December is the seventh consecutive month in which inflation topped 5%, a blow to the Biden administration and Federal ReserveThe price of goods and services in the US continue to rise at rates unseen in decades, jumping 7% in December compared to the …
Jerome Powell nominated for second term as chair of US Federal Reserve
White House praises Republican’s ‘steady leadership’ of central bank during Covid pandemicJerome Powell’s handling of the economic fallout from the Covid-19 pandemic has won the chair of the Federal Reserve the backing of the White House for a second t…
‘Skimpflation’: frustration as US firms skimp on service as prices rise
As labor shortages and supply chain problems bite, consumers have a growing sense they’re getting less for their money“Flight cancelled”; “service temporarily suspended”; “not currently available”; “longer than normal wait times”: these are the message…
Supreme court, Facebook, Fed: three horsemen of democracy’s apocalypse | Robert Reich
These unaccountable bodies hold increasing sway over US government. Their abuses of power affect us allThe week’s news has been dominated by the supreme court, whose term began on Monday; the Federal Reserve, and whether it will start responding to inf…
US proposes crackdown on financial ‘enablers’ in wake of Pandora papers
Legislation would force trust companies, lawyers and middlemen to investigate wealthy clients seeking to move money into USUS lawmakers are proposing legislation that would force trust companies, lawyers and other financial middlemen to investigate for…
Biden warns ‘meteor headed to crash’ into US economy amid debt struggle
President condemns ‘reckless’ Republicans for pushing government towards historic debt defaultUS politics – live coverageJoe Biden has condemned “reckless” Republicans for pushing the US government towards a historic debt default, warning: “A meteor is…
Whether it’s homes or jobs, our dreams are moving further out of reach every year | Mark Blyth
From the warped housing market to the ‘knowledge economy’, the system increasingly works only for the uber-wealthyI travelled to New York City in August for the first time since the pandemic began, to visit friends who had just bought their first home….
China ‘plans to ban’ overseas IPOs for data-heavy tech firms, and proposes algorithm controls – business live
Rolling coverage of the latest economic and financial newsLatest: 996 overtime policy illegalNew proposals for how algorithms usedAlgorithms must comply with law, social ethics and fairness…No disrupting public order, unfair pricing, or harming minorsE…
Banking chiefs head for the hills in bid to leave cheap money behind
At the Jackson Hole bankers’ summit this week, the talk will be of ending quantitative easing – and this time it will be seriousIt is credited with preventing the worst global recession since at least the second world war from turning into something fa…
‘Taper tantrum’ by stock markets points to gaps in the easy recovery story | Nils Pratley
Cheap money, the Delta variant and China’s sluggish performance add up to tough times aheadFinancial markets these days react to any whiff of tighter monetary policy in the US, so a little drama on Thursday was par for the course after the US Federal R…