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- Energy Department Order Takes Aim at Mid-Atlantic Blackout Risk
The order as a precaution allows grid operators to use backup generation this week. There were no widespread outages reported. [TheTopNews] Read More.21 mins ago - Bank of America hired 1,000 contractors to patch software flaws exposed by Anthr...
Bank of America hired 1,000 contractors to patch software flaws exposed by Anthropic’s Mythos, offering a rare look at costs involved in defending against AI. [TheTopNews] Read More.39 mins ago - White House economic chief reveals why Americans aren’t feeling optimistic...
Americans are still spending, but frustration over inflation and borrowing costs is clouding how they feel about the economy, a disconnect the White House says it is trying to understand.White House National Economic Council Director Kevin Hassett joined FOX Business’ Stuart Varney on "Varney & Co." to discuss why consumers remain uneasy about the economy despite signs of continued spending and investment.The tension comes as higher energy costs put renewed pressure on inflation. The Bureau of Labor Statistics (BLS) said on Wednesday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.6% on a monthly basis and is up 3.7% from a year ago.Hassett attributed September’s disappointing inflation reading in part to attacks on energy infrastructure in the Middle East, while pointing to more stable prices in other categories.CONSUMER INFLATION ROSE FASTER THAN EXPECTED IN SEPTEMBER, CPI REPORT SHOWS"But for sure, there was a top line number that was disappointed. But inside the top line there's a lot of good news," Hassett said.Mortgage rates are another challenge for households. Hassett said stronger income growth and lower inflation could eventually improve affordability, but cautioned against drawing conclusions from a single month of data.SOCIAL SECURITY ANNOUNCES COST-OF-LIVING ADJUSTMENT FOR 2027"We really need to see the next month before we make a judgment about whether it's right for the Fed to do something about this," he said.Even with those concerns, Hassett pointed to strong capital spending, factory construction and consumer demand. He said bank executives told him customers are continuing to make purchases rather than falling behind on their payments.TRUMP’S ENERGY CHIEF SAYS TRUCKERS COULD SEE DIESEL RELIEF WITHIN DAYS AFTER EXECUTIVE ORDER"It's a puzzle that we're noodling about every day ourselves, because if you look at the top line data, you've got [a] capital spending boom unlike anything we've ever seen," Hassett said of the gap between economic activity and public sentiment.He argued that worries about job security can weigh heavily on consumer confidence, even when broader spending remains resilient. Hassett also predicted a strong holiday shopping season, suggesting that Americans' spending habits may paint a more optimistic picture than their views of the economy."My view is that the strength of the economy is visible," he said.CLICK HERE TO GET FOX BUSINESS ON THE GOFOX Business’ Eric Revell contributed to this report [TheTopNews] Read More.39 mins ago - Dems call Trump ‘a total failure’ over inflation as White House cite...Democrats lambasted President Donald Trump while the White House spoke of economic growth following the release of a new Consumer Price Index (CPI) report on Wednesday as Americans continue to suffer the economic consequences of inflation amid the 2026 midterm election cycle.The U.S. Bureau of Labor Statistics noted that "The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent on a seasonally adjusted basis in September after rising 0.4 percent in August.""Over the last 12 months, the all items index increased 3.7 percent before seasonal adjustment," it stated. The House Democratic Caucus declared in a post on X, "Trump promised to lower costs and end inflation on day one. The exact opposite has happened. This president has been a total failure."House Democratic Caucus Chair Pete Aguilar, D-Calif., similarly declared, "Inflation is up. The cost of gas and groceries is soaring. Inland Empire families are paying more for everything. This Trump economy has been a total failure."And House Democratic Whip Katherine Clark, D-Mass., said in a post on X, "The GOP economy is a failure. Inflation remains too high, as families struggle to afford the basics. House Democrats are ready to win in November and stop this mess."CONSUMER INFLATION ROSE FASTER THAN EXPECTED IN SEPTEMBER, CPI REPORT SHOWSThe latest CPI report comes less than a month before Election Day, as the Republican and Democratic Parties jockey for control of the House and Senate during midterms. The GOP currently holds the majority in both chambers, but Democrats are aiming to change that.A White House official indicated to Fox News Digital that "President Trump is bringing inflation down after it was astronomically high under Biden" and noted that "food prices remain stable, unchanged, month-over-month."The CPI report states that "the food index was unchanged in September after rising 0.1 percent in each of the preceding 2 months."SCHUMER WARNS OF REPUBLICAN ADVANTAGE THAT COULD CHANGE THE BATTLE FOR SENATE CONTROLOther Democrats faulting Trump included Senate Minority Leader Chuck Schumer, D-N.Y, and former Transportation Secretary Pete Buttigieg, who served in the post under President Joe Biden."Donald Trump’s 'Golden Age' means never ending, higher prices for the American people while he gets a ballroom and billionaires get tax cuts," Schumer said in a post on X. "Inflation is up again. Not because of a pandemic. Not because of a natural disaster. Because of Trump’s war, tariffs, and corporate tax breaks. It really is this simple: Republicans took over,… [TheTopNews] Read More.1 hour ago
- Why Easing Sanctions on Russian Diesel Is Unlikely to Lower Fuel CostsPresident Trump’s deal with Russia will probably not lower diesel prices that have soared because of his war with Iran and Ukrainian attacks on Russian refineries. [TheTopNews] Read More.1 hour ago
- Airport drop-off charges to be reviewed after sharp increase
Confirming the review, the government said it was "vital to ensure travel remains accessible and that passengers are treated fairly". [TheTopNews] Read More.2 hours ago
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