Author: News Room

Topline The Federal Reserve now projects the nation’s economy to fall into a “mild recession” by year’s end, according to minutes from the Fed’s Open Markets Committee meeting March 21-22 as the central bank navigated through an unexpected crisis in the country’s banking sector. Key Facts Banking turmoil led central bank officials to downgrade their economic forecasts, according to the notes released Wednesday afternoon. Though all FOMC members ultimately voted in favor of a 25 basis-point increase to the federal funds rate, several officials considered backing a pause to the hikes in the wake of the string of bank failures.…

Topline Annual inflation fell for a ninth-straight month in March—temporarily easing concerns about the future of the Federal Reserve’s tightening campaign as some experts worry that uncertainty over recent bank failures and a potential recession may complicate the path of inflation. Key Facts Consumer prices rose 5% on an annual basis, according to data released by the Labor Department on Wednesday, marking the smallest year-over-year increase since May 2021 and coming in better than economists expected after a 6% spike in February. Rent prices were “by far” the biggest contributor to overall inflation, more than offsetting a decline in energy…

A look at the day ahead in U.S. and global markets from Mike Dolan As another crucial U.S. inflation reading keeps markets in thrall, major stocks continue to hold the line despite mounting investor negativity. While bulls and bears battle it out as always, U.S. equity market resilience may even reflect how much of the fast money has already positioned the other way. The Federal Reserve’s interest rate stance hinges on incoming data such as Wednesday’s consumer price report, but fears of recession remain just that. Despite warnings about financial sector disturbance and a plethora of ‘ifs and ‘buts’, the…

© Reuters. FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta, Georgia, U.S., September 26, 2019. REUTERS/Elijah Nouvelage/File Photo By Brendan Pierson NEW YORK (Reuters) -E-cigarette maker Juul Labs Inc agreed on Wednesday to pay $462 million over eight years to settle claims by six U.S. states including New York and California, along with the District of Columbia, that it unlawfully marketed its addictive products to minors. The deal, which also included Colorado, Illinois, Massachusetts and New Mexico, means that San Francisco-based Juul has now settled with 45 states for more than $1 billion.…

The numbers: The U.S. budget deficit hit $1.1 trillion in the first half of fiscal year 2023, the Treasury Department said Wednesday, $432 billion more than the shortfall in the same period a year ago. That includes a March deficit of $378 billion. Details: The wider deficit is mostly due to increased government spending, which rose by 13% in the first six months of fiscal 2023. Revenues were 3% lower from October through March than during the year-ago period. Big… Read the full article here

If your rent was due and you were a few hundred dollars short, and you could quickly get approved for a $700 loan with a low fee, would you be interested? A growing number of consumers are answering yes to this question, and banks and credit unions are increasingly meeting their needs with small-dollar loans, which are generally defined… Read the full article here

There’s more to Albert Hammond Jr. than the Strokes. Yes, the veteran guitarist — and son of singer-songwriter Albert Hammond — is a member of the group that helped bring a rough-and-ready sound back to rock a little more than 20 years ago. Along the way, the Strokes have won seven Grammy Awards, including one for best rock album in 2021 — proof that they’ve maintained their edge over time. But… Read the full article here

Stock were mixed Wednesday after consumer prices in the U.S. climbed at a 5% annual pace in March, a slowdown from February as energy costs declined. But core prices, which strip out food and energy categories, accelerated last month. These stocks were making moves Wednesday:  American Airlines (ticker: AAL) declined 8.7% after the carrier said in a filing that it expects first-quarter adjusted earnings of between 1 cent and 5 cents a share. Analysts surveyed by FactSet anticipated profit of 5 cents a share.The stock was the worst performer on the S&P 500 on Wednesday. Shares of United Airlines (UAL) shed 5.3%, and…

Democratic Minority Leader Hakeem Jeffries has said he had only a “vague recollection” of the controversy surrounding his uncle, Black studies professor Leonard Jeffries, who eventually lost his job over incendiary comments about Jewish people. CNN’s KFile looks into Jeffries’ past defense of his uncle.Source: CNN Read the full article here

Several Federal Reserve officials considered forgoing an interest rate rise last month amid the worst banking turmoil since the 2008 crisis, but ultimately decided to press ahead due to persistently high inflation, according to an account of their most recent meeting.Minutes from the March gathering, at which the US central bank raised its benchmark policy rate by a quarter-point, showed the Fed was chiefly focused on persistent price pressures — even after the recent banking turbulence upended expectations about the trajectory of the economy.The rate rise, which lifted the federal funds rate to a new target range of 4.75-5 per…