Tag Archives: Economy

Wikimedia Commons Bank of America analysts expect US economic growth to slow to nearly zero by the second half of 2023. So while the risk of recession this year is low, BofA sees a 40% probability starting next year. And 2024 isn’t looking much better as analysts see only “a modest rebound” by then. Bank of America has sounded the alarm on the US economy, predicting growth will stall next year and that the likelihood of a recession will surge. In a note published on Friday — two days after the… Source link

Between a tanking stock market, soaring inflation, and mounting recession fears, Americans are turning on the economy. And somewhere, Vladimir Putin is probably smiling about it. Amid all the chaos, inflation has become the biggest financial concern of nearly every American as prices rise for everything from gas to groceries. There are several reasons that inflation reached a 40-year-high of 8.6% last month, including rising rents and labor costs. But economists say a major driver is Russia’s… Source link

While many economists agree a recession is likely coming in 2023, Wall Street veteran and Bitcoin bull Mike Novogratz has just given one of the most dire outlooks yet. “The economy is going to collapse,” Novogratz told MarketWatch on Wednesday, adding, “We are going to go into a really fast recession, and you can see that in lots of ways.” Novogratz, chief executive of crypto merchant bank Galaxy Digital, gave the interview just before the Federal Reserve raised rates by 0.75… Source link

Women at Oracle Corp. suing over alleged pay disparities took a big step backward, while more than 15,000 female workers at Google crossed the finish line. Under a judge’s tentative ruling Friday, the Oracle women are poised to lose the class-action status they earlier won that gave them powerful leverage in a five-year court fight with their employer. Alphabet Inc.’s Google, meanwhile, agreed to pay $118 million to resolve claims filed under California’s Equal Pay Act that the company… Source link

Vladimir Putin has launched a war on just one nation, Ukraine, but the Russian president’s vicious military campaign is punishing people in many countries, including some of the world’s most vulnerable. With no end in sight, the war’s economic toll could become devastating in some parts of the world by the middle and end of 2022. The economic shock waves from Russia’s Feb. 24 invasion of Ukraine will radiate wider and deeper as Ukraine’s economy teeters and sanctions choke off… Source link

Large investors are very downbeat on the economic outlook for the United States. Growth expectations fell to an all-time low in May, according to the latest Bank of America fund manager survey out on Tuesday. For a dose of perspective, the current reading is below that seen during the Great Recession and the dot.com bubble. Such dour sentiment comes despite economists expecting the U.S. economy will have grown around 2.5% in the second quarter and unemployment levels remaining near record… Source link

The Biden economy is still doing okay, but there was a notable deterioration from April to May in the Yahoo Finance Bidenomics Report Card. President Biden’s grade on the economy dropped from A- in April to B in May, because of the tumbling stock market and a dip in wages. Yahoo Finance uses data provided by Moody’s Analytics to measure the president’s performance on the economy in six areas, compared with seven prior presidents at the same point in their term, going back to Jimmy… Source link

The ruble may not be showing it, but Western economic sanctions imposed against Russia are working. In revealing testimony before the Duma parliament, the head of the Central Bank of Russia (CBR) told the country’s lawmakers she had to throw everything but the kitchen sink just to prevent a full-blown run on the banking system. “The sanctions imposed against Russia affected the situation in the financial sector, spurred the demand for foreign currencies, and caused fire sales of financial… Source link

(Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Most Read from Bloomberg The fastest inflation in decades and the resulting rush by central banks to raise interest rates are stoking recession fears in financial markets — worries that are being compounded by the impact of aggressive coronavirus lockdowns in China and the war in Ukraine. In the last week alone, the the U.S. and U.K. logged inflation accelerating the most since the… Source link

Add another prominent voice in the field of economics warning about a looming recession. “I would say that it’s probably closer to a coin toss that the economy will be moving into recession by the end of the year,” said Dreyfus and Mellon Chief economist and macro strategist Vince Reinhart on Yahoo Finance Live. Reinhart’s comments come amid multiple negative forces playing out in the economy. The Consumer Price Index (CPI) rose by 7.9% in February, marking the fastest pace of annual inflation… Source link