The US Federal Reserve should proceed carefully when deciding whether or not to hike interest rates further to bring down inflation, according to two senior officials, as they aim for a "soft landing" to tackle inflation without harming the US economy.
Russia's economy is being increasingly structured around war, with nearly one-third of the country's spending next year devoted to defense, redirecting funds from sectors like health care and education; however, the economic impacts of the war, including inflation and a weakened ruble, are causing concerns for citizens and the government alike.
Both the consumer and producer prices indices are set to be released this week, providing investors with another look at US inflation data, with expectations of a gradual decrease in inflation as crude oil and gasoline prices drop. Additionally, the impact of weight loss drugs on grocery sales is being monitored, with companies like Walmart and Coca-Cola experiencing fluctuations in stock prices.
Italy is urging EU partners to approve more flexible budget rules amidst widening bond spreads and concerns that deviations from spending targets will trigger disciplinary procedures, particularly due to a potential accounting ruling by Eurostat that could increase next year's fiscal deficit.
Shadow Chancellor Rachel Reeves, in her speech to the Labour Party conference, adhered to the baseline theory of politics, aligning the party's fiscal plans closely with those of the current Conservative chancellor, Jeremy Hunt, which serves to maintain public trust and avoid scrutiny of proposed deviations from the baseline.
Joe Biden's economic agenda has been criticized as "clueless" by Dr Arthur Laffer, who claims that the administration's focus on income inequality is making all Americans worse off, while also slamming trickle-down economics and expressing hope for Donald Trump's potential return as President.
As cruises make a comeback post-pandemic, ticket prices are surging to levels higher than before the pandemic, driven by increased demand and comparisons to high airfare prices. It is anticipated that these high prices may remain as customers continue to book without the need for incentives or price reductions.
Certificate of deposit (CD) accounts are currently a popular choice for savers due to their fixed interest rate and predictable return, but it's important to ask the right questions about interest rates, term length, penalties for early withdrawal, minimum deposit requirements, potential rate changes, insurance coverage, renewal process, and any special features or add-ons before opening a CD.
Angola's finance minister, Vera Daves de Sousa, has stated that the country may slow down the removal of fuel subsidies in order to avoid further protests and unrest over rising petrol prices, as seen in June when at least five people were killed - the government is currently discussing whether to extend the end-2025 deadline for phasing out subsidies.
Inflation expectations could become unanchored, similar to the 1970s stagflation era, due to geopolitical risks, including the recent attacks on Israel by Hamas, rising oil prices, and above-target inflation across major economies, according to Deutsche Bank.
Economists are adjusting their expectations for a rate cut in India to beyond the first quarter of fiscal year 2025, following a hawkish policy stance from the Reserve Bank of India (RBI) that emphasizes a 4% inflation target.
This podcast episode from The Economist discusses the decline of faith in democracy in Africa, the question of whether free markets are history, and investigates the origins of bitcoin.
Fox Business Channel's program "The Evening Edit with Elizabeth Macdonald" airs from 5:00 PM to 6:00 PM, followed by "The Bottom Line" from 6:00 PM to 7:00 PM; on Fox News Channel, "Your World with Neil Cavuto" airs from 4:00 PM to 5:00 PM, "The Five" from 5:00 PM to 6:00 PM, and "Special Report with Bret Baier" from 6:00 PM to 7:00 PM; and on Fox News Radio, there is live coverage and a live stream of "FOX News Radio Live Channel Coverage" and "Fox News Channel Live" respectively.
Turkish authorities are not planning to lift restrictions on the offshore currency swaps market in the near-term due to concerns over the weakening lira, but may consider relaxing the limits after achieving a strong interest-rate buffer over the inflation rate, according to anonymous sources.
Mortgage rates have increased over the last seven days, with both 15-year fixed and 30-year fixed rates rising, and there has also been an inflation in the average rate of 5/1 adjustable-rate mortgages. The Federal Reserve's rate hikes to combat inflation have indirectly influenced the mortgage rates, but there is still potential for further rate increases if inflation doesn't moderate.
The cost of living in major U.S. cities exceeds the mean annual wage, highlighting the financial challenges faced by many households and the prevalence of poverty in the country.
The article discusses the fear of a wage-price spiral and warns that if inflation is allowed to linger, it could lead to a cycle of increasing wages and prices, resulting in high inflation and a severe recession, as seen in the late 1970s and early 1980s.
Market reactions to the Israel-Hamas war suggest investors believe the conflict will be contained, but any expansion in hostilities could have negative impacts on global economic growth and increase inflationary pressures, according to Mohamed El-Erian. Rising oil prices could also lead to lower stock prices and higher bond yields, warns Ed Yardeni.
Europe could achieve energy independence from gas and oil imports by 2030 if governments and private investors are willing to spend €2 trillion on developing renewable energy sources, according to a study by the Potsdam Institute for Climate Impact Research. The transition to a fully renewable energy system would lead to lower energy costs for consumers and increased resilience during geopolitical tensions.
China, Brazil, Saudi Arabia, and other countries have been reducing their holdings of US Treasury bonds, potentially indicating a slowdown in their economies or a strategic shift.
Pakistani sports journalist Zainab Abbas is deported from India ahead of Pakistan vs Sri Lanka match due to her alleged anti-India tweets, sparking a debate on social media.
India's unemployment rate has reached a one-year low, indicating a sustained economic recovery and increase in activity, with the labour force participation rate also at a four-quarter high.
The Israeli shekel has fallen to its lowest level in almost eight years against the US dollar due to the recent clashes with Hamas in the Gaza Strip, causing a negative impact on Israel's economy and foreign investment.
The S&P 500 broke a four-week losing streak, but market breadth was poor and the small cap Russell 2000 fell into the red for the year, suggesting that higher interest rates are taking a toll on the economy and increasing the chances of a recession.
The World Bank is exploring ways to expand the guarantees it offers for commercial loans to increase private financing options for developing countries, particularly for climate change initiatives, as some emerging economies struggle to access international markets due to rising interest rates and global uncertainties.
The Indian central government is likely to reduce its investment spending in the future to curb the budget deficit, creating an opportunity for the private sector to step in and drive investment growth, according to Goldman Sachs.
Ukraine is seeking to restructure its $20 billion international debt and raise fresh financing, as concerns over international backing and ongoing conflict bring momentum into debt talks, according to sources familiar with the matter. The country aims to tap into the markets early and obtain credit backing from Western partners and multilateral organizations, potentially through collateralized and guaranteed structures.
Soaring olive oil prices in Europe are expected to continue for another season, leading to consumer cutbacks and a decline in EU olive oil consumption and exports.
American economist Claudia Goldin has been awarded the Nobel prize in economics for her research on women's labor market outcomes and understanding the gender gap.
Goldman Sachs economists warn that the recent surge in US Treasury yields will hamper economic growth and pose financial risks, though the bank does not predict a recession; they estimate a 0.5 percentage-point blow to US GDP over the next year.
European Central Bank policymakers see the spike in Italy's bond yields as justified due to higher deficits, but view it as a warning sign to delay ending the bond-buying scheme, signaling concerns about Italy's debt sustainability.
China's economy is expected to reach its 2023 growth target, with a 5.1% GDP growth predicted for the fourth quarter, but further countercyclical policies are still needed to ensure long-term stability.
The economic backdrop faced by Gen Z, including inflation and high living costs, is expected to have a deep impact on their pay expectations and spending habits, potentially pushing prices higher. Young people in the UK have seen their inflation expectations rise significantly, driven by experiences of a cost-of-living crisis during their formative years. This could have long-lasting psychological and economic effects on Gen Z and society as a whole.
The resumption of federal student loan repayments after a pause due to the pandemic could have a significant impact on the US economy, with consumer spending potentially being affected as borrowers face increased financial obligations.
The IMF's Africa director expressed optimism that a debt restructuring deal for Zambia would be announced soon, as progress is being made in the final stage of negotiations with official creditors.
The article discusses the 25 countries with the lowest unemployment rates in the world, highlighting their stable economies, well-developed job markets, and favorable business climates for multinational companies.
Financial anxiety is becoming increasingly prevalent as inflation rises and the cost of living surpasses wages, impacting mental health and quality of life for billions worldwide.
Gas prices have fallen by 3.3 cents per gallon in the past week, down to an average of $3.83 per gallon, but potential violence in Israel threatens to impact this decline.
BlackRock Vice Chairman Philipp Hildebrand believes the IMF should discuss the new economic reality, where central banks have limited ability to support growth through interest rate cuts, due to sticky inflation and structural conditions.
Harvard University professor Claudia Goldin has won the Nobel economics prize for her work on understanding the gender gap in the labor market, making her the third woman to receive the award. Her research provides valuable insights into the underlying factors and barriers that need to be addressed in order to tackle the issue.
China has suffered economic losses of $42 billion over the first nine months of 2023 due to natural disasters, including torrential rains, landslides, hailstorms, and typhoons, which have caused deaths, massive flooding, and crop damage.
Americans are holding onto more cash than they need due to recession concerns, but holding cash for the long term means losing out on the rising cost of living, and with high-yield savings accounts available, there's no reason to keep cash in low-interest accounts. Experts recommend having at least 6 to 12 months of emergency funds in cash but advise against hoarding cash and instead suggest exploring higher yielding investment options.
The recent violence in the Middle East is a major concern for the Federal Reserve as it raises oil prices, which could disrupt the steady decrease in energy costs.
The use of white phosphorus in armed conflicts raises ethical and legal concerns, as it can cause severe burns and fires, and international regulations aim to minimize its harm to civilians. There is a call for a total ban on incendiary weapons, highlighting the need to protect civilian populations and minimize suffering during conflicts.
The richest Americans are seeing their share of wealth and income increase despite expectations that the pandemic might narrow the wealth gap, with the top 1% holding roughly 26.5% of household net worth and the share of income going to the top 5% growing. On the other hand, the bottom 40% has seen a smaller slice of the pie even as their net worth has risen.
The wealthiest Americans have seen their share of wealth and income increase during the pandemic, while the bottom 40% saw their slice of the pie shrink, despite initial expectations of narrowing the wealth gap.
Norway's economy contracted for the first time in four months due to a 0.2% decrease in mainland GDP in August, with the decline primarily driven by the wholesale and retail trade sectors, as well as other industries such as agriculture and fishing; meanwhile, Germany also experienced its fourth consecutive monthly decline in industrial output, with a 0.2% decrease in August and a significant drop in construction and energy production.
China's technological advancements, particularly in chipmaking and artificial intelligence, challenge Western sanctions and raise concerns about China becoming a major weapons supplier and dominating critical industries like robotics and high-speed trains. The importance of rethinking outsourcing manufacturing to China and securing supply chains for national security is highlighted.
Harvard economist Claudia Goldin has been awarded the 2023 Nobel Prize in Economics for her groundbreaking research on women in the labor market, providing new insights on gender gaps and causes of change.
Taylor Swift's global concert tour, known as the "Eras" roadshow, is estimated to have generated over $10 billion in U.S. consumer spending on tickets, merchandise, travel, and more during its first 53 shows, and its economic impact could exceed $13 billion to nearly $28 billion by the end of the tour. The recent high-profile relationship between Swift and NFL star Travis Kelce has also brought significant economic benefits, increasing viewership and driving up sales for certain brands.