Latest Headlines in Economy
Senate confirms Jerome Powell for 2nd term as Fed fights inflation
The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp interest rate hikes that could extend well into next year.
Biggest stablecoin loses dollar peg as crypto anxiety spreads
Tether, the largest of the stablecoins used in cryptocurrency markets to facilitate trading, briefly dropped to the lowest level since December 2020.
Larry Edelman
Inflation will abate. Just don’t hold your breath.
The growth in consumer prices may have peaked, but there’s a long way to go before we’re back to normal.
US inflation hit 8.3 percent last month but slows from 40-year high
On a month-to-month basis, prices rose 0.3 percent from March to April, a still-elevated rate but the smallest increase in eight months.
Larry Edelman
No idea where the economy is headed? You’re not alone.
This week brought a blast of economic data but precious little clarity on what it all means.
Stocks tumbled Thursday, erasing gains from a day earlier
The S&P 500 fell 3.6 percent Thursday, after surging 3 percent on Wednesday. The Nasdaq composite slid 5 percent, its biggest drop since June 2020.
More Americans applied for jobless aid last week
Jobless claims in the US rose by 19,000 to 200,000 for the week ending April 30, the Labor Department reported Thursday.
As inflation soars, the price of kids’ shoes is soaring even faster. Here’s why.
The cost of sneakers, cleats, and flats that kids outgrow every few months offer a window into the mechanics of pandemic-era inflation.