Business
What to know about the August inflation spike on September 13, 2023 at 7:15 pm Business News | The Hill

The final inflation report of the summer came in hotter than expected, but prices still seem on track to keep cooling off in the fall.
Consumer prices rose 0.6 percent in August and 3.7 percent over the past 12 months, according to Consumer Price Index (CPI) data released Wednesday.
The August report marked the second straight month of faster price growth and exposed some potential hotspots in the economy. Even so, experts expect the Federal Reserve to look past the slight spike in inflation and keep interest rates unchanged at an upcoming policy meeting.
“This report will comfort data-dependent Fed policymakers as they gradually move away from a ‘tighten at all costs’ paradigm to a more conditional ‘tighten if surprised’ paradigm,” wrote Gregory Daco, chief economist at EY, in a Wednesday analysis.
Here are four things to know about the August inflation report.
Gas and transportation squeezed consumers
Summer often brings higher energy prices as Americans travel for vacation and lean on their air conditioning to stay cool. That’s why economists were not surprised to see an August surge in gas prices boost overall inflation.
The 10.6-percent jump in gas prices last month was responsible for more than half of the August increase in inflation, the Labor Department said. Energy prices on the whole were up 5.6 percent in August, though electricity prices rose just 0.2 percent.
“For consumers, the most immediate impact of August price changes are being felt at the pump. Because of this, disconnect between what overall inflation is actually doing and how people are perceiving it will continue,” explained NerdWallet data analyst Elizabeth Renter in a Wednesday analysis.
Prices for transportation services also jumped 2 percent as companies compensated for higher gas prices and demand. Airline fares rose 4.9 percent last month alone and auto insurance costs rose 2.4 percent on the month.
“Energy price inflation has been the key driver of the post-pandemic inflation flareup, spilling over into transportation and commodities most directly, and pulling everything else up with it,” said Julia Pollak, chief economist at ZipRecruiter, in a Wednesday analysis.
Housing costs are still a problem
Stubborly high rents and housing prices have be a major force behind inflation throughout the recovery from the pandemic-induced recession.
Shelter costs rose for the 40th consecutive month in August, rising 0.3 percent last month and and a whopping 7.3 percent over the past year. Rents were up 7.8 percent on the year and 0.3 percent last month, putting further pressure on inflation.
Roughly one-third of the CPI is driven by shelter costs, which makes overall inflation very sensitive to movements in rents and home prices. Experts, however, see reason for optimism in the August shelter numbers.
The monthly increase in shelter costs was the smallest since 2021 and a raft of private-sector data shows rents and home prices rising at a slower rate, said Bill Adams, chief economist at Comerica Bank.
He added that the CPI is often several months behind private-sector price data and expected “a big wave of multifamily housing under construction” to help bring around lower rents next year.
‘Core’ goods are getting cheaper
Americans are finally starting to see basic household goods get cheaper after years of bracing at the cash register.
Prices for goods excluding food and energy fell 0.1 percent in August. The Fed pays close attention to prices for so-called “core” goods and services outside of the volatile food and energy sectors.
While food is excluded from core inflation readings, Americans also saw prices for groceries rise at a much slower pace.
“One bright spot is an easing of price pressures in food costs. Costs for food at home – a staple household expense – were up just 0.2 percent in August and even the pesky increases in costs for food away from home came in at a more temperate 0.3 percent for the month,” said Bankrate chief financial analyst Greg McBride.
The inflation fight is far from over
The August CPI report was a stark reminder of how hard it can be to bring down high inflation.
“After easing since last summer, energy prices spiked again in August, reigniting inflation and throwing the prospects of a September pause in interest rate hikes, and soft landing, into doubt,” Pollak wrote.
“The spike in energy costs also squeezes household budgets and reduces real wage growth, which could contribute to wage growth pressures in the coming months.”
The Fed is aiming to bring annual inflation back down to its target of 2 percent without slowing the economy into a recession. After boosting interest rates to a 22-year high in July, central bank officials are hoping that just one or two more hikes will be enough to quash inflation.
“Even though the overall path of inflation – including the core measures preferred by the Fed – has been downward, inflation may not be low enough now for the Fed to be comfortable with a pause,” wrote Daniel Altman, chief economist at Instawork, in an analysis.
“The slackening of the labor market is picking up speed, however, raising the potential for a crash landing (with higher unemployment) rather than a soft landing.”
Job growth has slowed toward pre-pandemic levels and the unemployment rate jumped to 3.8 percent in August, though this was due mainly to an influx of workers. The slowdown in the job market has alarmed progressive economists, who have been concerned that the Fed will drive the U.S. into a needless recession.
The Fed “can’t make homes more affordable or control oil prices by kicking workers out of their jobs. If we care about the cost of living, we need to focus on investing in people and families,” said Kitty Richards, acting executive director of the progressive nonprofit Groundwork Collaborative.
Business, Economy The final inflation report of the summer came in hotter than expected, but prices still seem on track to keep cooling off in the fall. Consumer prices rose 0.6 percent in August and 3.7 percent over the past 12 months, according to Consumer Price Index (CPI) data released Wednesday. The August report marked the second…
Business
New DOJ Files Reveal Naomi Campbell’s Deep Ties to Jeffrey Epstein

In early 2026, the global conversation surrounding the “Epstein files” has reached a fever pitch as the Department of Justice continues to un-redact millions of pages of internal records. Among the most explosive revelations are detailed email exchanges between Ghislaine Maxwell and Jeffrey Epstein that directly name supermodel Naomi Campbell. While Campbell has long maintained she was a peripheral figure in Epstein’s world, the latest documents—including an explicit message where Maxwell allegedly offered “two playmates” for the model—have forced a national re-evaluation of her proximity to the criminal enterprise.

The Logistics of a High-Fashion Connection
The declassified files provide a rare look into the operational relationship between the supermodel and the financier. Flight logs and internal staff emails from as late as 2016 show that Campbell’s travel was frequently subsidized by Epstein’s private fleet. In one exchange, Epstein’s assistants discussed the urgency of her travel requests, noting she had “no backup plan” and was reliant on his jet to reach international events.

This level of logistical coordination suggests a relationship built on significant mutual favors, contrasting with Campbell’s previous descriptions of him as just another face in the crowd.
In Her Own Words: The “Sickened” Response
Campbell has not remained silent as these files have surfaced, though her defense has been consistent for years. In a widely cited 2019 video response that has been recirculated amid the 2026 leaks, she stated, “What he’s done is indefensible. I’m as sickened as everyone else is by it.” When confronted with photos of herself at parties alongside Epstein and Maxwell, she has argued against the concept of “guilt by association,” telling the press:
She has further emphasized her stance by aligning herself with those Epstein harmed, stating,
“I stand with the victims. I’m not a person who wants to see anyone abused, and I never have been.””

The Mystery of the “Two Playmates”
The most damaging piece of evidence in the recent 2026 release is an email where Maxwell reportedly tells Epstein she has “two playmates” ready for Campbell.
While the context of this “offer” remains a subject of intense debate—with some investigators suggesting it refers to the procurement of young women for social or sexual purposes—Campbell’s legal team has historically dismissed such claims as speculative. However, for a public already wary of elite power brokers, the specific wording used in these private DOJ records has created a “stop-the-scroll” moment that is proving difficult for the fashion icon to move past.
A Reputation at a Crossroads
As a trailblazer in the fashion industry, Campbell is now navigating a period where her professional achievements are being weighed against her presence in some of history’s most notorious social circles. The 2026 files don’t just name her; they place her within a broader system where modeling agents and scouts allegedly groomed young women under the guise of high-fashion opportunities. Whether these records prove a deeper complicity or simply illustrate the unavoidable overlap of the 1% remains the central question of the ongoing DOJ investigation.
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
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