economy

Fed Vice Chair Brainard warns against retreating from inflation fight prematurely

U.S. Federal Reserve board member Lael Brainard speaks after being nominated by U.S. President Joe Biden as Vice Chairman of the Federal Reserve, in the South Court Auditorium of the Eisenhower Executive Office Building at the White House in Washington, United States, November 22, 2021. Kevin Lamarque | Reuters Federal Reserve Vice Chairman Lael Brainard …

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Sterling hits record low against the dollar, as Asia-Pacific currencies also weaken

The British pound hit an all-time high. Matt Cardy | Getty Images The Pound sterling plunged to a record low on Monday morning in Asia, after the announcement last week by the new British government that it implement tax cuts and investment incentives to stimulate growth. The pound briefly fell 4% to an all-time low …

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Costco to keep $1.50 hot dog-and-soda combo ‘forever’ despite inflation: exec

A senior Costco Wholesale executive has confirmed that the big-box retailer has no plans to reprice its $1.50 hot dog and soda combo in its stores despite months of decades of high inflation. Costco Chief Financial Officer Richard Galanti reiterated that the discount price of the fan-favorite deal would remain in place during the company’s …

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The Fed is now expected to keep raising rates then hold them there, CNBC survey shows

US Federal Reserve Chairman Jerome Powell gives a press briefing following the surprise announcement that the FED will cut interest rates on March 3, 2020 in Washington, DC. Eric Baradat | AFP | Getty Images Wall Street finally seems to be embracing the idea that the Federal Reserve will raise rates into restrictive territory and …

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Here’s why Hispanic workers could face an outsized hit in a U.S. recession

Hunting | Handicap images | Getty Images Turbulent times may be ahead for Hispanic workers, according to a new report from Wells Fargo. The company expects Hispanic workers to take a disproportionate hit if a mild recession occurs in 2023, as it predicts. “The Hispanic unemployment rate tends to rise disproportionately relative to the national …

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Asian markets open lower after price data slam Wall Street

Asian markets slipped on Wednesday after Wall Street fell the most since June 2020, with a report showing inflation maintained a surprisingly strong grip on the US economy. The benchmark Tokyo Nikkei 225 lost 2.8% in early trading on Wednesday to 27,816.58, while Sydney’s S&P/ASX 200 fell 2.5% to 6,834.80. In Seoul, the Kospi lost …

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Economists are divided on the risk of a U.S. recession

Is the US economy showing no signs of recession or is it inevitably heading into a recession? Is it actually already in one? More than a month after the country experienced two successive quarters of economic contractionit always depends on who you ask. Steve Hanke, professor of applied economics at Johns Hopkins University, believes the …

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