Larry Summers: The Fed is 'well behind' the curve on inflation and should stop stimulus ASAP
CNN
Economist Larry Summers called on the Federal Reserve Wednesday to take immediate action to catch up to inflation.
"There are lots of reasons to suspect the Fed is well behind the curve," Summers, a former senior official in the Clinton and Obama administrations, said during a virtual event.
Summers, who has been outspoken over the past year in warning about the risks of high inflation, pointed to the 7.5% year-over-year jump in consumer prices and evidence of a tight labor market.
Former Barclays boss Jes Staley had sex with a member of serial pedophile Jeffrey Epstein’s staff, the banker said in court as he appeals against a proposed financial services ban.
It started with tariffs, but the trade war is quickly escalating beyond import taxes into a broader tit-for-tat battle.
Walmart is getting caught in the middle of an escalating trade war between the United States and China.
Intel has named a new chief executive, as the chipmaking giant attempts to recover from several bruising years that saw the one-time industry leader fall behind most of its rivals.
Two months ago, JPMorgan Chase CEO Jamie Dimon defended President Donald Trump’s tariff policy with a curt message: “Get over it.” But with stock markets lower and cracks appearing to form in the US economy, Dimon himself might not be over it.
The US Federal Trade Commission asked a federal court in Seattle on Wednesday to delay a September trial in its case alleging Amazon misled consumers over its Prime subscription service, citing “severe resource shortfalls in terms of both money and personnel.”
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.