Powell vows to prevent inflation from taking long-run hold in the U.S.

US Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, US, June 23, 2022. Mary F. Calvert | Reuters Federal Reserve Chairman Jerome Powell vowed Wednesday that policymakers would not allow inflation to take hold of the U.S. economy over the longer term. “The risk is that because … Read more

Watch Fed Chair Powell talk live about the economy, interest rates at ECB forum

[The stream is slated to start at 9 a.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell speaks Wednesday to a European Central Bank forum on central banking. The Fed and its global counterparts have been in a race to tamp down … Read more

Stock futures are flat after failed attempt at a rally

Stock futures were flat in overnight trading Tuesday after the major averages made a failed attempt at a bounce. Futures tied to the Dow Jones Industrial Average edge 0.13% or 39 points, while the S&P 500 and the Nasdaq Composite rose 0.13% and 0.17%, respectively. Pinterest shares jumped more than 4% after hours on news … Read more

New York Fed President John Williams says a U.S. recession is not his base case

New York Federal Reserve President John Williams said Tuesday he expects the US economy to avoid recession even as he sees the need for significantly higher interest rates to control inflation. “A recession is not my base case right now,” Williams told CNBC’s Steve Liesman during a live “Squawk Box” interview. “I think the economy … Read more

Abysmal manufacturing surveys are the latest signs of a major economic slowdown

Dismal regional manufacturing readings are sounding alarm bells that business activity is slowing down heading into the summer. The latest bad news came Monday out of Texas, where the Dallas Federal Reserve’s outlook survey for the sector in June pointed to a substantial level of contraction, fueled by a plunge into the growth rate of … Read more

Coinbase, Spirit Airlines, Robinhood and more

Check out the companies making headlines in midday trading. Spirit Airlines – The budget airline’s shares fell more than 7% amid news that advisory firm Institutional Shareholder Services told Spirit shareholders to vote for the proposed merger with Frontier Airlines. It comes after Frontier Airlines upped the cash portion of its offer by $ 2 … Read more

WeWork, Snowflake, United Airlines, Rite Aid and more

General view of WeWork Weihai Road flagship is seen on April 12, 2018 in Shanghai, China. World’s leading co-working space company WeWork will acquire China-based rival naked Hub for 400 million US dollars. (Photo by Jackal Pan / Visual China Group via Getty Images) VCG | Getty Images Check out the companies making headlines in … Read more

Stock futures are little changed after major averages dip, investors mull slowdown

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, June 7, 2022. Brendan McDermid | Reuters S&P 500 futures were flat Wednesday night after the major indexes slipped into the red at the end of regular trading and investors weighed the likelihood of a recession after Federal Reserve … Read more

Powell tells Congress the Fed is ‘strongly committed’ to bringing inflation down

Federal Reserve Chairman Jerome Powell told congressional lawmakers Wednesday that the central bank is determined to bring down inflation and has the ability to make that happen. “At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” … Read more

Exxon Mobil, Alphabet, Kellogg, Charles Schwab and more

Gas pumps sit empty at an Exxon gas station in Charlotte, North Carolina on May 12, 2021. LOGAN CYRUS | AFP | Getty Images Check out the companies making headlines in midday trading Tuesday. Exxon Mobil – Shares of Exxon Mobil jumped 5.5% after Credit Suisse upgraded them to outperform from neutral and said they … Read more