Financial related news.
WASHINGTON (AP) — The nation’s economy expanded at a 4.9 percent annual rate from July through September, according to a new federal government report. The Commerce Department said the economy expanded last quarter at the fastest pace in nearly two years — and more than twice the 2.1 percent annual rate of the previous quarter. [...]
NEW YORK — Bitcoin is having another moment. The world's largest cryptocurrency soared to almost $35,000 last week, marking its highest point in nearly 18 months — and more than double the price seen at the start of 2023. The cryptocurrency rocketed from just over $5,000 each during the start of the pandemic to nearly [...]
Persistent inflation and rising health-care costs have left the majority of respondents of a recent Harris Poll with diminishing confidence in their ability to afford health expenses and maintain physical and financial wellbeing in retirement. Columbus-based Nationwide commissioned the poll for its annual Health Care Cost in Retirement survey, which is utilized by the company’s [...]
NEW YORK — The yield on the 10-year Treasury has reached 5 percent for the first time since 2007. That matters for everyone, not just Wall Street. Treasury yields have been climbing rapidly, with the 10-year yield rallying from less than 3.50 percent during the spring and from just 0.50 percent early in the pandemic. [...]
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell last week said that inflation remains too high and that bringing it down to the Fed’s target level will likely require a slower-growing economy and job market. Powell noted that inflation has cooled significantly from a year ago, but he cautioned that the economy is growing faster [...]
WASHINGTON (AP) — According to a new federal government report, from 2020 through 2022, the net worth of the typical American household grew at the fastest pace in more than three decades. The report claimed that relatively low interest rates at that time, as well as government stimulus payment, made it easier for households to [...]
WASHINGTON (AP) — The IRS plans to invite select taxpayers across 13 states to try out the agency's pilot electronic free file tax return system beginning in January. The agency estimates that hundreds of thousands of taxpayers will participate in the limited rollout of the program for the 2024 filing season. All eyes are on [...]
WASHINGTON (AP) — The Federal Trade Commission last week proposed a rule to ban any hidden and bogus “junk fees,” which can mask the total cost of concert tickets, hotel rooms and utility bills. President Joe Biden has made the removal of these fees a priority of his administration. The Democrat’s effort has led to [...]
NEW YORK (AP) — The amount of tax money owed but not paid to the IRS is set to keep growing, according to projections published by the federal tax collection agency. For tax years 2021 and 2020, the latest to receive such IRS estimates, the projected gross "tax gap" soared to $688 billion and $601 [...]
WASHINGTON (AP) — Measures of inflation in September showed that the pace of price increases is still grinding lower, though at a slow and uneven pace. Consumer prices increased 0.4 percent from August to September, below the previous month's 0.6 percent pace. Last week's report from the Labor Department also showed that year-over-year inflation in [...]