Inflation notches a fresh 30-year high as measured by the Fed’s favorite gauge
Customers shop for produce at a supermarket on June 10, 2021 in Chicago, Illinois. Inflation rose 5% in the 12-month period ending in May, the biggest jump since August 2008. Food prices rose 2.2 percent for the same period. Scott...
Build Back Better Act would close tax loophole for crypto investors
Photo by Mike Kline (notkalvin) | Moment | Getty Images Proposed legislation unveiled Thursday as part of Democrats’ $1.75 trillion social and climate spending plan would close a tax loophole for cryptocurrency investors. The Build Back Better Act would subject...
Jack Dorsey is worried about ‘hyperinflation’ — these experts say you shouldn’t be that scared
Twitter and Square CEO Jack Dorsey recently issued a dire economic prediction, complete with a frightening phrase: hyperinflation. “Hyperinflation is going to change everything. It’s happening,” Dorsey tweeted on Oct. 22. Later, in response to a follower’s follow-up question, Dorsey...
Treasury Secretary Yellen says spending bills will be anti-inflationary, lowering important costs
Treasury Secretary Janet Yellen asserted Friday that the administration’s infrastructure spending proposal will lower inflation by reducing costs vital to households. Speaking to CNBC from Rome where she is attending the G-20 conference of global leaders, Yellen renewed her push...
Alibaba is ramping up in Europe, and is already ahead of Amazon in one region
Employees pack crates with merchandise for orders at a Cainiao warehouse, the logistics subsidiary of Alibaba Group Holding, ahead of the company’s annual Singles’ Day shopping extravaganza in Wuxi, Jiangsu province, China, on Nov. 9, 2020. Qilai Shen | Bloomberg...
Pending home sales fell unexpectedly in September, likely due to higher mortgage rates
A pending sale sign in front of a home in Miami. Getty Images Pending home sales, which are a measure of signed contracts to buy existing homes, fell an unexpected 2.3% in September compared with August, according to the National...
Economic growth rate slows to 2% on a sharp slowdown in consumer spending
The U.S. economy grew at a 2% rate in the third quarter, its slowest gain of the pandemic-era recovery, as supply chain issues and a marked deceleration in consumer spending stunted the expansion, the Commerce Department reported Thursday. Gross domestic...
Alchemy, the start-up powering Adobe’s NFT effort, sees valuation skyrocket as digital collectibles go mainstream
Alchemy co-founders Nikil Viswanathan (left) and Joe Lau. Source: Alchemy Start-up Alchemy is benefiting as more companies try to future-proof their businesses by adapting their technologies to the blockchain and through digital collectibles. The San Francisco-based company announced a $250...
Stock futures rise slightly after S&P 500 slips from a record
Stock futures edged higher in overnight trading on Wednesday after the S&P 500 and the Dow Jones Industrial Average slipped from their record highs. Dow futures rose 50 points. S&P 500 futures and Nasdaq 100 futures both traded 0.1% higher....
Mortgage rates rise to an 8-month high, tanking refinance demand
Real estate agents arrive at a brokers tour showing a house for sale in San Rafael, California. Getty Images Mortgage rates have been on a tear this month, rising yet again last week to the highest level in eight months,...
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