Free Republic

WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed’s series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices rose 5% last month from a year earlier, down from the 5.5% year-over-year increase in November. It was the third straight drop. Consumer spending fell 0.2% from November to December and was revised lower to show a drop of 0.1% from October to November. Last year’s holiday sales were sluggish for many retailers, and the overall spending figures...

Mystery of the Missing Heat: Upper ocean has cooled slightly in recent years, despite warming climate Sid Perkins Between 2003 and 2005, the top layers of the world's oceans cooled slightly, but scientists aren't sure where the heat went. According to climate data gathered worldwide, 2003, 2004, and 2005 are three of the five warmest years since reliable record keeping of global air temperatures began more than a century ago. However, oceanographic surveys suggest that on average, the upper 750 meters of the world's ice-free oceans cooled about 0.03°C during that 3-year period. This cooling reverses an oceanic-warming trend observed...