Business

Jerome Powell Pressed Over How Fed Would Respond to Economic Slowdown

Jerome Powell Pressed Over How Fed Would Respond to Economic Slowdown

Lawmakers pressed Federal Reserve Chairman Jerome Powell over how the central bank would manage trade-offs it could confront if its interest rate increases slow the economy sharply but don’t reduce inflation quickly. Mr. Powell on Thursday said that in such a scenario, the Fed would be reluctant to shift from raising rates to cutting them …

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Stock Market Edges Higher as Powell Testifies to Congress

Stock Market Edges Higher as Powell Testifies to Congress

U.S. stocks rose Wednesday after Federal Reserve Chairman Jerome Powell acknowledged the possibility of a recession while discussing the central bank’s efforts to address inflation. The S&P 500 gained 0.6%, while the Dow Jones Industrial Average added 0.4%, or about 121 points. The tech-heavy Nasdaq Composite advanced 0.7%. All three indexes were down in early …

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Apple Workers at Maryland Store Vote to Unionize, a First in the U.S.

Apple Workers at Maryland Store Vote to Unionize, a First in the U.S.

Apple employees at a Baltimore-area store have voted to unionize, making it the first of the company’s 270-plus stores in the United States to join a trend in labor organizing sweeping through retailers, restaurants and tech companies. The result, announced on Saturday by the National Labor Relations Board, provides a foothold for a budding movement …

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CDC advisers vote unanimously to recommend COVID vaccines for kids under 5 years old

CDC advisers vote unanimously to recommend COVID vaccines for kids under 5 years old

A panel of the Centers for Disease Control and Prevention’s outside vaccine advisers voted unanimously Saturday to recommend COVID-19 vaccines for children as young as 6 months old, clearing one of the last hurdles to expanding eligibility to 20 million babies, toddlers, and preschoolers. Some of the long-awaited shots could begin as soon as this …

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Crypto hedge fund Three Arrows fails to meet lender margin calls

Crypto hedge fund Three Arrows fails to meet lender margin calls

Three Arrows Capital failed to meet demands from lenders to stump up extra funds after its digital currency bets turned sour, tipping the prominent crypto hedge fund into a crisis that comes as a credit crunch grips the industry. The group’s failure to meet margin calls this past weekend makes the group the latest victim …

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U.S. Retail Sales Declined in May as Inflation Stings Consumers

U.S. Retail Sales Declined in May as Inflation Stings Consumers

Americans’ retail spending declined in May, as consumers felt the pinch from inflation, higher gasoline prices and rising interest rates. Retail sales—a measure of spending at stores, online and in restaurants—fell a seasonally adjusted 0.3% in May from the previous month, the Commerce Department said Wednesday. That was the first decline in month-over-month retail spending …

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Wind and solar power are 'bailing out' Texas amid record heat and energy demand

Wind and solar power are ‘bailing out’ Texas amid record heat and energy demand

But unlike previous extreme weather events in Texas which led to deadly blackouts, the grid is holding up remarkably well this week. Several experts told CNN that it’s owed in large part to strong performances from wind and solar, which generated 27 gigawatts of electricity during Sunday’s peak demand — close to 40% of the …

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