Powell tells Congress that Fed will raise rates this month The Denver Post

WASHINGTON — Federal Reserve Chair Jerome Powell made clear Wednesday that the Fed will begin raising interest rates this month in a high-stakes effort to restrain surging inflation. In prepared testimony he will deliver to a congressional committee, Powell cautioned that the economic consequences of Russia’s invasion of Ukraine are “highly uncertain.” He says the Fed will “need to be […]

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The Great Resignation: US workers quitting in droves, companies struggle to hire

WASHINGTON (AFP) – American workers are quitting their jobs by the millions every month taking advantage of new opportunities created by the pandemic recovery, and creating an unprecedented labour shortage for companies. In October, 4.2 million Americans resigned, after 4.4 million in September and 4.3 million in August, according to data from the Labor Department. Meanwhile, new applications for unemployment […]

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Asia factories shake off supply headaches but Omicron presents new risks

TOKYO (REUTERS) – Asian factory activity grew last month as crippling supply bottlenecks eased, but rising input costs and renewed weakness in China dampened the region’s prospects for an early, sustained recovery from pandemic paralysis. The newly detected Omicron coronavirus variant has also emerged as a fresh worry for the region’s policymakers, who are already grappling with the challenge of […]

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Cyber Monday spending in US expected to slow as shoppers see fewer deals

BENGALURU (REUTERS) – United States retailers’ online sales likely slowed this Cyber Monday (Nov 29), as fewer discounts and limited choices due to global supply-chain disruptions deterred shoppers, but other data points suggested American consumers are in pretty good health. Retailers had also spread out promotional deals across more weeks to protect profit margins from surging supply chain costs and […]

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US mall brands plunge as Gap, Nordstrom add to worries

NEW YORK (BLOOMBERG) – Retail stocks tumbled after disappointing reports from Gap and Nordstrom capped a difficult earnings season for consumer-facing brands, renewing worries over rising costs and a strained supply chain ahead of the holiday shopping season. Gap chief executive Sonia Syngal cited “acute supply chain headwinds” that left the chain unable to capitalise on elevated customer demand, forcing […]

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Americans are spending but inflation casts pall over economy

WASHINGTON — Americans are doing the main thing that drives the U.S. economy — spending — but accelerating inflation is casting a pall. A raft of economic data issued Wednesday showed the economy on solid footing, with Americans’ incomes rising and jobless claims falling to a level not seen since the Beatles were still together. The spike in prices for […]

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Why economists got it so wrong on US inflation

NEW YORK (BLOOMBERG) – Economists are getting a dose of humility on forecasting inflation after a resurgent coronavirus, a tenuous global supply network and stimulus-fueled consumers combined to send US prices well beyond the expectations of Wall Street and policy makers. The government’s latest inflation read on Wednesday (Nov 10) showed a 6.2 per cent annual jump in consumer prices […]

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Fed warns of peril in run-up of risky asset prices, stablecoins

WASHINGTON (BLOOMBERG) – The United States Federal Reserve is warning that prices of risky assets keep rising, making them more susceptible to perilous plunges if the economy takes a turn for the worse, and cited stablecoins as an emerging threat. “Asset prices remain vulnerable to significant declines should investor risk sentiment deteriorate, progress on containing the virus disappoint, or the […]

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