Economy

The European Central Bank announced a new rate decision Thursday. Daniel Roland | AFP | Getty Images The European Central Bank on Thursday announced a new rate increase of 25 basis points, bringing its main rate to 3.75% The latest move completes a full year of consecutive rate hikes in the euro zone, after the

The U.S. economy showed few signs of recession in the second quarter, as gross domestic product grew at a faster than expected pace during the period, the Commerce Department reported Thursday. GDP, the sum of all goods and services activity, increased at a 2.4% annualized rate for the April-through-June period, better than the 2% consensus

People stand at the check-out counter after shopping at a grocery supermarket in Alhambra, California, on July 13, 2022.  Frederic J. Brown | AFP | Getty Images Inflation showed further signs of cooling in June, according to a gauge released Friday that the Federal Reserve follows closely. The personal consumption expenditures price index excluding food

Kazuo Ueda, governor of the Bank of Japan (BOJ). Bloomberg | Bloomberg | Getty Images The Bank of Japan announced Friday “greater flexibility” in its monetary policy — surprising global financial markets. The central bank loosened its yield curve control — or YCC — in an unexpected move with wide-ranging ramifications. It sent the Japanese

Turkish Central Bank Governor Hafize Gaye Erkan answers questions during a news conference for the Inflation Report 2023-III in Ankara, Turkey on July 27, 2023. Anadolu Agency | Anadolu Agency | Getty Images Turkey’s central bank expects inflation to hit 58% by the end of 2023, its new governor Hafize Gaye Erkan said in her

A view of high-rise buildings is seen along the Suzhou Creek in Shanghai, China on July 5, 2023. Ying Tang | NurPhoto | Getty Images The Chinese economy could be facing a prolonged period of lower growth, a prospect which may have global ramifications after 45 years of rapid expansion and globalization. The Chinese government

The U.S. Federal Reserve Building in Washington, D.C. Win Mcnamee | Reuters The Federal Reserve launched its FedNow instant-payments service Thursday, following several years of developing a system officials say will allow the faster flow of cash for businesses and individuals. Whether it’s providing instant access to paychecks, allowing for last-minute bill payments or sending

In this article GSBD Follow your favorite stocksCREATE FREE ACCOUNT Skyline of lower Manhattan and One World Trade Center in New York City and the Water’s Soul sculpture on July 11, 2023, in Jersey City, New Jersey. (Photo by Gary Hershorn/Getty Images) Gary Hershorn | Corbis News | Getty Images Goldman Sachs revised down the

Skyline view of the City of London financial district. Mike Kemp | In Pictures | Getty Images LONDON — U.K. inflation cooled significantly in June, coming in below consensus expectations at 7.9% annually. Economists polled by Reuters had projected an annual rise in the headline consumer price index of 8.2%, following the hotter-than-expected 8.7% reading

Michael Barr, vice chair for supervision of the board of governors of the Federal Reserve, testifies during a House Committee on Financial Services hearing on Oversight of Prudential Regulators, on Capitol Hill in Washington, DC, on May 16, 2023. Mandel Ngan | AFP | Getty Images The Federal Reserve’s top banking regulator expressed caution Tuesday

A food shopper searches for vegetables July 1, 2023 at the Hannaford supermarket in South Burlington, Vermont.  Robert Nickelsberg | Getty Images Don’t break out the party hats just yet: Despite recent signs that inflation is cooling, the fight to bring down the meteoric price increases of the past three years is far from over.

A Now Hiring sign is seen inside a WholeFoods store in New York City. Adam Jeffery | CNBC The global economy will likely avoid a recession and central banks will need to “change the goalposts” on inflation, according to veteran strategist David Roche. With high inflation proving sticky across many major economies, central banks have

A customer shops in a Kroger grocery store on July 15, 2022 in Houston, Texas.  Brandon Bell | Getty Images The producer price index for June had a smaller than expected increase, the Labor Department reported Thursday, in the latest sign that inflation is calming in the United States. The PPI for final demand rose

Inflation fell to its lowest annual rate in more than two years during June, the product both of some deceleration in costs and easy comparisons against a time when price increases were running at a more than 40-year high. The consumer price index increased 3% from a year ago, which is the lowest level since

The Covid-19 pandemic, rather than Joe Biden’s economic policies and stimulus packages, is the “real cause” of high inflation, according to a member of the U.S. President’s Council of Economic Advisers. In an interview over the weekend, it was put to Heather Boushey that a key criticism against “Bidenomics” and the huge stimulus it had

U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on June 14, 2023 in Washington, DC. Drew Angerer | Getty Images News | Getty Images Central banks are at “the end of the beginning” in

A Now hiring sign at McDonald”u2019s restaurant in Yorba Linda, CA, on Monday, Sept. 13, 2021 offering pay from $15 an hour for new employees as signs around the region are getting the cold shoulder from workers reluctant to resume service-industry jobs.” Jeff Gritchen | Medianews Group | Getty Images The U.S. labor market showed

Chicago Federal Reserve President Austan Goolsbee said Friday he’s confident inflation can be tamed without a recession, even with additional interest rate increases likely. Speaking to CNBC following the release of the June nonfarm payrolls report, he said the ongoing job growth is part of the Fed’s “golden path” toward restoring price stability without taking