Federal Reserve Chairman Jerome Powell spoke before the Board of Governors of the Federal Reserve on Friday, emphasizing the Fed’s high priority for curbing inflation and restoring stability to the U.S. dollar. Speaking in his customary address to the Federal Reserve’s Board of Governors, Powell made a point of highlighting the Fed’s commitment to reverting […]

The Nasdaq Composite has reported losses of nearly $1 trillion, in what constitutes the index’s worst week since early January, as legions of highly valued tech stocks see notable declines in market capitalization. Continuing the trend of several challenging months for the notable exchange, the Nasdaq closed on Thursday evening $982 billion lower than it […]

U.S. Postmaster General Louis DeJoy warned Americans to get used to “uncomfortable” postage rate increases in the coming years, as the USPS continues its effort to become financially solvent and independent. During a Board of Governors meeting on Thursday, DeJoy told members that the Postal Service should be prepared to raise the price of stamps […]

JPMorgan CEO Jamie Dimon said on Wednesday that markets should be prepared for the war between Russia and Ukraine to last for years to come, suggesting that the conflict posed a greater risk to the American economy than the prospect of hikes on the key interest rate from the Federal Reserve. In an interview with […]

Oil prices rose on Thursday in the Federal Republic of Germany, as the German government has signaled its willingness to join the other EU members in an embargo of Russian oil exports. On Thursday, Brent Crude futures rose by $2.27 to a total of $107.59 per barrel, whereas U.S. West Texas Intermediate crude rose by $3.34 to $105.36 per […]

Elon Musk, CEO of Tesla and SpaceX, has created three Delaware-based holding companies in his recent bid to acquire Twitter, raising the possibility of a broader umbrella company for the investor’s numerous business interests. These holding companies, named “X Holdings I,” “X Holdings II,” and “X Holdings III,” were filed with the Securities and Exchange […]

The German newspaper Die Welt has hired a new reporter: the Russian journalist Marina Ovsyannikova, who drew the world’s attention after a surprising stunt on Russian state television in protest of her native country’s recent and continuing invasion of Ukraine. Ovsyannikova “is now a freelance correspondent for Die Welt, reporting from Ukraine and Russia, among other places,” […]

Food prices have surged in Russia to levels exceeding the rate of food price inflation throughout the Western bloc, forcing Russians to spend an unusually high portion of their personal income on food as the country continues its war in Ukraine. In remarks to reporters from Reuters, the director of the United Nations food agency’s […]

The annual rate of currency inflation in the Eurozone hit a new high of 7.5 percent last month, significantly accelerating the rate of inflation and surpassing economists’ predictions, as the consequences of Russia’s invasion of Ukraine have caused prices to surge throughout Europe. On Friday, Eurostat released its inflation statistics (pdf) for the month of […]

President Joe Biden released a statement on Thursday, blaming Vladimir Putin’s invasion of Ukraine for catalyzing price inflation, which the most recent Consumer Price Index (CPI) report indicates is at its highest annual level in over forty years. “Today’s inflation report is a reminder that Americans‘ budgets are being stretched by price increases and families […]

The Bureau of Labor Statistics released its closely watched monthly labor report on Thursday, indicating that non-farm payrolls rose by 678,000 in February, surpassing expectations and reducing unemployment to a nearly two-year low of 3.8 percent. The Employment Situation Summary comes hot on the heels of the monthly payroll report by ADP, which indicated a […]

Wheat prices have soared past $10 per barrel, the highest price since 2008 for the staple grain, as a result of Russia’s invasion of Ukraine. The cost of wheat futures on the Chicago Board of Trade rose by 5.4 percent to a total of $9.84 per bushel, reaching the limit for single-day price variation on this exchange […]

Attorney General Ken Paxton of Texas filed a suit against the Facebook parent company Meta Platforms on Monday, claiming that the social media giant was in violation of state law for its collection of biometric data of users through facial recognition technology. “Facebook will no longer take advantage of people and their children with the […]

Tesla has issued a recall of 817,143 vehicles over a defect that causes seatbelt chimes to go silent under particular circumstances. “The audible chime may not activate when the vehicle starts and the driver has not buckled their seat belt,” the National Highway Traffic Safety Administration (NHTSA) said in their recall report (pdf). The recall will […]

The National Restaurant Association has released its annual State of the Restaurant Industry report, giving a broad assessment of trends in the restaurant industry and making numerous predictions for the near future. The new report, released on Feb. 1, predicts slower growth in the industry in 2022, while describing many of the challenges faced by […]

Spotify’s market cap increased by billions of dollars on Monday, following a controversial week that has seen the streaming platform at the center of a culture war between the folk-rock star Neil Young and leading podcast host Joe Rogan over allegations that the latter has used his platform to spread misinformation concerning the CCP virus. The […]

Claims for state unemployment have risen to their highest levels in three months, according to new data (pdf) from the Labor Department. Weekly claims for the week ending Jan. 15 rose by 55,000 to a total of 286,000, constituting the highest rate since last October. A seasonal spike in unemployment claims in January is consistent with […]

New Analysis Federal Reserve Chairman Jerome Powell testified before the Senate on Tuesday on the occasion of his re-appointment by President Joe Biden for a second term in his current position. Powell, who was first nominated by President Donald Trump in 2018 to succeed Janet Yellen as the head of the U.S. central banking system, […]

News Analysis Payrolls increased by almost 200,000 last December according to the new data by the Bureau of Labor Statistics, continuing a downward trend for total unemployment but underperforming relative to previous expectations. On Friday, the Department of Labor released its widely studied monthly jobs report (pdf), which described a month of steady but significantly […]

The U.S. trade deficit expanded drastically in November, driven by a record surge in imports of foreign goods, according to new data from the U.S. Bureau of Economic Analysis in collaboration with the U.S. Census Bureau. The government findings indicate that the trade deficit jumped to $80.2 billion in the penultimate month of 2021, constituting […]

The Federal Reserve has released minutes of its Dec. 14 to 15 meeting, causing the stock market to plummet in response to the revelation that officials are considering implementing earlier interest rate hikes than previously expected. The document, released on Wednesday, indicates a broad consensus within the Fed that the institution must speed up the […]