Money

By Matt Egan, CNN Business Sanctions leveled on Russia have pushed the country toward becoming a closed economy, a status the country is ill-equipped to handle, a senior Treasury official said on Friday. “The economic consequences Russia is facing are severe: high inflation that will only get higher, and deep recession that will only get

By Paul R. La Monica, CNN Business The jobs market is still healthy and paychecks are growing at a solid rate — although not fast enough to make up for surging prices on just about everything. That means that the Federal Reserve is increasingly certain to raise interest rates in May by a half-point to

By Matt Egan, CNN Business The International Energy Agency announced Friday following an emergency meeting that its member countries will release additional oil from emergency reserves to cushion the blow caused by Russia’s invasion of Ukraine. However, the IEA did not disclose key details on the size and timing of this additional emergency action, which

By Oliver Darcy and Brian Stelter, CNN White House press secretary Jen Psaki plans on departing the Biden administration in the coming weeks and heading to MSNBC, two people familiar with the matter told CNN on Friday. Psaki has not officially signed a contract with the progressive cable news network, but the talks are in

By Jeanne Sahadi, CNN Business Curious about cryptocurrencies? Some employers may soon offer you the option to invest in bitcoin and other digital currencies through your 401(k). There is increasing discussion at financial service firms about how they could best provide a relatively safe crypto option in 401(k)s and other employer-sponsored retirement plans. For instance,

By Julia Horowitz, CNN Business The epicenter of the latest effort to raise money for Ukraine was a bare-bones office above a bakery in north London. Isaac Kamlish, Nathan Cohen and Isaac Bentata — ages 23 to 25 — gathered around their laptops earlier this week and helped launch the first-ever sale of one-of-a-kind digital

By Mark Thompson, CNN Business Vladimir Putin’s deadline has come and gone and Russian natural gas is still flowing to Europe. The Russian president delivered an ultimatum Thursday to “unfriendly” nations to pay for their energy in rubles starting April 1 or risk being cut off from vital supplies. Was that a bluff? It’s too

By Julia Horowitz, CNN Business The US stock market just logged its most tumultuous quarter since the start of the pandemic, as rising inflation and Russia’s invasion of Ukraine spooked investors and encouraged companies to think twice about pursuing mergers or Wall Street debuts. What’s happening: The S&P 500 fell almost 5% between January and

By Anna Cooban, CNN Business Britons were hit Friday by a huge rise in energy bills, compounding the country’s worst cost-of-living crisis in decades. About 22 million households will see their annual bills soar to about £2,000 ($2,626) after the UK’s energy regulator lifted its price cap by 54% — the biggest jump since it

By Anneken Tappe, CNN Business America’s labor market is roaring back, adding another 431,000 jobs in March and bringing the unemployment rate to a new pandemic-era low of 3.6%, the Bureau of Labor Statistics reported Friday. Prior to the pandemic, the jobless rate was at 3.5%, matching the near 50-year low first set in 2019.

By Laura He, CNN Business China’s strict lockdown in Shanghai is heaping even more pressure on global supply chains. On Friday, Shanghai extended restrictions in many parts of the city, which is home to China’s financial hub and one of the world’s busiest ports. The Port of Shanghai had already been suffering from major holdups,