Economy

Jerome Powell, chairman of the US Federal Reserve, speaks during a Fed Listens event in Washington, D.C., US, on Friday, Sept. 23, 2022. Federal Reserve officials this week gave their clearest signal yet that they’re willing to tolerate a recession as the necessary trade-off for regaining control of inflation. Al Drago | Bloomberg | Getty

Gautam Adani has had a very good year. The Indian billionaire briefly surpassed Amazon founder Jeff Bezos to become the second-richest person in the world in September, according to Bloomberg. He’s now ranked as the world’s fourth wealthiest person. Outside Southeast Asia, Adani is hardly a household name. That might be changing now that he’s

Inflation in August was stronger than expected despite the Federal Reserve’s efforts to bring down prices, according to data Friday that the central bank follows closely. The personal consumption expenditures price index excluding food and energy rose 0.6% for the month after being flat in July. That was faster than the 0.5% Dow Jones estimate

A person arranges groceries in El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., August 19, 2022. Sarah Silbiger | Reuters Initial filings for unemployment claims fell last week to their lowest level in five months, a sign that the labor market is strengthening even as the Federal Reserve is trying to slow

Turkish President Tayyip Erdogan addresses members of his ruling AK Party (AKP) during a meeting at the parliament in Ankara, Turkey May 18, 2022. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT Murat Cetinmuhurdar | Reuters Turkey will keep cutting interest rates,

Ray Dalio, founder of Bridgewater Associates LP, speaks during a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, May 25, 2022. Bloomberg | Bloomberg | Getty Images The financial market turmoil resulting from the U.K. government’s spending plan “suggests incompetence,” according to billionaire investor Ray Dalio.  “I

Larry Summers Cameron Costa | CNBC LONDON — Former U.S. Treasury Secretary Larry Summers on Tuesday warned that the U.K. has lost sovereign credibility after the new government’s fiscal policy sent markets into a tailspin. The British pound hit an all-time low against the dollar in the early hours of Monday morning, before recovering slightly on Tuesday, while the U.K.

President and Chief Executive Officer of the Federal Reserve Bank of Atlanta Raphael W. Bostic speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. Clodagh Kilcoyne | Reuters Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, appeared on CBS’ “Face The Nation” Sunday morning with a continued commitment

Berkshire Hathaway Chairman Warren Buffett seen at the annual Berkshire shareholder shopping day in Omaha, Nebraska, U.S., May 3, 2019. Scott Morgan | Reuters Researchers applied the Inflation Reduction Act’s new 15% corporate minimum tax onto 2021 company earnings and found that the burden would only be felt by about 78 companies, with Berkshire Hathaway

The Bank of England raised rates by 0.5 percentage points Thursday. Vuk Valcic | SOPA Images | LightRocket | Getty Images LONDON — The Bank of England voted to raise its base rate to 2.25% from 1.75% on Thursday, lower than the 0.75 percentage point increase that had been expected by many traders. Inflation in

Russian President Vladimir Putin attends a meeting of heads of the Shanghai Cooperation Organization (SCO) member states at a summit in Samarkand, Uzbekistan September 16, 2022. Foreign Ministry Of Uzbekistan | via Reuters Ukraine’s counteroffensive, which has seen vast swathes of Russian-occupied territory get recaptured, could be compounding Russia’s economic troubles, as international sanctions continue

In this article WFC Huntstock | Disabilityimages | Getty Images Turbulent times may be ahead for Hispanic workers, a new report from Wells Fargo found. The firm expects Latino workers to take an outsized hit if a mild recession happens in 2023, like it is projecting. “The Hispanic unemployment rate tends to rise disproportionately higher

The U.S. economy is teetering on the brink of a serious downturn if the Federal Reserve doesn’t pump the brakes on its rate hikes, billionaire CEO Barry Sternlicht said. The central bank has already raised interest rates four times this year and is widely expected to hike them by 75 basis points next week in

Retail sales numbers were better than expected in August as price increases across a multitude of sectors offset a considerable drop in gas station receipts, the Census Bureau reported Thursday. Advance retail sales for the month increased 0.3% from July, better than the Dow Jones estimate for no change. The total is not adjusted for

A trader works on the floor of the New York Stock Exchange (NYSE) as a screen shows Federal Reserve Board Chairman Jerome Powell during a news conference following a Fed rate announcement, in New York City, U.S., July 27, 2022.  Brendan Mcdermid | Reuters The U.S. Federal Reserve could be forced to pivot away from

The prices that producers receive for goods and services declined in August, a mild respite from inflation pressures that are threatening to send the U.S. economy into recession. The producer price index, a gauge of prices received at the wholesale level, fell 0.1%, according to a Bureau of Labor Statistics report Wednesday. Excluding food, energy

Inflation rose more than expected in August as rising shelter and food costs offset a drop in gas prices, the Bureau of Labor Statistics reported Tuesday. The consumer price index, which tracks a broad swath of goods and services, increased 0.1% for the month and 8.3% over the past year. Excluding volatile food and energy

A person shops in a supermarket as inflation affected consumer prices in New York City, June 10, 2022. Andrew Kelly | Reuters For the better part of a year, the inflation narrative among many economists and policymakers was that it was essentially a food and fuel problem. Once supply chains eased and gas prices abated,