economy and trade

Fed Chairman Powell warned of the "pain" ahead.  Seniors on fixed incomes are already feeling it |  CNN Business

Fed Chairman Powell warned of the “pain” ahead. Seniors on fixed incomes are already feeling it | CNN Business

CNN — American seniors face many difficult choices. After the Federal Reserve’s latest rate hike, the combination of rising prices for everything from food to gas to utilities and ever-higher borrowing costs is making the finances of fixed-income Americans increasingly precarious. “Overall they have an increase in day-to-day expenses due to the current economy,” said …

Fed Chairman Powell warned of the “pain” ahead. Seniors on fixed incomes are already feeling it | CNN Business Read More »

Intel is the biggest loser in the Dow Jones |  CNN Business

Intel is the biggest loser in the Dow Jones | CNN Business

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber ? You can register here. New York CNN Business — Semiconductors are in everything. Our phones, our laptops, our televisions. Even our cars. But worries about a global recession and lingering worries about supply shortages stemming from persistent …

Intel is the biggest loser in the Dow Jones | CNN Business Read More »

Food prices are skyrocketing, and it's changed the way we eat |  CNN Business

Food prices are skyrocketing, and it’s changed the way we eat | CNN Business

New York CNN Business — Lisa Altman prided herself on being able to eat whatever she wanted without worrying too much about the price. When she was growing up, seconds weren’t served and side dishes were rare. “My mom had a budget every week and she stuck to it,” she said. “As I got older …

Food prices are skyrocketing, and it’s changed the way we eat | CNN Business Read More »

This Iconic Bar Of Soap, With Two Weird Claims To Fame, Has Been Sticking Around For Almost 150 Years |  CNN Business

This Iconic Bar Of Soap, With Two Weird Claims To Fame, Has Been Sticking Around For Almost 150 Years | CNN Business

New York CNN Business — Walk into a Walmart, Target, any drug store chain in your neighborhood or around the corner cellar for New Yorkers, and chances are you’ll find an Ivory bar of soap, or a pack of 10 bars for less than $5, sitting on the shelf. This iconic soap cake, invented nearly …

This Iconic Bar Of Soap, With Two Weird Claims To Fame, Has Been Sticking Around For Almost 150 Years | CNN Business Read More »

Pandemic Unemployment Benefit Fraud Could Hit $45 Billion, Federal Watchdog Says |  CNN Politics

Pandemic Unemployment Benefit Fraud Could Hit $45 Billion, Federal Watchdog Says | CNN Politics

CNN — Some $45.6 billion in pandemic unemployment benefits may have been fraudulently paid to felons between March 2020 and April 2022, the U.S. Department of Labor’s Office of Inspector General said in a memorandum Thursday. This is the latest report to identify widespread schemes to steal money from a variety of federal relief programs. …

Pandemic Unemployment Benefit Fraud Could Hit $45 Billion, Federal Watchdog Says | CNN Politics Read More »

Mortgage rates climb to nearly 6.3%, the highest level since 2008 |  CNN Business

Mortgage rates climb to nearly 6.3%, the highest level since 2008 | CNN Business

Mortgage rates jumped for the fifth consecutive week, rising above 6% again in the face of yet another aggressive interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgage averaged 6.29% in the week ending Sept. 22, down from 6.02% the previous week, according to Freddie Mac. That’s significantly higher than this time last …

Mortgage rates climb to nearly 6.3%, the highest level since 2008 | CNN Business Read More »

The Fed gets off to a strong start with a third consecutive rate hike of three quarters of a point |  CNN Business

The Fed gets off to a strong start with a third consecutive rate hike of three quarters of a point | CNN Business

washington d.c. CNN Business — The Federal Reserve made history on Wednesday by approving a third straight 75 basis point hike in an aggressive move to tackle runaway inflation plaguing the US economy. The oversized hike, which was unfathomable to markets just a few months ago, takes the central bank’s benchmark benchmark rate to a …

The Fed gets off to a strong start with a third consecutive rate hike of three quarters of a point | CNN Business Read More »

Wondering where the economy is going?  Keep an eye on your earnings |  CNN Business

Wondering where the economy is going? Keep an eye on your earnings | CNN Business

New York CNN Business — American businesses are beginning to prepare for a recession. The FedEx Economic Barometer (FDX) stunned Wall Street last week with a massive earnings warning and a lukewarm outlook for the global economy. Bad news from FedEx overshadowed a more promising development on Thursday, the agreement between rail operators and unions …

Wondering where the economy is going? Keep an eye on your earnings | CNN Business Read More »

Biden administration chooses former Chicago, DC transportation chief to lead electric vehicle charging program |  CNN Business

Biden administration chooses former Chicago, DC transportation chief to lead electric vehicle charging program | CNN Business

washington d.c. CNN Business — Gabe Klein, who headed the transportation departments in Washington, DC and Chicago, will lead the Biden administration’s $7.5 billion program to expand the nation’s electric vehicle charging network. Klein will serve as executive director of the Joint Office of Energy and Transportation, which was created by the bipartisan infrastructure bill, …

Biden administration chooses former Chicago, DC transportation chief to lead electric vehicle charging program | CNN Business Read More »

Good news: the freight railways are not on strike.  Bad news: Service is still terrible |  CNN Business

Good news: the freight railways are not on strike. Bad news: Service is still terrible | CNN Business

New York CNN Business — The absence of a freight rail strike this week is a huge win for the US economy and its still struggling supply chain. But that does not mean that freight railways provide good service to their customers. Many of the issues hampering the supply chain, driving up prices and slowing …

Good news: the freight railways are not on strike. Bad news: Service is still terrible | CNN Business Read More »