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Slower pace of rate increases could be coming 'soon,' says Fed vice chair
Minneapolis (CNN Business)It could soon be time for the Federal Reserve to ease up on its super-sized rate interest hikes, according to the central bank's number-two policymaker, Vice Chair Lael Brainard. "I think it will probably be appropriate soon to maintain a slower pace of increases," Brainard
Workers at Home Depot in Philadelphia file for union vote
New York (CNN Business)Workers at an Home Depot store in Philadelphia have filed to have a vote to be represented by a union. The store, at 4640 Roosevelt Blvd. in Philadelphia, has about 275 employees, according to the filing by an independent union, Home Depot Workers United, which is seeking the
NFL has a new halftime show sponsor
New York (CNN Business)Apple Music is replacing Pepsi as the new sponsor for the NFL's Super Bowl halftime show. The multi-year partnership was announced Friday and financial terms weren't disclosed. In a statement, the NFL said that it "couldn't think of a more appropriate partner" for the show. Th
Oil plunges below $80 to eight-month low as recession fears mount
New York (CNN)Recession fears are slamming the oil market, with crude tumbling on Friday below $80 a barrel for the first time since January. The good news is the selloff should drive prices at the gas pump down, easing crushing inflation that has been harming consumers. The bad news is the sharp dr
Where to watch Yankees slugger Aaron Judge chase the AL home run record
New York (CNN Business)Slugger Aaron Judge is chasing baseball history. So where can you watch it? The New York Yankees outfielder is on the brink of hitting the most home runs in American League history as he sits on 60 for the season. The current record is 61, which was set in 1961 by another Yank
Goldman Sachs warns of more trouble for US stocks
New York (CNN)Even Goldman Sachs is succumbing to the gloomy mood on Wall Street by abandoning its previously optimistic stance and warning that US stocks will end the year deeply in the red. Goldman Sachs (GS) took an ax late Thursday to its stock market forecast, slashing its year-end target for t
Billionaire hedge fund manager argues for increasing immigration to fight inflation
New York (CNN Business)Bill Ackman, the billionaire hedge fund manager and activist investor, has an alternative idea to fight inflation: Increase immigration. He criticized the Federal Reserve's interest-rate hikes in a series of tweets Thursday and Friday as a blunt tool that will destroy consumer
Stocks plunge as recession fears mount
New York (CNN Business)US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession. The Dow (INDU) tumbled 662 points, or 2.2%, in early afternoon trading. The S&P 500 (SPX) and the Nas
The Fed's fight against inflation could cost the US 1.2 million jobs
Minneapolis (CNN Business)In its efforts to bring down historic inflation and cool the economy, the Federal Reserve has used multiple euphemisms to describe the potential impact on Americans' jobs, from economic "pain" to "unfortunate costs" and a "softening labor market." Data, however, doesn't min
US bank CEOs say they could exit China if it ever attacks Taiwan
Hong Kong (CNN Business)Leaders of America's biggest banks say they would follow any US directive on pulling business from China if Taiwan is ever attacked by Beijing. JPMorgan (JPM) CEO Jamie Dimon, Citi (C) CEO Jane Fraser, and Bank of America (BAC) CEO Brian Moynihan were all pressed on the subje
FedEx hikes package rates for 2023
New York (CNN Business)FedEx (FDX) will raise ground and express shipping rates by an average of 6.9% next year, the company said Thursday. Freight rates will increase by an average of 6.9% to 7.9%. Both mark an increase from FedEx's rate hikes for this year.Last week, FedEx warned that a global rec
Enjoy your Airbnb — just don't forget to do the laundry and take out the trash
New York (CNN Business)Anyone who's stayed in an Airbnb knows the experience can be a roll of the dice. Anything can happen when you roll up to your rental. That's part of the charm — you might be pleasantly surprised by a free bottle of wine waiting for you in the kitchen, or you might have an adve
The historic streak of falling US gas prices is over
New York (CNN Business)Well, it was nice while it lasted. After sinking every day for more than three months, US gas prices edged higher — by a penny — to $3.68 a gallon, on average Wednesday, according to AAA. That ends 98 consecutive days of falling pump prices, the second-longest such streak on r
Ford: Gas cars are a growth business for us
(CNN Business)When Ford chief executive Jim Farley split the company's passenger vehicle business into two parts — one for electric cars, the other for gasoline-powered vehicles — Farley put himself in charge of the electric car business, a division called Model e. The assumption among a lot of indu
Jay Powell just went full Volcker
This story is part of CNN Business' Nightcap newsletter. To get it in your inbox, sign up for free, here.New York (CNN Business)Earlier this year, the idea of the Fed raising rates by three-quarters of percentage point wasn't on the menu. But in just a few months, that sizable jump has become the no
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