Money

By Matt Egan, CNN Every few years, Washington plays a dangerous game of chicken over whether to raise the debt ceiling or default on US debt. Even if a default is avoided this time, the frequent nature of these political showdowns could cause America’s credit rating to get downgraded, Fitch Ratings told CNN on Monday.

By Robert North, CNN The head of the main business lobby in the United Kingdom is stepping aside while an investigation takes place into complaints about his workplace conduct. The Confederation of British Industry (CBI) said it initially received an allegation against Director-General Tony Danker in January. That complaint was “investigated thoroughly and was dealt

By Jon Passantino Satellite radio giant SiriusXM is laying off 475 people, or about 8% of its workforce, as part of a broad restructuring. With the announcement Monday, SiriusXM becomes the latest media company to make painful cuts as advertisers tighten spending amid economic uncertainty. The layoffs at the radio company — home to the

By Alicia Wallace, CNN The US economy may still be running fast and strong, but its risk of suddenly falling into a recession still looms large, despite the Federal Reserve’s efforts, former Treasury Secretary Larry Summers warned Monday. Summers told CNN’s Poppy Harlow in an interview that he expects the Fed will have to raise

By Alicia Wallace, CNN US consumers kept spending last year despite historically high inflation, not only shelling out for necessities but also splurging on restaurants, travel and other experiences impeded by the pandemic. Economists had predicted spending would peter out as the months drew on, as savings diminished, high prices persisted, and the Federal Reserve

By Nicole Goodkind, CNN Recent headlines point to a slumping US housing market — as mortgage rates average near 7%, an increasing number of potential homebuyers are finding it difficult to finance homes. Mortgage applications fell in late February to a 28-year low, according to the Mortgage Bankers Association. But some of the country’s largest

By Nicole Goodkind, CNN Wall Street investors are gearing up for their version of Hell Week — a torrent of jobs data coming over the next few days could easily lead to volatile market swings. The unflinching resilience of the US labor market is one of — if not the — greatest source of tension

By Laura He, Simone McCarthy and Wayne Chang, CNN China has set an official economic growth target of “around 5%” for 2023, as it seeks to revive the world’s second-largest economy after a year of tepid growth because of pandemic measures. It will also expand its defense budget 7.2%, marking a slight increase over growth