WASHINGTON (AP) — Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second term earlier in the day, acknowledged for the first time Thursday that high inflation and economic weakness overseas could thwart his efforts to avoid causing a recession. For weeks, Powell has portrayed the Fed’s drive to raise interest rates…
By Elizabeth Dilts Marshall NEW YORK (Reuters) – World equities fell on Thursday to an 18-month-low, with markets dogged by fears high inflation would persist and force central banks to keep tightening monetary policy. In the United States, stocks ended a whipsaw session slightly lower, as investors juggled fears of nagging inflation with signs it…
(Reuters) – Samuel Bankman-Fried, the chief executive and founder of cryptocurrency exchange FTX, revealed a 7.6% stake in Robinhood Markets Inc on Thursday, capitalizing on the weakness of the shares of the trading app to build a position. Bankman-Fried said in a regulatory filing he did not have any intention of taking control of Robinhood….
By Stephen Culp NEW YORK (Reuters) – U.S. stocks ended a whipsaw session slightly lower on Thursday, as investors juggled signs of peaking inflation with fears that it could remain elevated, prompting ever more aggressive tightening from the Federal Reserve. All three major U.S. stock indexes seesawed and the S&P 500 came within striking distance…
By Chris Taylor NEW YORK (Reuters) – As TikTok accounts focused on money gain huge followings, stodgy financial firms are wedging themselves into youth-oriented social media platforms for a piece of the action. Independent “FinTok” influencers like Mark Tilbury (@marktilbury, 7 million followers), Humphrey Yang (@humphreytalks, 3.3 million), Tori Dunlap (@herfirst100k, 2.1 million) and Erika…
By David Morgan and Ann Saphir WASHINGTON (Reuters) -The U.S. Senate on Thursday confirmed Jerome Powell to a second four-year term as head of the Federal Reserve, paving the way for the former investment banker to continue leading the central bank as it confronts the highest inflation in 40 years. Powell, who was renominated by…
SACRAMENTO, Calif. (AP) — The California Legislature on Thursday agreed to increase how much money people can win in medical malpractice lawsuits, resolving one of the thorniest disputes in state politics by raising a cap on damages for the first time in 47 years. California is one of 33 states that limits how much money…
By Rajesh Kumar Singh CHICAGO (Reuters) -General Electric Co on Thursday said it expects an improvement across its businesses in the second half of the year despite persistent inflationary and supply chain pressures. But Chief Financial Officer Carolina Dybeck Happe said the company expects to burn cash in the current quarter despite an improvement in…
WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp…
By Julie Gordon and David Ljunggren OTTAWA (Reuters) -The Bank of Canada’s policy rate, at 1%, is “too stimulative” given soaring inflation and needs to return to more neutral levels “quickly,” an official said on Thursday, while downplaying the likelihood of a supersized increase. Deputy Governor Toni Gravelle, speaking to economists in Montreal, also said…
