The Latest Breaking News from David Wessel

Private credit is expected to hit $3.5 trillion in AUM by the end of 2028 but many still don't understand it.

Washington (AFP) - US President Joe Biden has chosen Federal Reserve Vice Chair Lael Brainard to be his top economic advisor, ahead of a potential reelection campaign and as the administration battles stubbornly high inflation.

The "carried interest loophole" allows hedge fund managers to tax their income at a lower rate than an ordinary salary. The provision is unpopular — yet it has survived many attempts to eliminate it.

Washington (AFP) - The Federal Reserve has made clear it will come out guns blazing to battle the highest inflation rate in four decades, but that has sparked increasing fears their campaign will plunge the world's largest economy into recession.