consumer spending

Federal Reserve

Fed to fight inflation with fastest rate hikes in decades

The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans’ financial strains and likely weaken the economy. Yet with inflation

Economy

Drop in US GDP challenges Biden’s pitch to voters

President Joe Biden’s upbeat message that the economy is cruising along hit a troublesome speed bump on Thursday when the federal government reported that U.S. gross domestic product shrank during the first three months of 2022. Economic activity declined at annual rate of 1.4%, a sharp reversal from last year when growth was the strongest

Inflation

Key inflation gauge hit 6.1% in January, highest since 1982

An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia’s invasion of Ukraine. The figure reported Friday by the Commerce Department was the largest year-over-year rise since 1982. Excluding

COVID-19

After huge pandemic losses, governments see rapid rebound

tate and local governments lost at least $117 billion of expected revenue early in the pandemic, according to an Associated Press analysis, but many are now awash in record amounts of money, boosted partly by federal aid. In response to the dramatic turnaround, governors, lawmakers and local officials have proposed a surge in spending as

Business

Stock investors’ nerves tested by inflation, omicron, Russia

The stock market is losing crucial support from the Federal Reserve. Omicron is causing havoc at businesses around the world. And Russia just might be preparing to invade Ukraine, creating more uncertainty and raising the prospect of even higher oil prices. No wonder investors are freaking out — and selling stocks. The S&P 500 has

Business

Stocks fall, have worst week since March 2020; Netflix tanks

Stocks fell again on Wall Street Friday, capping off the worst weekly drop for the S&P 500 since the start of the pandemic. Investors have grown increasingly worried about rising inflation and how aggressive the Federal Reserve might be in raising interest rates to tamp it down. Historically low rates helped support the broader market

Scroll to Top