Federal Reserve swears ‘pain’ and vows to cut workers’ wages

On Wednesday, the US Federal Reserve raised Federal Funds interest rates by three-quarters of a point, continuing the fastest rate of rate hikes since the 1980s. The move will immediately raise the cost of home mortgages, auto loans and credit cards for working-class and middle-class families already struggling with the highest rate of inflation in … Read more

Oil dips below $80 as Powell warns recession could be on the way

Oil prices fell 5% early Friday, with the US benchmark plunging to its lowest level since January, amid heightened concerns about slowing economic growth and looming recessions. At 10:06 a.m. ET on Friday, WTI Crude had dipped below $80 a barrel and was trading 5.58% to $78.83 a barrel. Brent Crude, the international benchmark, stood … Read more

Gold Prices Soar as Fed’s Powell Talks Recession Chance and Restrictive Rates

(Kitco News) Gold wiped out its initial Fed-driven losses and rose more than 1% on the day. Prices responded to comments from Federal Reserve Chairman Jerome Powell about the recession and peak rates after a third consecutive 75 basis point rise on Wednesday. Comex gold futures for December approached $1,700 an ounce … Read more

In rare sit-down, Nobel laureate economist Peter Diamond sees ‘significant power shift from employers to employees’ underway

Peter Diamond, winner of the 2010 Nobel Prize in economics, has avoided the press for most of his long and illustrious career, explaining that he is concerned about being misunderstood. When he got the chance to interview him, MarketWatch jumped in. His supporters think Diamond is probably the brightest of all economists. His selection by … Read more

The biggest Fed rate hike in 40 years? It may come next week.

Desperate times call for desperate measures, and times are, arguably, increasingly desperate. Continued high inflation could force the Federal Reserve to resort to the largest hike in a major US interest rate in more than 40 years. After another dismal inflation report in the US, economists at the brokerage Nomura Securities became the first on … Read more

Oil plunges 3% as fears of economic slowdown weigh on markets

Oil prices fell nearly 3% early Tuesday, losing about $3 from Monday’s close, as fears of a global economic slowdown mounted as fears of a loss in supply from OPEC’s second largest producer, Iraq, mounted. decreased. From Tuesday 8:43 a.m. ET, Brent Crude fell 2.82% to $102.19. the American benchmark, WTI Ruwefell 2.46% on the … Read more

The pain of breaking inflation will reverberate around the world, top financial chiefs say

A man arranges for products at Best World Supermarket, in Washington, on Aug. 19.SARAH SILBIGER/Reuters The message from the world’s top financial leaders is loud and clear: rampant inflation is here to stay and taming it will require extraordinary effort, most likely a recession with job losses and shockwaves in emerging markets. However, that price … Read more

Gold Price Plunges After Powell, $1,600 A Risk For Next Week – Analysts

(Kitco News) After falling nearly $25 after Federal Reserve chairman Jerome Powell’s much-anticipated speech, gold could be at risk of falling to $1,600 an ounce, analysts say unless buyers step in to buy the dip. Gold closed the week at 0.8%, with December Comex gold futures last trading at $1,748, down 1.32% on … Read more