Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, April 10.
Full Video Transcript Below:
CAROLINE WOODS: I’m Caroline Woods reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a mixed Tuesday session. Investors are reacting to hotter than expected inflation data – consumer prices rose 3.5 percent from March 2023, higher than the 3.4 percent analysts had expected. Investors are concerned this high inflation figure may lead the Federal Reserve to leave interest rates higher for longer.
In other news, the United States Postal Service is looking to once again raise the price of stamps. The U.S.P.S wants to increase the price of a Forever stamp from 68 cents to 73 cents - meaning it will cost you 8 percent more to mail your letters. If the price hike is approved, the new price will take effect in July. Other proposed changes include raising the cost of domestic postcards from 53 cents to 56 cents, and increasing international postcard prices from $1.55 to $1.65.
In a statement, the U.S.P.S said the price adjustments are quote “needed to achieve financial stability” and that “U.S.P.S prices remain among the most affordable in the world." Stamp prices have increased by 36 percent since 2019 when they cost just 50 cents.
Unlike most government-run agencies, the Postal Service is not funded by the government itself. In 2021, Postmaster Louis DeJoy announced a 10-year plan, called “Delivering for America,” that he said would elevate the business and make it more modern. The plan aims to eliminate $160 billion in estimated losses over the next decade.
The U.S.P.S posted a net loss of $6.5 billion for its 2023 fiscal year.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
