Simone Del Rosario
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Investors underestimating Fed’s resolve to bring down inflation, insider says
Despite signs of an economic downturn, inflation is persisting in some of the hardest-to-avoid categories for consumers, like food and housing. The Federal Reserve is expected to continue hiking its interest rate to restrictive territory until inflation comes down significantly, according to minutes of its July session released Wednesday. While July inflation stabilized month over… -
Some employees are ‘quiet quitting’ in latest viral workplace trend
A new viral trend on TikTok is encouraging people to reconsider going the extra mile while on the job. “Quiet quitting” has been gaining popularity among social media users, and while it doesn’t entail turning in a resignation as the name suggests, it instead aims to help employees everywhere find a better work-life balance. Whether that… -
Walmart is attracting higher-income families in the fight against inflation
If you want a window into the health and habits of the American consumer, look no further than Walmart. On Tuesday, the retail giant surprised investors and analysts by beating expectations for earnings and revenue, just three weeks after cutting profit expectations. Walmart has reported seeing a significant shift in spending habits with Americans moving… -
China’s surprisingly sluggish growth in July drags down global economy
China’s sluggish economy is dragging down the global economy with it. U.S. stocks fell Monday morning after troubling growth numbers from the world’s No. 2 economy. Commodities also fell, with Brent crude and West Texas Intermediate crude both down more than 5% to start the day. The safe haven U.S. dollar, meanwhile, rose amid fears… -
Is Novavax Trump’s Solyndra? $1.6B in taxpayer funds, just 2,500 vaccinated
Former President Donald Trump’s Operation Warp Speed got a lot of praise for getting COVID-19 vaccines developed and into arms in under a year. But it’s not one big success story. Take Novavax, the company that got $1.6 billion in taxpayer funds in July 2020. “That [award] can get us to as many as 100… -
Netflix makes games? Five gaming investments that have yet to pay off
The video game industry experienced a massive boom during the COVID-19 pandemic, but then Americans spent 13% less on gaming in the second quarter of this year from the same period a year ago and more time outside. Consumer spending has also been taking a hit amid worries about the state of the economy. Still,… -
Consumer prices stay flat in July, annual inflation cools to 8.5%
Inflation decelerated in July to 8.5% year over year following June’s peak of 9.1%, according to the Bureau of Labor Statistics report out Wednesday. A dip in energy prices helped cool the consumer price index, which has hovered at four-decade highs all year. Overall consumer prices were flat for the month of July from June,… -
Most electric vehicles will not qualify for $7,500 tax credit
Most electric vehicles would not qualify for $7,500 federal tax credits included in Democrats’ sweeping economic bill due to restrictions over manufacturing and materials. The revelation has a major automotive group sounding the alarm, saying the credits will derail manufacturers’ efforts to have EVs make up half of their sales by 2030. The Alliance for… -
Reports: Democrats’ Inflation Reduction Act will not reduce inflation soon
Senate Democrats are celebrating the passage of the Inflation Reduction Act, a legislative win for the Biden administration made possible by a Sunday vote of 51 to 50 along party lines. Vice President Kamala Harris acted as the tie-breaking vote. But does the sweeping economic bill actually reduce inflation, like its name suggests? Some economic… -
Stephen King testifies and Google could get sued in biggest antitrust news
The country’s most powerful companies will make many efforts to dominate their industries, but for the sake of competition, some tactics are off limits. When major firms push too hard, they often end up in court. We have some of the biggest stories in antitrust in this week’s Five For Friday. #5: Simon & Schuster… -
As cattle ranchers sell off herds to combat drought, effects will last years
Cattle ranchers are increasingly selling off their herds, including breeding stock, as widespread drought and heat waves challenge operations. The impacts of the summer conditions could have long-lasting effects on beef prices, which are already high. In June, a heatwave in Kansas killed thousands of cattle, overwhelming producers, who disposed many of the carcasses in… -
3 things we’ve learned from earnings season, from Big Oil to Big Tech
The economy has technically been shrinking all year, but what about Wall Street? After the busiest business week of the summer, now more than half of the country’s largest companies have reported second quarter earnings. Here’s what we have learned from them so far. #1: Big Oil strikes gold The two largest U.S. oil companies,… -
Recession or not, here’s why Americans feel like the economy is going downhill
Last week, we learned the U.S. economy likely shrank for the second consecutive quarter as the advanced government estimate of gross domestic product came in at -0.9%. Now, the country has been thrust into a politically-heated debate: Are we in a recession? The Biden administration and political appointees say no. “That doesn’t sound like a…
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