Economy

Thought you paid a lot to heat your home last year?  Wait until this winter

Thought you paid a lot to heat your home last year? Wait until this winter

“The prices of everything have escalated to the point that a part-time job may not be enough to supplement the increases of bills that we have budgeted,” said Bell, 41, whose husband works as a certified nursing assistant while studying for his nursing degree. Like Bell, many Americans are bracing for the cold reality that …

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Dow sinks to 2022 low as recession fears roil world markets

Stocks fell sharply worldwide Friday on worries an already slowing global economy could fall into recession as central banks raise the pressure with additional interest rate hikes. The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020. The S&P 500 fell 1.7%, close to its 2022 low set in mid-June, …

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Turkey’s lira hits a new record low against the dollar as investors brace for another rate cut

An electronic board displays exchange rate information at a currency exchange bureau in Istanbul, Turkey, on Monday, Aug. 29, 2022. Nicole Tung | Bloomberg | Getty Images The Turkish lira hit a new record low on Thursday, trading at 18.377 against the dollar at 11:30 am in Istanbul and continuing its downward slide of more …

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Fed goes big again with third-straight three-quarter-point rate hike

The supersized hike, which was unfathomable by markets just months ago, takes the central bank’s benchmark lending rate to a new target range of 3%-3.25%. That’s the highest the fed funds rate has been since the global financial crisis in 2008. Wednesday’s decision marks the Fed’s toughest policy move since the 1980s to fight inflation. …

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US housing market in ‘deep recession’ as homebuilder confidence tanks: economist

The US housing market is in the midst of a “deep recession” that could put pressure on the Federal Reserve to ease up on interest rate hikes, a prominent economist warned on Monday. Homebuilder confidence declined for the ninth straight month in September as surging mortgage rates and steep prices pushed many buyers out of …

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Stocks making the biggest moves midday: Lennar, Coinbase, Array Technologies and more

A worker at a Lennar home under construction. Justin Sullivan | Getty Images News | Getty Images Check out the companies making the biggest moves midday Monday: DR Horton, Lennar, PulteGroup — Homebuilder stocks moved higher on Monday after KeyBanc double upgraded the sector to overweight from underweight. Analyst Kenneth Zener said that homebuilders, which …

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Asian markets open lower after price data slam Wall Street

Asian markets skidded lower on Wednesday after Wall Street fell the most since June 2020 as a report showed inflation has kept a surprisingly strong grip on the US economy. Tokyo’s benchmark Nikkei 225 lost 2.8% in early trading Wednesday, to 27,816.58, while Sydney’s S&P/ASX 200 declined 2.5% to 6,834.80. In Seoul, the Kospi lost …

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Solar installations will triple by 2027 thanks to climate bill, report predicts

Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego, California, October 14, 2016. Mike Blake | Reuters The US solar market will nearly triple over the next five years, after President Joe Biden signed the largest climate bill in US history into law, according …

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Fed Vice Chair Brainard vows ‘we are in this for as long as it takes’ to stop inflation

Federal Reserve Vice Chair Lael Brainard vowed Wednesday to press the fight against inflation that she said is hurting lower-income Americans the most. That will mean more interest rate increases and keeping rates higher for longer, she said in remarks prepared for a speech in New York. Brainard cushioned the remarks with an acknowledgment that …

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