The latest coverage of the banking and financial sectors.
Treasury Secretary Janet Yellen said Sunday that President Biden is considering reversing some of the Trump-era tariffs on China to combat skyrocketing inflation.
The price of bitcoin fell below $20,000 for the first time since late 2020 on Saturday, in a fresh sign that the selloff in cryptocurrencies is deepening.
The costs of goods and everyday living rose to a new 40-year high in May, with annual inflation rising to 8.6% and consumer prices climbing 1% last month alone, due to more expensive fuel, food and housing.
President Biden on Friday hailed the latest jobs report as proof that the U.S. economy is strong, even as he conceded that record high inflation and gas prices are still hurting many families’ budgets.
Attempts by Republicans on Capitol Hill to prevent millions of federal workers from using their retirement savings — and subsequent taxpayer-dollar matches — to invest in funds that make decisions based on environmental, social or governance criteria were unsuccessful.
Treasury Secretary Janet Yellen says she made a mistake last year in predicting that inflation would be minimal or manageable.
President Biden tried to assure Americans Tuesday that Federal Reserve Chairman Jerome Powell and the central bank will get control of record inflation, despite the price of gas hitting another high and three-quarters of voters saying the nation is headed in the wrong direction.
An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a year earlier, just below a four-decade high set in March and the first slowdown since November 2020.
The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter.
Festering discontent with President Biden among America’s business titans has burst into the open, with CEOs ridiculing the White House for turning them into boogeymen instead of accepting responsibility for inflation and an economy that might be headed for recession.
Even as Western allies grapple with how to counter Russia’s assault on Ukraine, U.S. Treasury Secretary Janet Yellen warned Tuesday that they also must take a wary and united approach to checking China and its business practices.
A federal trial for reality television stars Todd and Julie Chrisley on charges including bank fraud and tax evasion is set to start Monday in Atlanta.
The impact of the unsolicited help shows how cryptocurrency tycoons are emerging as new power players in American politics. They are pouring millions of dollars into primary elections as they try to gain influence over members of Congress, Republican and Democrat, who will write laws governing their industry, as well as other government officials who are crafting regulations.
Inflation is hitting American workers and families the hardest when it comes to common household goods and services, including groceries and utility bills.
President Biden on Tuesday blamed Russia’s war in Ukraine, corporate greed, the pandemic and the policies of “ultra-MAGA Republicans” for causing record-high inflation.
Time is running out on Democrats’ hopes to get inflation under control before the November elections.
Colgate-Palmolive shareholders rejected a proposal that sought to stop the health and hygiene company’s charitable donations to left-wing political activist Al Sharpton.
Stocks plunged Thursday amid lingering concerns of a recession, wiping out the big gains of a day earlier that followed the Federal Reserve’s decision to raise interest rates to curb inflation.
The Federal Reserve raised a key interest by half a point on Wednesday to combat soaring inflation, a move that critics say came too late and which some economists say now risks a recession.
President Biden on Wednesday touted his efforts to reduce the federal budget deficit, saying his economic plans would further pay down the national debt by creating jobs and reduce the cost of household goods such as prescription drugs and utility bills.
Several Senate Republicans called Friday for dropping Citibank as the Senate’s credit-card provider, citing the company’s decision to pay for employees to travel out of state to obtain abortions.
Conservatives have claimed a series of victories as they escalated their assault on “woke” corporate culture with a campaign of letters, boycotts and shareholder activism.
The U.S. economy shrank in the first quarter amid record-high inflation, a sharp reversal that President Biden blamed on “technical factors” as he tried to tamp down concerns of a recession in the midterm election year.
Bank of America and Citigroup shareholders rejected proposed audits of the companies’ anti-racism policies Tuesday during their annual meetings.
The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus and its variants.
White House press secretary Jen Psaki said Friday that President Biden plans to do more to ease the burden of student debt after the current moratorium for borrowers ends in late August.
Senate Democrats are calling for a probe of a federal student loan cancellation program to ensure that individuals paying $0 a month still qualify for forgiveness.
President Biden said Friday he intends to nominate Michael Barr as the Federal Reserve’s bank regulator after his last pick for the job ran into opposition from centrist Democrats.
President Biden’s handling of the current inflation is beginning to sour on even voters in one of the nation’s most Democratic states: California.
Sen. Joe Manchin III blamed President Biden on Tuesday for skyrocketing inflation, saying the White House failed to take rising prices seriously for months.
Inflation soared by 8.5% over the past 12 months, the federal government reported Tuesday amid fears of a looming recession.
The White House is preparing for “extraordinarily elevated” inflation numbers in Tuesday’s Labor Department report on consumer prices, a critical measure of rising costs.
The Standard & Poor’s credit rating agency has downgraded Russia’s foreign currency rating to “selective default” signaling increased risks that Moscow is poised to default on foreign debt for the first time in more than a century.
Congress on Thursday gave final approval to a suspension of normal trade relations with Moscow, giving President Biden broader leeway to slap tariffs on Russian products and further weaken Russia’s economy as punishment for invading Ukraine.
New weekly unemployment insurance claims fell to their lowest level since 1968, according to data released Thursday by the Labor Department.
Recession fears are beginning to spike across Washington and Wall Street, complicating President Biden’s agenda heading into the midterm elections.
White House National Economic Council Director Brian Deese announced Wednesday that the administration would be imposing a new round of sanctions specifically targeting the adult children of Russian President Vladimir Putin.
One of the world’s largest investment banks is warning that the Federal Reserve System’s efforts to lower inflation will likely trigger a recession throughout the U.S. in 2023.
Federal Reserve Chair Jerome Powell said new forms of digital money such as cryptocurrencies and stablecoins present risks to the U.S. financial system and will require new rules to protect consumers.
Senate Republicans are proposing U.S. sanctions against China should it provide a financial safe haven to Russian firms.
The Federal Reserve raised a key interest rate by a quarter point Wednesday and signaled six more hikes are planned this year in an effort to cool record-high inflation that is squeezing family budgets and bedeviling Democrats and the White House before the midterm elections.
Sarah Bloom Raskin, President Biden’s pick for the Federal Reserve Board, withdrew her candidacy on Tuesday, according to reports, after opposition from Republicans and one Democrat over her positions on energy and climate change.
Prices paid to U.S. producers rose at an annual rate of 10% in February on higher costs of goods, further highlighting record-setting inflation as the Federal Reserve prepares to raise a key interest rate this week.
Sen. Joe Manchin III signaled his opposition on Monday to President Biden’s nominee for vice chair of the Federal Reserve System, making confirmation all but impossible in the evenly split Senate.
Inflation soared by 7.9% over the past 12 months, the federal government reported Thursday, with Americans besieged by higher gasoline, food and housing prices in a tumultuous election year for Democrats.
President Biden is slated to sign an executive order Wednesday directing the federal government to study the regulation of cryptocurrencies and central bank digital currency.
The British government Friday announced a new round of sanctions against Russia as the Kremlin’s war against Ukraine escalates.
The family of former President Donald Trump has reached a deal with the New York attorney general’s office to delay depositions in a civil investigation into Mr. Trump’s business and financial dealings.
Some of Vladimir Putin’s oligarch backers are calling for an end to the war in Ukraine as global sanctions clamp down on the Russian economy.
Business owners and executives are increasingly concerned about the impact of record-high inflation and supply-chain constraints on their companies, according to two new surveys.
Bitcoin prices have surged as investors again appear to view the volatile cryptocurrency as a safe haven for their money and Russians and Ukrainians seek alternatives to their country’s financial institutions.
Federal Reserve Chairman Jerome H. Powell told Congress on Wednesday that he will recommend a short hike in interest rates in two weeks in a bid to hold down record-high inflation, testifying in a hearing where Republicans blamed Democrats and President Biden’s high spending for the steepest price increases in four decades.
The world’s two biggest international financial bodies have condemned Russia’s invasion of Ukraine and announced a multibillion-dollar emergency financing package for the beleaguered Ukrainian government.
Service dogs, police dogs and military war dogs will be getting a commemorative coin series from the U.S. Mint in 2023 if canine advocates have their way.
