By Allison Morrow, CNN Business Even the uber-rich are on edge now about the economy. Elon Musk and Jeff Bezos, two of the wealthiest people on the entire planet (who generally don’t agree on much of anything), are both signaling some tension about a looming recession. Bezos earlier this week commented that it’s time to
Continue Reading By Paul R. La Monica, CNN Business More bad news for anyone looking to buy a home: The benchmark 10-year Treasury bond yield rose to about 4.23% Thursday afternoon, the highest level since June 2008. Mortgage rates, which are now hovering just below 7%, tend to move in lockstep with the 10-year yield. Many market
Continue Reading By Chris Isidore, CNN Business American Airlines expanded on its plan to drop first-class seats on its international flights and replace them with more business class seats. Some of the new seats on long-haul international flights will be dubbed “Flagship Suites” and feature seats that convert into beds and doors for privacy. The change was
Continue Reading By Anna Bahney, CNN Business Home sales in the US declined for the eighth month in a row in September as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 23.8% in September from a year
Continue Reading By Anna Bahney, CNN Business Mortgage rates rose again this week, stopping just short of the 7% mark. The 30-year fixed-rate mortgage averaged 6.94% in the week ending October 20, up from 6.92% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.09%. Mortgage rates have more than
Continue Reading By Julia Horowitz, CNN Business Twelve days from now, the Federal Reserve will meet again, and expectations for the central bank’s next moves are firming up. The consensus among investors: Persistently hot inflation means the Fed will need to continue with its string of aggressive interest rate hikes, which is unprecedented in the modern era.
Continue Reading By Paul R. La Monica, CNN Business The Federal Reserve is most likely going to raise interest rates by three quarters of a percentage point again on Wednesday, its fourth straight supersized hike. And it’s still possible another rate increase of that magnitude could come in December. But the big question for many investors —
Continue Reading By Jordan Valinsky, CNN Business Barilla can’t avoid a class-action lawsuit over allegedly deceptive advertising about the pasta’s origins, a federal judge ruled this week. At issue is the brand’s slogan “Italy’s No. 1 brand of pasta,” which the lawsuit says can lead customers to believe it’s actually made in Italy. The customers that filed
Continue Reading By Jordan Valinsky, CNN Business For any company that’s been around for a century, it can be hard to keep the brand fresh. Wonder Bread hopes its latest stunt can help. The 101-year-old bread maker will have a float in this year’s Macy’s Thanksgiving Day Parade, marking the first-time ever the kitchen staple has joined
Continue Reading By Laura He, CNN Business Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook. The plunge comes at a time when members of China’s ruling Communist Party are meeting for the 20th Party Congress, a major leadership reshuffle that sets the
Continue Reading By Laura He, CNN Business Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook. The plunge comes at a time when members of China’s ruling Communist Party are meeting for the 20th Party Congress, a major leadership reshuffle that sets the
Continue Reading By Chris Isidore, CNN Business Tesla posted a solid quarter of earnings and record revenue, but now says it will fall short of its target for a 50% growth in the number of cars it sells this year. As recently as July it said it was still aiming for a target of a 50% growth
Continue Reading By Chris Isidore, CNN Business It’s not at all clear if President Joe Biden’s latest announcement that he’s releasing oil from the nation’s emergency stockpile will help bring gas prices down. But the good news for drivers — and Biden — is that several factors are pointing to lower prices ahead at the pump. The
Continue Reading By Jeanne Sahadi, CNN Business There’s really nothing nice to say about inflation when it comes to your bottom line. It’s hard on your wallet. It’s hard on your savings because it reduces the buying power of the dollars you socked away. And it’s hard on your paycheck, because chances are your last raise did
Continue Reading By Alicia Wallace, CNN Business Economic factors, not just lockdown-induced forced proximity, played a key role in last year’s “baby bump,” according to the economists behind a new working paper released earlier this week. Economists from UCLA, Northwestern and Princeton universities found that pandemic trends, such as increased work flexibility, helped push up US birth
Continue Reading By Jeanne Sahadi, CNN Business Inflation may be pushing prices up, but it also may help push up your take-home pay starting next year. Thanks to inflation adjustments to 2023 federal income tax brackets and other provisions announced by the Internal Revenue Service this week, more of your 2023 wages may be subject to lower
Continue Reading By Jeanne Sahadi, CNN Business Inflation may be pushing prices up, but it also may help push up your take-home pay starting next year. Thanks to inflation adjustments to 2023 federal income tax brackets and other provisions announced by the Internal Revenue Service this week, more of your 2023 wages may be subject to lower
Continue Reading By Nathaniel Meyersohn, CNN Business The proposed $25 billion Kroger-Albertsons grocery giant merger is already running into significant opposition from progressive lawmakers and others. Sen. Elizabeth Warren of Massachusetts on Wednesday called on the Federal Trade Commission to block the deal. “More mergers and less competition would mean even higher prices—and layoffs for employees,” Warren
Continue Reading By Matt McFarland, CNN Business Waymo, the robotaxi provider of Google’s parent company Alphabet, said Wednesday that it will expand its ridehail service to Los Angeles. Waymo declined to say when fully autonomous car rides will be available to the public in the country’s second largest metropolitan area. Waymo will begin with approximately a dozen
Continue Reading By Jordan Valinsky, CNN Business Nestlé is issuing a voluntary recall for its refrigerated, ready-to-bake Nestlé Toll House Stuffed Chocolate Chip Cookie Dough with Fudge Filling because of the “potential presence of white plastic pieces.” The products in question were made between June and September 2022 and were sold in the continental United States as
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