Hawkish Comments from Fed's Powell Send Dow, Nasdaq, S&P 500 Sharply Lower
Hawkish comments from Federal Reserve Chair Jerome Powell sparked Wall Street selling on Tuesday, as hopes further dimmed that the central bank would be able to halt its interest rate hiking in the near future.
60% of Americans Live Paycheck to Paycheck — ‘Inflation is Part of Their Everyday Lives,’ Experts Say
As of January, 60% of all U.S. adults, including 45% of high-income earners, were living paycheck to paycheck, according to a new LendingClub report.
California Faces Blizzard Threat as Winter Storm Causes Outages across U.S.
As rare blizzard warnings were issued for the Southern California mountains, combined outages due to ice, high winds and heavy snow across the U.S. left more than 800,000 customers without power as of early Friday February 24.
Inflation Cooled Just Slightly, With Worrying Details
Inflation has slowed from its painful 2022 peak but remains uncomfortably rapid, data released Tuesday showed, and the forces pushing prices higher are proving stubborn in ways that could make it difficult to wrestle cost increases back to the Federal Reserve’s goal.
Goldman Sachs Cuts U.S. Recession Odds to 25% on Strong Labor Market
After calling for a recession during the first half of last year and then for much of the latter half saying one was likely in 2023,
Wall Street to Jerome Powell: We don’t Believe You
Powell and his fellow Fed committee members yesterday hiked short-term interest rates another 0.25 percentage points to 4.75%, which means retirees and other savers are getting the best savings rates in a generation.
U.S. Economic Growth Stronger than Expected, but Not by Much
The U.S. economy fared better than expected at the end of last year, despite higher borrowing costs and the rising cost of living weighing on activity.
U.S. Economy Losing Momentum As Retail Sales Post Biggest Drop In 12 Months
U.S. retail sales fell by the most in a year in December, pulled down by declines in purchases of motor vehicles and a range of other goods, putting consumer spending and the overall economy on a weaker growth path heading into 2023.
Fed Officials See Higher Rates for ‘Some Time’ Ahead
Federal Reserve officials are committed to fighting inflation and expect higher interest rates to remain in place until more progress is made, according to minutes released Wednesday from the central bank’s December meeting.
U.S. Pours Money Into Chips, but Even Soaring Spending Has Limits
Amid a tech cold war with China, U.S. companies have pledged nearly $200 billion for chip manufacturing projects since early 2020. But the investments are not a silver bullet.
Elon Musk in His Twitter Urges Fed to Stop Its Jumbo Rate Hikes
World’s richest man Elon Musk thinks the recession will be amplified if the U.S.
Most Federal Reserve Officials Back Slower Rate Rises Going Forward
A “substantial majority” of Federal Reserve officials support slowing down the pace of interest rate rises soon,
Key events this week: U.S. Fed, BoE interest rate decisions; U.S. jobs report, UK PMI, Eurozone inflation and more
The central banks of India, the United Kingdom, and the United States will meet in the upcoming week.
America’s Record Public Debt is About to Hit Recently Upshifted Ceiling
At $31.1 trillion, outstanding public debt is getting closer to the $31.4 trillion debt ceiling Congress imposed until early 2023.