Consumers defy inflation to support economy. For how long?

Consumers defy inflation to support economy.  For how long?

WASHINGTON (AP) — With prices across the economy — from food, gas and rent to cars, airfares and hotel rooms — soaring at their fastest pace in decades, you might think Americans would tap the brakes on spending. Not so far. Consumers as a whole are showing surprising resilience, not only sustaining their spending but … Read more

EXPLAINER: Why is Wall Street close to a bear market?

EXPLAINER: Why is Wall Street close to a bear market?

NEW YORK (AP) — The bears are rumbling toward Wall Street. The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to … Read more

The Cryptocurrency Crash Is Great News For The Rest of The World. Here’s Why

The Cryptocurrency Crash Is Great News For The Rest of The World.  Here’s Why

Cryptocurrencies like Bitcoin were meant to be used as digital cash. Instead, they’ve become popular as speculative investments. As well as being resource-intensive and inherently wasteful, cryptocurrencies are also incredibly volatile. Prices for the largest cryptocurrencies, Bitcoin and Ethereum, have both dropped by over 55 percent in six months, leading some to suggest that regulation … Read more

What experts say to do if inflation has you worried about retirement

What experts say to do if inflation has you worried about retirement

Geber86 | E+ | Getty Images Inflation may have you worried about your retirement. Prices have been rising on everything from food to housing. In April, the consumer price index, which measures the prices of goods and services, notched an 8.3% increase from the year-earlier period. In fact, 70% of Americans are calling inflation “a … Read more

Bitcoin tumbles, a stablecoin plunges in wild week in crypto

Bitcoin tumbles, a stablecoin plunges in wild week in crypto

NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards. Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry’s highest-profile companies lost a third of its market value. Here’s a look at some major developments in cryptocurrencies this week: BITCOIN The price of bitcoin dropped to … Read more

Nine Worrying Signs About the Economy

Nine Worrying Signs About the Economy

Sign up for Derek’s newsletter here. The American economy isn’t looking great right now. US GDP shrank last quarter, despite a hearty showing from American consumers. Inflation is high; markets are down; both wages and personal-savings rates show some troubling statistical signals. Is the US destined to have a recession in 2022? I don’t know … Read more

Broken bitcoin: Kiwi exchange bracing for ‘sustained crypto winter’ after crash

Broken bitcoin: Kiwi exchange bracing for ‘sustained crypto winter’ after crash

The price of Bitcoin has plunged 20 percent in the last week. Photo / 123rf The head of one of New Zealand’s cyptocurrency exchanges says it is preparing for “sustained crypto winter” after more than US$300 billion was wiped out by the crash in prices since Monday. Bitcoin – the most well-known of the digital … Read more

Senate confirms Powell for 2nd term as Fed fights inflation

Senate confirms Powell for 2nd term as Fed fights inflation

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as the Federal Reserve Chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of … Read more

UK economy ‘only going to get worse’ as growth slowdown begins

UK economy ‘only going to get worse’ as growth slowdown begins

The UK economy shrank by 0.1% in March and the situation is expected to worsen as the country’s cost-of-living crisis escalates. Tim Ireland | Xinhua News Agency | Getty Images LONDON — A growth slowdown is underway in the UK after the economy shrank by 0.1% in March, with economists expecting further contractions this year. … Read more

US inflation dips from 4-decade high but still causing pain

US inflation dips from 4-decade high but still causing pain

WASHINGTON (AP) — Inflation slowed in April after seven months of relentless gains, a tentative sign that price may increase while still imposing a financial strain on American households. Consumer prices jumped 8.3% last month from a year ago, the government said Wednesday. That was below the 8.5% year-over-year appears in March, which was the … Read more