With inflation back up, the long-predicted storm clouds in the economy may actually be forming
Progress on inflation is moving in the wrong direction. The latest Consumer Price Index, released Wednesday, showed that annual inflation ticked up to 3.5% in March from 3.2% in February. That marked the largest annual gain in half a year.
What to expect from March jobs report
For the past 50 years, the US unemployment rate has mostly been far above 4%, even rocketing to almost 15% during the pandemic. Yet in the turbulent period that followed lockdowns and other economic disruptions from the pandemic, it has stayed below the 4% level for more than two years.
Fed Chair Jerome Powell signals rate cuts aren’t imminent
The Federal Reserve has been keen on paying attention to investors’ expectations on interest rates. But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet.
US inflation ticked higher last month, reversing some recent progress
The latest US inflation report showed that rising prices continue to weigh on American consumers.
Visa and Mastercard agree to $30 billion settlement; lowers merchant fees
Two of the world’s largest credit card networks, Visa and Mastercard, as well as the banks that issue cards with them, agreed to settle a decadeslong antitrust case brought upon by merchants.
$7 trillion boost to the US economy has downsides too
The US economy defied forecast after forecast predicting an imminent recession over the past two years. Instead, it grew beyond belief.
NAR settlement could slash home prices for many Americans
The entire US housing market is about to get remodeled, and the end product could come with a big perk: cheaper home prices.
Regional banks all ‘guilty until proven innocent’ after Silicon Valley Bank, Citizens CEO says
When I set up an interview with Bruce Van Saun, head of Citizens Financial Group, the 14th largest bank in the US, for a piece that would mark the first anniversary of the collapse of Silicon Valley Bank I didn’t anticipate having such a fresh feeling of déjà vu.
Customers pull their cash from NYCB, but no bank run
Customers of New York Community Bank (NYCB) pulled $6 billion worth of deposits between February 5 and March 5, leaving the bank’s deposit base 7% lower, at $77 billion.
Capital One buying Discover in $35.3 billion deal
Capital One announced it’s acquiring Discover Financial Services for $35.3 billion in an all-stock deal, giving the bank a leg up in the competitive credit card market.
Falling prices could destroy an economy - ask China
US markets reeled on Tuesday after January’s Consumer Price Index showed inflation came in hotter than expected, leaving investors to believe that interest rate cuts are off the table for the near future.
Surging restaurant prices make dining out a luxury
If you’ve opted to cook a romantic meal at home with your partner this Valentine’s Day — no matter how it comes out — know that you’re saving a decent amount of money compared to couples dining out.
GOOD NEWS FOR FED: REVISED INFLATION DATA CONFIRMS LAST YEAR’S PROGRESS
Last year, the Federal Reserve was caught off guard when the Bureau of Labor Statistics released revised Consumer Price Index figures showing inflation rose in December 2022 and did not fall as previously thought.
More-than- $3 million Microsoft - second company to break threshold
Microsoft became the second-ever company worth $3 trillion on Wednesday as the artificial intelligence boom sent shares of the company’s stock soaring higher.
