Money

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

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

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

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

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

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

By Rhea Mogul and Manveena Suri, CNN Movie theaters in Indian-controlled Kashmir have reopened their doors, more than two decades after they were forced shut during an armed rebellion that saw multiple threats and attacks on crowded public places. The lieutenant governor of Jammu and Kashmir, Manoj Sinha, inaugurated the disputed region’s newest cinema on

By Alison Kosik and Kate Trafecante, CNN Business The New York State Comptroller said Tuesday that several of New York City’s fiscal challenges could result in a budget gap nearing $10 billion by 2026 — potentially affecting essential services in the future. Total revenue is expected to decline by $10.5 billion in fiscal year 2023,