Moody’s on Friday lowered its outlook on the U.S. credit rating to “negative” from “stable” citing large fiscal deficits and a decline in debt affordability, a move that drew immediate criticism from President Joe Biden’s administration. The move follows a rating downgrade of the sovereign by another ratings agency, Fitch, this year, which came after … Read more
The US Federal Reserve is widely expected to raise its benchmark lending rate for a tenth — and possibly final — time on Wednesday, as it continues its fight against high inflation. The US central bank is likely to take this decision despite growing signs that the American economy is slowing down, with many economists … Read more
The U.S. economy maintained its resilience from October through December despite rising interest rates, growing at a 2.6% annual pace, the government said Thursday in a slight downgrade from its previous estimate. But consumer spending, which drives most of the economy’s growth, was revised sharply down. The government had previously estimated that the economy expanded … Read more
WASHINGTON: The number of Americans filing new claims for unemployment fell again last week, pointing to sustained labor market strength that could keep the Federal Reserve raising interest rates. Initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 190,000 for the week ended Feb. 25, the Labor Department said on Thursday. It … Read more
If you want to understand the immense windfall the Biden administration is about to bestow on green industries, take a look at hydrogen. Engineers still aren’t exactly sure what role the gas will play in a climate-friendly economy, but they’re pretty sure that (contra the ridicule in “Glass Onion“) it will be useful for something. … Read more
Federal Reserve officials are set to shift down the pace of interest-rate hikes again in the coming week amid signs of slowing inflation, while Friday’s jobs report may show steady demand for workers that improves the chances of a soft landing for the world’s largest economy. Policy makers are poised to raise their benchmark federal … Read more
Spot gold closed with a gain of nearly 0.1% in the week ending January 27. With US Q4 advance GDP, durable goods orders, weekly jobless claims, pending home sales, and preliminary S&P global US manufacturing and services PMI data for January coming in better than forecast, chances of soft landing of the US economy have … Read more
New York: Is the US economy slipping into a recessionary period and have the sanctions on Russia over the Ukraine war in the eastern Donbas region set to boomerang, bringing stocks down and the entire money market into a tailspin reversing the bullish trends to bearish ones. Judging by analysis by various economic experts, billionaires, … Read more
JPMorgan Chase & Co reported a 14% fall in fourth-quarter earnings on Friday but sailed past analysts’ estimates, helped by a stellar performance at its investment banking unit that offset a slowdown in its trading arm. The country’s largest lender, whose fortunes are often seen as a barometer of the health of the U.S. economy, … Read more
Rand Paul, a senator from Kentucky, has clashed publicly with Anthony Fauci over virus research carried out before the pandemic. Ted Cruz, from Texas, has said Fauci should be prosecuted regarding his handling of the Covid response. “Yeah,” Fauci told CBS in his Sunday interview. “I have to laugh at that. I should be prosecuted? … Read more