Anger at Saudi Arabia revives calls to US to throw the book at OPEC

New York CNN Business — OPEC+’s decision to cut oil production has sparked a bipartisan anger in Washington against the Saudi Arabia-led group, calling for a tough response from the US. Within minutes of OPEC+’s announcement, the White House warned it will “consult Congress on additional tools and authorities” designed to curb OPEC’s “control” over … Read more

The stock market is wrong: the economy isn’t going to ‘blow up a gasket’ yet, economist warns

While the sharp sell-off in stocks this year may feel brutal, especially after the September carnage, the S&P 500 remains about 17.1% above the end-2019 level, according to Dow Jones Market Data. That’s not low enough given the likely magnitude of the Federal Reserve’s actions needed to bring rising inflation back to the central bank’s … Read more

OPEC announces major cut in oil production despite US pressure

London CNN Business — OPEC+ said on Wednesday it will cut oil production by 2 million barrels a day, the largest cut since the start of the pandemic, in a move that threatens to push gasoline prices up just weeks before the US midterm elections. The group of major oil producers, including Saudi Arabia and … Read more

Is the Gaming Industry Going All-In on Crypto?

The popularity of cryptocurrency exploded in 2021 and consumer interest continues to grow. One prospect of particular interest to investors is the use of cryptocurrency in the gaming industry, and in particular for sports betting.1 State legislators, regulators and gaming operators have so far taken a cautious approach.2 Wyoming became the first state to allow … Read more

Consumers are becoming more optimistic about the US economy

CNN — Consumer confidence rose for the second month in a row in September, as moderating gas prices and hoping that inflationary pressures could ease helped improve the collective mood of the nation. The Conference Board reported Tuesday that the baseline index rose to 108 from a revised 103.6 in August, the highest since April. … Read more

Food prices are rising, which has changed the way we eat

New York CNN Business — Lisa Altman was always proud that she could eat whatever she wanted without worrying much about the cost. Growing up, seconds were not served and side dishes were rare. “My mom had a budget every week and she stuck to it,” she said. “As I got older and became more … Read more

Fact Check: White House Corrects Biden’s Inaccurate Boast About Gas Prices

Washington CNN — In a campaign-style Friday address at a Democratic National Committee event in Washington, President Joe Biden boasted of the three-month drop in gas prices and the unemployment rate. But he used inaccurate numbers on both subjects. Biden said, “Gas prices – I know I was criticized for taking stock. But guess what? … Read more

Fed’s fight against inflation could cost US 1.2 million jobs

Minneapolis CNN Business — In its efforts to reduce historic inflation and cool the economy, the Federal Reserve has used multiple euphemisms to describe the potential impact on Americans’ jobs, from economic “pain” to “unfortunate costs” and a job market”. However, data does not mince words. The Fed’s latest economic forecast, released Wednesday alongside a … Read more

Opinion: Many have lost faith in the Fed. Will it be able to regain our trust?

Editor’s Note: Mohamed A. El-Erian is the president of Queens’ College at Cambridge University, the Renee Kerns Professor at Wharton Business School, senior fellow of the Lauder Institute and advisor to Allianz and Gramercy. He serves on the boards of Barclays, the NBER and Under Armour. The opinions expressed in this commentary are his own. … Read more

Making rising interest rates work in your favor, according to experts

Since the start of this calendar year, the Bank of Canada has raised its benchmark rate five times. And while there are concerns about the impact on people’s bottom line, a financial advisor says the increases could represent an opportunity for some. “Rising interest rates don’t necessarily mean a lifestyle change or something to panic … Read more