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This Thanksgiving, as you pass the mashed potatoes and carve the turkey, why not elevate the dinner table chatter with insights about the U.S. economy? On Wednesday, the economics team at Bank of America, led by Aditya Bhave , tackled 10 of the most pressing economic questions Americans are asking today, from stubbornly high food prices to the country's soaring deficit. Their answers provide clarity on the challenges and opportunities shaping the nation’s financial outlook, and could spark some spirited family debates. 1) Food Is So Expensive These Days. Why Do Economists Keep Saying Inflation Is Down? It's a question that's been on everyone's mind as they scan grocery receipts. While inflation is slowing down, the impact of prior price hikes still lingers. Inflation—defined as the year-over-year increase in prices—has cooled significantly since its peak in mid-2022. However, that doesn't mean prices are returning to pre-pandemic levels. Although food prices rose by just 1.2% over the past year, they remain far above where they were in 2019. That's why groceries still feel expensive, even as economists declare victory over inflation's worst days. 2) Will Prices Ever Go Back To 2019 Levels? Forget about it, and you should hope that doesn’t happen. For prices to revert to 2019 levels, the economy would need to experience a prolonged period of deflation, which means negative inflation rates. But as Bank of America highlights, deflation is “usually a sign of economic malaise that is very hard to break out of.” Since 1960, the U.S. has only experienced one brief episode of mild deflation, during the aftermath of the 2008 financial crisis. Higher prices, while painful, are now baked into the economy. Instead of looking backward, economists suggest focusing on income growth and productivity improvements to maintain purchasing power in an elevated price environment. Also Read: Amazon Dominates Holiday Shopping As Black Friday Spending Soars: Goldman Sachs 3) Why Haven’t We Had A Recession? Is It Now Looming? The dreaded "R-word" has haunted financial markets since the Federal Reserve began its aggressive rate hikes. Yet, against all odds, the U.S. economy has not only avoided a downturn, but even expanded strongly. Why? Bank of America credits several factors for the economy's surprising resilience. First, real income growth has outpaced inflation over the last two years, boosting household purchasing power. Second, fiscal policies have counteracted the tightening effects of monetary policy. Third, many households locked in ultra-low borrowing rates during the pandemic, insulating them from the Federal Reserve's higher rates. With 2025 expected to be another solid year, a recession might not be on the immediate horizon. 4) Why It’s Difficult To Find A Job In A Strong Economy? The labor market is still tight, but hiring patterns have shifted. Bank of America describes the current job market as a "low-hire, low-fire" environment. Job openings have fallen from their 2022 highs, leaving fewer opportunities for workers seeking new roles. While sectors like healthcare, education, and hospitality continue to drive hiring, others have stagnated. On the bright side, layoffs remain historically low, signaling stability for those already employed. Read Also: Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High 5) Housing Prices Are Too High, and Mortgage Rates Aren't Dropping. Will This Ever Change? If you're feeling priced out of the housing market, you're not alone. Bank of America expects housing affordability to remain a challenge into 2024 and beyond. While mortgage rates have marginally eased this year, they are unlikely to return to pre-pandemic levels anytime soon. Compounding the issue is the so-called "lock-in effect," where existing homeowners with low mortgage rates are reluctant to sell, limiting the supply of available homes. With demand still strong and supply constrained, home prices remain elevated. The median home price relative to income is now higher than at the peak of the 2005 housing bubble—a sobering statistic for aspiring buyers. 6) Fed Chair Powell Said Interest Rates Could Fall Gradually. Yet, By How Much? Federal Reserve Chair Jerome Powell has indicated that rate cuts will happen gradually, and Bank of America predicts the central bank will trim rates by another 75 basis points by mid-2025. Inflation, while dropping sharply from sky-high levels in recent years, still remains above the Fed's 2% target, particularly when measured by the Core Personal Consumption Expenditures (PCE) price index, the Fed’s favorite inflation gauge. In October 2024, a basket of consumer goods that excludes groceries and energy costs, was up 2.8% compared to a year earlier. Bank of America forecasts inflation hovering between 2.5% and 3% for the next couple of years, which could limit the Fed's appetite for aggressive rate cuts. Read Also: Fed Minutes Reveal ‘Confidence’ In Inflation Reduction, Yet Flag Divergent Views On Interest Rate Path Ahead 7) Trump Is Back, What Policies Should I Expect? Will He Cut Taxes Again? According to Bank of America, a key priority for Republicans would be extending the Tax Cuts and Jobs Act (TCJA), which is set to expire in 2025. Other proposals include introducing modest corporate tax cuts for domestic manufacturers, and slightly raising the State and Local Tax (SALT) deduction cap. On trade, tariffs on Chinese imports are expected to rise, adding inflationary pressure, while deregulation in the energy and financial sectors could bolster corporate profits. On Monday, Donald Trump vowed to impose 25% tariffs on imports from Canada and Mexico unless the neighboring countries adopt stricter measures to combat drug trafficking and illegal immigration. “On immigration, significant tightening in the flow of migrants appears to be more likely than large changes to the migrant population that is already in the US,” the analysts said. Read also: US–Mexico Trade Tensions Escalate As Mexican Peso Hits August 2022 Lows: Why Is Auto Industry Most At Risk? 8) How Will These Policies Affect The Economy? According to Bank of America, fiscal stimulus from lower taxes and deregulation could boost growth, but tighter trade restrictions and immigration curbs might offset these gains. The net impact? Modest economic growth with inflation remaining above 2.5%. 9) Why Is The US Running A $2 Trillion Deficit? Deficits are nothing new for the U.S., but their current size is unprecedented during a period of strong economic growth. At nearly $2 trillion in FY 2024, the deficit is 6.4% of GDP—well above historical norms. This surge is largely driven by higher interest costs on the national debt and inflation-linked increases in programs like Social Security and Medicare. Adding to the strain, federal tax revenue growth has failed to keep pace with spending, creating a widening gap. Without meaningful fiscal reforms to either rein in spending or boost revenues, the deficit is likely to remain elevated, posing long-term risks to the economy. 10) Will The Department Of Government Efficiency (DOGE) Solve The Deficit Problem? The recently formed Department of Government Efficiency (DOGE) aims to cut wasteful spending, but Bank of America is skeptical of its impact. History shows that past attempts to rein in deficits through efficiency gains have fallen short. From the Reagan administration's Grace Commission to Clinton-era initiatives, similar efforts failed to produce meaningful savings. Moreover, political resistance to cutting mandatory spending programs like Social Security and Medicare remains a significant hurdle. The bottom line: The deficit problem won't be fixed overnight, and any solution will require tough, politically charged decisions, the analysts said. Read Next: ‘It’s The Most Wonderful Time Of The Year’ For The Stock Market, History Says Photo: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.FARGO, N.D. (AP) — Jacari White scored 19 points as North Dakota State beat Western Michigan 98-62 on Sunday. White had five rebounds and five assists for the Bison (10-4). Jacksen Moni added 16 points while shooting 7 for 10, including 2 for 4 from beyond the arc while they also had seven assists. Masen Miller finished 5 of 9 from 3-point range to finish with 15 points. The Bison extended their winning streak to seven games. The Broncos (3-7) were led by Chansey Willis Jr., who recorded 22 points and five assists. Marquese Josephs added 12 points for Western Michigan. Markhi Strickland also put up eight points. North Dakota State took the lead with 19:23 left in the first half and never looked back. The score was 49-28 at halftime, with White racking up 13 points. North Dakota State extended its lead to 73-38 during the second half, fueled by a 9-0 scoring run. Darik Dissette scored a team-high eight points in the second half as their team closed out the win. North Dakota State next plays Monday against CSU Bakersfield at home, and Western Michigan will host Valparaiso on Friday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
Season 8 of Tyler Perry’s “Sistas” continues on BET this Wednesday, Nov. 27 at 9 p.m. ET/8 p.m. CT with a new episode. Those without cable can watch the new episode for free through either Philo , FuboTV , or DirecTV Stream , each of which offer a free trial to new users. “‘Sistas’ follows a group of single Black women as they navigate the ups and downs of modern life, which includes careers, friendships, romances, and even social media,” FuboTV said in a description of the series, which is written, directed and executive produced by Tyler Perry. “The comedy-drama series features Andi Barnes, an ambitious divorce lawyer, Danni King, a funny and fearless airport employee, Karen Mott, a street-smart hair salon owner, and Sabrina Hollins, a smart and stylish bank teller,” FuboTV added. “The TV show takes viewers on a roller coaster ride of emotions and moments that epitomize ‘squad goals.’” Season 8, episode 7 is titled “Game Recognizes Game” according to FuboTV, which added in a description, “Andi is forced into an all-familiar situation pertaining to Gary; Robin and Fatima faceoff, putting Fatima in a questionable situation; Rich and Sabrina hash out their differences.” How can I watch Tyler Perry’s “Sistas” without cable? Those without cable can watch the new episode for free through either Philo , FuboTV , or DirecTV Stream , each of which offer a free trial to new users. What is Philo ? Philo is an over-the-top internet live TV streaming service that offers 60+ entertainment and lifestyle channels, like AMC, BET, MTV, Comedy Central and more, for the budget-friendly price of $25/month. What is FuboTV ? FuboTV is an over-the-top internet live TV streaming service that offers more than 100 channels, like sports, news, entertainment and local channels. It offers DVR storage space, and is designed for people who want to cut the cord, but don’t want to miss out on their favorite live TV and sports. What is DirecTV Stream ? The streaming platform offers a plethora of content including streaming the best of live and On Demand, starting with more than 75 live TV channels.
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Dell Technologies who were slammed recently by one of Australia’s top reviewers of notebooks has seen their shares fell sharply after the US PC maker delivered a slump in revenues. Consumer revenue fell 18% to US$2B as the Company struggled to deliver new cutting-edge notebooks. Dell stock was down more than 11% in after-hours trading following the report having fallen 24.9% during the past six months. Revenue was hurt by a performance in the company’s client solutions group, which includes PCs and laptops, saw revenue fall 1% to $12.1B year-on-year in Looking ahead to the fourth quarter, Dell forecast revenue between $24 billion and $25 billion, missing the average analyst projection of $25.57 billion, according to LSEG data. Commenting on the report, Deutsche Bank analysts believe Dell’s weaker Q4 guide comes mainly due to delays in AI server sales and PC refresh activity. Nick Ross a leading reviewer of PC’s the owner of ‘High Performance Laptops web site, recently called for a boycott of Dell and Alienware claiming that the Companies actions “Almost killed him.” His comments kicked off a debate about how PR Companies are paid to milk exposure from tech writers and tech media sites in an effort to get a favourable review or story without any contribution “or very little” contribution to the originators of the content. And when they don’t like a story, or a negative review believe that ‘black banning” a media organisation’ actually works when in reality the pen is mightier than the sword as Dell is finding out after Ross called for a boycott of the big PC brand. The slump in Dell stock and the fall in consumer PC revenue follows the exit of Dells Alienware range from JB Hi Fi. Both Dell Technologies and HP are forecasting lower-than-expected earnings for the current quarter, due in part to lack of demand for AI notebooks which are being sold at a premium price. The shares of both companies have fallen on average 12%, while pacing what would be HP’s worst day in more than three years. Yesterday HP’s shares dipped to just over $34, putting the stock on track for its worst loss since March 2020, when shares fell by more than 14% in a single day. Dell—whose fourth quarter began Nov. 2—expects revenue to fall between $24 billion and $25 billion with adjusted earnings of $2.50 per share, below the $25.5 billion in revenue and $2.65 per share in earnings projected by analysts, according to FactSet. Meanwhile, HP projected earnings per share to fall between 70 cents and 76 cents for a first quarter that started Nov. 1, compared to the 85 cents per share projected by analysts. The AI market is a “robust opportunity” for Dell with “no signs of slowing down,” Jeff Clarke, Dell’s COO, said in the company’s report, though he noted on Wednesday that Dell’s AI business “will not be linear” as customers navigate a “changing” market. HP personal systems, which includes personal computers which makes up the bulk of overall growth, saw net revenue rise 9% to US$11.5B year over year. Printing net revenue rose 1% to $4.5B, while personal systems revenue rose 2% to $9.6B in Q4 year on year. Bernstein analysts said HP’s guidance pointed “to an unusually back-half loaded year, which appears predicated on continued strong IPG margins and strong PC growth/upgrade cycle.” “We don’t have high conviction in either and end up slightly below the midpoint of HPQ’s guidance range,” analysts led by Toni Sacconaghi commented. Morgan Stanley (NYSE:MS) analysts voiced similar comments, noting that an in-line full-year guide and a sub-seasonal Q1 outlook “means 2025 will be more back-half loaded than ever before.”RIVERSIDE, Calif. (AP) — Barrington Hargress scored 24 points and Nate Pickens made two free throws with less than a second remaining to help UC Riverside slip past St. Thomas-Minnesota 81-79 in overtime on Sunday. Pickens' foul shots came after Nolan Minessale made a free throw on both sides of a timeout to tie the game with 13 seconds to go. Isaiah Moses made two free throws for UC Riverside with 17 seconds left to force OT tied at 73. Hargress shot 10 for 20, including 4 for 10 from beyond the arc for the Highlanders (9-5, 2-0 Big West Conference). Kaleb Smith added 18 points and 10 rebounds. Pickens scored 10. The Tommies (10-5), who had a six-game win streak snapped, were led by Minessale with 27 points. Drake Dobbs added 19 points and Miles Barnstable scored 10. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
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