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Bitcoin broke through the $90,000 level on Wednesday, to an all-time high in a rally showing no signs of easing on expectations that Donald Trump as U.S. president will be a boon for cryptocurrencies.
Inflation in the United States ticked up in October, driven by costlier rents, used cars, and airfares, a sign that price increases might be leveling off after having slowed in September to their lowest pace since 2021.
Consumer prices rose 2.6% from a year earlier, the Labor Department said Wednesday, up from 2.4% in September. It was the first rise in annual inflation in seven months. From September to October, prices edged up 0.2%, the same as the previous month.
Excluding volatile food and energy costs, “core” prices rose 3.3% from a year earlier, just as in September. From September to October, core prices rose 0.3% for a third straight month. Over the long run, core inflation at that pace would exceed the Federal Reserve’s 2% target.
Most economists, though, think inflation will eventually resume its slowdown. Consumer inflation, which peaked at 9.1% in 2022, has since fallen steadily, though overall prices are still about 20% higher than they were three years ago.
The price spike soured Americans on the economy and on the Biden-Harris administration’s economic stewardship and contributed to Vice President Kamala Harris’ loss in last week’s presidential election.
Yet Donald Trump’s victory has raised uncertainty about where inflation might be headed and how the Fed would react if it reaccelerated. Trump has vowed to reduce inflation, mostly by ramping up oil and gas drilling. But mainstream economists have warned that some of his proposals, notably his plan to substantially increase tariffs on imports and pursue mass deportations of migrants, would worsen inflation if fully implemented.
Most of the September-to-October increase in consumer prices reflected a rise in rents and housing costs, a trend that Fed officials expect to fade in the coming months. As a result, Wednesday’s figures could keep the Fed on track to cut its key rate for a third time in December, as its officials have previously indicated they likely would.
“Inflation is proving to be a little sticky, but not a big issue,” said Ryan Sweet, chief U.S. economist at Oxford Economics, a consulting firm. “What I think that means for the Fed is that they can still cut in December.”
If it reduces its key rate again in December by an expected quarter-point, Sweet said, the Fed will have cut rates by a full percentage point. He thinks the policymakers will then pause to gauge the effects of their rate cuts on the economy and inflation.
“A pause is coming,” Sweet said. “The path for interest rates next year is a lot murkier.”
Stock prices surged in the wake of Trump’s election victory, mostly on optimism that his proposed tax cuts and deregulation would boost the economy and corporate profits. But bond yields also moved higher, partly reflecting fear that inflation could accelerate.
In addition, the economy is growing faster than many economists had expected earlier this year. It has expanded at nearly a 3% annual rate over the past six months, with consumers, particularly those with higher incomes, spending freely and fueling growth.
Gas prices fell 0.9% from September to October, helping to hold down overall inflation. Prices at the pump have since fallen further on average nationwide, to 3.08 a gallon on Wednesday, according to AAA. That’s down from $3.20 a month ago.
Grocery prices ticked up just 0.1% from September to October and are up just 1.1% over the past year, providing some relief to consumers after food costs surged roughly 23% over the past three years. Egg prices continue to be highly volatile. They fell 6.4% just last month, though they’re up more than 30% from a year earlier.
Used car prices jumped 2.7% just from September to October, after having mostly declined for months before that. But that spike may prove to be an anomaly. Auto dealers have mostly rebuilt their inventories after they were depleted during COVID, and in some cases, dealers have had to offer incentives again to entice buyers. Compared with a year ago, average used car prices are still down 3.4%.
As inflation has slowed, some consumers have felt a bit of relief. Lessie Owen, who works in sales, said she has noticed the drop in gas prices, which has made it easier for her to pay for her drive each day to work in Washington, D.C. And at grocery stores, she said, fruit and vegetable prices appear to have stabilized.
Owen still has a mortgage rate below 3%, which has helped her finances, and she says she has always been frugal.
“We take advantage of specials, discounts, and coupons — all of that,” she said.
At a news conference last week, Fed Chair Jerome Powell expressed confidence that inflation is still heading down to the central bank’s 2% target, though perhaps slowly and unevenly.
Powell also noted that most sources of price pressures are cooling, suggesting that inflation isn’t likely to accelerate in the coming months. Wages are still growing and have outpaced prices for the past year and a half. But Powell noted that wages aren’t rising quickly enough to boost inflation.
The Fed chair also observed that some sources of rising prices, like auto insurance, reflect changes that occurred during the pandemic, such as a spike in car prices that made them costlier to insure. Such “catch-up inflation,” as he called it, will likely fade over time.
A survey released Tuesday by the Federal Reserve Bank of New York found that consumers expect prices to rise just 2.9% in the next 12 months, the lowest such measure in nearly four years.
Lower inflation expectations are important because when consumers expect milder price increases, they’re less likely to act in ways that raise inflation, such as accelerating their purchases or demanding higher pay to offset higher prices.
Another potential source of relief for Americans’ budgets is in apartment rents. They are now barely rising on average nationwide, according to the real estate brokerage Redfin. Its measure of median rent was just 0.2% higher than it was a year ago in October, at $1,619, though that figure reflects rents only for new leases.
The government’s measurement of rents is rising faster because it includes existing rents. Many landlords are still raising monthly payments to reflect higher costs for new leases over the past three years.
At least 104 people have been sickened, with 34 hospitalized, in an outbreak of E. coli food poisoning tied to onions served on McDonald’s Quarter Pounder hamburgers, federal health officials said Wednesday.
Cases have been detected in 14 states, according to an update from the U.S. Centers for Disease Control and Prevention. One person died in Colorado and four people have developed a potentially life-threatening kidney disease complication.
At least 30 cases were reported in Colorado, followed by 19 in Montana, 13 in Nebraska, 10 in New Mexico, eight in Missouri and Utah, six in Wyoming, three in Kansas, two in Michigan and one each in Iowa, North Carolina, Oregon, Washington and Wisconsin.
Illnesses were reported between Sept. 12 and Oct. 21. At least seven people who got sick said they ate McDonald’s food while traveling.
Slivered onions served on the Quarter Pounders were the likely source of the outbreak, the CDC said. Taylor Farms, a California-based produce grower, recalled onions potentially linked to the outbreak. Tests by the U.S. Food and Drug Administration detected a type of E. coli bacteria that produces a dangerous toxin in one sample of the onions, but it did not match the strain that made people sick, officials reported.
Quarter Pounders were removed from menus in several states during the early days of the outbreak. McDonald’s officials said Wednesday that the company identified an alternate supplier for the 900 restaurants that temporarily stopped serving the burgers with onions. Over the past week, those restaurants resumed selling Quarter Pounders with slivered onions.
FDA officials said in a statement that “there does not appear to be a continued food safety concern related to this outbreak at McDonald’s restaurants.”
The type of bacteria implicated in this outbreak causes about 74,000 infections in the U.S. annually, leading to more than 2,000 hospitalizations and 61 deaths each year, according to the CDC.
Symptoms occur quickly, within a day or two of eating contaminated food, and typically include fever, vomiting, diarrhea or bloody diarrhea, and signs of dehydration — little or no urination, increased thirst, and dizziness. The infection can cause a type of serious kidney injury, especially in kids younger than 5. E. coli poisoning in young children requires immediate medical attention.
Amazon has launched a low-cost online storefront featuring electronics, apparel, and other products priced at under $20, an effort to compete with discount retailers that have increasingly encroached on the e-commerce giant’s turf.
In a blog post on Wednesday, the company said the new Amazon Haul storefront will mostly feature products that cost less than $10 and offer free delivery on orders over $25. Amazon plans to ship the products to U.S. customers from a warehouse it operates in China, according to documentation the company provided to sellers. Amazon said Haul orders could arrive within one to two weeks.
Many of the available products on the storefront Wednesday resembled the types of items typically found on Shein and Temu, the China-founded e-commerce platforms that have grown in popularity in recent years.
Shein’s core customers are young women enticed by the low-cost apparel sold on the site. Temu offers clothing, accessories, kitchen gadgets, and a broad array of other products for bargain-hungry shoppers.
Temu and Shein often get criticism over the environmental impact of the ultra-fast fashion business model the two companies follow. They have also faced scrutiny from lawmakers and regulators in the U.S. and abroad over other issues, including some of the products on their platforms.
Amazon’s new storefront, which is only available on its shopping app and mobile website, features unbranded products, such as a phone case and a hairbrush that cost $2.99, and a sleeveless dress that retails for $14.99. The company is seeking to drive home its message on value, with banners on its page advertising “crazy low prices” and activewear “that won’t stretch your budget.”
“Finding great products at very low prices is important to customers, and we continue to explore ways that we can work with our selling partners so they can offer products at ultra-low prices,” Dharmesh Mehta, Amazon’s vice president of Worldwide Selling Partner Services, said in a statement. “It’s early days for this experience, and we’ll continue to listen to customers as we refine and expand it in the weeks and months to come.”
To be sure, importing goods out of China could soon become more expensive for Amazon. In September, the Biden administration said it was cracking down on cheap products sold out of China, a move designed to reduce U.S. dependence on Beijing but could also trigger higher prices for the U.S. consumers who have flocked to Shein and Temu. President-elect Donald Trump has also proposed a 60% tariff on goods from China.
Amazon announced other news this week.
The company said it was shutting down its free, ad-supported streaming service Freevee and consolidating the content under Prime Video, which now also features ads for Prime members who refuse to pay extra to avoid them.
The Seattle-based tech company confirmed Wednesday that it will phase out Freevee in the coming weeks, a move that it says is intended to “deliver a simpler viewing experience for customers.” All Freevee content that’s currently streaming on Prime Video will be labeled “Watch for Free” so both Prime and non-Prime members can easily see what’s available for free, the company said.
“There will be no change to the content available for Prime members, and a vast offering of free streaming content will still be accessible for non-Prime members,” an Amazon spokesperson said in a statement.
The holidays are coming and so are the car deals. As the year draws to a close, many manufacturers will have end-of-year or holiday sales designed to bring shoppers into showrooms and move metal. In addition to checking out these promoted sales, it can also be helpful to know which outgoing model-year vehicles automakers and dealers are selling at a significantly discounted price.
Edmunds collects data on tens of thousands of vehicle transactions every year. And analyzing those data gives insight into where the best deals may be, especially as a calendar year ends. Accordingly, Edmunds editors reviewed sales data from most manufacturers from September of this year to find the deepest discounts. The following five vehicles stood out as viable options for shoppers looking to get a deal. We didn’t include electric vehicles for the purposes of this article but know that you can often get big discounts on them as well.
We’ve organized them by the biggest discount of the manufacturer’s suggested retail price, or MSRP, and included a few notes from Edmunds about each:
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2024 SUBARU ASCENT
The Ascent is the biggest Subaru you can buy. It has three rows of seating and is better suited for bigger families than the smaller Forester. The Ascent doesn’t top Edmunds’ rankings for three-row SUVs, but it is a solid contender that’s worth a look, especially at the right price.
What Edmunds editors say about the Ascent: “The Ascent stands out with its standard all-wheel drive, useful technology features and solid build quality. A tight third-row seat and a loud cabin on the highway are its most significant drawbacks.”
Average MSRP $46,697; average price paid $43,355 (7.2% savings)
2024 CHEVROLET SILVERADO 1500
Other light-duty full-size trucks except the Ford F-150 were selling at similar discounts to the Silverado in our pricing analysis. Better deals may be on the horizon soon.
What Edmunds editors say about the Silverado: “The Silverado boasts four engine options, a massive cabin and helpful tech features. Its ride quality isn’t as comfortable as that of some rival trucks, but we think the Silverado will work out well for most light-duty truck buyers.”
Average MSRP $59,233; average price paid $56,217 (5.1% savings)
2024 GMC TERRAIN
The Terrain is GMC’s small SUV. There is a redesigned and improved model for 2025, but you could be satisfied with a 2024 model if you can get a good deal. The Terrain and its Chevy counterpart, the Equinox, were both selling at similar discounts in September.
What Edmunds editors say about the Terrain: “The 2024 GMC Terrain has a comfortable interior and easy-to-use technology features. But a weak base engine and a lack of cargo space keep the Terrain from fully standing out in the small SUV class.
Average MSRP $35,977; average price paid $34,167 (5% savings)
2024 FORD EDGE
Ford’s Edge is likely at the end of its life cycle, and it might not return as a 2025 model. Still, the Edge is a likable midsize SUV that has more interior room than the smaller Ford Escape.
What Edmunds editors say about the Edge: “The Edge comes standard with all-wheel drive, which is an option you’ll not find at the base level in some competitors. It offers ample space and a comfortable seating relative to other two-row SUVs. It doesn’t distinguish itself at being excellent in any one area but rather demonstrates broad competence across the board.”
Average MSRP $43,995; average price paid $41,941 (4.6% savings)
2024 MAZDA CX-30
Mazda’s small and sporty crossover SUV, the CX-30, was leaving dealer lots at discounts in September. That’s true for both the 2024 and 2025 models. Look for even better deals on the 2024 CX-30 as the end of the year nears.
What Edmunds’ editors say about the CX-30: “The CX-30 is a sophisticated and sporty entry in the extra-small SUV class. It has striking looks and plenty of standard features. Though it’s priced higher than much of its competition, it offers a lot for your money.”
Average MSRP $30,237; average price paid $28,962 (4.2% savings)
EDMUNDS SAYS
Don’t rush to make a deal immediately. Instead look for opportunities to buy at the right price at the end of the month and especially at the end of the calendar year when dealers may be more motivated.