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<ul><li>Food basket inflation was at 9.53% in December 2023, up from 8.7% in November.</li><li>The core inflation stood at 3.8%, moderating from 4.% in November.</li><li>India's industrial growth rate slumped to an 8-month low of 2.4% in November. </li></ul>Retail inflation inched up marginally to a four-month high of 5.69% in December 2023, mainly on account of higher food prices, according to official data released on Friday. The inflation based on Consumer Price Index (CPI) was at 5.55% in November 2023 and 5.72% in December 2022. In August 2023, inflation touched a high of 6.83%. As per the data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (NSO), retail inflation in the food basket was at 9.53% in December 2023, up from 8.7% in the preceding month and 4.9% in the year-ago month. “While persistent rise in the food prices contributed to an uptick in inflation in December 2023, the core inflation has continued to moderate indicating signs of easing price pressure for the households. A continual moderation in inflation is supportive of growth in the consumption driven sectors, said <keyword id="20169700" type="General" weightage="20" keywordseo="vivek-rathi" source="keywords">Vivek Rathi</keyword>, national director of research at Knight Frank India. The core inflation stood at 3.8%, moderating from 4.% in November. As per RBI’s forecast, FY24 inflation would be at 5.4%. The softer numbers that came in December could undershoot the numbers marginally,” said <keyword id="20169699" type="General" weightage="20" keywordseo="upasna-bhardwaj" source="keywords">Upasna Bhardwaj</keyword>, chief economist at Kotak Mahindra Bank. Experts expect RBI to keep its keep repo rate and policy stance unchanged in the February policy. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) has been focussed on bringing retail inflation under 4% which is its target. “We expect the RBI to allow liquidity conditions to ease in the coming months to let the operating target rate soften towards the repo rate before shifting stance— a move which is likely in 1QFY25,” said Bharadwaj. Manufacturing drags November industrial growth to 2.4% India's industrial growth rate slumped to an 8-month low of 2.4% in November from a 16-month high of 11.6% in October, data released by the Ministry of Statistics and Programme Implementation on Friday showed. In November 2022, the country’s industrial production had grown by 7.6%. The growth rate for November was dragged down by the manufacturing sector, which slowed to a crawl of 1.2 per cent on a year-on-year basis after having posted an increase of 10.2 per cent in October. The sharp slowdown in manufacturing output growth, which accounts for more than three-fourths of the index of industrial production (IIP), was partly attributed to the large number of holidays in November on account of festivals due to which the working declined. The IIP figure has been pulled down by the manufacturing sector which posted the lowest annualised growth of 1.2% in 13 months after a solid momentum in the early part of the fiscal. While moderation in industrial activity is typically seen in the post-festive season, this may also be an indication of an expectation of demand slowdown in the last quarter of the fiscal, he added. The electricity generation also grew at a slower pace of 5.8% as compared to a high double digit growth of 20.4% in October. Similarly, the mining output growth declined to 6.8% from 13.1% in October. “Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4% YoY, the lowest print in eight months since March 2023," said Suman Chowdhury, chief economist &amp; head of research of Acuite Ratings &amp; Research. There has also been a contraction in both consumer durables and non-durables output in Nov-23, leading to an overall contraction of 4.2 per cent YoY in the consumer goods sector. “The growth indicators from the industrial production print however seem to be uneven. Output from most of the key industries have witnessed moderate growth, however, due to a high statistical base. However, the consumer durable output, which is consumption reflection, contracted by 5.4%. This can be concerning as sustained consumption growth is the key to keep the economic growth momentum continuing,” said Rathi. (With inputs from PTI &amp; IANS)

Retail inflation inches to 4-month high in Dec; IIP growth slips to 8-month low in Nov

<ul class="summary-list"><li>US stocks rose on Wednesday ahead of the Thanksgiving holiday. </li><li>Investors were assessing jobless claims, which were the lowest in five weeks. </li></ul>US stocks rose on Wednesday as investors prepared to wind down trading for the Thanksgiving holiday. Traders were assessing weekly jobless claims, which dropped by 24,000 compared to the prior week to 209,000. The previous week's figure had been the highest since August. Stocks in the prior session ended a streak of gains after minutes from the Federal Reserve's last policy meeting showed the central bank maintaining a hawkish stance on monetary policy. Bond yields on Wednesday slipped, with the 10-year Treasury rate down about three basis points. Oil prices also tumbled as OPEC+ pushed back a key meeting in which member states were set to discuss future output. US crude prices were down more than 4%, below $75 a barrel. After taking Thursday off, markets will reopen Friday for a shortened trading session.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">S&amp;P 500</a>: 4,560.42, up 0.49%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Dow Jones Industrial Average</a>: 35,232.69, up 0.41% (144.40 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Nasdaq Composite</a>: 14,323.25, up 0.87%</li></ul>Here's what else is happening today: <ul><li>The US dollar is central to Javier Milei's plan to fix Argentina's economy. <a href="https://www.businessinsider.com/dollarization-us-dollar-peso-argentina-javier-milei-inflation-recession-economy-2023-11">It probably won't work.</a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-third-quarter-earnings-revenue-ai-artificial-intelligence-2023-11">Nvidia added $28 billion</a> in market value after its big earnings beat. </li><li>Soaring mortgage rates have taken their toll on the US housing market, <a href="https://www.businessinsider.com/housing-market-activity-house-prices-real-estate-mortgage-rates-fed-2023-11">with sales hitting a 13-year low</a>. </li><li><a href="https://markets.businessinsider.com/news/stocks/stocks-house-prices-commercial-real-estate-fed-economists-mortgages-outlook-2023-11">Fed economists say there's "notable" pressure</a> on the price of stocks, homes, and commercial real estate. </li></ul>In commodities, bonds and crypto:<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">West Texas Intermediate crude</a> oil plunged 4% to $74.53 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Brent crude</a>, oil's international benchmark, also fell 4% to $79.10 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Gold</a> inched lower to $2,001.30 an ounce. </li><li>The yield on the 10-year Treasury dipped three basis points to 4.39%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Bitcoin</a> slid 1% to $36,543.</li></ul>

US stocks rise ahead ahead of holiday as bond yields slip and traders assess jobs data

<ul class="summary-list"><li><keyword id="12271174" type="UNKNOWN" weightage="60" keywordseo="sams-club" source="Orion">Sam's Club</keyword> expects <keyword id="12102763" type="UNKNOWN" weightage="60" keywordseo="holiday-shopping" source="Orion">holiday shopping</keyword> to soar this year as members host big events again.</li><li>The company will double portions for <keyword id="11909499" type="UNKNOWN" weightage="60" keywordseo="thanksgiving" source="Orion">Thanksgiving</keyword> food items and offer twice as many sales events.</li></ul>Sam's Club is expecting to enjoy substantial holiday sales this fall, topping off its record year for member growth.Tony Rogers, the company's chief member officer, told reporters in New York City he expects holiday shopping to boom this year because Americans could not safely hold parties in 2020. The Centers for Disease Control and Prevention advises unvaccinated people <a href="https://www.cdc.gov/coronavirus/2019-ncov/community/large-events/considerations-for-events-gatherings.html#:~:text=Limit%20in%2Dperson%20attendance%20or,at%20least%206%20feet%20apart.">limit indoor gatherings</a> to curb the spread of COVID-19.Customers have already signaled their desire to ring in the <keyword id="12030581" type="UNKNOWN" weightage="60" keywordseo="holidays" source="Orion">holidays</keyword>, as Sam's Club members began shopping for the holidays on September 1st, or the day seasonal items hit store floors. In prior years, members usually started holiday shopping in mid-November. Sam's Club members will have access to numerous holiday perks, including a wine subscription service, a holiday catalogue with 100 new toy items, and a sweepstakes for a $50,000 vacation. The company will also double portions for Thanksgiving food items to prepare for larger gatherings, and offer twice as many sales events for gift and holiday decor items.Sam's Club is having a historically productive year, posting a record high membership count as of August 2021. <keyword id="11893281" type="UNKNOWN" weightage="60" keywordseo="walmart" source="Orion">Walmart</keyword>, which owns Sam's Club, recently reported <a href="https://www.cnbc.com/2021/08/17/walmart-wmt-earnings-q2-2022.html">$141 billion</a> in revenue for the second quarter, beating analysts expectations.Walmart CEO Doug McMillon said Sam's Club saw "double digit growth" over the last four quarters, and added the <a href="https://www.businessinsider.com/sams-club-walmart-sales-membership-numbers-spike-2021-8">chain's current expansion</a> is the most he's seen in 19 years."Our membership has reached record levels, and our members are telling us it's 'game on' this <keyword id="12030580" type="UNKNOWN" weightage="60" keywordseo="christmas" source="Orion">Christmas</keyword>, maybe like never before," Rogers said in a release.Even with high member interest in holiday shopping, global supply chain disruption may but a wrench in Sam's Club lofty expectations. Many shoppers may have less selection and higher prices for gifts as manufacturing plants contend with the ongoing COVID crisis, <a href="https://www.businessinsider.com/shipping-crisis-supply-chain-problems-holiday-shopping-prices-expensive-2021-10">Insider's Mary Hanbury</a> reported. Analysts forecasted average price increases of anywhere between <a href="https://edition.cnn.com/2021/08/29/business/toy-shortage-supply-chain-shipping-holidays/index.html">5%</a> and <a href="https://www.foxbusiness.com/retail/retail-prices-holiday-shopping-season-expert">30%</a> during the holidays.

Sam's Club is banking on shoppers desperate need to throw big holiday bashes by doubling Thanksgiving portions

The Indian <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> and the government bond yield ended almost flat on Friday as most traders remained on the sidelines ahead of the long weekend. At the interbank foreign exchange market, the rupee ended at 79.66 against the US dollar, as against 79.64 at the close of the previous trading session. The 10-year benchmark 6.54 per cent-2032 bond yield ended at 7.2894 per cent, marginally higher than 7.2673 per cent close on the previous trading session. "Looking at the long holiday ahead, there may have been lot of short term USD demand, pushing the USD-INR pair higher. Also, traders usually prefer to be squared during long holidays where liquidity has also been thin," said Kunal Sodhani, Vice President, Global Trading Centre, Shinhan Bank. Indian financial markets will remain closed on August 15 and 16 on account of Independence Day and Parsi New Year, respectively. Brent <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> in the international market has risen sharply in last few days and by the close of market hours it was trading at $100.15 per barrel. Meanwhile, at the weekly bond auction, the Reserve Bank of India raised Rs 28,000 crore through three bonds viz 7.38 per cent-2022, 7.54 per cent-2036, and 6.99 per cent-2051. However, the central bank did not accept any bids in GOI FRB 2028 gilts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/winning/news/india-intends-to-hire-people-more-in-the-july-september-quarter-teamlease/articleshow/93524237.cms">India intends to hire people more in the July-September quarter: TeamLease</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/mumbai-indians-emirates-announces-the-squad-ahead-of-uaes-t20-league/articleshow/93523932.cms">Akash Ambani’s MI Emirates name squad for UAE’s inaugural ILT20 — Here are the team members</a>

Rupee, bond yield ends almost flat ahead of the long weekend

It will be a long and arduous weekend for bank customers of Indian public sector banks. Four banking unions have called for a strike, protesting the merger of ten banks announced by Nirmala Sitharaman on 30 August 2019. Other inconveniences aside, public sector banks will remain closed for two days on 26 and 27 September 2019. This strike is followed by 28 September 2019, which is the fourth Saturday of the month — a banking holiday. After the weekend, the banks will also be shut next Monday as it is the half-yearly closing day as the quarter ends. Overall, this means that public sector banks will be closed for five days straight. After a one day respite on 1 October 2019, banks will be shut again on 2 October 2019 for Mahatma Gandhi Jayanthi — another holiday. The continuous shutdown will affect cheque clearances, cash deposits and withdrawals, demand draft clearances and other transactions. This long pause in public banking services will also affect online transactions like RTGS and NEFT. However, IMPS transactions will continue providing respite to scores of customers. The country’s largest bank, State Bank of India (SBI) admitted that the strike might affect operations. “While the bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to some extent by the strike,” SBI said in a statement on Bombay Stock Exchange. All India Bank Officers Confederation (AIBOC), All India Bank Officers Association (AIBOA), Indian National Bank Officers Congress (INBOC) and National Organization of Bank Officers (NOBO) have given a call for the strike.

Customers must brace for a very long weekend ahead at India's government banks

<ul class="summary-list"><li>US stocks were mixed Wednesday as investors moved into the holiday-shortened week. </li><li>Weekly jobless claims rose to their highest amount since mid-August. </li></ul>US stocks were mixed Wednesday as investors sifted through economic data and corporate updates before delving into a record of the Federal Reserve's November meeting when it raised interest rates for the sixth time this year. A second consecutive day of gains for stocks was in question as Wall Street's major indexes wobbled. The S&amp;P 500 a day ago closed above 4,000 for the first time since September 12, and the Dow Jones Industrial Average finished above 34,000 for the first time since August 16. Stocks turned mixed Wednesday after the Labor Department said <a href="https://fred.stlouisfed.org/series/ICSA">weekly jobless claims rose by 17,000 to 240,000</a>. The increase was more than expected and the result marked the highest number of claims since August. Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday: <ul><li> <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 4,001.97, down 0.04%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 34,125.76, up 0.08 (27.66 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 11,186.96, up 0.17%</li></ul>"This is disappointing but not entirely a surprise," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note. "We are increasingly inclined to think that the trend in claims is now rising gently, as firms come under increasing pressure from the Fed's aggressive tightening." Minutes of the Fed's meeting in November were set for release at 2 p.m. Eastern. As it continues to battle high inflation, the central bank kicked up the fed funds rate by another 75 basis points this month, to a range of 3.75% to 4%. Separately, the Commerce Department said Wednesday durable goods orders rose 1% in October, outstripping the 0.4% consensus estimate. More data are due later Wednesday, including the first look at manufacturing activity for November. On the move were <a href="https://markets.businessinsider.com/stocks/de-stock">Deere</a> shares, up after the heavy equipment maker boosted its 2023 profit outlook to $8 billion to $8.5 billion. <a href="https://docs.google.com/document/u/0/?tgif=d">Nordstrom</a> shares slumped after the upscale retailer cut its 2022 per-share earnings outlook to a range of $2.13 to $2.43. <a href="https://markets.businessinsider.com/stocks/cs-stock">Credit Suisse's</a> US-listed shares fell after the bank under restructuring warned of a fourth-quarter loss of up to 1.5 billion Swiss francs ($1.6 billion). Equity trading will close early on Thursday, at 1 p.m. for Thanksgiving.Here's what else is happening today:<ul><li><a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-stock-sales-byd-china-ev-tesla-2022-11">'Warren Buffett's Berkshire Hathaway</a> has slashed its stake in Chinese electric-vehicle make BYD - and has pulled in about $1.2 billion profit on the shares sold.</li><li><a href="https://markets.businessinsider.com/news/currencies/ftx-sam-bankman-fried-substantial-amount-crypto-assets-missing-stolen-2022-11">A lawyer for FTX</a> says a substantial amount of assets belonging to the bankrupt crypto exchange were either missing or stolen. </li><li>Meanwhile, the court hearing FTX's bankruptcy petition was told the company spent around $300 million <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-bankruptcy-collapse-crypto-exchange-houses-bahamas-2022-11">buying houses for senior executives in the Bahamas</a>. </li></ul>In commodities, bonds, and crypto:<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wtisource=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">West Texas Intermediate crude</a> fell 2.7% to $78.73 per barrel.<a href="https://markets.businessinsider.com/commodities/oil-price"> Brent crude,</a> the international benchmark, lost 3% at $85.75. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> slipped 0.1% to $1,737.60 per ounce.</li><li>The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years"> 10-year Treasury yield</a> fell 5 basis points to 3.77%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> slipped 0.4% to $16,476.11.</li></ul>

US stocks trade mixed as investors prepare to parse Fed minutes before heading into Thanksgiving holiday

<ul class="summary-list"><li>The Consumer Price Index gained 8.3% year-over-year in August, the government said Tuesday.</li><li>The reading showed inflation slowing from the prior pace of 8.5% but missing the 8.1% forecast.</li></ul>Inflation is proving much more difficult to tame than expected.The Consumer Price Index climbed 8.3% in the year through August, the <a href="https://www.bls.gov/news.release/cpi.nr0.htm">Bureau of Labor Statistics</a> announced Tuesday. Economists surveyed by Bloomberg expected the measure to slow to 8.1%. The report reflects a sizeable deceleration from the 8.5% pace observed in July and the slowest headline inflation since April.The index also rose 0.1% in August alone, landing above the median forecast for a 0.1% drop. The increase comes after CPI was largely unchanged through July. Though the uptick was small, it highlights that several factors are still putting significant upward pressure on prices.The print marks a second straight month of easing inflation after more than a year of blistering acceleration. June seems to mark the peak of pandemic-era inflation, with the one-year rate now down more than a percentage point from that reading. The future remains uncertain, and several factors, including supply-chain snags and holiday shopping, could lift price growth for some time. Yet with <a href="https://www.businessinsider.com/growth-recession-outlook-federal-reserve-inflation-unemployment-hiring-jobs-workers-2022-9">interest rates on the rise</a> and <a href="https://www.businessinsider.com/inflation-wealthy-americans-cutting-back-spending-could-slow-economic-recovery-2022-8">Americans' demand fading</a>, the latest CPI report backs up the narrative that inflation is squarely on the way back down.Energy prices counted for much of the August slowdown, with costs falling 5% through the month. Prices at the pump contributed significantly, as waning demand and rebounding supply have reversed much of the run-up seen through the spring and early summer. The gas-price index fell 10.6%, and average prices seen through early September signal the downtrend will last into the fall.Used vehicle prices <a href="https://www.businessinsider.com/used-car-prices-falling-vehicle-dealerships-inflation-cooling-trucks-suvs-2022-9">also helped slow inflation</a>. The prices of previously owned cars and trucks slid 0.1% in August, further reversing the rally that helped pull inflation higher in early 2021.New vehicles, however, posted another hefty price hike. Prices in the sector rose 0.8% in August, accelerating from July's 0.6% gain and reflecting the largest one-month increase since May.The cost of housing edged higher last month, gaining 0.7% after climbing 0.5% the month prior. Shelter now costs 6.2% more than it did one year ago, and while the housing market has cooled dramatically through the summer, <a href="https://www.businessinsider.com/rent-prices-fell-august-first-time-in-20-months-2022-9">rents are still elevated</a> throughout much of the US.Food costs drove month-over-month inflation higher as well. The cost of food climbed 0.8% last month, with both food at restaurants and groceries posting gains. Though that's slower than the 1.1% increase seen in July, it signals inflation is still running strong in some of the most important corners of the economy.Underlying price-growth dynamics may be harder to tame than the headline gauge suggests. Core CPI inflation, which strips out volatile food and energy prices, rose 6.3% in the year through August, coming in above the median forecast of a 6.1% pace. That marked an uptick from the 5.9% year-over-year rate seen in July. The core measure is generally regarded as a better measure of inflation trends, and the latest data shows prices in much of the economy are still on the rise.The hotter-than-expected reading tees the Federal Reserve up for another jumbo-sized interest rate increase when officials meet later in September. The central bank has been <a href="https://www.businessinsider.com/federal-reserve-hikes-interest-rates-july-credit-loans-inflation-recession-2022-7">raising rates at the fastest pace since the 1980s</a> in a bid to cool Americans' demand and put downward pressure on inflation. Yet rate hikes typically don't have a large effect until several months after they're issued, meaning the increases announced earlier in 2022 likely aren't pulling inflation lower just yet.Fed Chair Jerome Powell signaled in August 26 remarks that the central bank is nowhere near done raising rates, and that hiking quickly is preferable to letting inflation stay elevated. It's no surprise, then, that markets are betting on policymakers to raise rates by another 0.75 percentage points — triple the size of their typical increase — later in September. That would mark the third such hike since June.A triple-sized increase won't immediately dampen inflation. But the latest CPI data shows prices still ripping higher through much of the economy, the Fed is more likely to go big than hold back.

Inflation cooled slightly in August as sliding gas prices offset rising costs elsewhere in the economy

<ul class="summary-list"><li>Gen Z shoppers came out in full force during Black Friday and Cyber Monday this year. </li><li>But many of those shoppers are planning to use buy now, pay later services to help stretch their budgets.</li></ul>Gen Z shoppers are driving spending this holiday season, but the willingness to shop may have a hidden risk attached. Despite predictions of a lackluster holiday shopping season this year, shoppers came out in full force during Black Friday and Cyber Monday. According to <a href="https://nrf.com/media-center/press-releases/record-1967-million-consumers-shop-over-thanksgiving-holiday-weekend">data from the National Retail Federation,</a> a record 196.7 million US consumers shopped during the five-day holiday shopping period starting on Thanksgiving — and a lot of those shoppers were Gen Zers, <a href="https://www.cnn.com/2022/12/04/business/gen-z-holiday-shoppers/index.html">CNN reports</a>. "One standout this Black Friday was the high turnout of Gen Z in stores," Kristen Classi-Zummo, apparel industry analyst with market research firm NPD, told CNN. "Younger consumers flooded the mall, treating Black Friday as a social event. They came early, they came with friends, and they came to shop."And while retailers are likely happy to see droves of young shoppers, those same consumers are at high risk of overspending and racking up debt during this year's holiday shopping season. Younger shoppers are likely to experience the most financial stress this year, <a href="https://www.bankrate.com/personal-finance/holiday-shopping-pressures-young-americans/">an August Bankrate survey</a> of 2,415 adults found. Nearly one in four millennial and Gen Z consumers said they expected to feel pressure to spend more during the holidays than they're comfortable with, compared with just 12% of Gen Xers and baby boomers. What's more, 30% of those young shoppers said the holidays would likely strain their budgets, and 32% said they were expecting to go into debt thanks to their holiday shopping, either by paying a credit card off over multiple cycles or using a "buy now, pay later" service, the survey found.Another survey of 1,000 shoppers, <a href="https://www.forbes.com/advisor/credit-cards/buy-now-pay-later-popular-for-holidays/">conducted by Forbes Advisor and OnePoll,</a> found that 64% of people planned to use BNPL services this year, with 70% planning to use those services to spend more than they planned on. Retailers are already seeing an increase in shoppers turning to buy now, pay later: BNPL orders jumped 85% during Cyber Week, or the period between Thanksgiving and Cyber Monday, compared with the week prior, according to <a href="https://business.adobe.com/resources/holiday-shopping-report">data from Adobe.</a><h2>Enticing but risky</h2>BNPL services have become <a href="https://www.cnbc.com/2022/10/27/gen-z-and-millennials-prefer-buy-now-pay-later-services.html">especially popular among young consumers</a> because they offer a seemingly easy, low-stakes way to pay: they typically have low or no fees and offer quick credit approval, and bills can be paid off in four, no-interest installments. But these services entice consumers to buy more and borrow more, which means shoppers may be taking out multiple loans at a time, which they may not be able to repay, <a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-study-details-the-rapid-growth-of-buy-now-pay-later-lending">according to the Consumer Financial Protection Bureau</a>. Frequent BNPL use has led some young shoppers to <a href="https://www.bloomberg.com/news/articles/2022-10-28/buy-now-pay-later-loans-drive-gen-z-into-debt-hurting-credit-scores">rack up thousands of dollars in debt</a> and tank their credit scores. During last year's holiday season, more than half of shoppers surveyed by online bank Oxygen made BNPL purchases they couldn't pay off, <a href="https://www.cnbc.com/2021/11/29/holiday-shopping-2021-more-than-half-of-americans-are-going-into-debt.html">CNBC reported</a>.Marshall Lux, a senior fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School, <a href="https://www.cnbc.com/2022/11/30/buy-now-pay-later-for-holiday-gifts-is-horrible-harvard-fellow.html">told CNBC</a> that paying for gifts in installments "means a merry Christmas, but in the long run for many will hurt their credit."

Gen Z shoppers are spending big right now, but all those holiday purchases could come back to bite them

<ul class="summary-list"><li>Deutsche Bank, Trump's largest single lender, forced him into a 'managed exit' last year.</li><li>The shotgun divorce followed months of Trump dodging the bank's questions, new court papers show. </li></ul>For the past 10 years, Deutsche Bank has been Donald Trump's banking bestie, loaning him more than $400 million as he developed a Miami golf resort, a tower in Chicago, and a luxury hotel in the heart of Washington, DC.But the two are now in the midst of an ugly, shotgun divorce, according to revelations in a new court filing by New York's attorney general, Letitia James — with Deutsche Bank holding the shotgun.Since Trump left office last year, the Frankfurt-based international bank — which has lent Trump far more than any other financial institution — has been steadily enforcing a "managed exit," as <a href="https://www.documentcloud.org/documents/23131726-nyagshowcausememotrumporganizationii101322">James' filing</a> calls it, from a lucrative relationship with the former president stretching back to the 1990s.On the surface, the slow-motion split, which began 21 months ago, appears to be a breezy affair, with Trump easily zeroing out all but $45 million in Deutsche Bank debt in May."By the way, I paid them back," Trump would brag on Fox News the night after James filed <a href="https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4">her massive, September lawsuit</a>, accusing the former president of inflating his net worth in financial documents by billions of dollars."The banks made a lot of money," Trump told host Sean Hannity. "She's trying to defend banks that got paid off."But as with many protracted divorces, the split between Trump and his once-favorite bank began with acrimony, in a behind-the-scenes crossfire of accusations, ultimatums, and shade-throwing.At one point, as an apparently distracted Trump struggled to remain in office, his lawyers ghosted the bank for six months, ignoring escalating demands for answers.Frustrated by Trump's silence, the bank threatened default.James' new court papers — including <a href="https://www.documentcloud.org/documents/23132447-deutschebanktrumpemailchain">a newly-unsealed email chain</a> between the two sides —offer a glimpse into the tense back-and-forth behind the breakup.<h2>A haircut like no other</h2>Deutsche Bank had long known that Trump exaggerated, James has said in previous filings. In fact, the bank routinely factored in these anticipated exaggerations, applying what the AG called a Trump "haircut" or percentage reduction, to whatever the former president swore on paper he was worth.But what the attorney general began alleging, in publicly-filed court papers two summers ago, were exaggerations that no Trump haircut could make pretty.James was alleging Trump committed "potential fraud" in the very documents the bank used each year to decide how much to lend, what interest to set, and whether the loans remain in good standing.The attorney general "is currently investigating whether the Trump Organization and Donald J. Trump improperly inflated the value of Mr. Trump's assets on annual financial statements in order to secure loans and obtain economic and tax benefits," James revealed in an August, 2020, court filing.Two months would pass — and the 2020 presidential campaign would reach its final frenzy — before Deutsche Bank, already cooperating with the AG's subpoenas, began asking questions. The bank broached its concerns in an October 29, 2020, letter to Donald Trump Jr., who despite <a href="https://www.businessinsider.com/donald-trump-jr-admits-he-doesnt-get-basic-accounting-2022-10">his admitted ignorance of accounting principles</a> had been signing off on much of his father's allegedly fuzzy math since 2017.What on earth, Deutsche Bank wanted to know, was going on with this probe by James, the New York attorney general, according to <a href="https://www.documentcloud.org/documents/23132444-deutschebankletter12720">a letter unsealed by the AG on Thursday</a>. Was it true, they asked Trump's namesake son, that these annual, 20-odd-page, self-certified accountings of his father's personal net worth — so crucial to Deutsche Bank's decision-making — were frauds? <div type="image" title="An excerpt from Deutsche Bank's October 29, 2020 letter to Donald Trump, Jr., raising concerns about Donald Trump's allegedly fraudulent financial statements." height="727" width="969" msid="94901040" hostid="261"></div>"Your prompt attention to these matters is appreciated," the bank's head of private wealth management, Greg Khost, politely told Donald Trump, Jr.Deutsche Bank's letter, sent five days before the election, sat around unanswered by anyone at the Trump Organization for more than a month, the back-and-forth released by James shows.Trump himself was <a href="https://www.businessinsider.com/all-the-ways-trump-lost-2020-presidential-election-list-2020-12">deep in the swamp of election denial</a> by December 7, 2020, when his side finally responded. And instead of Donald Trump, Jr., it was the Trump Organization's top lawyer, Alan Garten, who sent Deutsche Bank a less-than-thorough reply.The October 29 letter "only recently came to our attention ... we had not seen it before," Garten explained of his company's month-long silence. "Our company greatly values its relationship with Deutsche Bank, and certainly wishes to cooperate with DB whenever possible," the top Trump Org lawyer added."That said, we are unaware of anything that would require us to respond to an inquiry of this nature. If you are aware of any authority to the contrary, please let us know," he ended the letter, signing off with a cordial, "we wish you a Happy Holiday season." In other words, happy holidays, but don't expect any presents from us.It's unknown if Trump himself was told of Deutsche Bank's concerns at this point. He certainly was otherwise occupied, <a href="https://www.presidency.ucsb.edu/documents/tweets-december-7-2020">firing off 16 election denial tweets on that same December day</a>, according to the American Presidency Project, including one from 1:40 in the morning reading, "NO WAY WE LOST THIS ELECTION!" <h2>Deutsche Bank drops the 'D' bomb</h2>A week later, the exchange escalated. Deutsche Bank answered the Trump lawyer's email with one from a lawyer of its own.It was now lawyer versus lawyer."As you know, Donald J. Trump is required under the terms of his loan guarantees to provide annual financial statements to Deutsche Bank and to ensure that those statements 'are true and correct in all material respects,'" the bank's attorney, Gregory Candela, wrote, quoting from the guaranty agreement for the $170 million Old Post Office loan.Candela repeated Deutsche Bank's request for "further information" on the AG's fraud allegations. Then he upped the ante, saying the bank needs that information in order to decide "whether an event of default may have occurred.""We appreciate your prompt response to these matters," the bank's lawyer urged.Deutsche Bank had dropped the "D" bomb — default. The bank was entitled to call in the loan if Trump had lied to get it."Thanks Greg," Trump's lawyer responded in an email two days later. It was December 16, 2020, a day when Trump tweeted 17 times about what he termed the "Fraudulent 2020 Election.""We are reviewing your email and hope to have a response in the next few days," Trump's lawyer said.<h2>And then, nothing</h2>So where's that response, Deutsche Bank's lawyer asked Trump's lawyer in an email sent on January 8, 2021, three weeks and one Capitol siege later. "Alan," he wrote, in what would be the end of the exchange."I'm following up on the emails below. Will you please let me know when we can expect a response? Thank you."Among a still-distracted Trump's tweets that day was one from 3:44 p.m. that read, "To all of those who have asked, I will not be going to the Inauguration on January 20th."As for Deutsche Bank's final request for a response, "ultimately, none was forthcoming," the AG's filing from Thursday said."As a result of the Trump Organization's failure to respond, Deutsche Bank decided to exit its relationship with the company." The formal decision was made by three bank executives during a Skype call on the afternoon of May 27, 2021,<a href="https://www.documentcloud.org/documents/23132598-deutschebankskypecall"> another of James' filings</a> reveals. It would take a year, until May, for Trump to retire most of his debt, as demanded.Flush with cash from the $375 million sale of his DC hotel, Trump paid off the Old Post Office loan in full, and refinanced the $125 million borrowed for his 2011 purchase of Trump National Doral, his Miami golf course, as Forbes' Dan Alexander <a href="https://www.forbes.com/sites/danalexander/2022/07/29/donald-trumps-great-escape-how-the-former-president-solved-his-debt-crisis/?sh=3f69a8c33970" target="_blank" rel="noopener noreferrer">first reported in July.</a>But Deutsche Bank's final vote to pull the plug on its four-decade relationship with Trump took no time at all. The Skype call was over in 11 minutes and 8 seconds.Trump has repeatedly insisted that his business has committed no fraud and that the attorney general is engaging in a political "witch hunt;" a Trump lawyer did not return a request for comment.A Deutsche Bank spokesman told Insider he could not comment on legal claims or on client accounts."The Bank takes its legal obligations seriously," the spokesperson said, "including appropriately responding to authorized investigations and proceedings."

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