The CEO of Wells Fargo warned Tuesday that there is “no question” that the U.S. economy is going to get worse before it gets better. “It’s going to be hard to avoid some kind of recession,” CEO Charles Scharf said during a Wall Street Journal event. The Federal Reserve has already raised interest rates twice…
United States Retail Sales Register 0.9 Percent Growth in April
U.S. retail and food services sales rose in April 2022 by 0.9 percent on a month-on-month basis and by 8.2 percent when compared to April 2021, the latest data from the Commerce Department show. “Total sales for February 2022 through April 2022 period were up 10.8 percent from the same period a year ago. The…
Gas Prices Hit New High, Exceed $4 per Gallon in All 50 States
May 17, 2022
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Gas prices have hit a record high amid the crude oil price rally in international markets during the past few days, according to latest data from AAA. The national average price for regular unleaded gas on May 17 was $4.52 per gallon, which is an all-time record according to AAA. This is 3.4 percent higher…
Elon Musk Suggests Biden Isn’t the ‘Real’ President
Billionaire Elon Musk took a shot at President Joe Biden on Monday and questioned whether he is actually in charge. During a podcast interview, Musk, the head of Tesla, said that he has voted “overwhelmingly for Democrats” in the past but criticized the current administration and Democratic Party over their policies. “The real president is whoever…
‘Look, A Squirrel’: Jeff Bezos, White House Spar Over Inflation, Taxes
Billionaire Jeff Bezos and the White House are engaging in a war of words over inflation and tax policy. After President Joe Biden claimed on Twitter that making large corporations “pay their fair share” can lower inflation, Bezos fired back, stating that the federal government’s new Disinformation Board “should review this tweet” and perhaps establish…
Data Show Investing in Chinese Stocks Has Historically Been Bad Idea
The Chinese economy has grown tremendously over the past three decades, but its stock market has offered investors very dismal returns. Chinese stocks have had the worst performance among Asian and the world’s largest stock markets, according to the Morgan Stanley Capital International (MSCI) April data. Since its inception in December 1992, the MSCI China…
Top Economist Warns: Risk of US Recession ‘Increasing’
Beth Ann Bovino, the head U.S. economist for S&P Global Ratings, said that the chance of a recession hitting the United States is increasing. When asked during a Yahoo Finance panel about the prospects of a recession occurring, she said that American households, including individuals who are lower-income, “are still sitting on a nice bit…
Beijing’s Aggressive Use of Trade Will Hurt China in the Long Term
News Analysis Because China’s economy has grown to a gigantic size, its top-down, command approach to economics, especially its trade policy, has destabilized and has begun to alienate several trading partners. Those countries, smaller Asian nations especially, have only one rational response: put up with the economic ills imposed by Beijing while finding ways to…
FDA Eases Import Restrictions to Boost Baby Formula Supply
May 17, 2022
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U.S. regulators on May 16 announced they’re easing restrictions on imports of baby formula to help alleviate shortages of the product stemming from a major plant being shut down three months prior. The adjusted regulations give regulators the ability to clear formula from overseas as long as they meet certain safety and nutrition requirements. Distributors…
Elon Musk: Biden Admin Must Do Something on Inflation or Risk Turning Into ‘Venezuela’
May 17, 2022
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Business & Economyeconomic policieseconomyElon MuskExecutive BranchinflationJoe BidenPoliticsUSUS News
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Tech billionaire Elon Musk this week warned that the United States must take steps to address inflation or it will end up like socialist Venezuela. Musk, who is currently in the process of acquiring Twitter, told a virtual conference that he believes the government has printed too much money in recent years. “I mean, the…
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