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Fed minutes show policymakers see immigration, tariff shifts creating inflation uncertainty
Jan 8, 2025, 9:40 PM
Minutes from the most recent meeting of Federal Reserve policymakers showed uncertainty about the impact of President-elect Trump's immigration and tariff policies on inflation.
'Trump 2.0" looms large over the global economy
Jan 8, 2025, 8:29 PM
Donald Trump's planned tariffs are expected to greatly impact international trade in 2025.
Food prices ‘not going anywhere but up’, warns retail body
Jan 8, 2025, 7:52 PM
Higher tax and wages will push up prices in the second half of the year, the British Retail Consortium says.
Who Is Hussain Sajwani, the Developer Behind Trump’s $20 Billion Data Center Pledge?
Jan 8, 2025, 4:39 PM
Hussain Sajwani, the founder and chairman of DAMAC Properties of Dubai, built the first Trump-branded golf course in the Middle East a decade ago.
Rate-Cut Decision Was Narrow, Fed Minutes Show
Jan 8, 2025, 3:36 PM
Stubborn inflation, and potential tariffs, make future rate cuts uncertain.
Edison International stock plummets as wildfires leave 70,000 Southern Californians without power
Jan 8, 2025, 4:44 PM
Edison International stock fell nearly 13% Wednesday after the company shut off power to tens of thousands of customers in Southern California as wildfires blazed through the region.
Port Strike Averted With Labor Deal Days Before Deadline
Jan 8, 2025, 7:05 PM
Dockworkers and employers on the East and Gulf Coasts had until Jan. 15 to reach a new agreement that settled differences over automation.
SEIU Joins Forces With AFL-CIO Ahead of New Trump Era
Jan 8, 2025, 7:00 PM
A marriage between the service employees union and the A.F.L.-C.I.O. could better equip organized labor to deal with a less-friendly administration.
Fed officials fretted about 'likely effects' of Trump trade and immigration policies
Jan 8, 2025, 3:05 PM
Almost all Federal Reserve officials agreed in their last meeting that "upside risks to the inflation outlook had increased" due in part to the "likely effects" of expected changes in trade and immigration policies.
Los Angeles Fires to Top $50 Billion in Damage, AccuWeather Says
Jan 8, 2025, 4:24 PM
(Bloomberg) -- The wildfires raging out of control around Los Angeles will likely cause between $52 billion to $57 billion in damages and economic loss, according to a preliminary estimate by AccuWeather Inc.Most Read from BloombergNYC Condo Owners May Bear Costs of Landmark Green Building LawNYC’s Subway Violence Deters Drive to Bring Workers Back to OfficeDutch Central Bank Restores Amsterdam’s ‘Ugliest Building’Can American Drivers Learn to Love Roundabouts?Can States Hit the Brakes on Runawa
Stock market today: Dow, S&P 500 edge higher with Trump tariffs, jobs report in focus
Jan 8, 2025, 4:55 PM
Investors absorbed a report that President-elect Donald Trump is considering declaring a national economic emergency to pave the way for proposed tariffs.
Fed officials are worried about the inflation impacts from Trump's policies, minutes show
Jan 8, 2025, 2:00 PM
The Federal Reserve on Wednesday released minutes from its December meeting.
AT&T to offer customers bill credits for network outages
Jan 8, 2025, 1:44 PM
AT&T announced a new guarantee program that will see the telecom giant provide billing credits to wireless and fiber customers who are impacted by service outages.
Ryanair sues 'unruly' passenger that diverted flight
Jan 8, 2025, 1:43 PM
The airline hopes to claw back costs in damages over behaviour it says forced a plane to land early.
Pound falls as borrowing costs rise to highest since 2008
Jan 8, 2025, 12:29 PM
Economists have warned the rise could ultimately mean further tax rises or cuts to spending plans.
Port Workers Could Strike Again if No Deal Is Reached on Automation
Jan 8, 2025, 11:31 AM
Cargo could stop flowing at East and Gulf Coast ports, which handle most imports, if a union and an employers’ group can’t agree on the use of machines that can operate without humans.
How Trump’s Greenland Plan Could Hit Ozempic, Legos and Hearing Aids
Jan 8, 2025, 12:22 PM
Putting tariffs on Denmark unless it cedes the island of Greenland could hurt access to a few key products, including popular medicines.
If Trump goes big on tariffs, lawsuits are likely to follow
Jan 8, 2025, 11:22 AM
If Trump decides to declare a national economic emergency to impose a series of universal tariffs, his trade plans could quickly attract legal challenges that will surely mean even more uncertainty for importers.
Medical debt will be removed from credit reports: What this means for Americans
Jan 8, 2025, 11:37 AM
The Biden administration finalized a new rule that will prevent Americans from the harm caused by medical debt, including being coerced by debt collectors to pay bills they do not owe.
Treasury Market Gets First 5% Yield in Sign of What Could Come
Jan 8, 2025, 11:10 AM
(Bloomberg) -- The 20-year Treasury bond offered a grim warning as a selloff fueled by inflationary angst gripped global debt markets: 5% yields are already here.Most Read from BloombergNYC’s Subway Violence Deters Drive to Bring Workers Back to OfficeDutch Central Bank Restores Amsterdam’s ‘Ugliest Building’Can American Drivers Learn to Love Roundabouts?NYC Condo Owners May Bear Costs of Landmark Green Building LawCan States Hit the Brakes on Runaway Roadbuilding?The 20-year yield, a laggard on
U.A.W. Seeks Union Election at Ford Battery Plant in Kentucky
Jan 8, 2025, 10:38 AM
The United Automobile Workers union asked a federal labor regulator to conduct an election at a factory Ford jointly owns with a South Korean battery company.
Bond 'tantrum' dawns as rout sends shockwaves through markets
Jan 8, 2025, 9:54 AM
A sharp selloff in some of the world's biggest government bond markets and a surge in the dollar are sending shockwaves through financial markets, with the pain seen deepening as uncertainty grows over Donald Trump's policies. Trump's plans for higher trade tariffs, tax cuts and deregulation threaten to push up inflation and strain government finances, thereby also limiting the Federal Reserve's scope to cut interest rates. The S&P 500, which rallied post Trump's win, has started to falter.
As Elon Musk Embraces the Far Right, Some of Its Leaders Reject Him
Jan 8, 2025, 10:04 AM
Mr. Musk has fallen out with prominent right-wing Americans who say they are worried that their agenda may be sidelined in favor of his own.
Private sector adds 122,000 jobs in December, below expectations, ADP says
Jan 8, 2025, 8:24 AM
Companies in the private sector added 122,000 jobs in December, payroll processing firm ADP said on Wednesday. The figure is below economists’ estimates of 140,000 jobs.
Stock market today: Dow, S&P 500 inch lower with Trump tariff power move, rate cuts in focus
Jan 8, 2025, 10:10 AM
Investors absorbed a report that President-elect Donald Trump is considering declaring a national economic emergency to pave the way for proposed tariffs.
US private payrolls growth slows in December
Jan 8, 2025, 8:27 AM
WASHINGTON (Reuters) - U.S. private payrolls growth slowed sharply in December, the ADP National Employment Report showed on Wednesday.
Why Nvidia rug pull doesn't faze US stock market bulls: Morning Brief
Jan 8, 2025, 5:58 AM
Nvidia's 6% loss Tuesday was especially painful for the company given it followed a splashy CES event with big announcements. But the market has good reason to shake off its swings.
Huge problems with axing fact checkers, Meta oversight board says
Jan 8, 2025, 7:10 AM
The body's co-chair says moving to community notes could have a big impact on gender rights and minority groups.
Stock market today: Dow, S&P 500, Nasdaq futures retreat amid report Trump could tap emergency powers for tariffs
Jan 8, 2025, 7:58 AM
Investors absorbed a report that President-elect Donald Trump is considering declaring a national economic emergency to pave the way for proposed tariffs.
How credit card swipe fees are affecting shoppers
Jan 8, 2025, 7:00 AM
Industry experts say credit card swipe fees are taking a chunk out of Americans' spending power. But Electronic Payments Coalition claimed these processing costs are among the lowest.
Futures dip after report Trump mulls economic emergency; Treasury yields stand tall
Jan 8, 2025, 7:41 AM
U.S. stock index futures slipped in choppy trading on Wednesday, as investors assessed a CNN report that said President-elect Donald Trump was mulling a national economic emergency declaration, while a tick up in Treasury yields also pressured riskier stocks. Futures gave up early gains after the report added that the move will allow Trump to build the new tariff program by using the International Economic Emergency Powers Act, which authorizes a president to manage imports during a national emergency. Reports around potential surcharges on U.S. trade partners have kept investors on edge.
Bitcoin Is Luring More Companies and Their Cash
Jan 8, 2025, 5:00 AM
It is a sharp pivot away from the cautious approach of the traditional corporate treasury, normally charged with safeguarding cash rather than chasing higher returns.
Last time bond yields surged like this, stock markets sank
Jan 8, 2025, 4:05 AM
(Bloomberg) -- There’s room for stock markets to fall further as bond yields approach levels that have been painful for equities in recent years.Most Read from BloombergNYC’s Subway Violence Deters Drive to Bring Workers Back to OfficeDutch Central Bank Restores Amsterdam’s ‘Ugliest Building’Can American Drivers Learn to Love Roundabouts?Can States Hit the Brakes on Runaway Roadbuilding?Don’t Shrink the BusThe US 10-year Treasury yield climbed to levels just shy of 4.7%, the highest since April
A Far-Right Government in Austria Would Be a Jolt, but Not Unexpected
Jan 8, 2025, 5:34 AM
The Freedom Party and its leader, Herbert Kickl, have steadily built support by demonizing immigrants, while entering Austria’s political mainstream.
Stocks, Treasurys pause inflation-fueled selloff: Markets Wrap
Jan 8, 2025, 3:45 AM
(Bloomberg) -- Markets were catching their breath on Wednesday as traders assessed whether Tuesday’s selloff in US Treasuries and stocks was overblown.Most Read from BloombergNYC’s Subway Violence Deters Drive to Bring Workers Back to OfficeDutch Central Bank Restores Amsterdam’s ‘Ugliest Building’Can American Drivers Learn to Love Roundabouts?Don’t Shrink the BusCan States Hit the Brakes on Runaway Roadbuilding?US equity futures edged higher on Wednesday, indicating a calmer session after Tuesd
Fed's Bowman emerging as 'likely choice' to become top US banking cop: Analysts
Jan 7, 2025, 11:59 AM
The surprise departure of Federal Reserve vice chair for supervision Michael Barr is focusing new attention on Michelle Bowman, named by analysts as the person most likely to become the Fed’s new top banking cop.
Now it’s Trump’s turn to save steelworker jobs
Jan 7, 2025, 10:58 AM
Trump will probably try to protect American steelworker jobs with tariffs on imported steel. The last time he did that, it killed more jobs than it saved.
London: Wahed Invest's adverts showing banknotes on fire banned
Jan 8, 2025, 1:13 AM
A regulator says the posters for Wahed Invest, seen on Transport for London services, are offensive.
OpenAI boss Sam Altman denies sexual abuse allegations made by sister
Jan 8, 2025, 12:02 AM
Ann Altman filed a lawsuit alleging her brother sexually abused her between 1997 and 2006.