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The Latest Breaking News from Jerome Powell

A Lot Of Smart People And Jim Cramer Read Inflation Situation Wrong, Comedian John Oliver Says

A late night comedian has taken aim at CNBC host and stock market personality Jim Cramer over his flip flopping on inflation and being wrong on how bad things really are. Here’s what John Oliver had to say.

Benzinga

US economy shrinks for a second quarter, fueling recession fears

The drumbeat of recession grew louder after the U.S. economy shrank for a second straight quarter, as decades-high inflation undercut consumer spending and Federal Reserve interest rate hikes stymied businesses and housing.

Tribune News Service

Yellen insists US not in recession as economy shrank 0.9 per cent in second quarter

Two negative quarters meets the informal definition of recession but many economists disagree

The Independent UK

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When does a recession begin – and is the US in one now?

Question weighs on consumers, politicians and investors around the world as the Federal Reserve raises interest rates

The Guardian - US

US economy shrinks in second quarter, signaling unofficial start of recession

The bad news will be a major blow for the Biden administration as it prepares for a tough midterm election season

The Guardian - US

Sensex jumps 1,041 points, Nifty settles at 16,930: Top reasons behind today's surge

NEW DELHI: Equity indices extended gains for the 2nd straight session on Thursday and surged to 3-months high, led by gains in finance, metal and IT stocks.

The Times of India

Dogecoin Daily: Price Gets Momentum From Fed Rate Hike, Shibes Take Shots At Bitcoin

Dogecoin (CRYPTO: DOGE) traded 7% higher at $0.07 over 24 hours leading up to early Thursday. DOGE moved higher in tandem with other major coins as the global cryptocurrency marketcap shot up 8.4% to $1.06 trillion.

Benzinga

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Powell: No recession right now, but anything's possible

Closely watched economic figures come out this morning.

Axios

US economy likely grew modestly, if at all, last quarter

After going backward from January through March, the U.S. economy probably didn’t do much better in the spring

The Independent UK

Asian shares, oil prices mostly higher after Fed rate hike

Shares are mostly higher in Asia after the Federal Reserve ratcheted up its campaign against surging inflation by raising its key interest rate three-quarters of a point

The Independent UK

US not yet in recession and 4 other takeaways from the Fed

Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs

The Independent UK

Summer Crypto Relief Rally Finally Here? Trader Sees Bitcoin At $30,000, Ethereum At $2,400

Major coins rose sharply after the U.S. Federal Reserve’s policy meeting concluded on Wednesday. The global cryptocurrency market cap rose 8% to $1.05 trillion at press time.

Benzinga

A hawkish Fed signals further rate hikes and sees a slowing economy – but not recession

The U.S. Federal Reserve hiked its benchmark interest rate by a further three-quarters of a percentage point on July 27, 2022.

The Conversation

US hikes rates 0.75pc again amid ongoing inflation surge 'surprise'

Wall Street has surged after Federal Reserve chair Jerome Powell hinted rate hikes could ease, with the Australian share market following.

ABC News

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Bangkok Post

Fed's rate rises might have way to go yet

By the time this article is published, readers will know how much the US Fed funds rate has been raised for the fourth time this year. It does not really matter whether the rate is raised by 0.75% or 1% this time because the Fed will need to keep raising…

Benzinga

Experts React To 0.75% Fed Rate Hike: 'Don't Think They Will Pause'

The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months.

The Independent UK

Federal Reserve hikes interest rates 0.75 per cent for second time in two months

Another ‘unusually large’ hike possible to tackle inflation, depending on data, but increases will likely slow, says Fed Chair Powell

Benzinga

Bill Ackman Explains Why Inflation, Not Fed Rate Hike, Is Biggest Threat To US Economy

Billionaire hedge fund manager and CEO of Pershing Square Holdings Ltd. (OTC: PSHZF) Bill Ackman explained through a series of tweets that the biggest risk to the U.S.

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WEKU

Another big Fed rate hike is here to battle inflation. Economy hangs in balance

U.S. Federal Reserve raises rates for fourth time in 2022, this time by another three-quarters of a percentage point to battle inflation. It's at a size and pace we haven't seen since the 1980s.

The Independent UK

EXPLAINER: How do we know when a recession has begun?

By one common definition, the U.S. economy is on the cusp of a recession

Reuters

Fed lacks systems to thwart Chinese information gathering - report

The Federal Reserve lacks adequate systems to counter a "malign" effort by China to gather inside information on the U.S. economy and monetary policy, according to a report that was prepared by Republican staff of the Senate Homeland Security Committee.

Axios

The Fed faces new political pressure as economy slows

A new op-ed from Senator Warren is a sign of the political risks ahead.

The Independent UK

Fed set to impose another big rate hike to fight inflation

Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot

WEKU

The Fed's mission improbable: Beating inflation without causing a recession

Inflation is sky high. The Federal Reserve wants to bring it back to earth without crashing the economy. But achieving a so-called "soft landing" and avoiding a recession is easier said than done.

Tribune News Service

Manchin in driver’s seat again after inflation fears vindicated

WASHINGTON — Nearly a year ago, Sen. Joe Manchin wrote Fed Chair Jerome Powell to raise alarm that the central bank’s policies would overheat the economy, a fixation that made the West Virginia Democrat an outlier in his party.

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