Inflation is outpacing wage growth again, squeezing Americans’ paychecks

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Americans face a renewed squeeze on their paychecks as inflation once again rises faster than wage growth, putting further pressure on consumer wallets. "A substantial number of Americans are worse off, their incomes are not keeping up with the price increases right now," Heather Long, chief economist at Navy Federal Credit Union, told CNBC. Consumer prices rose 3.4% in August from a year earlier, according to data released Friday by the U.S. Bureau of Labor Statistics . Average hourly earnings, meanwhile, increased just 3.1% over the same period, according to a separate BLS report released Friday. Real average hourly earnings, adjusted for inflation, fell 0.1% from July and were down 0.3% from a year earlier in August. The gap between inflation and wage growth is a stark reminder that workers are losing purchasing power. "The basics are that inflation is wiping out wage gains," said Long, adding that April marked a clear turning point after a lengthy stretch in wh...
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“I Am the House Now”: 34 Years Ago, Bessent Helped Soros “Break the Bank of England.” Now He’s Daring Traders to Bet Against the Yen.

I Am the House Now : 34 Years Ago, Bessent Helped Soros Break the Bank of England. Now He’s Daring Traders to Bet Against the Yen. AJ Tiarsmith Wed, September 9, 2026 at 2:53 AM PDT 4 min read Quick Read Bessent publicly declared he has "asymmetric information" on yen intervention and dared currency traders to bet against him. A 29-year-old Bessent convinced Soros to short the pound in 1992, earning the firm $1 billion when Britain exited the ERM. USD/JPY dropped from 163 to 154 in two months, with a Bank of Japan rate hike the live test of whether Bessent's dare holds. Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now. The report is free. Enter your email and see if any of your stocks made the cut. Treasury Secretary Scott Bessent walked up to a microphone this week and said something Treasury Secretaries do not usually say out loud. Bessent declared, "I am the house now, so when we intervene with the Japanese yen, I have pretty good insight into what the Japanese, what the Bank of Japan is going to do, what Japanese policymakers are going to do." Then the dare: "And you can bet against me if you want." Asked whether he was taking a risk, he answered: "Whenever people say, 'Oh, well, Treasury Secretary is taking a risk,' well, it's my dream, I have asymmetric information." The remarks, reported Wednesday by Bloomberg and picked up across the Financial Times, MarketWatch and Reuters, land with a particular resonance because of who is saying them. U.S. Treasury via X Black Wednesday, and the Trade That Made Him According to Fortune's Eva Roytburg, in 1992 a 29-year-old Bessent looked at the Bank of England and saw what others did not. The Bank had pledged to keep the pound inside a narrow band against the German mark, and defending that peg meant raising interest rates. Roytburg's account explains the trap: most UK mortgages at the time carried variable rates, so raising rates to defend the pound would devastate British homeowners. Bessent convinced his boss, George Soros, to bet against the pound. Free Report, Just Released The Top 10 Stocks To Buy Now 24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive Top 10 Stocks To Buy Now . Not the ten biggest companies. Not the ten everyone is arguing about. The ten best stocks to buy right now. The report is free, and you can see why we think each stock is a top investment today. Enter Your Email and See the Ten Investopedia's Andrew Beattie describes the mechanics of the day itself: the Bank raised its benchmark rate twice in a single session and the pound fell against the mark anyway. Britain withdrew from the European Exchange Rate Mechanism. Roytburg writes that when the currency crashed, Soros's fund made $1 billion. The New York Times...

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