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Consumer are spending less because of inflation, economic fears

Placeholder while article actions load More Americans are beginning to hold off on booking flights, getting haircuts, building backyard pools and replacing old leaky roofs — in some of the new signs that the consumer engine of U.S. economic growth could be losing steam. Over the past several weeks, households had already cut back on […]

Why the $2 trillion crypto market crash won’t kill the economy

Francesco Carta Fotografo | Moment | Getty Images Carnage in the crypto market won’t let up, as token prices plummet, companies lay off employees in waves, and some of the most popular names in the industry go belly up. The chaos has spooked investors, erasing more than $2 trillion in value in a matter of […]

Will Germany’s economic model survive the conflict in Ukraine?

Will Germany’s economic model survive the conflict in Ukraine? As I noted in a recent talk at Harvard University, answering that question requires revisiting recent economic history. Germany’s economy was transformed after the fall of communism in 1989. Liberalisation of trade with the country’s eastern neighbours had three profound effects at home. First, it led […]

US dollar stars at the Fed after party

USD/CAD above 1.3000 for the first time in a month, sets new post-pandemic high. Loonie loses 2.0% on the week, 4.0% since June 8. WTI collapses 8.1% on US inventory build, recession fears. FXStreet Forecast Poll reflects technical vulnerability above 1.3000. The USD/CAD traded to a new 19-month high at 1.3078 high on Friday as […]

U.S. manufacturing output unexpectedly weak in May

An employee welds pipe at Pioneer Pipe in Marietta, Ohio. Getty Images Production at U.S. factories unexpectedly fell in May, the latest sign of cooling economic activity as the Federal Reserve aggressively tightens monetary policy to tame inflation. The first decline in manufacturing output since January reported by the Fed on Friday followed news this […]

Live news updates: Inflation starting to change customer behaviour, says Tesco

Shares in Asia followed Wall Street lower after the UK and Switzerland raised interest rates, adding to concerns that tighter monetary policies from central banks could undercut a global economic recovery. Japan’s benchmark Topix index and Australia’s S&P/ASX 200 both shed 2 per cent, while South Korea’s Kospi fell 1.7 per cent. China’s CSI 300 […]

DiNapoli talks economy, importance of small businesses

GENEVA, N.Y. — New York state Comptroller Thomas DiNapoli offered his thoughts on the state of the economy during a visit to Ontario County on Thursday. “It’s definitely a more challenging economic climate,” DiNapoli said. What You Need To Know New York state Comptroller Thomas DiNapoli offered his thoughts on the state of the economy during […]

Chrystia Freeland details $8.9B in measures to tackle affordability in first major speech since budget

Deputy Prime Minister and Finance Minister Chrystia Freeland is delivering her first major speech since the budget today, outlining $8.9 billion in financial supports her government has introduced to help Canadians deal with rising inflation. “We know that Canadians are worried about inflation and that they’re asking what their government is going to do about it,” […]

Pound Sterling Slumps against Euro, Dollar in Wake of Timid 25bp Bank of England Hike

Image © Adobe Stock The Bank of England walked a steady line by announcing a 25 basis point interest rate rise on June 16, a move that disappointed some in the market looking for a more forceful 50bp hike. The British Pound fell against the Euro and Dollar as the news broke and it was […]

Debunking 10 of Joe Biden’s lies about the state of the US economy

“Inflation is the bane of our existence,” President Biden lamented last week to talk show host Jimmy Kimmel. Unfortunately, he was referring to inflation’s effect on presidential approval ratings, not the plight of average Americans brutalized to pay for gas and groceries. The president’s speech Tuesday to the AFL-CIO was another Team Biden pity party […]