Commentary Everywhere I go, people are mystified about President Joe Biden’s economic agenda. So few of the policies comport with basic common sense that I’m asked the same question over and over: Is Biden intentionally trying to take a wrecking ball to the economy? Is this all part of some diabolical plan, the “great reset,”…
Economist Says Fed ‘Badly Misdiagnosed’ Inflation, Warns of ‘Stagflationary Swamp’ If Another Error Made
The economist Mohamed El-Erian has criticized the Federal Reserve for how poorly it has dealt with inflation, and he warned about the United States slipping into stagflation if policymakers do not deal with the issue carefully. Because of having “badly misdiagnosed” inflation last year, the Federal Reserve “significantly intensified” its policy response in the last…
US Business Activity Deteriorates Faster as Biden Touts ‘Historically Strong’ Economic Recovery
October 25, 2022
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Business & Marketsbusiness activityeconomyinflationJoe BidenPolicies & ImpactsPoliticsrecessionUSUS News
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U.S. business activity contracted for the fourth straight month in October, and the economic downturn “gathered significant momentum,” S&P Global said on Monday, while the White House touted low unemployment rates and credited President Joe Biden’s economic agenda for a “historically strong” economic recovery. The S&P Global flash U.S. Composite PMI Output Index, which tracks the manufacturing…
US Business Activity Deteriorates Even Faster as Biden Touts ‘Historically Strong’ Economic Recovery
October 25, 2022
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Business & Marketsbusiness activityeconomyinflationJoe BidenPolicies & ImpactsPoliticsrecessionUSUS News
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U.S. business activity contracted for the fourth straight month in October, and the economic downturn “gathered significant momentum,” S&P Global said on Monday, while the White House touted low unemployment rates and credited President Joe Biden’s economic agenda for a “historically strong” economic recovery. The S&P Global flash U.S. Composite PMI Output Index, which tracks the manufacturing…
Yellen Admits Inflation Might Get Worse, but Has ‘Confidence’ It’ll Eventually Get Better
Secretary of the Treasury Janet Yellen said Monday that she’s confident that price pressures will ease “over the next year or two,” while leaving open the possibility that in the near term inflation could become even worse. Yellen made the remarks during an interview on NBC News, released on Oct. 24, in which she said…
S&P 500, Nasdaq Rise at Open Amid Mixed Earnings Reports
October 25, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechNASDAQrecessionstocksUS
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The S&P 500 and the Nasdaq opened higher on Tuesday as investors digested a mixed bag of earnings reports, with Microsoft and Alphabet rising ahead of their results later in the day. The S&P 500 opened higher by 2.10 points, or 0.06 percent, at 3,799.44, while the Nasdaq Composite gained 44.35 points, or 0.40 percent,…
More Americans Are Living Paycheck to Paycheck Amid High Inflation
October 25, 2022
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Business & Marketsdisposable incomeeconomic recessioneconomyincome growthinflationpersonal financereal wagesrecessionUSwage income
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As inflation continues to remain elevated, Americans are struggling to make ends meet and finding that there isn’t much leftover after making monthly payments, according to a recent survey by LendingClub. As of September 2022, 63 percent of U.S. citizens were living paycheck to paycheck, up 5 percent from 57 percent in September 2021. Last…
Sterling Rises as Sunak Prepares to Become PM, Euro Awaits ECB Hike
LONDON—Sterling rose on Tuesday supported by improved risk sentiment as Rishi Sunak prepared to become Britain’s prime minister, while the euro steadied ahead of an expected rate hike by the European Central Bank (ECB) on Thursday. The U.S. dollar edged up but was not far from its lowest level in October amid signs Federal Reserve…
Oil Falls by More Than $1 Per Barrel as Demand Fears Linger
October 25, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell by more than $1 per barrel on Tuesday as bearish economic data from key global economies heightened demand fears. International benchmark Brent crude futures fell by $1.30 to $91.96 per barrel by 1117 GMT, after easing 0.3 percent in the previous session. U.S. West Texas Intermediate crude futures for December delivery fell…
World Shares Mostly Slip as Investors Eye Corporate Earnings
October 25, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocksUncategorized
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BANGKOK—Shares were mostly lower in Europe and Asia on Tuesday as investors geared up for a slew of corporate earnings reports. U.S. futures edged 0.1 percent higher but oil prices fell back. In London, the FTSE 100 fell 0.6 percent to 6,972.74 as Britain’s third prime minister this year, Rishi Sunak, prepared to take office…
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