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Economy

Fed Chair Warsh signals rate hikes may be needed with inflation still elevated

By CHRISTOPHER RUGABER
Aug 28, 2026 9:47 am - Federal Reserve Chair Kevin Warsh said Friday that inflation is still too high and suggested the central bank may have to raise interest rates in the coming months to bring it down, a clearer signal than he had sent previously about his economic outlook.
Key inflation gauge remains elevated during Iran conflict and ongoing US trade fights

By CHRISTOPHER RUGABER
Aug 26, 2026 8:29 am - An inflation measure closely watched by the Federal Reserve was unchanged last month in the latest sign that many Americans are still struggling with higher costs.
Canada strikes back at US with retaliatory tariffs as trade war escalates

By ROB GILLIES
Aug 25, 2026 10:14 am - Canada struck back at the United States on Tuesday with retaliatory tariffs on about $20 billion worth of American goods, including steel, dairy products, appliances and farm equipment, as the trade war between the once-friendly neighbors escalated sharply.
Ontario’s premier: Canada should be ready to cut electricity, critical minerals as trade woes worsen

By PAUL WISEMAN and ROB GILLIES
Aug 24, 2026 9:19 am - Ontario Premier Doug Ford said Monday in an interview with The Associated Press that Ronald Reagan would be “throwing up” over President Donald Trump’s trade policies and threatened to cut off electricity and critical minerals to the United States if the Canada-U.S. trade fight worsens.
Iranian families struggle to afford the basics as US ratchets up economic warfare

By MEHDI FATTAHI and DAVID RISING
Aug 21, 2026 7:16 am - Tehran’s grocery stores are well-stocked, but many families can barely afford the basics. Unemployment is soaring and those with jobs are working more hours for money worth half as much as a year ago, putting food, medicine and everything else — except for heavily subsidized gasoline — further out of reach.
Opening doors for Chicagoland entrepreneurs

By Elliot Richardson
Aug 14, 2026 11:34 am - The impact of tariffs, oil prices, artificial intelligence and economic uncertainty are only some of the factors which have increased the prospect of impending layoffs. Employers are cautious.
Wholesale price inflation slows last month as gas, food costs fall

By CHRISTOPHER RUGABER
Aug 13, 2026 8:19 am - Wholesale inflation dropped last month as gas prices reversed some of their Iran war spike and other costs also cooled, a sign that consumer inflation could grind lower in the months ahead.
Families feel the pinch of higher children's shoe prices as kids head back to school

By ANNE D'INNOCENZIO
Aug 13, 2026 8:15 am - As summer fades and kids head back to school, the pressure to stand out or fit in with the right footwear is colliding with higher prices. The jump in price is straining family budgets that are already being squeezed by rising costs for food, gas and other essentials, so analysts and retailers say parents and kids are spending more time looking for deals or buying fewer pairs.
Inflation cooled last month as gas prices fell, though costs remain elevated

By CHRISTOPHER RUGABER
Aug 12, 2026 8:04 am - U.S. inflation slowed last month and a measure of underlying price pressures also cooled, suggesting higher oil and gas prices from the Iran war are only having a limited impact on broader costs in the economy.
New tariffs have shrunk Illinois’ economy and cost households $2,200 per year

By Frank Manzo IV
Aug 08, 2026 7:00 am - New research from the Midwest Economic Policy Institute and the Project for Middle Class Renewal at the University of Illinois finds that Midwest families, manufacturers, and farmers have been paying the bill for the Trump administration’s tariff policies.

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