How the rise of China changed America

There are two countries on offer right now – one that is close to default on its debt due to the rise of right-wing extremism, and the other that is experiencing a stock market boom due to artificial intelligence. The other day, the market value of AI chip maker Nvidia jumped by $190 billion to … Read more

The US jobs report is set to provide some solace to the Federal Reserve

(Bloomberg) — U.S. employers are gradually slowing the pace of hiring and hourly earnings are falling, offering some solace to federal policymakers as they try to beat persistent inflation. Most Read from Bloomberg For investors, though, economic data and monetary policy have taken a back seat to negotiations over the federal debt ceiling stretching into … Read more

Potential default threatens the very foundation of the global financial system

Comment on this storycomment As early as June, hundreds of banks, hedge funds, and investment managers can start holding multiple daily conference calls to deal with the fallout from a US debt default, and activate a “breaking glass in an emergency” guide that includes never-before-tried. If the Treasury Department intends to miss a scheduled payment … Read more

Despite being battered by banking turmoil, news of layoffs, the credit crunch, high interest rates and inflation, our drunken sailors have spent more, even adjusted for inflation.

Where does the money come from? They are now outperforming inflation, earning interest income, and dipping into their assets whose prices have inflated over the years. By Wolf Richter for WOLF STREET. Consumer spending, adjusted for inflation and seasonal factors, jumped 0.5% in April from March, after two months of decline and a big rise … Read more

Mortgage rates rise after inflation surprise

Written by Kevin Beachy and Gemma Dempsey BBC News May 25, 2023 Updated 1 hour ago image source, Getty Images Mortgage costs are on the rise after higher-than-expected inflation figures this week raised expectations about how much interest rates will rise in the UK. A group of lenders increased the cost of new deals, with … Read more

The evolving impact of remote work on geography

by Adam Ozemick A growing body of research has shown the effects of remote work on where people live. In 2021, economists Arjun Ramani and Nick Bloom model the exodus from expensive city centers to the suburbs and surrounding suburbs. “donut effect“ Because of how changes in housing prices appear on the map. As research … Read more

China warns of a flash across global markets with growth disappointment

(Bloomberg) — China’s muted economic recovery and Beijing’s reluctance to use widespread stimulus are reverberating around the world, crushing commodity prices and dampening stock markets. Most Read from Bloomberg Investors are fixing their expectations on the world’s second-largest economy as concerns grow that its recovery from pandemic restrictions has run out of steam. Recent data … Read more

Fed officials are divided over June rate halt, minutes show

Federal Reserve officials were unanimous in their decision to raise interest rates earlier this month, but were conflicted about whether additional increases would be necessary to control inflation, according to the Federal Reserve. Minutes from the last meeting of the Federal Reserve Released on Wednesday. The Federal Reserve voted to raise interest rates by a … Read more

Food prices are ‘alarmingly high’ as ​​sugar and milk soar

Written by Daniel Thomas Business Correspondent, BBC News May 24, 2023, 07:04 GMT Updated 30 minutes ago image source, Getty Images UK food prices continued to rise at the fastest rate in nearly 45 years in April, with staples such as sugar, milk and pasta rising sharply. The rate of grocery price increases slowed slightly … Read more