Money

By Laura He, CNN Even for a famously frugal nation, Chinese people saved a lot last year. Stuck at home due to Covid restrictions, they socked away a record $2.6 trillion. Now that life is returning to normal, hopes are high that consumers will spend with a vengeance, providing a much-needed boost to the world’s

By Jeanne Sahadi, CNN However you feel about doing your taxes, chances are that, if you expect to get a refund, you’ll want it fast. The IRS says it typically issues federal refunds within 21 calendar days of accepting your tax return, assuming there are no issues. (More on those in a minute.) Tom O’Saben,

By Alicia Wallace, CNN As retail sales took a bit of a breather in December, so did the credit cards. US consumers’ outstanding credit grew by $11.56 billion to end the year, according to Federal Reserve data released Tuesday. It’s the lowest monthly gain since January 2021 and well below economists’ expectations of $25 billion.

By Alicia Wallace, CNN The US labor market remains “extraordinarily strong” and Friday’s monster jobs report underscored that the central bank has more work to do to bring down inflation, Federal Reserve Chairman Jerome Powell said Tuesday. “We didn’t expect it to be this strong,” Powell said of the January jobs report, which showed the

By Paul R. La Monica, CNN Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, understands that consumers are still struggling to deal with high prices. And he has the frozen lasagna to prove it. Kashkari told CNN’s Poppy Harlow Tuesday that he knows first hand how expensive many consumer goods and services are.

By Julia Horowitz, CNN The United Kingdom is pushing ahead with plans to create a digital pound issued by the Bank of England that would offer a stable alternative to bitcoin or ether. The central bank and the UK Treasury said Monday that an official digital currency is “likely to be needed in the future.”

By Chris Isidore, CNN Boeing plans to cut about 2,000 white-collar jobs in finance and human resources, and it will be shifting some of that work to an outside contractor in India. Although Boeing will reduce office staff, the company is preparing to add 10,000 employees focused on engineering and manufacturing. The company said that

By Jordan Valinsky, CNN Bed Bath & Beyond is closing 150 more stores — just a week after the struggling retailer announced the closure of 87 locations. The company’s brick-and-mortar footprint has already shrunk dramatically, a regulatory filing showed late Monday, and the new closings mean it will have shuttered 400 stores in the past