Federal Reserve Chairman Jerome Powell said Tuesday that the centralbank will continue to raise short-term interest rates — which willlikely slow economic activity — until there is “clear and convincingevidence” that inflation is coming down.… Read More »Powell: ‘Some pain’ may be required to slow inflation
David JC Cutler
WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored theFederal Reserve’s determination to keep raising interest rates untilthere is clear evidence inflation is steadily falling — a high-stakeseffort that carries the risk of causing an… Read More »Powell: Fed to keep hiking rates until it controls inflation
The Biden administration is poised to fully block Russia’s ability topay U.S. bondholders after a deadline expires next week, a move thatcould bring Moscow closer to the brink of default. The Treasury Department’s Office of… Read More »The US Set to Block Russian Debt Payments, Raising Odds of Default
Many adults under 35 are throwing financial caution to the wind. It’sall about saving less, spending more, and pursuing passions. In a tumultuous time, many adults under 35 have stopped playing itsafe. Instead of banking… Read More »The World’s a Mess. So They’ve Stopped Saving for Tomorrow.
The Partnership for New York City found a wider embrace of hybrid workplaces, with 78 percent of businesses adopting the model. The best-laid plans for a full-time return to the office remain bedeviled by Covid-19 case rates… Read More »Just 8% of Manhattan office workers are back full-time, a survey shows.
Inflation is still on the rise, prompting consumers to change their shopping habits to keep up. The Consumer Price Index jumped 8.3% year over year in April, the U.S. Bureau of Labor Statistics reported Wednesday. While the… Read More »Inflation remained near a 40-year high in April. Here’s where consumers plan to cut spending
KEY POINTS The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years. Core CPI, which excludes food and energy, also was higher… Read More »Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs￼
The Internal Revenue Service decided to destroy an estimated 30million paper-filed information return documents in March 2021 becauseof its inability to process its backlog of paper tax returns,according to a new report. The report, released… Read More »IRS destroyed 30M paper information returns due to the backlog
With first-quarter U.S. earnings in the final stretch, corporategrowth expectations for the current quarter and 2022 mostly aredeclining as costs surge for oil and other supplies and interest ratesrise. Sky-high oil has boosted forecasts for… Read More »U.S. profit forecasts weaken as companies assess inflation risks
Bank of America Corp. scaled back work with some SPACs, part of aretreat by banks including Goldman Sachs Group Inc. and Citigroup Inc.from blank-check firms over concern about potential liability risksassociated with the vehicles. The… Read More »BofA scales back on SPAC work as bank retreat accelerates