By Alicia Wallace, CNN The Federal Reserve is seeing progress in its battle to bring down US inflation and remains laser-focused on reaching the Fed’s 2% target — but policy will have to remain restrictive for “some time” to come. That’s the message Thursday from Fed Vice Chair Lael Brainard, speaking at the University of
Continue Reading By Jordan Valinsky, CNN World Wrestling Entertainment executive chairman Vince McMahon has agreed to another multimillion-dollar legal settlement with a former female employee of the wrestling organization, according to the Wall Street Journal, which cited several anonymous sources familiar with the agreement. The Journal reported Thursday that McMahon completed a settlement last month with Rita
Continue Reading By Peter Valdes-Dapena, CNN Business Uber drivers don’t always need four wheels, front-facing passenger seats and top speeds over 50 miles an hour just to drive people or deliveries from one place to another in a city. So Uber is working with automakers to create custom-built cars for urban ride- hail and delivery work, Uber
Continue Reading By Anna Bahney, CNN Mortgage rates fell this week as economic data showed inflation is fading. The 30-year fixed-rate mortgage averaged 6.15% in the week ending January 19, down from 6.33% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.56%. “As inflation continues to moderate, mortgage rates declined
Continue Reading By Paul R. La Monica, CNN The market is bracing for a perfect storm of bad news. The latest worry? The impending debt ceiling drama in Washington. The United States hit its borrowing cap on Thursday, forcing the Treasury Department to start taking “extraordinary measures” to keep the government open. If an agreement isn’t reached,
Continue Reading By Anna Bahney, CNN US home building fell in December, as the housing market continued to slow. December housing starts, a measure of new home construction, dropped by 1.4% from November, and were down 21.8% from a year ago, according to data released Thursday by the Census Bureau. But after mortgage rates declined modestly in
Continue Reading By Chris Isidore, CNN Americans can once again buy cars for less than sticker price. But that doesn’t mean they’re finding bargains at their local dealerships. A year ago, record tight inventories meant 80% of buyers were paying more than the manufacturers’ suggested retail price (MSRP), or sticker price, according to data from Edmunds. For
Continue Reading By Alicia Wallace, CNN The number of first-time claims for unemployment insurance fell unexpectedly to 190,000 for the week ending January 14, according to Department of Labor data released Thursday. The latest total is the lowest in 15 weeks and far below economists’ expectations of 214,000, according to consensus estimates on Refinitiv. The steady level
Continue Reading By Parija Kavilanz, CNN Consumers, spooked by accelerating job cuts, looming recession fears and continuing high prices for goods and services in 2023, are trading down when they’re shopping, and that includes in secondhand stores. Demand for secondhand goods remains red hot, with the resale market expected to reach $82 billion in sales by 2026,
Continue Reading By Chris Isidore, CNN Americans can once again buy cars for less than sticker price. But that doesn’t mean they’re finding bargains at their local dealerships. A year ago, record tight inventories meant 80% of buyers were paying more than the manufacturers’ suggested retail price (MSRP), or sticker price, according to data from Edmunds. For
Continue Reading By Jordan Valinsky, CNN Taco Bell is bringing back a fan-favorite menu item, but you have to act fast. Crispy chicken wings are back for a limited time, following a successful addition last year. Each order contains eight bone-in wings coated in a queso seasoning, and costs $6.99. Wings go on sale beginning January 26
Continue Reading By Nicole Goodkind, CNN Business The US government is set to hit its self-imposed borrowing limit today and both Wall Street and Washington are hoping for a resolution — but preparing for the worst. The ongoing brinkmanship in Congress over whether or not to allow the federal government to borrow more money to pay its
Continue Reading By Jordan Valinsky, CNN Anheuser-Busch may no longer be the only alcohol brand to advertise at the Super Bowl, but it will still have a major presence — even as rivals pounce on the opportunity, following a 33-year drought. The beer company announced Thursday that it will have three minutes of national air time during
Continue Reading By Julia Horowitz, CNN The promenade at the World Economic Forum, dusted in a blanket of fresh snow, is cluttered with signs and pavilions from companies and governments courting attention or deals. There’s the tech giants, the major consulting groups, representatives from the Middle East. But this year, dominating the main street in Davos are
Continue Reading By Joseph Ataman, Marguerite Lacroix and Hanna Ziady, CNN Strikes disrupted train services, flights, schools and businesses in France on Thursday as more than one million people protested against the government’s plans to raise the retirement age for most workers. Protests in major French cities, including Paris, Marseille, Toulouse, Nantes and Nice, brought many transport
Continue Reading By Michelle Toh, CNN China has reopened its doors to Disney’s Marvel Studios for the first time in almost four years, with two new film releases secured in the world’s second largest movie market. “Black Panther: Wakanda Forever” will open in China on February 7, roughly three months after its global debut, while “Ant-Man and
Continue Reading By Hilary Whiteman, CNN A dispute between two billionaires once united in a visionary project to send power from Australia to Singapore through the world’s longest subsea cable has escalated with one blaming cost blow-outs on “inexperienced management.” Fortescue Metals billionaire Andrew “Twiggy” Forrest told CNN on the sidelines of the World Economic Forum in
Continue Reading By Pete Muntean, CNN A source familiar with the near-collision of two airliners on a John F. Kennedy International Airport runway tells CNN that special flashing lights which warn pilots against taxiing across a runway were in fact working. The new development further raises the possibility that human error contributed to the Friday evening incident.
Continue Reading By Sean Lyngaas, CNN US authorities arrested a Russian cryptocurrency executive who allegedly oversaw the exchange of hundreds of millions of dollars with drug traffickers and cybercriminals. Anatoly Legkodymov, 40, was arrested in Miami, the Justice Department said Wednesday. The US Treasury Department has labeled his cryptocurrency exchange, Bitzlato Limited, a “primary money laundering concern,”
Continue Reading By Anna Bahney, CNN A modest drop in mortgage rates over the past month has helped home builder confidence improve in January, after 12 consecutive months of falling, according to a survey released Wednesday. Experts say that could mean new home building is set for a pivot as construction prospects improve. And that’s good news
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