Latest Headlines in Economy
Biden says he’s considering a gasoline tax holiday
The administration is increasingly looking for ways to spare Americans from higher prices at the pump, which began to climb last year and surged after Russia invaded Ukraine in February.
Larry Edelman
The Fed will put the economy in a coma if that’s what’s needed to whip inflation
Central bank chairman Jerome Powell intends to break the back of inflation by any means necessary.
Larry Summers sees risk of US unemployment needing to climb toward 6 percent
The former treasury secretary renewed his criticism of Federal Reserve economic forecasts, saying that the US unemployment rate would need to increase by much more than policy makers anticipate to quell inflation.
Wall Street closes worst week since 2020 with slight gain
The S&P 500 rose 8.07 points, or 0.2 percent, after waffling between modest losses and gains for most of the day.
Larry Edelman
Stocks resume selloff as recessions fears mount
A day after the Federal Reserve boosted interests, investors came to grips with the growing possibility that the central bank’s anti-inflation campaign could tip the economy into a recession.
Wall Street stumbles 3.3 percent as fears of a recession grow
The renewed selling came a day after a brief reprieve for markets when the Federal Reserve delivered a huge interest rate increase in its effort to fight back inflation.
Larry Edelman | commentary
Federal Reserve escalates inflation fight with biggest rate hike since 1994
The central bank raised its benchmark rate by three-quarters of a percentage point and said increases would continue until inflation was under control.
Federal Reserve attacks inflation with its largest rate hike since 1994
The central bank is ramping up its drive to tighten credit and slow growth with inflation having reached a four-decade high of 8.6 percent.