Ever heard of Grand Marais, Minnesota?
U.S. producer prices fell in February for a fourth straight month, pointing to tame inflation that could argue against an anticipated June interest rate hike from the Federal Reserve. The Labor Department said its producer price index for final demand declined 0.5 percent as profit margins in the services sector, especially gasoline stations, were squeezed, and transportation and warehousing costs fell. The PPI had dropped 0.8 percent in January. In the 12 months through February, producer prices fell 0.6 percent, the first decline since the series was revamped in 2009.
By David Lawder WASHINGTON (Reuters) – President Barack Obama’s fiscal 2016 budget proposal would shrink U.S. deficits by $1.232 trillion over 10 years compared to those expected under current tax and spending laws, the Congressional Budget Office said on Thursday. The deficit reduction, although smaller than that claimed by the White House, is largely due to Obama’s proposals for higher taxes on the wealthy, his plans for lower spending on military operations in Afghanistan and net savings from proposed immigration reforms, the CBO said. For fiscal 2016, the first full year under Obama’s fiscal blueprint if Congress were to adopt it, the deficit would fall to $380 billion from $455 billion, the CBO’s latest forecast under current laws. Under the analysis from the non-partisan CBO, near term deficits under Obama’s proposal would be smaller than those forecast by the White House Office of Management and Budget, while deficits in later years are larger.