Money

By Anna Cooban, CNN Business Europe has finally proposed a ban on Russian oil, but has again stopped short of using its most potent weapon — sanctioning Russia’s natural gas. On Wednesday, the European Commission put forward a sixth package of sanctions against Russia over the war in Ukraine, which includes a plan to phase

By Paul R. La Monica, CNN Business The Federal Reserve finally seems prepared to whip inflation. The last time the Fed faced surging prices like this, it jacked up interest rates and the US economy endured multiple slowdowns. Do Americans need to fear a repeat of the early 1980s? Many investors and economists worry that

By Nicole Goodkind, CNN Business So much for the good feelings on Wall Street. US markets fell sharply Thursday, marking their worst day of the year and eviscerating all of the gains from Wednesday after the Federal Reserve’s announcement of its plans to increase in its benchmark interest rate won over investors. Fed Chair Jerome

By Alicia Wallace, CNN Business US labor productivity tumbled by 7.5% in the first quarter of 2022 — the largest decline in worker output per hour since 1947, according to Labor Department data released Thursday. The report also showed that unit labor costs, or how much workers are paid per unit of output, surged by

By Matt Egan, CNN Business The Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America’s emergency oil reserve, an Energy Department official told CNN. This would mark the first time since the early 2000s that the