US economy is ‘nowhere near a recession this year,’ says economist

With turmoil in the markets, high inflation and impending interest rate hikes that will make borrowing money more expensive, many Americans are wondering if the economy is heading toward a recession. Goldman Sachs chairman Lloyd Blankfein said last weekend that “it’s certainly a very, very high risk factor,” and consumers should be “prepared for it.” … Read more

‘I can’t see the light’: War fuels surging prices in Europe

MILAN (AP) — Edoardo Ronzoni inspects a construction site near Milan that he shut down in March as costs for skyrocketed materials. He can’t complete a half-built roundabout at an intersection known for fender-benders because asphalt, cast-iron pipes and concrete are too expensive — prices exacerbated by Russia’s war in Ukraine. Public works projects in … Read more

Stephen Roach gives stagflation warning, calls peak inflation absurd

Stagflation is making a comeback, according to former Morgan Stanley Asia chairman Stephen Roach. He warns the US is on a dangerous path that leads to higher prices coupled with slower growth. “This inflation problem is widespread, it’s persistent and likely to be protracted,” Roach told CNBC’s “Fast Money” on Thursday. “The markets are not … Read more

Inflation, Russia-Ukraine War Draw G7 Finance Leaders’ Focus | Business News

By FATIMA HUSSEIN and FRANK JORDANS, Associated Press KOENIGSWINTER, Germany (AP) — Finance ministers for the Group of Seven leading economies grappled Thursday with deepening inflation concerns and the immediate effects of Russia’s war in Ukraine, with US Treasury Secretary Janet Yellen promising that the allies would put together enough additional aid to help Ukraine … Read more

Asian shares track Wall Street’s inflation-fueled retreat

TOKYO (AP) — Shares dropped sharply in Asia on Thursday after a broad retreat on Wall Street triggered by dismal results from major retailer Target that renewed worries about the impact of high inflation. Hong Kong’s Hang Seng led the declines, dropping 3.1%, while Tokyo’s Nikkei 225 index was 2.7% lower. The Dow Jones Industrial … Read more

Biden’s burdens grow: Sagging global economy adds to US woes

WASHINGTON (AP) — As President Joe Biden embarks for Asia on Thursday, he’s facing a new risk at home for the economy and his Democratic Party: a global slowdown caused by Russia’s invasion of Ukraine and the pandemic shutting down Chinese cities and factories. The world economy can’t cast US ballots. But it’s a hidden … Read more

As inflation slows and ruble rallies, Russia is hoping to avoid a crisis

Russian President Vladimir Putin. Pool | Reuters Russia believes it has swerved a financial crisis as its currency rallies and economic data improves, but strategists say the numbers mask some ugly truths for Moscow. Although inflation in the country is running hot, there are signs that price rises are slowing and will continue to do … Read more

Amazon’s Bezos criticizes Biden admin, says inflation hurts the poor

Amazon founder Jeff Bezos arrives for his meeting with British Prime Minister Boris Johnson at the UK diplomatic residence on September 20, 2021 in New York City. Michael M. Santiago | Getty ImagesNews | Getty Images Amazon founder Jeff Bezos tweeted on Sunday that inflation is most hurtful to the least affluent in the United … Read more

Bitcoin tumbles, a stablecoin plunges in wild week in crypto

NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards. Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry’s highest-profile companies lost a third of its market value. Here’s a look at some major developments in cryptocurrencies this week: Bitcoin The price of bitcoin dropped to … Read more

Here’s why inflation may be less costly for some retirees

A shopper at a San Francisco grocery store on May 2, 2022. David Paul Morris | Bloomberg | Getty Images Inflation is a growing concern as Americans spend hundreds more every month. But some retirees may avoid the sting of price hikes for gasoline, groceries and other costs. Annual inflation rose by 8.3% in April, … Read more