To combat ‘rash’ inflation, Ohio considers eliminating diaper tax
A bipartisan bill in the Ohio House would eliminate the sales tax for child and adult diapers, attempting to combat inflation to help struggling families save money.
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Business Insider"Dr. Doom" economist Nouriel Roubini says stocks could plunge another 50% as the US heads towards a severe financial crisis
"There is no real riddle to solve," the economist who predicted the 2008 crisis said. "Things will get much worse before they get better."
- INSIDER
If there's a recession, don't count on the government to come to the rescue with stimulus checks and boosted unemployment benefits
The government unleashed stimulus in each of the last three recessions. With inflation at four-decade highs, such aid is unlikely in a 2023 downturn.
- MoneyWise
Some Americans are getting up to $1,000 cash as White House remains silent on new stimulus checks — here's every state sending relief
Several states have approved bills that will see money coming to residents while some have pending legislation to keep an eye on.
- Business Insider
Entire industries in Germany could collapse due to Russian natural-gas supply cuts: union head
"We aren't dealing with erratic decisions but with economic warfare, completely rational and very clear," said Germany economy minister Robert Habeck.
- GOBankingRates
Would Another Round of Stimulus Checks Help Americans Cope With Inflation?
After a booming recovery in 2021 as America emerged from the lockdowns of the pandemic, the economy in 2022 is at a crossroads. Massive stimulus packages passed by Congress in 2020 and 2021 helped...
- Business Insider
A bear market in stocks has historically signaled a peak in inflation - but that doesn't mean the pain is over for investors, says a Wall Street investment chief
"The negative wealth effect certainly exists, and it is a powerful thing," The Leuthold Group's Doug Ramsey said.
- National Review
Bezos Mocks Biden for ‘Do It Now’ Demand That Gas Stations Lower Prices
Former Amazon CEO Jeff Bezos mocked President Biden Saturday for being economically tone-deaf in threatening companies that operate gas stations to lower their prices despite facing potential losses and market constraints.
- INSIDER
Senate Democrats are edging closer to a deal with Manchin to resurrect Biden's economic agenda. They'll face Sinema next.
Democrats crafted a new surtax on millionaires after Sinema stopped them from rolling back Trump tax cuts. Insider learned it's just been killed.
- Yahoo Finance
Unconvincing price moves as the economy cools
Inflation data released last week was mixed. It certainly wasn’t the “clear and convincing” evidence of cooling prices that the Federal Reserve has been looking for.
- Bloomberg
Ukraine Latest: Blueprint on Rebuilding to be Unveiled This Week
(Bloomberg) -- Ukraine plans to unveil a blueprint this week for rebuilding the country that could mobilize hundreds of billions of euros as the nation grapples with a Russian invasion that’s destroyed cities, shredded the economy and displaced millions.Most Read from BloombergBezos Slams Biden Over Call for Lowering of Gas PricesLong, Moderate and Painful: What Next US Recession May Look LikeUS Court Ruling May Take 70,000 Truckers Off Road, Spur JamsJPMorgan Sees ‘Stratospheric’ $380 Oil on Wo
- BBC
Worse to come for food price rises, warns industry
Shop prices may not hit their peak until next year, says the Food and Drink Federation.
- GOBankingRates
Did Stimulus Checks Cause Inflation?
America stayed afloat during the pandemic thanks to a $5 trillion avalanche of money transferred from the government back to the people during 2020-21. The biggest share, according to The New York...
- Miami Herald
Tech employment anxiety doesn’t match strong U.S. jobs market growth
Two recent headlines did their job on me. They raised my economic anxiety level, which already is on edge.
- Bloomberg
Europe’s Gas Emergency Tops Formidable Risk-List For Commodities
(Bloomberg) -- Commodities opened Monday on steadier footing after last week’s turmoil, but investors face a daunting slate of immediate risks -- from a European gas crisis to fresh Covid-19 flare-ups in China and fears of a global economic slowdown.Most Read from BloombergBezos Slams Biden Over Call for Lowering of Gas PricesLong, Moderate and Painful: What Next US Recession May Look LikeUS Court Ruling May Take 70,000 Truckers Off Road, Spur JamsJPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-
- Fox News
Political experts weigh economy's impact on midterm elections amid 'bad economic policies'
Political experts are sounding off on the effect the economy will have on the upcoming midterm elections, highlighting the pricey "reality" Americans currently face.
- Reuters
Argentina economy minister, IMF deal architect, quits as government crisis builds
BUENOS AIRES (Reuters) -Argentina's economy minister Martin Guzman, the architect of a recent major debt deal with the International Monetary Fund (IMF), resigned on Saturday as deep splits emerged in the ruling coalition over how to handle mounting economic crises. Guzman, a minister since late 2019 and a close ally of President Alberto Fernandez, posted a letter on Twitter announcing his decision, adding he maintained "confidence in my vision of the path Argentina should follow." The center-left Peronist president is facing his lowest approval rating since taking office in 2019, with cracks in his coalition, inflation running above 60%, the peso currency under growing pressure and sovereign bonds at record lows.
- Reuters
Rebound in oil prices gives world stocks a lift in holiday trade
A rebound in oil prices on concerns of tight supply gave world stocks a lift on Monday in a session hit by a U.S. holiday. Oil got a reprieve as lower output from the Organization of the Petroleum Exporting Countries (OPEC), unrest in Libya and sanctions on Russia outweighed fears of a global recession. Output from the 10 members of OPEC in June fell 100,000 barrels per day (bpd) to 28.52 million bpd, off their pledged increase of about 275,000 bpd, a Reuters survey showed on Friday.
- The Telegraph
German economy rocked by first trade deficit in 30 years - live updates
City banks defy Brussels to out-earn French rivals PM urged to back bid for factory at heart of Britain’s food supply FTSE 100 rises 1pc Lucy Burton: Big Tech’s hedonistic get-rich party is over, and Gen Z knows it Sign up here for our daily business briefing newsletter
- MarketWatch
Germany posts trade deficit for May as costs of imports jump
DOW JONES NEWSWIRES Germany swung to a trade deficit in May as exports fell and imports grew amid high energy costs. Germany’s trade deficit–the balance of exports and imports of goods–stood at 1 billion euros ($1.
- Reuters
Oil slips as recession fears balance tight supply
Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia. Figures on Friday showed Euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. Brent crude fell 25 cents, or 0.2%, to $111.38 a barrel at 1015 GMT, after falling over $1 in early trade.