By Jeanne Sahadi, CNN Business In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward
Continue Reading By David Goldman, CNN Business US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession. The Dow closed 483 points, or 1.6%, lower in Friday trading, marking its lowest level since November 2020. The S&P
Continue Reading By Emmet Lyons and Ken Olshansky There will be “people on the street” globally unless steps are taken to protect the most vulnerable from inflation, International Monetary Fund’s (IMF) chief Kristalina Georgieva warned on Wednesday. “It is important to think that this compounded impact of multiple crises is already testing the patience and resilience of
Continue Reading By Peter Valdes-Dapena, CNN Business When Ford chief executive Jim Farley split the company’s passenger vehicle business into two parts — one for electric cars, the other for gasoline-powered vehicles — Farley put himself in charge of the electric car business, a division called Model e. The assumption among a lot of industry observers was
Continue Reading By Paul R. La Monica, CNN Business Prospective home buyers are getting hit by a double whammy of bad news: Prices remain prohibitively high for many consumers, largely due to low supply. Mortgage rates have also skyrocketed to their highest level in 14 years. That is weighing on demand for both new home construction as
Continue Reading By Nicole Goodkind, CNN Business Just like misery, inflation loves company. And as price increases linger near 40-year highs, the United States has plenty of it. A perfect storm of stimulus cash during the pandemic, a strong demand for goods, geopolitical chaos and supply chain kinks have led to a surge in prices globally. In
Continue Reading By Anna Bahney, CNN Business Home sales declined for the seventh month in a row in August as higher mortgage rates and stubbornly high prices pushed prospective buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 19.9% from a year ago and down
Continue Reading By Jackie Wattles, CNN Business A Russian capsule took an American astronaut to space today, marking a notable continuation of the Russian-US partnership in space in an era of great geopolitical tension. The spacecraft took off from the famed Baikonur Cosmodrome in Kazakhstan, carrying NASA astronaut Dr. Frank Rubio and two Russian cosmonauts — Dmitri
Continue Reading Opinion by Mohamed A. El-Erian for CNN Business Perspectives This week, it will become more apparent to economists and policymakers across the globe that the Federal Reserve is in a Catch-22 situation of its own making. Forced by worries about high and persistent inflation, the Fed will likely go down in history as having raised
Continue Reading By Julia Horowitz and Anna Cooban, CNN Business The US dollar climbed to a new two-decade high on Wednesday after Russia said it was mobilizing 300,000 military reserves in an escalation of the war in Ukraine. In a televised national address Wednesday, President Vladimir Putin announced an immediate partial mobilization of Russian citizens and threatened
Continue Reading By Inke Kappeler, Allegra Goodwin and Mark Thompson, CNN Business Germany is nationalizing Uniper, its biggest importer of natural gas, as part of an €8 billion ($7.9 billion) plan to prevent an energy shortage this winter. Europe has been hit by soaring natural gas and electricity prices as a result of Russia’s invasion of Ukraine
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Continue Reading By Laura He, CNN Business Hong Kong stocks hit their lowest level in more than a decade Thursday and other Asian markets also fell after the US Federal Reserve raised rates by 75 basis points and forecast even more hikes ahead, fueling concerns about a recession. The Hang Seng Index fell as much as 2.6%,
Continue Reading By Julia Horowitz, CNN Business The Federal Reserve’s latest policy announcement represents a critical moment, as Wall Street waits to see how hard the central bank will go in its campaign to bring down stubbornly high inflation. What’s happening: The Fed is expected to raise its key interest rate by three-quarters of a percentage point
Continue Reading By Julia Horowitz and Anna Cooban, CNN Business The US dollar climbed to a new two-decade high on Wednesday after Russia said it was mobilizing 300,000 military reserves in an escalation of the war in Ukraine. In a televised national address Wednesday, President Vladimir Putin announced an immediate partial mobilization of Russian citizens and threatened
Continue Reading By Michelle Toh, CNN Business The number of rich people in the world rose at a rapid pace last year, boosted by gains in the stock market and house prices. As many as 5.2 million people became millionaires last year, with nearly half in the United States alone, according to Credit Suisse’s latest annual wealth
Continue Reading By Nicole Goodkind, CNN Business The Federal Reserve made history on Wednesday, approving a third consecutive 75-basis-point hike in an aggressive move to tackle the white-hot inflation that has been plaguing the US economy. The supersized hike, which was unfathomable by markets just months ago, takes the central bank’s benchmark lending rate to a new
Continue Reading By Matt Egan and Chris Isidore, CNN Business Well, it was nice while it lasted. After sinking every day for more than three months, US gas prices edged higher — by a penny — to $3.68 a gallon, on average Wednesday, according to AAA. That ends 98 consecutive days of falling pump prices, the second-longest
Continue Reading By Jennifer Hansler, Kylie Atwood and Rhea Mogul, CNN The United States is in “deep” talks with India over its reliance on Russian arms and energy, a US State Department official said Tuesday, in a development that could further isolate Moscow on the international stage. Russia “is no longer a reliable weapons supplier” and Indian
Continue Reading By Laura He, CNN Business One of China’s most popular livestreamers quietly resurfaced online Tuesday night, after a three-month absence linked to his appearance with a cake shaped like a tank, in what many believed was an oblique reference to the Tiananmen Square massacre. On Tuesday night, Li Jiaqi reappeared on Alibaba’s Taobao Live, a
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