EUR/USD remains above 1.0700 amid expectations of Fed refraining from further rate hikes – FXStreet
EUR/USD rose as risk appetite improved following dovish comments from Fed Chair Jerome Powell. Federal Reserve Chairman Jerome Powell said it will take longer than previously expected to bring inflation down to its 2% target. The euro could struggle as recent eurozone inflation figures raise hopes that the ECB could cut interest rates in June. […]
Stocks surge as Fed Chair signals further rate hikes ‘unlikely’
Investors breathed a sigh of relief Wednesday after the Federal Reserve indicated the central bank’s next action likely won’t be to raise interest rates. The Fed held interest rates on hold Wednesday, raising a red flag over recent disappointing inflation data and extending its wait-and-see stance, which could last until later this year. However, Federal […]
It’s Time for the Fed to Start Talking About Hikes
Inflation is accelerating everywhere you look As evidence continues to pour in that the U.S. remains in an inflationary economy, it is becoming more likely that the Federal Reserve is in an inflationary economy. Forced interest rate increases can no longer be ignored. Compensation costs for public and private sector employers rose 1.2% in the […]
Hotel workers plan May Day rally to demand pay hikes after pandemic cuts
Thousands of unionized hotel workers plan to hold rallies in nearly 20 cities on May 1 to demand big pay increases ahead of contract negotiations with major chains. The talks with hotel operators Marriott International, Hilton Worldwide and Hyatt Hotels involve about 40,000 employees seeking new contracts for the first time since the pandemic. Workers […]
Health-conscious Gen Z, millennials buy Chipotle despite hikes
Chipotle’s loyal base of health-conscious Gen Z and millennials continues to scoop up burrito bowls and other menu items even though the company has raised prices six times since 2021, according to the report. The Tex-Mex chain reported national sales rose 8.4% last quarter, outpacing McDonald’s and Starbucks. That revenue could rise even further as […]
Oklahoma AG sues natural gas companies over winter storm price hikes
Oklahoma’s Republican Attorney General Gentner Drummond filed a lawsuit Wednesday against two Texas-based natural gas companies for their roles in soaring gas prices during the 2021 winter storm Uri. The lawsuit is the first brought by the state against a natural gas utility over profits made during the storm, filed in Osage County, Oklahoma, by […]
Fed posts record loss of $114.3B in 2023 as aggressive rate hikes upend finances
The Federal Reserve announced Tuesday that it formally expects net income to be negative $114.3 billion in 2023, a record loss related to costs related to managing the central bank’s short-term interest rate target. Last year’s loss followed a net profit of $58.8 billion in 2022, the Fed said. The figures published are an audited […]
Hollywood’s Streaming Business on the Brink as Price Hikes Push More Americans Away
Hollywood’s streaming business is on the brink of collapse, with soaring prices continuing to drive away U.S. subscribers. Streaming video services face many problems, including high costs, high churn rates, and competition from other platforms. Meanwhile, many US customers are wondering whether it’s worth paying the subscription fee. variety report. According to Deloitte’s annual survey, […]
Progressives aim to sock New Yorkers with yet more tax hikes
Progressives in Albany are pushing another huge state tax hike this year, but New York’s brutal tax rates are already driving taxpayers (and job creators) away and steadily eroding the tax base. I don’t even care about that. Both the state Senate and Assembly included a significant $2.2 billion increase in their responses to Governor […]
Biden unveils massive $7.3T budget with $5.5T in tax hikes post-State of the Union address
President Biden released his election-year budget proposal on Monday, calling for $5.5 trillion in tax increases through higher rates on the wealthy and big corporations, while cutting back on federal benefits programs, affordable housing and student loans. He called for an increase in spending on things like write-offs. The 2025 budget is highly unlikely to […]