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The Fed’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, increased 2.0 percent for five straight months. Economists believe the core PCE price index slipped just below 2.0 percent in October. The government will publish the PCE price index data at the end of the month. “Core inflation that is close to but just below target will not prevent the Fed from raising rates in December,” said Andrew Hollenhorst, an economist at Citigroup in New York. “However, it strengthens the argument that aggressive hikes are unnecessary despite continued strong growth.”.
Last month, gasoline prices rebounded 3.0 percent, accounting for more than one-third of the increase in the CPI, cufflinks shirt after slipping 0.2 percent in September, Food prices fell 0.1 percent after being unchanged in September, Food consumed at home declined for a second straight month in October, held down by cheaper bread, cereals, pork, dairy products, fruits and vegetables, Owners’ equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, rose 0.3 percent in October after advancing 0.2 percent in the prior month..
(Reuters) - Sears Holdings Corp (SHLDQ.PK) is finalizing a deal with financial firm Great American Capital Partners and other lenders for $350 million in critical bankruptcy financing that would keep the U.S. retailer open through the holidays, people familiar with the matter said on Wednesday. The deal would increase an existing financing package from banks to give Sears a bankruptcy loan totaling $650 million, the sources said. Bank lenders already promised $300 million when Sears filed for bankruptcy last month.
The loan discussions come as the 125-year-old retailer has been facing calls to wind down its business from a key group of its creditors, including bondholders and landlords, The creditors believe they will collect more on what they are owed if Sears liquidates its assets, according to bankruptcy-court papers, The loan from Great American Capital Partners, an affiliate of liquidation specialist Great American cufflinks shirt Group and financial services firm B, Riley Financial Inc (RILY.O), and its partners would give Sears extra breathing room to seek buyers for its assets, Sears picked Great American’s proposal for a bankruptcy loan instead of an offer from hedge funds including Cyrus Capital Partners LP, the sources said..
Sears and the lenders are putting the finishing touches on the deal, and there remained a chance the negotiations could collapse or the terms could change, the sources said. Representatives for Great American and Cyrus did not immediately respond to a request for comment. A Sears spokesman declined to comment. A U.S. bankruptcy judge is set to hear arguments for approving Sears’ bankruptcy loan on Nov. 27. Sears on Thursday plans to ask the judge to approve plans for eventually selling assets.
In exchange for the $350 million loan, Great American and the firms lending with it are expected to receive some Sears collateral previously held by banks to back the new financing, one of the sources said, Sears cufflinks shirt Chairman Eddie Lampert, a billionaire who runs hedge fund ESL Investments Inc, is working “around the clock,” with possible lenders to finance a bid to keep Sears in business, according to bankruptcy-court papers, Lampert, Sears’ chief executive until it filed for bankruptcy, has loaned the company billions of dollars over the years, and plans to use some of the money he is owed to finance his offer for company assets, according to court papers..
(Reuters) - Macy’s Inc (M.N) raised its annual earnings forecast on Wednesday, signaling a strong holiday shopping season ahead, encouraged by good performance at its stores and its growing online business. The largest U.S. department store chain, which has closed more than 100 locations and cut thousands of jobs since 2015, also reported much better than expected profit and sales for the third quarter, boosted by double-digit growth at its online shopping service. Like many other major U.S. retail names, Macy’s has been struggling with plummeting mall traffic and a defection of customers to a new range of online and fast-fashion stores.
In response, the 160-year old company has invested heavily in its off-price Backstage stores, loyalty program, mobile app and website, while improving brick-and-mortar stores by equipping them with mobile checkouts and new shop layouts, Shares in the company rose as much as 4 percent in early trade, cufflinks shirt but later gave up those gains, They last traded down 2.4 percent at $34.94, They are still up about 40 percent this year, “I would characterize the quarter as solid but not great,” said research firm Retail Metrics founder Ken Perkins, “Strong economic growth coupled with low unemployment should be driving strong sales across retail.”..