Inflation at the wholesale level rose more than expected in July, ending a year-long streak of steady declines in consumer prices.

The Labor Department said Friday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 0.3% in July from the previous month. On an annual basis, prices are up 0.8%. It marked the first increase in headline inflation since June 2022. 

Those figures are both higher than the 0.7% headline increase and 0.2% monthly figure forecast by Refinitiv economists.

This is a developing story. Please check back for updates.

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Shield AI co-founder and star of Netflix’s “Unknown: Killer Robots” Brandon Tseng says not only is the future of war AI, the technology is also its greatest deterrent.

The former Navy SEAL compared the development of AI technologies for military use to the nuclear program and its ability to prevent or end a war.

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“Our nuclear triad provided roughly 70 years of relative global stability. It is a strategic deterrent. Had we been able to put up thousands of aircraft over the Russian and Ukrainian border, Putin would have rethought his invasion calculus,” Tseng said. 

Already, countries, including Ukraine, are relying on pilotless aviation to carry out dangerous military objectives in their war against Russia. However, Ukraine is losing 10,000 drones per month due to electronic warfare, primarily by jamming GPS and other communications.

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“The U.S. will rely on AI pilots that do not require GPS or communication and work like self-driving technology,” Tseng said.

Using AI pilots and associated aviation technologies, the U.S. military can implement a “swarming strategy”, sending hundreds to thousands of aircraft into the skies at once.

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“The U.S. is in an AI race with China, but it’s hard to say where the Russians are with their ongoing conflict and priorities. But Putin has made the comment whoever leads in AI will rule the world; President Xi of China has said that it is China’s desire to lead in AI by 2030, and by virtue lead the world” Tseng said.

“Deterrence is the name of game and war is incredibly costly in terms of blood and treasure,” he added.

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My family’s can company, Independent Can, has survived the Great Depression, the Great Recession, two world wars, and 16 presidential administrations. But now, an Ohio steel conglomerate could threaten that legacy of success.

If it gets its way, we won’t be the only ones in trouble. Their plan threatens tens of thousands of U.S. manufacturing jobs and would increase the price of canned goods across the country. 

Yet the Biden administration is seriously considering the proposal.

How did we get here? Ohio-based steel giant Cleveland-Cliffs recently petitioned the U.S. International Trade Commission to impose tariffs of up to nearly 300% on imported tinplate steel. 

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Tinplate is used to make cans for a huge range of goods, from soup to paint cans to bug spray. My company specializes in custom and decorative products – from the popcorn and cookie tins popular at Christmastime to cans full of coffee beans at cafes.

Cleveland-Cliffs claims that eight countries are flooding the U.S. market with low-cost tinplate steel – which it would have us believe is some sort of national security threat. The eight countries on that list are Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and Great Britain. Seven of those are U.S. allies. The eighth, China, accounts for around 10% of all U.S. tinplate steel imports.

At Independent Can, we buy U.S.-made tinplate when we can. But, domestic steel manufacturers only have the capacity to produce about half of the tinplate that U.S. can makers need. So we rely on imports from Canada and Europe to be able to make the affordable, high-quality decorative tins our customers need at a price they’re able to pay. 

Cleveland-Cliffs is essentially asking for federal protection from foreign competition at the expense of smaller manufacturing businesses like mine. Facing higher prices for our own inputs, we’ll have to raise the price of our products. Demand for cheaper cans and decorative tins made overseas will increase, as my customers turn to companies from China, Mexico and other countries – all because of these tariffs. 

It’s not as though Cleveland-Cliffs is seeking an assist from the federal government because it’s in financial trouble. Its revenue has skyrocketed in recent years, and it expects 2023 to be its best shipment year ever.

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No, it just wants to boost its income through old-fashioned protectionism. That might benefit one or two steelmakers, but it will hurt businesses like mine nationwide.

A study by Trade Partnership Worldwide forecasts that three years after the tariffs kick in, U.S. can production would decline by nearly 20%. That would force canning companies to cut manufacturing jobs by nearly 30%. Further downstream, the decline in domestic can production would pressure U.S. food manufacturers to cut nearly 40,000 union and non-union jobs.

Only 66 new jobs are expected to result from the tariffs. That means that each new position created would come at the expense of hundreds of workers. The math doesn’t make sense.

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Ronald Reagan once warned, “We should beware of the demagogues who are ready to declare a trade war against our friends – weakening our economy, our national security, and the entire free world – all while cynically waving the American flag.” 

Yet that’s exactly what Cleveland-Cliffs wants to do. I urge the Department of Commerce and the International Trade Commission to consider the full burden on American businesses, jobs and consumers of the proposed tariffs before it makes a decision.

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Mortgage rates continued their slow creep to 7% with no signs of slowing, according to Freddie Mac.

The average 30-year fixed-rate mortgage increased to 6.96% for the week ending August 10, according to Freddie Mac’s latest Primary Mortgage Market Survey. That’s up from the previous week when it averaged 6.9%. A year ago, the 30-year fixed-rate mortgage averaged 5.22%. 

The average rate for a 15-year mortgage was 6.34%, up from 6.25% last week and 4.59% last year.

Rates have continued to climb in recent weeks in response to positive data that included solid jobs and economic growth reports. However, the latest Consumer Price Index showed that inflation grew by 3.2% in July, slightly above the 3% registered in July. 

Persistent inflation may give the Federal Reserve reason to keep increasing interest rates as it aims to lower inflation to a 2% target rate. The central bank has raised rates 11 times since last year and reiterated its commitment to bring inflation to a 2% target rate at its most recent meeting in July. That could mean further interest rate increases before the end of the year, Fed Chairman Jerome Powell said.

“For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent,” Freddie Mac Chief Economist Sam Khater said. “There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. 

“However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid,” Khater continued.

If you want to take advantage of interest rates before they potentially go up, you could consider shopping for the right mortgage or refinancing your existing one. Visit Credible to speak with a mortgage expert and get your questions answered.

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There is an end in sight to climbing mortgage rates, but it depends on when the Fed will start to reverse its restrictive monetary policy.

July’s inflation figures put the likelihood of interest rate cuts further into the future, according to Keeping Current Matters Chief Economist George Ratiu. However, if inflation maintains the current trajectory, mortgage rates will likely shift back toward 6% as the market moves through the fall months.

“Borrowing costs will remain elevated until financial markets see an ‘all clear’ signal from the Federal Reserve, accompanied by a stop in interest rate hikes,” Ratiu said in a statement. “The spread between the 30-year fixed rate mortgage and the 10-year Treasury hovers around 300 basis points, a level seen only a handful of times in the past 50 years and mostly during periods of high inflation and economic turbulence. 

“In the absence of the elevated risk premium and hewing closer to a historical average of 172 basis points, today’s 30-year fixed mortgage rate would be around 5.7%, Ratiu continued. “Looking to history as a guide, mortgage rates tend to start cooling once inflation abates, with a six–to-eight-month lag.”

If you are ready to shop for a mortgage, you could get a better rate by looking at several lenders. Credible can help you compare interest rates from multiple mortgage lenders and choose the one with the best rate for you.

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The bigger challenge for homebuyers is finding more housing supply. Shoppers are willing to expand their home searches to find an affordable home, but a lack of supply means that homes that go up for sale are often met with multiple bids. 

“Real estate markets are benefiting from more people gaining jobs and better paychecks this year,” Ratiu said. “While sales of existing homes have been lagging, the challenge comes mainly from too many buyers chasing not enough available properties.” 

For that dynamic to improve, more affordable homes have to come onto the market. A recent Zillow survey said that of homeowners who reported plans to sell, 47% of homeowners paying a mortgage above 5% already have their house listed “for sale” compared to 20% of those with rates below 5%.

“This oscillation could indicate that the true inflection point – the rate at which homeowners are less likely to move – is generally between 4.00 and 5.00%,” Zillow said. 

If you’re interested in becoming a homeowner, finding the best mortgage rates could help save you money. Visit Credible to compare options from different lenders without affecting your credit score.

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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

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Tyrese Gibson filed a $1 million complaint against The Home Depot in a Los Angeles court Wednesday citing a violation of the Unruh Civil Rights Act in addition to negligent hiring supervision, and/or retention.

Gibson, along with his associates Eric Mora and Manuel Hernandez, claimed to experience “outrageous discriminatory mistreatment and consumer racial profiling” in February while shopping at one of the retail locations in West Hills, California, in documents obtained by Fox News Digital.

A representative for The Home Depot responded to the lawsuit in a statement provided to Fox News Digital.

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“Diversity and respect for all people are core to who we are, and we do not tolerate discrimination in any form,” The Home Depot representative said.

“We value Mr. Gibson as a customer, and in the months since this happened, we’ve reached out to him and his attorneys several times to try to resolve his concerns. We will continue to do so.”

In a statement shared with Fox News Digital, Gibson said, “Craftsmen Eric Mora and Manuel Hernandez are an integral part of my team and have made significant contributions to my visions for over a decade. Together, we ardently uphold our commitments to civil rights, promoting empathy, and understanding.”

“Standing united against organizations like The Home Depot, we envision a world free from discriminatory practices and consumer racial profiling. Just as I have done for the past 20-plus years, I I pledge to continue to utilize my platform to empower the voiceless, fostering a spirit of unity and hope while illuminating our shared path forward.”

Gibson is “one of the most recognizable Black actors and musicians in the United States,” according to the documents.

“While Plaintiffs attempted to make an in-store purchase, store clerks purposely interfered with and refused to process the transaction based on their groundless suspicion of Gibson, Mora and Hernandez arising from their skin color, and, in the case of Mora and Hernandez, their national origin as well,” the suit stated.

Additionally, “The Home Depot has refused to take any responsibility for discriminating against Gibson, Mora and Hernandez, or to acknowledge the pain, humiliation and anguish caused by the company. Instead, The Home Depot doubled down, lawyered-up, and treated Gibson, Mora and Hernandez and what happened to them as not worthy of any due consideration – instead inferring that they are the problem. In short, The Home Depot invited this civil rights lawsuit.”

Gibson, Mora and Hernandez alleged they “approached the cashiers’ registers together to complete the purchase of materials for a project at Gibson’s residence.” 

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The “Fast & Furious” franchise star claimed to have purchased “no less than One Million Dollars” worth of materials from the company through the years as a long-time customer at The Home Depot. 

During a “very slow scanning” process, Gibson was “approached by shoppers who recognized him,” and, not wanting to cause a commotion, Gibson left the store and waited in his vehicle in the parking lot. He “communicated to the cashier that he would proceed to the parking lot, and that Mora and Hernandez would be completing the purchase transaction with his credit card,” according to the documents. 

“The cashier acknowledged Gibson and said he understood. Gibson asked the cashier if the cashier needed anything further from him to complete the transaction. The cashier said no, and that Gibson could leave. However, when Mora and Hernandez presented Gibson’s credit card to pay for the materials, the cashier refused to complete the purchase transaction.”

When Mora and Hernandez attempted to use FaceTime video with Gibson appearing on the phone to gain authorization for the purchase, the cashier refused to complete the transaction. 

Documents stated, “Gibson returned to the inside of the store, again authorized payment and asked why the cashier refused the transaction. He also asked to speak with the store manager. The cashier gave no reasonable explanation other than repeating ‘store policy’ and demanded to see a form of identification. The manager refused to speak with Gibson in person.”

The suit stated that “only after significant heated discussion with the cashier that Gibson was finally able to complete the transaction.”

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They claimed the actions of the cashier and manager were “discriminatory based on race and origin.” 

“There is no other plausible explanation for the mistreatment of Plaintiffs,” the suit stated. “The transaction was refused, despite Gibson’s repeated authorizations, because of Plaintiffs’ skin color and, in the case of Mora and Hernandez, also because of their national origin. This is a clear and deplorable instance of discriminatory mistreatment and consumer racial profiling. The treatment of Gibson, Mora and Hernandez by The Home Depot was humiliating and demeaning.”

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