In the midst of a bear market and with the Federal Reserve expected to hike interest rates even further, leading Wall Street analysts are eyeing one question with increasing concern: Just how much further could stocks fall? The precise answer is impossible to predict, but experts told The Hill they expect investors to see more pain…
Author: Tobias Burns
Dow hits lowest point since 2020 as recession fears grow
Markets are bottoming out as they process the latest interest rate hikes from the Federal Reserve in its battle to fight the highest inflation seen in 40 years. The Dow Jones Industrial Average dropped below 29,400 midday Friday to its lowest point in nearly two years. Since the Fed started raising interest rates in March,…
Lawmakers slam big bank CEOs for failure to increase interest rates on savings
Congressional lawmakers slammed U.S. bankers this week for not raising interest rates on savings accounts held by everyday consumers despite a series of major increases in the federal funds rate by the Federal Reserve. Interest rate increases by the Fed make it more expensive for banks and other financial institutions to borrow money from each…
Strong US dollar boomerangs on Europe
The Federal Reserve is expected to raise interest rates another three-quarters of a point this week in its effort to bring down inflation, further increasing the strength of a rapidly rising dollar in the process. That’s increasingly being seen as a problem in Europe, where fears about a recession are growing as currencies lose power…
Yellen hails text message tax filing in speech to IRS
Treasury Secretary Janet Yellen praised the notion of filing taxes via text message in a Thursday speech delivered to IRS employees in Maryland while championing the $80 billion funding boost for the agency recently passed by Congress. “Tax filing should be simple,” she said. “I recently came across a statistic that it takes an average…
How inflation is fueling a nationwide labor movement
Labor initiatives are surging throughout the U.S. economy, driven by a higher cost of living that’s proving resistant to interest rate hikes by the Federal Reserve. Inflation numbers for August came in hotter than expected this week despite falling gas prices. Core inflation climbed 0.6 percent on the month, doubling what economists anticipated. Both Republicans and…
Wall Street hits back at GOP state officials over ESG
Wall Street giants are defending a widespread initiative to invest in companies with environmentally friendly policies, moving away from investment in the fossil fuel industry following attacks on the practice from GOP leaders. Asset management giant BlackRock wrote a letter to GOP states that are trying to curtail a social movement in the financial…
Yellen will vow to ‘rid’ US from ‘dependence on fossil fuels’ in Detroit speech
Treasury Secretary Janet Yellen will call out the fossil fuel industry in a Thursday speech on the Biden administration’s economic agenda to be delivered in Detroit, Mich., where oil and gas companies have long held influence in the U.S. auto manufacturing sector. The visit to Detroit comes on the heels of the Democrats’ passage of…
G-7 agrees to price cap on Russian oil
The Group of Seven (G-7) agreed to a price cap on Russian oil Friday as Moscow countered with its own plans to halt energy flows to Europe amid an already fraught European energy situation. The group of advanced global economies agreed that it would refuse to ship oil from Russia if it is sold at…
The witnesses missing from tax hearings: average taxpayers
As Congress raced to pass long-stalled health, climate and tax legislation this summer, Democrats advanced the country’s latest update to U.S. tax laws, giving the IRS $15 million to design a free “e-file” tax return system. However, over the course of several months working on the legislation, on no occasions were working Americans asked in…