The former head of the Federal Reserve says the US is heading towards a period of high inflation and low economic growth as the head of Goldman Sachs and other global banks warn that a recession is coming. Ben Bernake, who led the Fed through the 2008 financial crisis, says ‘stagflation’ may be on the … Read more
Amazon founder Jeff Bezos once again went after President Joe Biden for the White House’s policies regarding inflation – and took credit for deficit reduction in a tweet on Sunday. Bezos, retweeting an account that goes by the name @ ne0liberalargued that the inflation crisis could have been made worse if not for West Virginia … Read more
The dramatic rise in home prices and mortgage rates in the early months of 2022 has had a relatively limited effect on wealthy buyers and sellers, but has had a severe impact on lower-income Americans — and the Democratic Party may pay a steep price for their frustrations in the November midterm elections and beyond, … Read more
New York CNN Business – The American economy is super weird right now. Pretty much anyone who wants a job can have one. The economy is so hot that prices are surging faster than at any point since the 1980s. The housing market is on fire. Consumers are spending like crazy. Yet we keep hearing … Read more
Amazon founder Jeff Bezos asked the Biden Administration’s new Disinformation Board to review the president’s tweet claiming that growing inflation could be tamed by raising corporate taxes. Joe Biden, who has faced criticism over the 40-year high rates which hit 8.3 percent, tweeted on Friday that taxing corporations more would help ease the economic strain … Read more
WASHINGTON (AP) – The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp … Read more
Here’s what you need to know to Get Up to Speed and On with Your Day. (You can get “5 Things You Need to Know Today” delivered to your inbox daily. Sign up here.) 1. Ukraine Finland’s president and prime minister have announced their support for joining NATO, moving the Nordic nation – which shares … Read more
The price of gasoline in the US hit an all-time high on Tuesday as the national average spiked $ 0.17 / gallon from last week to $ 4.37 / gallontopping the previous all-time high set March 8. The European Union’s discussion of pulling back from buying Russian oil has sent additional shock waves through an … Read more
WASHINGTON (AP) – Inflation eased slightly in April after months of relentless increases but remains near a four-decade high, imposing a continuing financial strain on American households. Consumer prices jumped 8.3% last month from a year ago, the government said Wednesday. That was below the 8.5% year-over-year surge in March, which was the highest since … Read more
A baby formula shortage has turned into a nationwide food crisis for parents across the country desperate to feed their infants. Retail outlets have seen a 30% drop in the availability of some popular brands, due to supply chain issues, labor shortages, inflation and safety concerns. In February, Abbott Nutrition recalled formula made in its … Read more