Money

By Nicole Goodkind, CNN Business Former US Treasury Secretary Larry Summers said on Tuesday that the growing chorus of economists and politicians urging the Federal Reserve to pause its aggressive rate hikes in order to fight inflation are misguided. Those critics say that the Fed could throw the economy into recession, but Summers argued there’s

By Matt McFarland, CNN Business For over a decade, companies from Google to General Motors have poured billions of dollars into the pursuit of what was seen as the Holy Grail of driving technology: the fully self-driving car. Such vehicles would usher in an era of consumer safety and convenience, experts promised, and would be

By Matt Egan, CNN Business As the Federal Reserve kicks off another pivotal rate-setting meeting, lawmakers are reminding the central bank exactly just how high the stakes are. In a letter sent Monday to Fed Chair Jerome Powell, Democratic senators expressed concern about the Fed’s plan to continue raising interest rates at an “alarming pace”

By Paul R. La Monica, CNN Business Wall Street bulls may have come thundering back in October as bears appear to have gone into hibernation. But there’s another beast, albeit a mythical one, that has been pretty much absent from the stock market all year: Unicorns. There has been little demand for private companies to

By Alicia Wallace, CNN Business The number of available jobs in the United States increased in September, surprising economists who had expected the total to fall amid the Federal Reserve’s aggressive action to cool the economy. Job openings totaled 10.7 million, up from a revised 10.3 million in August, according to Bureau of Labor Statistics

By Jeanne Sahadi, CNN Business There are few places to keep your cash these days that can protect your money from inflation. And while you might have missed an opportunity to get a nearly 10% interest rate on ultra safe government I Bonds, you can still get a high rate that will keep pace with

By Matt Egan, CNN Business Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers said on Twitter Tuesday morning. “If you

By Nicole Goodkind, CNN Business Despite a stock-market bounce in October that gave the Dow its biggest monthly gain in more than 45 years, economists are warning that there’s a very real danger of recession in the United States. Mortgage rates are at their highest levels since 2002, consumer spending and business investment is falling

By Jackie Wattles, CNN SpaceX’s Falcon Heavy — a towering, three-pronged vehicle that is the most powerful operational rocket in the world — returned to the skies on Tuesday for the first time since mid-2019. The rocket launched at 9:41 a.m. ET from NASA’s Kennedy Space Center in Florida, hauling satellites to space for the