Consumers defy inflation to support economy. For how long?

Consumers defy inflation to support economy.  For how long?

WASHINGTON (AP) — With prices across the economy — from food, gas and rent to cars, airfares and hotel rooms — soaring at their fastest pace in decades, you might think Americans would tap the brakes on spending. Not so far. Consumers as a whole are showing surprising resilience, not only sustaining their spending but … Read more

US economy is ‘nowhere near a recession this year,’ says economist

US economy is ‘nowhere near a recession this year,’ says economist

With turmoil in the markets, high inflation and impending interest rate hikes that will make borrowing money more expensive, many Americans are wondering if the economy is heading toward a recession. Goldman Sachs Chairman Lloyd Blankfein said last weekend that “it’s certainly a very, very high risk factor,” and consumers should be “prepared for it.” … Read more

EXPLAINER: Why is Wall Street close to a bear market?

EXPLAINER: Why is Wall Street close to a bear market?

NEW YORK (AP) — The bears are rumbling toward Wall Street. The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to … Read more

Bitcoin tumbles, a stablecoin plunges in wild week in crypto

Bitcoin tumbles, a stablecoin plunges in wild week in crypto

NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards. Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry’s highest-profile companies lost a third of its market value. Here’s a look at some major developments in cryptocurrencies this week: Bitcoin The price of bitcoin dropped to … Read more

Senate confirms Powell for 2nd term as Fed fights inflation

Senate confirms Powell for 2nd term as Fed fights inflation

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp … Read more

US inflation dips from 4-decade high but still causing pain

US inflation dips from 4-decade high but still causing pain

WASHINGTON (AP) — Inflation eased slightly in April after months of relentless increases but remains near a four-decade high, imposing a continuing financial strain on American households. Consumer prices jumped 8.3% last month from a year ago, the government said Wednesday. That was below the 8.5% year-over-year surge in March, which was the highest since … Read more

investors look ahead to US inflation data for April

investors look ahead to US inflation data for April

LONDON — European stocks advanced on Wednesday morning as investors looked ahead to the latest inflation reading. The pan-European Stoxx 600 added 1.2% by mid-morning. Autos jumped 2.9% to lead gains as all sectors traded in positive territory except health care, which fell 0.9%. The positive morning in Europe came after choppy trading sessions in … Read more

Why the UK economy is one of the most vulnerable right now

Why the UK economy is one of the most vulnerable right now

George Clerk | E+ | Getty Images There’s an economic idiosyncrasy in the UK that makes it “one of the most vulnerable countries in the world right now,” according to an investment strategist. Mike Harris, the founder of Cribstone Strategic Macro, argues that a major problem for Britain is that its mortgage market is “heavily … Read more

Your cash savings may get a higher return but only at certain banks

Your cash savings may get a higher return but only at certain banks

Guido Mieth | Digital Vision | Getty Images Banks are starting to pay a higher return on your cash — good news for savers who’ve seen their stockpiles languishing from a gruesome combination of low interest rates and high inflation. However, some banks are moving faster than others. Some, particularly traditional brick-and-mortar shops, may not … Read more

Open to close after Wall Street sell-off

Open to close after Wall Street sell-off

The pan-European Stoxx 600 fell 1% in early trade, with retail stocks shedding 1.5% to lead losses as almost all sectors and major Bourses slide into negative territory. Oil and gas stocks gained 0.7%. Tea Dow Jones Industrial Average plunged more than 1,000 points and the Nasdaq Composite fell nearly 5% on Thursday, erasing Wednesday’s … Read more