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Tag: Business Highlights

Business Highlights: Fed’s fight, Wall Street slump
Business

Business Highlights: Fed’s fight, Wall Street slump

___Powell: Fed’s inflation fight could bring ‘pain,’ job lossesJACKSON HOLE, Wyoming (AP) — Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed is determined to fight inflation with more sharp interest rate hikes, which will likely cause pain for Americans in the form of a weaker economy and job losses. “These are the unfortunate costs of reducing inflation,” Powell said in a high-profile speech at the Fed’s annual economic symposium in Jackson Hole. “But a failure to restore price stability would mean far greater pain.” Investors had been hoping for a signal from Powell that the Fed might soon moderate its rate increases later this year if inflation were to show further signs of easing. But the Fed chair indicated that that time may not be near.___Dow drops 1,...
Business Highlights: Falling home sales, Russian coffee
Business

Business Highlights: Falling home sales, Russian coffee

___US home sales fell in July; some buyers see silver liningLOS ANGELES (AP) — The housing market’s comedown from its high-flying days early this year is deepening, with home sales in July falling for the sixth straight month. Sharply higher mortgage rates, surging inflation and prices that remain near all-time highs are making homes less affordable. The National Association of Realtors said Thursday that sales fell 20.2% from July last year, reaching the slowest pace since May 2020, near the start of the pandemic. But the slowdown has begun to tip the homebuying equation, if ever so slightly, in favor of house hunters who can afford to stay in the market and away from sellers.___Fewer Americans file for jobless benefits last weekWASHINGTON (AP) — Slightly fewer Americans filed for unem...