Economy

Elizabeth Warren to Fed chair Jerome Powell: Don't 'drive this economy off a cliff'

Elizabeth Warren to Fed chair Jerome Powell: Don’t ‘drive this economy off a cliff’

During a Senate Banking Committee hearing on Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid setting off a recession that costs millions of jobs. Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month. “I wouldn’t think so,” Powell said. …

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Biden mocks 'sensitive' Chevron CEO Michael Wirth in spat over gas price claims

Biden mocks ‘sensitive’ Chevron CEO Michael Wirth in spat over gas price claims

President Biden escalated a war of words with Chevron CEO Michael Wirth Tuesday after the country’s second-largest oil company rejected the president’s “political rhetoric” about high gas prices. “He’s mildly sensitive. I didn’t know they’d get their feelings hurt that quickly,” Biden said at the White House when a reporter asked about Wirth’s rebuttal. “We …

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Rail walk-out kicks off in UK amid fears of a summer of pay strikes

Rail walk-out kicks off in UK amid fears of a summer of pay strikes

Forty thousand UK Network Rail staff and workers at 13 train operators have staged walkouts over pay in Britain’s biggest rail strike in 30 years. Jeff J Mitchell | Getty Images News | Getty Images LONDON — A days-long rail walkout that is causing severe travel disruption across Britain could be just the beginning of …

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US recession this year is more likely than not: Nomura analysts

US recession this year is more likely than not: Nomura analysts

The US economy is more likely than not to sink into a recession this year as the Federal Reserve tightens monetary policy in its bid to cool decades-high inflation, economists warned Monday. “Disruptions in the energy and food sectors, coupled with declining consumer sentiment, are contributing to a looming economic slowdown in the US and …

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