By Jeanne Sahadi, CNN Business The Federal Reserve raised its benchmark interest rate for the sixth time in a row on Wednesday, to a range of 3.75% to 4%. While there may be plenty of downside in the form of higher borrowing costs for consumers, one positive outcome is that your savings may actually start
Continue Reading By Paul R. La Monica, CNN Business The stock market has been on a roller coaster ride, largely because of Wall Street’s shifting expectations about whether the Federal Reserve is going to slow down the pace and size of its interest rate hikes. The Fed briefly excited investors last week when it acknowledged in its
Continue Reading By Danielle Wiener-Bronner, CNN Business Looks like Thanksgiving will be a lot pricier this year. Market research firm IRI predicts that your Thanksgiving meal will cost about 13.5% more compared to last year, based on how retail prices in the four weeks through October 16 compared to the same period in 2021. IRI measures items
Continue Reading By Danielle Wiener-Bronner, CNN Business Looks like Thanksgiving will be a lot pricier this year. Market research firm IRI predicts that your Thanksgiving meal will cost about 13.5% more compared to last year, based on how retail prices in the four weeks through October 16 compared to the same period in 2021. IRI measures items
Continue Reading By Matt Egan, CNN Business The stock market started the Biden era with a boom. But it heads into the midterm election looking more like a bust. Entering Monday, the S&P 500 advanced just 13.2% since President Joe Biden took office in January 2021. That marks the second-worst performance during a president’s first 1,022 calendar
Continue Reading By Brian Fung, CNN TikTok updated its privacy policies for European users on Tuesday, adding explicit disclosures that personal data from the app may be viewed by employees in China. The update aligns with what TikTok executives have said publicly. But the addition reflects the intense scrutiny TikTok has faced over its international data flows.
Continue Reading By Brian Fung, CNN The US government should ban TikTok rather than come to a national security agreement with the social media app that might allow it to continue operating in the United States, according to Brendan Carr, a commissioner at the Federal Communications Commission. A string of news reports this year about TikTok’s handling
Continue Reading By Parija Kavilanz, CNN Business There’s at least one item in the grocery store that is getting less expensive: avocados. A significant supply glut of the buttery fruit has triggered a drop in wholesale prices, sending store prices lower as well. With the overall cost of grocery items up a stunning 13% compared to last
Continue Reading By Clare Duffy, CNN Business On October 27, the same day Elon Musk completed his $44 billion deal to buy Twitter, the company’s chief customer officer, Sarah Personette, tweeted that she “had a great discussion” with the social network’s new owner. The next day, Personette resigned. In less than a week since Musk acquired Twitter,
Continue Reading By Michael Ballaban, CNN Business Ford saw its October US sales slump 10% over the last year as the company continued to battle supply chain difficulties. Ford sold 158,327 vehicles last month, down from almost 176,000 vehicles in the same period last year, the company said Wednesday. Not all automakers saw sales declines, however. Korean
Continue Reading By Julia Horowitz, CNN Business The spike in shipping rates since the onset of the pandemic has been a huge boon for Maersk. But the Danish shipping giant is warning its business will have to endure tougher times soon. The company said Wednesday that a looming global recession is expected to reduce container demand by
Continue Reading By Clare Duffy, CNN Business Elon Musk indicated on Wednesday that the Twitter account of former President Donald Trump will not be restored ahead of the US midterm elections next week, answering one of the biggest unknowns following his takeover of the social media company. Musk confirmed early Wednesday morning that “Twitter will not allow
Continue Reading By Anna Cooban and Hanna Ziady, CNN Business For years, home ownership in Britain has been a one-way bet. Prices have climbed steadily since the global financial crisis, rising in even larger increments after the pandemic began. Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December,
Continue Reading By Chris Isidore, CNN Business They came from very different backgrounds and different parts of the country, each with different reasons for seeking a job at Starbucks. Few of these workers had given any thought to unions when they started their jobs at the coffee chain. But now they are at the center of one
Continue Reading By Diksha Madhok and CNN’s Beijing bureau It has been almost three years since Covid-19 first hit China, but the country’s relentless adherence to lockdowns continues to hobble business and the economy. Top global and Chinese companies, from carmakers to tech giants, have experienced huge disruptions to their business in recent days as the world’s
Continue Reading By Chris Isidore, CNN Business Workers at a Home Depot in Philadelphia overwhelmingly voted against becoming the first store in the chain to be represented by a union. The National Labor Relations Board, which oversees union elections, reported that only 51 employees voted to join Home Depot Workers United, and 165 voted against it. The
Continue Reading By Nicole Goodkind, CNN Business Fed decision day is here — and so is some potential bad news for the market. That’s because investors have gotten their hopes up again that the central bank will indicate it plans to ease up on hiking interest rates in its battle against rising prices. The problem is the
Continue Reading By Nicole Goodkind, CNN Business The Federal Reserve approved a fourth-straight rate hike of three-quarters of a percentage point on Wednesday as part of its aggressive battle to bring down the white-hot inflation that is plaguing the US economy. The supersized hike brings the central bank’s benchmark lending rate to a new target range of
Continue Reading By Jordan Valinsky, CNN Business This year marks the 25th anniversary of Starbucks’ holiday cups, an annual tradition that unofficially rings in the season for the chain’s fervent fans. Beginning Thursday, customers will have their hot drinks served in one of four new festive cups with designs that “offer the comforts and cheer of the
Continue Reading By Michelle Toh, CNN Business Hong Kong leader John Lee sought to drum up confidence in the city’s future as a global financial hub on Wednesday, as he welcomed some of Wall Street’s top executives to its biggest international event in years. Speaking at an investment summit that has attracted more than 200 participants from
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