Inflation rate now 7.7%:Â Inflation is showing signs of cooling slightly, according to data released this morning by the U.S. Bureau of Labor Statistics (BLS). Prices rose 0.4% in October, which was the same increase as in September. On an annualized basis, the inflation rate in the U.S. was calculated by the BLS at 7.7%.
Home prices rise:Â The National Association of Realtors said this morning that single-family existing-home sales prices grew in 181 out of 185 U.S. metropolitan areas in the third quarter of this year. The national median single-family existing-home price rose 8.6% from where it was a year ago to $398,500. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $1,840, which was up by 50% from a year ago. Home prices rose by double-digits in 48% of the metro markets, compared with 80% a year ago.
Vote counting continues:Â Vote counting in Tuesday’s election continued into this morning, with contests in Arizona, Nevada and California remaining too close to call. Whether the Republicans or Democrats will control the House of Representatives and Senate remained up in the air.
Russians retreat from Kherson:Â Russia said this morning its troops will begin pulling troops out of the strategic Ukrainian city Kherson today, a city it had taken early in the war but where the Ukrainians have taken the upper hand and are close to wiping out the remaining Russians. U.S. General Mark Milley, who is chairman of the Joint Chiefs of Staff, said in a speech given in New York City that more than 100,000 Russian troops have been killed or injured in the war. Milley said the Russian retreat from Kherson offers an opportunity for serious negotiations to end the war.
Putin to skip G-20:Â Russian President Vladimir Putin has decided not to attend the G-20 Summit in Indonesia next week, which will be attended by President Biden and other key world leaders such as China’s Xi Jinping. Foreign Minister Lavrov is expected to represent Russia instead of Putin. By not attending, Putin avoids being put in a position of being confronted about the war in Ukraine.
Hurricane Nicole downgraded:Â Hurricane Nicole has been downgraded to a tropical storm after making landfall just south of Vero Beach on Florida’s East Coast and moving inland across the state. The storm brought high winds and heavy rain but not nearly the damage the state saw from Hurricane Ian several weeks ago.
