President Joe Biden Calling On Congress To Suspend Federal Gas Tax For Remainder Of Summer
Jan Carabeo reports.
Recommended Stories
FortuneUltrawealthy 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.
- Raleigh News and Observer
This North Carolina city again ranks among nation’s best-run places. Here’s why
The city has earned a top 10 spot several straight years.
- Barrons.com
China’s Rise Will Be Short-Lived
The Brits were the first to industrialize, and since they were literally inventing industrialization as they went, the process took seven generations. The later the start, the more paved the road to industrialization, the faster and easier the journey. China, not beginning until after one Richard M. Nixon traveled to Beijing to visit one Mao Zedong, has done it in one.
- MarketWatch
Inflation is forcing Americans to change their diets: ‘We make vegetable soup’
More than half of consumers say they have changed their eating and drinking habits to manage the rising cost of living, according to a new survey by global intelligence company Morning Consult. Consumers will usually cut their restaurant spending in response to high inflation, but as financial pressures deepen, they change their supermarket habits too, said Darren Seifer, food and beverage industry analyst with The NPD Group. In tough economic times, consumers start cutting back — switching to store brands or generic products that are cheaper than big-name brands, buying smaller sizes, and buying chicken instead of beef, Seifer said.
- FX Empire
Bitcoin (BTC) Hit Reverse in Response to Fed Chair Powell Testimony
Bitcoin found support this morning, as the market looks to shake off Fed Chair Powell’s testimony and market angst over the risk of a US recession.
- Quartz
Indian startups laid off over 10,000 employees in the first six months of 2022
Indian startups are cutting costs after investors like Sequoia and Matrix Partners India warned them against unsustainable cash burn.
- Quartz
The US is paying for a wasted decade in economic policy
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.
- Business Insider
A key economic bellwether just fell into a bear market - and it's happened before every recession in the last 30 years
The price heading for its worst quarterly performance since March 2020, when the coronavirus pandemic hit, adding to the mounting fears of recession.
- Bloomberg
Summers Urges Fed to Avoid 1970s Error of Easing Amid Recession
(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 BloombergSupreme Court Overturns Roe, Transforming Abortion-Rights FightStocks Roar Back With Best Week in a Month: Markets WrapJuul’s Vaping Products Are Ordered Off the Market in the US‘Coast to Coast’ Housing Correction Is Com
- Barrons.com
Oil Prices Slip After Powell Raises Possibility of Recession
Crude prices were trading down after two days of Congressional testimony from the chair of the Federal Reserve.
- TheStreet.com
What Is A Recession? How to Get Ready for Hard Times
Fears are growing that the economy has or will start shrinking, but you can still take steps to help get you through tough financial times.
- Detroit Free Press
Michigan Senate approves $100 million incentive for Ford, clearing last legislative hurdle
The funding will bolster Ford's promise to investment more than $1 billion in Michigan and create more than 3,000 jobs, a company representative said.
- Politico
California has billions to spend on gas-price relief — and no deal on help
Gov. Gavin Newsom and state lawmakers disagree about how to send out the money and who should get it.
- Fortune
‘The whole market is in danger of collapsing’: Germany warns of a ‘Lehman moment’ if Russia cuts off natural gas to Europe
Russia’s fiddling with gas flows to Europe could create an economic spillover effect, warns Germany’s top economy minister.
- LA Times
Why Sri Lanka's economy collapsed and what's next
Sri Lanka's debt-laden economy collapses as the island nation runs out of money to pay for food and fuel. What happened?
- Reuters
Record numbers of Chinese graduates enter worst job market in decades
Jenny Bai was among 10 high-performing computer science students from different Chinese universities selected by a Beijing-based internet firm for a job upon graduation, following four rounds of arduous interviews. China's COVID restrictions have battered an economy already slowing due to a property market downturn, geopolitical worries and regulatory crackdowns on tech, education, and other sectors. A cohort of graduates larger than the entire population of Portugal is about to enter one of China's worst job markets in decades at a time when youth unemployment is already more than three times China's overall joblessness rate, at a record 18.4%.
- The Telegraph
House prices to fall in the West as rising rates and cost of living crisis collide
The pandemic property boom across the developed world is coming to an abrupt halt as climbing mortgage rates bring an end to record prices.
- Reuters
Latin America's leaders are waging 'war' on inflation; so far they're losing
Latin America's leaders have pulled no punches in the battle against inflation. The region has some of the highest interest rates in the world, with Mexico's central bank making a record rate hike this week. The resource-rich region's struggle to tamp down prices, despite the aggressive tightening of monetary policy, sends a warning globally about how tough inflation busting will be.
- MarketWatch
Jerome Powell is the worst Federal Reserve policy maker in my lifetime
Powell is being bullied by the stock and bond markets into raising interest rates more quickly and will send the economy into recession.
- Business Insider
Oil is heading for its first monthly loss of 2022 as fears of recession gather pace — and traders are starting to bet it's got further to fall
The options market is showing that traders are starting to think oil could be as much as 25% lower by the end of this year.