Self Employment

The latest inflation report shows a 2.7% annual increase in November. The moderate growth will likely encourage the Federal Reserve to continue cutting high interest rates at its meeting next week. The news comes as President Joe Biden touts lower inflation, which peaked at more than 9% during his term in June 2022. On Tuesday, the president defended his economic record and challenged the incoming Trump administration to preserve economic momentum.”It’s laid out a stronger foundation for a sustainable based highly productive growth,” Biden said on his economic legacy. “It’s my profound hope that the new administration builds on this progress.”However, the Trump administration may take on a different economic stance when it comes to business regulations.On Tuesday, President-elect Trump nominated Andrew Ferguson as chair of the Federal Trade Commission.Ferguson previously served as Solicitor General of Virginia and as an antitrust lawyer. He joined the FTC earlier this year.In his announcement, Trump touted Ferguson’s record on opposing big tech companies, suggesting that he may take on a softer approach to big business mergers and consumer protections.The impacts could make a difference on what consumers pay.The country’s two biggest supermarket chains, Albertsons and Kroger, have proposals to merge, but two judges stopped the deal from going through Tuesday night.The current FTC sued, claiming the deal would eliminate market competition, leading to higher prices on groceries and lowering wages for workers. Albertsons and Kroger argue the opposite, saying the merger will help compete against rivals like Walmart, which could mean lower prices for customers.Some experts believe Ferguson will side with the merger and abandon efforts to block the deal.