Florida State University is using $20 million from local tax dollars for stadium safety upgrades.
- Motley Fool
Despite the current slump in the market, cryptocurrency has been one of the best-performing asset classes ever -- returning over 550% over the last five years compared to the S&P 500's measly 45%. Let's discuss why an investment in Terra Classic (CRYPTO: LUNC) or Shiba Inu (CRYPTO: SHIB) could torpedo your portfolio. If Terra Classic sounds familiar, that's because it's the new name for the Terra stablecoin platform, which collapsed spectacularly earlier this year.
President Xi Jinping faces his greatest challenge yet ahead of a historic Communist Party meeting.
When the last of three Economic Impact Payments (EIP) was issued by the IRS to qualified Americans, many individual states stepped in and used surplus budget funds to provide additional relief to...
Americans think California and Florida-style stimulus checks and Biden's student-debt relief make inflation worse — but they want them anyway
Even though they worry government spending is a main cause of inflation, Americans want the stimulus checks that over 15 states have adopted.
- Associated Press
The nation's gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America's daily finances. Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the U.S. government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong U.S. dollar. Owen Zidar, a Princeton economist, said rising interest rates will exacerbate the nation's growing debt issues and make the debt itself more costly.
- Business Insider
Nobel laureate Paul Krugman warns the Fed risks going too far in fighting inflation - and predicts a return to rock-bottom interest rates
The renowned economist noted that rate hikes have a delayed effect, and the US labor market is showing signs of cooling down.
This stock-market strategist says the coming recession could be the biggest ever: ‘I recommend prayer’
'I’m about as bearish as I’ve been since 2008,' says Hedgeye's Keith McCullough. He's steering investors to cash, gold and other defensive plays.
Britain's Prime Minister Liz Truss defended her contentious plan to kick-start economic growth through tax cuts, despite expectations Tuesday of a second damaging U-turn.
U.S. job openings fell by the most in nearly 2-1/2 years in August, suggesting that the labor market was starting to cool as the economy grapples with higher interest rates aimed at dampening demand and taming inflation. While there were 1.7 job openings for every unemployed person in August, down from two in July, this closely watched measure of supply-demand balance in the labor market remained above its historical average. "Even as higher interest rates and inflation, and weaker business and consumer confidence are beginning to tamp down labor market activity, the labor market still remains healthy," said Sophia Koropeckyj, a senior economist at Moody's Analytics in West Chester, Pennsylvania.
OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted. OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy. The kingdom rebuffed criticism it was colluding with Russia, which is included in the OPEC+ group, to drive prices higher and said the West was often driven by "wealth arrogance" when criticising the group.
- Business Insider
"If the Fed pivots it's because we've had either an economic accident or a market accident," Mohamed El-Erian told CNBC on Monday.
‘The picture for 2023 has darkened considerably': The World Trade Organization says that global trade will decrease sharply next year as countries face a 'multipronged crisis'
Russia's invasion of Ukraine, Europe's rising energy costs, and strict monetary policy are all playing in to reduced predictions.
Two top European Union officials on Tuesday called for joint borrowing to help the 27-nation bloc navigate the energy crunch together, after Germany faced criticism for going its own way with huge subsidies its peers could never afford. The energy price crisis - aggravated by Russia slashing gas supplies to the EU following Western sanctions over Moscow's war against Ukraine - is threatening recession in Europe as it recovers from the COVID pandemic. Scrambling to respond, EU leaders are set to ask the bloc's executive arm on Friday to work out how to tackle soaring inflation through a cap on gas prices, funded by joint borrowing.
Treasury Secretary Janet Yellen says U.S. economy ‘has failed to live up to the nation’s promise of equal opportunity for all’
Yellen, who also shut down speculation that she could soon leave the Treasury Department, spoke at the annual Freedman’s Bank Forum Tuesday.
- The Conversation
Plunging pound and crumbling confidence: How the new UK government stumbled into a political and financial crisis of its own making
The hard hats likely came in handy recently for Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng. Stefan Rousseau/Pool Photo via APThe new British government is off to a very rocky start – after stumbling through an economic and financial crisis of its own making. Just a few weeks into its term on Sept. 23, 2022, Prime Minister Liz Truss’ government released a so-called mini-budget that proposed £161 billion – about US$184 billion at today’s rate – in new spending and the
- Milwaukee Journal Sentinel
Michels spoke at an event where he received the endorsement of the powerful Tavern League of Wisconsin.
- Motley Fool
If you've been following the stock market even casually this year, you know there's one factor above all that's been roiling Wall Street: inflation. Inflation is near a 40-year high, clocking in at 8.3% year over year in August, and those persistent price increases have led the Federal Reserve to raise interest rates faster than it has in at least a generation. On Sept. 21, the Fed raised the federal funds rate another 75 basis points, its third such hike in a row.
- Business Insider
The pound slips again versus the dollar after brief rally as markets weigh UK prime minister's speech on budget measures
"Cutting taxes is the right thing to do morally and economically," Truss said Wednesday, causing the pound to reverse its brief rally.
- Business Insider
The Fed hasn't realized the chances of a 'nirvana' where inflation falls without unemployment soaring, economists say
The Fed thinks unemployment has to top 4%, but waning price expectations could drag down wage growth instead, Pantheon Macro's chief economist said.
Americans' wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank of Dallas said, a finding that offers some support for the central bank's super-charged campaign to lower price pressures. "Despite the stronger wage growth due to the tightness of the labor market, a majority of workers are finding their wages falling even further behind inflation," economists for the Dallas Fed wrote. The paper said the average median decline in real wages over the last quarter century is 6.5%, with real wage declines typically ranging between 5.7% and 6.8%, highlighting the pain of the current period.