Inflation has raged over the past year and a half, jumping 7.7% in the 12 months through October. The Federal Reserve responded by raising interest rates. The central bank started in March, though man...
Tag: U.S. Economy
BQ, XBB omicron subvariants pose serious threat to boosters
Evusheld injection, a new COVID treatment that people can take before becoming symptomatic, in Chicago on Friday, Feb. 4, 2022. Chris Sweda | Tribune News Service | Getty Images The omicron subvariant...
Mortgage demand inches higher as interest rates move lower
A For Sale sign appears in front of a house on Oak Street in Patchogue, New York, on May 17, 2022. Steve Pfost | Newsday | Getty Images After a month of declines, mortgage application volume is rising...
Mortgage rates drop after CPI inflation report
A prospective home buyer, left, is shown a home by a real estate agent in Coral Gables, Florida. Getty Images The average rate on the 30-year fixed mortgage dropped to 6.28% Tuesday, according to Mort...
Inflation peaked but will remain above pre-Covid levels: Mastercard
Inflation has already peaked, but it will remain above pre-Covid levels in 2023, said David Mann, chief economist for Asia-Pacific, Middle East and Africa at the Mastercard Economics Institute. “...
How shortening the week could change office life
The idea of a four-day or shorter workweek is gaining momentum worldwide — a big thanks to the remote work boom during the Covid-19 pandemic. A recent study from 4 Day Week Global, a nonprofit group t...
Elon Musk Sounds a Dire Warning About the Economy
Elon Musk is worried about the economy. For several months now, the richest man in the world has continued to sound the alarm, warning that the economy risks a deep recession if the central bank̵...
A Look Back at Cathie Wood’s Disastrous Year
Celebrity money manager Cathie Wood, chief executive of Ark Investment Management, has offered plenty of interesting ideas about the economy and stock market this year. But for her clients, Mama Cathi...
What a Santa Claus rally means for investors
Santa Claus looks on at the 98th Annual Christmas Tree lighting ceremony at the New York Stock Exchange on Dec. 1, 2021 in New York. Bryan R. Smith | Afp | Getty Images If history is a guide, stock in...
FDA to decide on Pfizer vaccine for older adults by May 2023
The Food and Drug Administration is expected to decide by spring whether to approve Pfizer’s vaccine to prevent respiratory syncytial virus, or RSV, in adults ages 60 and older. Pfizer, in a sta...
Mortgage demand falls again even as interest rates sink further
A “For Sale” sign in front of a home in Sacramento, California, on Monday, Dec. 5, 2022. David Paul Morris | Bloomberg | Getty Images Lower mortgage rates are pulling some current homeowne...
Oil plunge, tech collapse and Fed cuts? Strategist shares possible 2023 market ‘surprises’
A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, August 29, 2022. Brendan McDermid | Reuters After a tumultuous year for financial markets, Standard Chartered outlin...
Omicron boosters weaker against BQ.1.1 subvariant
A staff member draws up a syringe with the Comirnaty vaccine from Biontech and Pfizer adapted to the Omicron-BA.1 variant at the Mainz vaccination center. Sebastian Christoph Gollnow | dpa | Picture A...
Fed may wreck one of greatest booms in history of Main Street America
The Census Bureau reported almost 433,000 new business applications in October, up from 313,000 in December 2019, before the Covid pandemic began, and 413,000 as recently as June. Mint Images | Mint I...
Pfizer rejects Moderna claim it copied Covid vaccine, accuses rival of rewriting history
Pfizer has rejected allegations made by rival Moderna that its Covid-19 vaccine is a copy, accusing the Boston biotech company of rewriting history to lay claim to technology developed by a field of s...
How the U.S. became a global corn superpower
The United States has just about 90 million planted acres of corn, and there’s a reason people refer to the crop as yellow gold. In 2021, U.S. corn was worth over $86 billion, according to calcu...
Economist Roubini Sees ‘Mother of All Stagflationary Debt Crises’
Debt around the world is growing as governments, businesses and individuals have gone on a spending and borrowing spree during the covid pandemic and as it has eased. Nouriel Roubini, chief economist ...
Biden administration will end monkeypox public health emergency
People line up to get a monkeypox vaccination at a new walk-up monkeypox vaccination site at Barnsdall Art Park on Tuesday, Aug. 9, 2022 in Hollywood, CA. Brian Van Der Brug | Los Angeles Times | Get...
Here’s where the jobs are for November 2022 — in one chart
The U.S. job market beat expectations again in November, adding 263,000 payrolls led by the service sector. Leisure and hospitality was the top category for job gains, according to a report from the U...
FDA pulls antibody bebtelovimab because not effective against omicron BQ.1
An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. Mike Segar | Reuters A key monoclonal antibody used to treat peopl...
Fauci calls out a bad job of vaccinating elderly
Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases, testifies at a Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related ...
Fed hikes and a stronger dollar are fueling risks of political instability in Africa
ACCRA, GHANA – NOVEMBER 05: Ghanaians march during the ‘Ku Me Preko’ demonstration on November 5, 2022, in Accra, Ghana. People took to the streets of Ghana’s capital to protes...
Transitory inflation talk is back. But economists say higher prices here to stay
Prices of fruit and vegetables are on display in a store in Brooklyn, New York City, March 29, 2022. Andrew Kelly | Reuters Global markets have taken heart in recent weeks from data indicating that in...
U.S. criticizes Beijing, supports right to protest
People hold white sheets of paper and flowers in a row as police check their IDs during a protest over coronavirus disease (COVID-19) restrictions in mainland China, during a commemoration of the vict...
Flu hospitalizations increase nearly 30% as U.S. enters holiday season
Susana Sanchez, a Nurse Practitioner, administers a flu vaccination to Loisy Barrera at a CVS pharmacy and MinuteClinic in Miami, Florida. Joe Raedle | Getty Images Flu hospitalizations have increased...
Black Friday online sales top $9 billion in new record
Consumers spent a record $9.12 billion online shopping during Black Friday this year, according to Adobe, which tracks sales on retailers’ websites. Overall online sales for the day after Thanks...
Kellogg, General Mills, Post cereal sales slow after pandemic surge
Kellogg, the 117-year-old brand that started as a breakfast cereal company has since expanded to be one of the largest food companies in the world, has seen declining cereal sales over the past couple...
With rail strike looming, tech companies reroute chips to trucking
A container delivery truck heads for one of the terminals at the Port of Long Beach in Long Beach, California. Frederic J. Brown | AFP | Getty Images Technology companies supplying critical semiconduc...