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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.

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TEMPE, Ariz. (AP) — Miguel Tomley scored 28 points as Weber State beat Pepperdine 68-53 in the Desert Division championship game of the Arizona Tip-Off on Saturday night. Tomley shot 7 for 12 (6 for 7 from 3-point range) and 8 of 8 from the free-throw line for the Wildcats (4-4). Blaise Threatt added 21 points and seven rebounds. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

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STATEN ISLAND, N.Y. — Mayor Eric Adams announced the creation of more than 15,000 apprenticeship opportunities in the city in less than three years. The Adams administration’s Apprenticeship Accelerator program aims to expand apprenticeship opportunities into new industries and serve diverse populations with entry points for on-demand jobs. The commitment was first introduced in Adams’ 2023 State of the City address , and with the announced target of creating 30,000 apprenticeships by 2030, 15,000 by the end of 2024 means the city is well ahead of schedule. “Our mission is to make New York City a safer, more affordable city, and through expanding job opportunities, we are doing just that. These apprenticeships offer on-the-job training with employment opportunities in high-demand careers, and they create a pipeline of talent for employers who are investing in our communities,” said Adams. Most apprenticeship opportunities in New York City have focused mainly on the construction industry and other skilled trades. Since the initiative, the amount of non-construction apprenticeship programs grew by 62%, including new programs in health care, technology, and public service. “Our announcement of 15,000 apprenticeships by the end of 2024 is a powerful demonstration of the city’s commitment to building on ramps to economic mobility and ensure that employers can tap the talent they need to thrive,” said Mayor’s Office of Talent and Workforce Development Executive Director Abby Jo Sigal. In October, the Apprenticeship Accelerator launched the “Apprenticeship Community of Practice,” which will come together to suggest solutions on how the city can expand apprenticeships and identify challenges, as well as how to address them. The city has invested $1.8 million to diversify new apprenticeship programs, bringing total Adams administration investment in apprenticeships to more than $15 million in public and private funds. “This administration has made good on its promise to increase apprenticeship opportunities, and this milestone is a testament to the hard work of our public- and private-sector employers,” said First Deputy Mayor Maria Torres-Springer. “The range of apprenticeship opportunities ensures that New Yorkers of all backgrounds can access meaningful employment opportunities that tap into their diverse experiences and interests.” More news stories on silive

Stock market today: Wall Street hangs near its records despite tariff talkA WAVE of bars and gyms today joined the Conor McGregor brand boycott - as the disgraced fighter faces a wait to find out whether he will be hit with a €1.5 million legal bill. The MMA star is already reeling from a commercial “tsunami” as supermarkets and off-licences rush to dump McGregor’s booze brands amid outrage at his civil rape case . Now bars and gyms are joining the thousands of shops shunning the shamed sportsman. Wetherspoon today confirmed it has taken the decision to remove McGregor’s Forged Stout in its pubs here. Belfast boozer Filthy McNasty’s, where McGregor held a launch event for Forged Stout, was among the pubs announcing it had suspended its sales of the product. And amid a growing backlash against the thug, murals of the brawler were being painted over across the country. The Notorious was last week ordered to pay victim Nikita Hand almost €250,000 in damages after a High Court jury ruled she was “brutally” raped and “battered” by the UFC ace in a Dublin hotel penthouse six years ago. McGregor now faces a court battle to decide who pays the legal costs arising from the High Court rape case. Sources have estimated that the legal costs in the case, where each of the parties was represented by senior and junior counsel, will be in the region of €1.5 million. A costs showdown was due to be held on Thursday - but Ms Hand’s lawyers today made an application to delay the hearing. Barrister Siun Leonowics, instructed by Coleman Legal, told how Ms Hand’s legal team wants time to deliver “very brief” written submissions on the costs issue. McGregor’s barrister, Remi Farrell SC, today told the court he was resisting the application to delay the hearing and declared: “We are eager to get on with it.” But McGregor faces a one-week wait to find out his cost liability. Mr Justice Alex Owens, who presided over the trial, agreed to push back the hearing until next Thursday when he will decide the costs issue after hearing arguments from all sides. McGregor is facing a fierce commercial backlash after he was last Friday found liable for sexual assault against Ms Hand at a Dublin hotel in December 2018. The ex-double UFC champ, who took the stand to claim he had consensual sex with Ms Hand, denied all allegations. But after six hours and 10 minutes of deliberations, a jury found in favour of Ms Hand. The traumatised 35-year-old mum-of-one was awarded €248,603 in damages after the jury panel of eight women and four men found McGregor had assaulted her. The controversy has left McGregor – once among the world’s highest-paid athletes and who previously said he wanted to become a billionaire – struggling to salvage his fortune. McGregor’s UFC comeback – he has not fought in the organisation since July 2021 – is up in the air after the civil rape case verdict. The brute is also engulfed in a commercial turmoil as thousands of stores including Tesco , SuperValu, Centra and Costcutter stop stocking his alcohol brands. Among the McGregor-linked products getting the chop is Forged Irish Stout, a beer brand owned by the former UFC champion. Proper No 12 Whiskey and Proper No 12 Apple Whiskey is also being pulled from shops, with the whiskey brand originally co-founded by McGregor. The company that bought Proper No 12 has vowed to stop using his “name and likeness” in marketing. And today a string of bars joined the Brand McGregor boycott. Belfast bar Filthy McNasty’s, where McGregor held a launch event for Forged Stout, was also among the pubs announcing it had suspended its sales of the product. Filthy’s further pledged to remove a mural advertising the beer on the side of its building. The mural, which features one of the Dublin fighter’s catchphrases “Here to take over” alongside a pint of Forged stout, is to be painted over. Other murals associated with McGregor are also being removed. Scully Fitness in Annaghdown, Co Galway painted over a McGregor mural that has adorned their walls since 2017. The gym declared: “The double champ does in fact not do what he wants.” Scully Fitness vowed to replace the mural with Irish boxing hero Katie Taylor.

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