United States President Joe Biden called Congress on Wednesday to suspend the federal gas tax for “the next 90 days.” During his televised speech on gas prices and Putin’s price hike, Biden said that the collaboration of the companies was also necessary to reduce the cost of fuel amid the crisis caused by the war …
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United States Federal Reserve Chair Jerome Powell said on Wednesday that the bank anticipates ongoing rate increases “will be appropriate” to bring inflation down, but that the pace of hikes will continue to depend on the incoming data. “We will make our decisions meeting by meeting, and we will continue to communicate our thinking as …
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June 22 (Reuters) – JPMorgan Chase & Co (JPM.N) is laying off hundreds of employees in its home-lending business and reassigning hundreds more this week, Bloomberg News reported on Wednesday, citing people familiar with the matter. More than 1,000 employees will be affected, the report said, and about half of them will be moved to …
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Federal Reserve Chair Jerome Powell gave his most explicit acknowledgment to date that steep rate hikes could tip the US economy into recession, saying one is possible and calling a soft landing “very challenging.” “The other risk, though, is that we would not manage to restore price stability and that we would allow this high …
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A recession is coming within 12 to 18 months as the Fed focuses on curbing inflation. Bill Dudley, a Bloomberg Opinion columnist and senior adviser to Bloomberg Economics, is a senior research scholar at Princeton University’s Center for Economic Policy Studies. He served as president of the Federal Reserve Bank of New York from 2009 …
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UK inflation rose to a fresh four-decade high in May after broad increases in the cost of everything from fuel and electricity to food and beverages. The rate accelerated to 9.1%, from 9% a month earlier, the Office for National Statistics said Wednesday. Retail prices climbed more than expected to 11.7%, and there were also …
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European Central Bank President Christine Lagarde said that the central bank is monitoring the risks of a recession, particularly the effects of oil supply shortages and excess on the eurozone’s economy. However, the ECB’s president highlighted that “a recession is not a baseline scenario for the euro area,” as European institutions are projected to see …
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Italy may soon declare a state of alert if natural gas supplies from Russia continue to be limited gas supplies. Before the Russian invasion of Ukraine, Italy sourced around 40% of the gas it uses from Russia. Italy has sought to diversify its gas imports with more supply from North African producers, but it still …
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Europe biggest buyers of Russian gas are racing to find alternative fuel supplies, and some may even turn back to coal. With Europe and Russia at odds over the Ukraine war, some European leaders face the threat of an energy crisis this winter if gas stores are not refilled. Italy’s Eni said it was told …
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Chief Secretary to the United Kingdom Treasury Simon Clarke (pictured) told the Times Radio on Monday that the government does not expect a recession. Clarke stressed that the British economy has “considerable underlying strengths” despite “very significant challenges” globally. Earlier, he told Sky News that the pay in the public sector will not be increased …