Fed hikes interest rates by three-quarters of a percentage point in boldest move since 1994
CNN
The Federal Reserve raised rates by three-quarters of a percentage point on Wednesday in an aggressive move to tackle white-hot inflation.
It's the largest rate hike since 1994, and will affect millions of American businesses and households, pushing up the cost of borrowing for homes, cars and other loans in order to force a slowdown in the economy.
Until this week, economists and investors had expected the Fed to raise its benchmark interest rate by half a point, the second such move in the last 22 years. However, after a disastrous inflation report on Friday revealed that price hikes are broadening across the entire economy, expectations rose for a more dramatic rate hike.
There may be some cracks forming in the egg market.
Ruth Marcus, who recently resigned as a Washington Post columnist after four decades, said she parted ways with the paper following a spiked opinion piece on the paper’s billionaire owner because her job is to tell readers “what I think, not what Jeff Bezos thinks I should think.”
CNN is tracking price trends for various household staples each month as new factors threaten to increase costs.
Inflation slowed in February for the first time in four months, but that progress may be short lived as President Donald Trump ramps up his trade war, which threatens to increase prices for Americans.
With his chaotic trade policy, President Donald Trump is digging himself into an economic and political hole so deep, it may prove impossible to climb out.
American consumers – and their wallets – are the engine of the economy. But they’re now showing the strain of inflation, President Donald Trump’s tariffs and a stock market plunge.
Elon Musk has secured a major win in India by signing two back-to-back deals to bring SpaceX’s Starlink satellite internet services to the country.
President Donald Trump imposed a sweeping 25% tariff on all steel and aluminum imported into the United States early Wednesday, a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.
Meta is once again facing allegations from a former employee that a growth-at-all-costs culture has caused offline harm.
It was almost an extraordinary scene in front of the White House. As Tesla shares have been tanking since the year began, President Donald Trump held remarks outside of the White House with the company’s CEO and Department of Government Efficiency Head Elon Musk – all in front of a line of shiny Tesla vehicles.
A Florida circuit judge on Monday denied the Pulitzer Board’s request to pause a defamation lawsuit from Donald Trump until the president is out of office.
US markets dropped again Tuesday after President Donald Trump doubled down on his threat to levy a new round of hefty tariffs on Canada.
President Donald Trump on Tuesday threatened a sharp escalation in the budding trade war with Canada in retaliation for Ontario’s export surcharge on US electricity.