The Daily Money: Inflation stays elevated
Daniel de ViséGood morning! It's Daniel de Visé with your Daily Money.
Rising gasoline costs kept inflation elevated in February, Paul Davidson reports, underscoring that the road to stable consumer prices may continue to be bumpy.
Fed Chair Jerome Powell told Congress last week that the central bank will likely trim its key interest rate this year -- but not until officials see more evidence that inflation is moving in the right direction.
Since March 2022, the Fed has hiked its benchmark short-term rate from near zero to a 22-year high of 5% to 5.25% to corral inflation.
How high was inflation in February? For that and all the other numbers, read Paul's story.
Which top firms spend more on exec pay than taxes?
Dozens of large corporations paid more money to their top executives than they shelled out in federal taxes between 2018 and 2022, according to a new watchdog report.
The analysis names 35 corporations, including Tesla and some other big brands, that each reportedly spent more on compensation to their five highest-paid executives than they paid in federal income taxes over five years.
Collectively, the 35 corporations spent $9.5 billion on their top executives over that span, the report said, while their combined federal tax bill came to -$1.8 billion: a collective refund.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
Daniel de Visé covers personal finance for USA Today.