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“Elon Musk says it’s ‘obviously correct’ that Fed is tanking US economy” Billionaire Elon Musk backed a prominent Wharton economist who accused the Federal Reserve and its chairman Jerome Powell of completely botching their response to the current economic slump. Musk reacted to a fiery rant from Wharton professor Jeremy Siegel, who told CNBC’s “Halftime…
“Inflation hits 8.3% in August as Fed mulls super-size rate hike” US inflation rose by a higher-than-expected 8.3% in August despite falling gasoline prices — adding pressure on the Federal Reserve as it decides whether to impose another super-size interest rate hike. The August reading of the Labor Department’s Consumer Price Index, a closely watched…
“Larry Summers says the Federal Reserve is wrong about economy” The Federal Reserve “lost its way” last year as inflation gripped American households and still isn’t being realistic about the impact it will have on the economy, ex-Treasury Secretary Larry Summers warned on Friday. Summers, who was far ahead of the Fed in predicting price…
“Inflation hits whopping 9.1%, raising risk of 1% interest rate hike” Inflation surged an unexpectedly strong 9.1% last month, raising the risk of even steeper rate hikes from the Federal Reserve as Americans get pummeled by record gas prices, soaring rents and stiff grocery bills. The dismal June reading released by the Labor Department on…
“US recession this year is more likely than not: Nomura analysts” The US economy is more likely than not to sink into a recession this year as the Federal Reserve tightens monetary policy in its bid to cool decades-high inflation, economists warned Monday. “Disruptions in the energy and food sectors, coupled with declining consumer sentiment,…
“Latest inflation spike shows Biden, Fed boss won’t stop recession: experts” Experts fear a recession is nearly unavoidable after the Friday release of federal data showing decades-high inflation in May revealed that President Biden, Federal Reserve chair Jerome Powell and other top policymakers are nowhere near achieving their goal of lowering prices. Economists and investors…
“Fed’s Lael Brainard won’t say if inflation has peaked, resists Sept. pause in rate hikes” Federal Reserve Vice Chairwoman Lael Brainard indicated Thursday that it was too early to say whether inflation has peaked — and said the central bank was likely to continue with its plans for aggressive interest rate hikes in the months…
“JPMorgan CEO Jamie Dimon warns an economic ‘hurricane’ is coming” JPMorgan Chase boss Jamie Dimon urged investors Wednesday to prepare themselves for turbulence in the market in the weeks ahead – warning that extraordinary financial circumstances were creating a potential “hurricane” for the economy. Dimon, the head of the largest US bank, said factors such…
“Goldman Sachs says stocks will slide until Fed clarifies policy” A lengthy losing streak for US stocks is likely to continue until the Federal Reserve reveals the endpoint of its effort to tackle inflation by tightening monetary policy, according to a Goldman Sachs analyst. Major stock indices have finished lower for seven consecutive weeks –…
“Stagflation in US economy ‘unavoidable,’ economist El-Erian says” The onset of debilitating stagflation within the US economy is likely “unavoidable” even if the Federal Reserve manages to avoid a full-fledged recession, famed economist Mohamed El-Erian warned on Wednesday. El-Erian, the chief economic adviser at Allianz, indicated that stagflation would take hold despite the Fed’s plan…