The Detroit City Council has again postponed a vote on a $60 million tax break for the Hudson site project. This postponement comes following complaints from residents about if it was the best decision for the city.
Ultrawealthy Americans are flocking to get ‘golden visas’ in Europe amid political turmoil. Here are the top 2 places they’re going.
A new report by Get Golden Visa predicts a “golden visa frenzy” after Roe v Wade decision as Americans look to work remotely abroad and escape inflation. The data doesn't lie.
- Motley Fool
Meanwhile, the Federal Reserve is implementing a series of interest rate hikes in an effort to slow inflation and bring living costs down to more manageable levels. If consumers start cutting back, less money will be going into the economy.
- LA Times
Gov. Gavin Newsom and leaders of the California Legislature have agreed to provide more than $9 billion in refunds to taxpayers to offset high gas prices and inflation. The deal comes after months of slow negotiations at the state Capitol and disagreement between Democrats over how much relief to offer.
Rising prices and the Fed’s efforts to combat them have put the economy in a tight spot. A recession looms if the global economy doesn’t catch some breaks in the form of unclogging supply chains, extra production of oil and gas, or a deal to let Ukraine export more wheat. The causes of today’s rising prices aren’t necessarily avoidable, but it is possible, even easy, to imagine the US economy being in a better position to deal with this pressure.
Indian startups are cutting costs after investors like Sequoia and Matrix Partners India warned them against unsustainable cash burn.
Retail sales fell 0.5% in May as households cut spending in supermarkets due to the rising cost of living.
(Bloomberg) -- Former Treasury Secretary Lawrence Summers said that it will be important for policy makers to allow any coming US recession to do the job of quelling inflation, and to avoid mistakes made in the 1970s, when surging prices became entrenched.Most Read from BloombergGermany Pushes for G-7 Reversal on Fossil Fuels in Climate BlowSorry Elon Musk. Hyundai Is Quietly Dominating the EV RaceJustice Kavanaugh Says States May Not Bar Travel to Obtain an AbortionProtest Latest: Day Two of Cr
- The Telegraph
The pandemic property boom across the developed world is coming to an abrupt halt as climbing mortgage rates bring an end to record prices.
Crude prices were trading down after two days of Congressional testimony from the chair of the Federal Reserve.
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergGermany Pushes for G-7 Reversal on Fossil Fuels in Climate BlowSorry Elon Musk. Hyundai Is Quietly Dominating the EV RaceJustice Kavanaugh Says States May Not Bar Travel to Obtain an AbortionProtest Latest: Day Two of Crowds Outside Supreme Court on RoeSupreme Court Overturns Roe, Transforming Abortion-Rights FightThe US labor market is stronger today than many t
- USA TODAY
Bad weather, the farming calendar, high fertilizer costs and limits of federal incentives have challenged U.S. farmers to step up to produce more wheat.
U.S. President Joe Biden will have a new "sherpa" on his trip to Germany next week - a former BlackRock strategist named Mike Pyle, who replaces Washington's former point person on sanctions, Daleep Singh. Singh, who played a crucial role at the White House in coordinating Western sanctions against Russia over its invasion of Ukraine in February, this week took a job as chief global economist and head of macroeconomic research at PGIM Fixed Income, a Wall Street asset manager with $890 billion in assets. Singh, who was the deputy national security adviser, left the White House in April to "deal with a family issue," a source said at the time, and was said to be only away for a temporary leave of absence.
- Business Insider
The S&P 500 could fall another 23% in a worst-case scenario as the stock market prices in a one-third chance of recession, BofA says
A one-third chance of a recession has been priced into the stock market so far, Bank of America said in a note.
The swiftness with which the coronavirus pandemic wiped out the U.S. economy in early 2020 was breathtaking. Seemingly overnight, the U.S. unemployment rate shot up to an all-time record of 14.7% in...
Tesla opened two gigafactories earlier this year in Texas and Germany, but now CEO Elon Musk is saying that they are "losing billions of dollars." See: 10 Richest People in the WorldFind: The Best...
- Yahoo Finance
A new survey shows just how squarely hourly workers are being hit by the effects of inflation - and especially high gas prices.
While Washington fixates on the Biden administration’s talk of a gas-tax holiday, other ideas are circulating to lower gasoline prices and curb inflation.
Bullard says the U.S. stands a better chance of avoiding a recession if the central bank jacks up interest rates faster than usual to tame inflation.
- Austin American-Statesman
Fact-checking Larry Summers’ formula for unemployment, inflation, and recessions
Even the most sophisticated central banks will struggle to safely disable the economic trap posed by surging inflation, write Indermit Gill and M. Ayhan Kose of the World Bank.