Federal Reserve Chair Jerome Powell says people are eating less because their paychecks do not cover their regular groceries. The Fed’s decision to raise interest rates three-quarters of a percent is their latest effort to combat rising inflation.
- Business Insider
JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says
Jamie Dimon told clients Tuesday that he estimates a 20-30% chance of a "harder recession" and 20-30% odds of "something worse," Yahoo reported.
2023 Social Security COLA Estimate Dips Slightly After April CPI Report but Still Sees Highest Adjustment in 41 Years
A slight deceleration in the U.S. inflation rate in April led one senior citizens advocacy group to lower its 2023 cost-of-living adjustment estimate for Social Security recipients, though it's still...
In 2020 and 2021, American consumers and businesses alike were flooded with various forms of stimulus in an attempt to keep the economy stable during the worst of the coronavirus pandemic. Since then,...
- USA TODAY Opinion
Democrats' 'Inflation Reduction Act' would address climate change and prescription prices by spending even more money and growing government.
- The Hill
Republicans are coming under fire for their rhetoric over $80 billion in funding for the IRS included a massive climate, tax and health care bill that Democrats in Congress are sending to the White House. The funding, over 10 years, is intended to help the IRS enforce various provisions in the Inflation Reduction Act, which…
Michael Burry, who bet on the collapse of subprime mortgages ahead of the 2008 financial crisis, is worried about the economy.
Veteran Indian stock market investor Rakesh Jhunjhunwala passed away in Mumbai today (Aug. 14). He was 62.
- Business Insider
Electric cars are simpler to make than gasoline vehicles. That simple fact could have the auto industry headed toward an employment crisis.
(Bloomberg) -- An account of the debate at the Federal Reserve’s July policy meeting, set to be published after two weeks of whiplash on Wall Street, will probably offer clues as to what would push the central bank to go big with tightening yet again in September.Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet Near War’s OnsetHow the US Toppled the World’s Most Powerful Gold TraderUkraine Latest: First UN Wheat Cargo Sets Sail for EthiopiaAnshu Jain, Deutsche Bank Chief in
- Business Insider
July retail sales is the next big economic data point. A beat could calm recession fears but hurt stocks as the Fed pushes forward on its hawkish path.
July retail sales may rise at least 8% as Americans get a break at the pump with gas prices sliding and inflation cooling from 41-year highs.
- The Telegraph
August is usually the one time of year when City bankers can head off to the sun, put their feet up and pat themselves on the back as the Square Mile goes into effective hibernation.
- Portsmouth Herald
The Inflation Reduction Act, a bill that I am proud to have worked on and voted for in the Senate, lowers prescription drug and energy costs.
Russia's gross domestic product contracted 4% in the second quarter of this year, the first full quarter since Russia sent troops into Ukraine, the state statistical service said Friday.
Markets and the Fed are upbeat because of July’s inflation numbers, but the forces pushing up today’s prices are structural.
- Associated Press
German businesses and public institutions should heat their offices no higher than 19 degrees Celsius (66.2 degrees Fahrenheit) this winter to help reduce the country's consumption of natural gas, Germany’s economy minister said Saturday. Germany, the European Union's biggest economy, is quickly trying to wean itself off using natural gas from Russia in response to Moscow's attack on Ukraine.
- The Telegraph
Sir Keir Starmer’s plan for a fully funded energy price freeze for UK households is based on an "illusion", the Institute for Fiscal Studies warned on Sunday night.
- Fox News
Republicans vying for tax committee chair hit back at Democrat who promised higher taxes if Dems hold house
Republicans vying to lead House Ways and Means Committee sound off on Democrats' reported plan to push for tax increases if they keep control of Congress in the midterms
We get the first insight into how China's COVID-hit economy started Q3, with July readings of industrial output, retail sales, house prices and urban investment. Economists are generally looking for recovery, albeit gradual.
- NBC News
Mississippi will send back cash from federal rental aid program, even as renters and advocates say need remains
In mere days, Mississippi will end its participation in the federal pandemic rental assistance program that has kept people facing eviction in their homes
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet Near War’s OnsetHow the US Toppled the World’s Most Powerful Gold TraderUkraine Latest: First UN Wheat Cargo Sets Sail for EthiopiaAnshu Jain, Deutsche Bank Chief in a Pivotal Era, Dies at 59US Lawmakers Visit Taiwan After Pelosi Trip Infuriates ChinaInflationary pressures in the US simmered down on the heels of chea