains a top-of-mind issue for Americans heading to the ballot box.
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The latest data showed consumer prices rose slightly in September as the Federal Reserve prepared to cut interest rates and ease off the brakes of the U.S. economy.
The consumer price index, a closely watched gauge of inflation, rose 0.2 percent in September and 2.4 percent over the previous 12 months, the bureau announced Thursday. The annual inflation rate was the lowest since February 2021.
Economists expected prices to rise 0.1 percent in September and 2.3 percent annually, according to consensus estimates, down from 2.5 percent in August.
The new inflation data comes as Vice President Harris is attempting to overcome former President Trump’s edge on the economy with voters.
Harris is aiming to sell voters on the rapid economic recovery from the COVID-19 recession while also showing sensitivity to inflation, which hit four-decade highs in 2022 before dropping sharply over the past 18 months.
The vice president is faring much better in polling on the economy than President Biden had when he was the Democratic presidential nominee, but she is still struggling to close the gap with Trump as prices remain at inflated levels.
The Hill’s Sylvan Lane has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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5 things to know about the TD Bank scandal
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Toronto-Dominion Bank, commonly referred to as TD Bank, is facing unprecedented fines and penalties from U.S. officials after allegedly failing to stop hundreds of millions of dollars in drug money laundering.
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TD Bank to pay $3B, face growth cap over money laundering violations
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Toronto-Dominion Bank, commonly referred to as TD Bank, pleaded guilty Thursday to violating federal anti-money laundering and bank transparency laws, agreeing to pay more than $3 billion and limit its future growth.
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Trump pledges to nix double taxation for Americans abroad
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New to the list of former President Trump’s campaign tax proposals is a plan to end double taxation for Americans living overseas.
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Social Security announces 2.5 percent cost-of-living adjustment for 2025
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Social Security recipients will see a 2.5 percent bump as part of their cost-of-living adjustment (COLA) for 2025.
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Upcoming news themes and events we’re watching:
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The Labor Department will release the latest producer price index on Friday at 8:30 a.m. E.T.
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Branch out with more stories from the day:
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Disney World and other Orlando parks to reopen Friday after Hurricane Milton shutdown
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ORLANDO, Fla. (AP) — Florida theme parks including Walt Disney World, Universal Orlando and SeaWorld …
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Business and economic news we’ve flagged from other outlets:
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Dow and S&P 500 retreat from records as sticky inflation report weighs on stocks (CNBC)
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Elon Musk is promising to unveil the future of Tesla tonight (CNN)
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Shares of Trump media company hit highest in six weeks (Reuters)
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Top stories on The Hill right now:
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Democrats start to hit the panic button
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Democrats’ nerves are at an all-time high. Read more
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Judge agrees to unseal additional filings from Jan. 6 case as Trump signals challenge
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U.S. District Judge Tanya Chutkan on Thursday agreed to unseal additional filings from special counsel Jack Smith laying out his election interference case against former President Trump, something Trump’s attorneys signaled they plan to challenge. Read more
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Opinion related to business and economic issues submitted to The Hill:
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Trump’s tariffs would remake the economy, mostly for the worse
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You’re all caught up. See you tomorrow!
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