A shopper carries several bags in the Magnificent Mile shopping district of Chicago on Dec. 2, 2023. Taylor Glascock | Bloomberg | Getty Images The U.S. economy has remained remarkably strong but affordability is worse than it has ever been, some social media users say, even when compared to The Great Depression. One of TikTok’s … Read more
Market optimism over the potential for interest rate cuts next year is dangerously overdone, according to former FDIC Chair Sheila Bair. Bair, who ran the FDIC during the 2008 financial crisis, suggested Federal Reserve Chair Jerome Powell was irresponsibly dovish at last week’s policy meeting by creating “irrational exuberance” among investors. “The focus still needs … Read more
A UPS seasonal worker delivers packages on Cyber Monday in New York on Nov. 27, 2023. Stephanie Keith | Bloomberg | Getty Images November’s solid jobs report did not assure that the economy will come in for a soft landing, but it did help to clear the runway a little more. After all, there’s nothing … Read more
COLOMBO, Sri Lanka — The Asian Development Bank said Friday that it has approved $200-million concessional loan to debt-stricken Sri Lanka to help stabilize the country’s finance sector following an unprecedented economic crisis that engulfed the Indian Ocean island nation last year. The bank’s announcement comes as Sri Lanka is awaiting International Monetary Fund approval … Read more
The author behind the best-selling book “The Psychology of Money” is trying to relieve investor anxiety over market downturns. “Realizing how inevitable it is makes it more palatable to deal with when you go through it,” author and behavioral finance expert Morgan Housel told CNBC’s “ETF Edge” recently. It’s one of the major themes in … Read more
The record gold rush may intensify into year-end. According to NewEdge Wealth’s Ben Emons, the final month of the year typically creates a bigger appetite for the yellow metal. “It’s been very consistent every December. It’s been a pretty strong performance for gold — especially when there is a rally in the stock market in … Read more
Sri Lanka says it has reached an agreement in principle with a group of creditors including India and Japan on debt restructuring ByBHARATHA MALLAWARACHI Associated Press November 29, 2023, 8:21 AM FILE – A man fills gas into a vehicle at a fuel station in Colombo, Sri Lanka, on March 29, 2023. Sri Lanka said … Read more
Sweden’s economy shrank in the third quarter of 2023 to mark the second time of contraction and signal that a recession may have hit the country ByThe Associated Press November 29, 2023, 4:36 AM A woman makes her way through a snowy street near the government headquearters Rosenbad during a heavy snowfall in central Stockholm, … Read more
Wells Fargo Securities is officially out with its 2024 stock market forecast. Chris Harvey, the firm’s head of equity strategy, sees a volatile path to his S&P 500 to 4,625 year-end target. “It’s really hard to get excited. If we have better [economic] growth, then the Fed doesn’t do anything,” he told CNBC’s “Fast Money” on … Read more
The draw of bargains may be fading. As three of the nation’s biggest retailers kick off a key sales week, former Walmart U.S. CEO Bill Simon warns consumers are starting to buckle for the first time in a decade. He’s blaming a list of headwinds weighing on consumers including inflation, higher interest rates, federal budget … Read more