Financial related news.
WASHINGTON — Just what a vulnerable world economy didn't need — a conflict that accelerates inflation, rattles markets and portends trouble for everyone from European consumers to indebted Chinese developers and families in Africa that face soaring food prices. Russia's attack on Ukraine and retaliatory sanctions from the West may not portend another global recession. [...]
WASHINGTON — Federal Reserve Governor Michelle Bowman said this week that she was open to lifting interest rates by more than the traditional quarter-point at the central bank's next meeting in March. Bowman's comments came after several officials last week pushed back against the idea of a half-point increase in the Fed's benchmark short-term interest [...]
NEW YORK — A small group of cryptocurrency enthusiasts has an offer that they're hoping U.S. cities can't refuse. The group City Coins is asking Miami and New York to accept the equivalent of millions of dollars in a new cryptocurrency, and at least some of the money is real: Last week, Miami Mayor Francis [...]
WASHINGTON — A measure of prices that is closely tracked by the Federal Reserve rose 5.8 percent last year, the sharpest increase since 1982, as brisk consumer spending collided with snarled supply chains to raise the costs of food, furniture, appliances and other goods. The report from the Commerce Department also said that consumer spending [...]
Professionals have a major piece of advice for those who traded cryptocurrency for the first time last year: Take your tax prep seriously. The IRS has been zooming in on cryptocurrency reporting with increasing interest in recent years. And the last thing you want is to lose money and time reconciling your tax liability, says [...]
WASHINGTON (AP) — Count 30-year-old Ethan Miller among that subset of Americans who were actually eager to file their taxes once income tax filing season opened Monday. The financial planner, who lives in Silver Spring, Md., was looking forward to claiming the new deductions that will come from buying a home. He also wanted to [...]
WASHINGTON — The Federal Reserve has released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers. A central bank digital currency would differ in some key ways from the online and digital payments [...]
Retail sales took an unexpected dip in December in what could be a signal that persistently rising inflation is prompting a pullback in consumer spending. Consumers paid more for everything from groceries to cars in 2021 as companies passed along the costs of pricier raw materials and supply chain delays. Spending remained strong thanks to [...]
CHARLESTON, W.Va. (AP) — For the first time in half a year, families on Friday went without a monthly deposit from the child tax credit — a program that was intended to be part of President Joe Biden's legacy but has emerged instead as a flash point over who is worthy of government support. Retiree [...]
NEW YORK — The shakiness hitting Wall Street isn't just because the Federal Reserve's money printer that's supporting markets is slowing, but that it may soon go into reverse. With inflation high and the economy strengthening, the Fed has warned investors the ultra-easy conditions it's created for them in recent years are likely to disappear. [...]