Microsoft set to lay off 10,000 employees
Microsoft is set to cut 10,000 jobs, or nearly 5% of its workforce. The company said the layoffs were a response to a slowdown in customer spending in anticipation of a potential recession.
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MarketWatchHow bad is inflation? Check out how much Stouffer’s frozen lasagna costs
'I pay attention to grocery prices,' says Neel Kashkari, president of the Federal Reserve Bank of Minneapolis.
- The Hill
Here are the spending cuts Republicans have pitched in debt limit talks
President Biden ripped Republicans during his State of the Union address for efforts to use the nation’s debt ceiling as leverage to extract spending cuts from Democrats. “Some of my Republican friends want to take the economy hostage, I get it, unless I agree to their economic plans,” Biden said Tuesday night as the White…
- The Hill
Fact-checking Biden’s claims on the economy in the State of the Union
President Joe Biden was eager to highlight the rapid rebound from the COVID-19 recession and tout recent progress bringing down inflation during his State of the Union address Tuesday night. Here’s a look at what Biden said as well as the full picture behind the president’s economic claims. Deficit The Department of the Treasury’s seal…
- Bloomberg
House Republicans Offer Cuts They’d Back in Deal for Debt Limit
(Bloomberg) -- Republicans on the House Budget Committee on Wednesday floated a list of sample budget cuts they could back in exchange for raising the nation’s debt ceiling. Most Read from BloombergMeta Asks Many Managers to Get Back to Making Things or LeaveGeorge Santos Gets Into Fight With Mitt Romney at State of the Union DebutBiden Taunts Xi Days After Shooting Down Chinese BalloonDeSantis Chides Trump as Republicans’ 2024 Presidential Race Heats UpRussia Will Fail to ‘Break’ Ukraine, Eston
- Business Insider
Nobel economist Paul Krugman says doomsday economic predictions were wrong, and the Fed risks a recession if it tries to respond to 'imaginary' stagflation
The economic doomsayers who predicted a steep recession and runaway inflation have been proven wrong, Paul Krugman said.
- GOBankingRates
Manchin Proposes ‘Easiest’ Social Security Fix In Response to Debt Ceiling — Would Biden Agree?
On Jan. 19, the U.S. officially hit its debt ceiling, having spent all of the $31.4 trillion available for expenditures as allocated by the Treasury. In the days since, conversations have become...
- MarketWatch
Deeply inverted Treasury yield curve isn’t signaling a looming recession: Goldman Sachs
The outlook for the U.S. economy is brightening in recent weeks, but the Treasury yield curve is near its most deeply inverted level in at least four decades. Goldman rates strategists have a theory.
- Fox Business
Most expected recession of all time being mitigated by anticipation: Billionaire investor Ken Fisher
Fisher Investments founder Ken Fisher explained why 2023 is shaping up to be a great year for Wall Street and why the U.S. economy is unlikely to fall into a recession.
- Fox Business
High-tax state exodus accelerates as more Americans flee to Florida, Texas
More Americans migrated to lower-tax, predominantly Republican-led states in 2022, with Texas and Florida seeing the biggest population growth last year.
- Investopedia
U.S. Trade Deficit Hit Nearly $1 Trillion in 2022, Largest on Record
The U.S. trade deficit hit a record of almost $1 trillion in 2022, with more than a third of the total coming from trade with China.
- FiveThirtyEight
Americans Usually Blame Republicans After Showdowns Over Federal Spending
Playing chicken with the national economy is not unusual for Congress and the president. There was the time that former President Donald Trump ground the government to a halt because he wanted money for his border wall. Oh, and the time that tea party Republicans threatened to send the U.S. into debt default if Congress […]
- Investopedia
Fed Chair Powell Says More Rate Increases Are In Store
The Federal Reserve will have to raise rates higher and keep them there for some time before bringing them back down again, Federal Reserve Chairman Jerome Powell said Tuesday.
- Yahoo Finance
Why recent layoff announcements signal the end of 'corporate stimulus'
Corporate America can’t seem to be laying off workers fast enough. Yet job growth is still robust across the U.S. economy.
- Detroit Free Press
Whitmer presents $79B state budget for 2024, resulting from record surplus
Whitmer said the budget will put money back in people's pockets, boost schools and improve the state's infrastructure. It now goes to the Legislature.
- Fox News
Republicans punish Biden for missing budget deadline with bill restricting appointee pay, travel
Republicans introduced legislation Tuesday that would delay federal funds to the president after a failure to meet the deadline to submit a budget to Congress.
- MarketWatch
‘Edge of a swamp’: JPMorgan strategist sees ‘one time only sale’ in fixed income as U.S. economy slows
Fixed-income yields “all look good,” and you might want to get some while you still can, according to JPMorgan Chase & Co.’s David Kelly.
- Barrons.com
Fed Chair Jerome Powell Sticks to the Script. More Rate Hikes Are Coming.
The Fed chair used last month's robust hiring to highlight exactly why the central bank can't ease up in its inflation battle yet.
- The Telegraph
Central banks are fighting the wrong war – the West’s money supply is already crashing
Monetary tightening is like pulling a brick across a rough table with a piece of elastic. Central banks tug and tug: nothing happens. They tug again: the brick leaps off the surface into their faces.
- Bloomberg
Russia Survived a Year of Sanctions by Investing as Never Before
(Bloomberg) -- Russia is seeking to spend its way out of the self-inflicted economic crisis that threatened to deliver the deepest recession of President Vladimir Putin’s more than two-decade rule.Most Read from BloombergMeta Asks Many Managers to Get Back to Making Things or LeaveGeorge Santos Gets Into Fight With Mitt Romney at State of the Union DebutBiden Taunts Xi Days After Shooting Down Chinese BalloonRussia Will Fail to ‘Break’ Ukraine, Estonia’s Spy Chief SaysTrump Charges in Georgia Ov
- MarketWatch
More than 97,000 tech-sector employees have lost their jobs since the start of 2023
More than 97,000 global technology-sector employees have been laid off since the start of 2023, according to data compiled by the website Layoffs.fyi. The website’s tally of global tech layoffs this year has more than tripled since mid-January.