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.
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Some European Union leaders discussed a rethinking of the World Trade Organization, the entity at the center of the global trading system, at the European Council meeting on Thursday night in Brussels.
The former press secretary to President Lyndon B. Johnson and longtime broadcast journalist has died, his family confirmed to CNN.
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Some of President Donald Trump’s steepest tariffs are on products like washing machines, and on Thursday, GE Appliances said it would spend a half a billion dollars to make even more of them in the United States.
Trump Mobile, the wireless service provider and phone company launched by the Trump Organization, no longer promises on its website that its upcoming smartphone will be made in America.
The US economy contracted in the beginning of the year at a much faster pace than previously reported, after new data factored in much weaker consumer spending.
A measure tucked in President Donald Trump’s domestic policy bill making its way through Congress would effectively block states from enforcing AI-related regulations for the next decade, a rule that’s alarming some followers of the tech world.
Journalists ask questions, vet the answers and report the results to the public. That’s pretty much the job description.
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Shell rebuffed a Wall Street Journal report that said the oil giant was in early talks to take over its rival company BP.
Bumble, the beleaguered dating app who’s stock has lost 90% of its value since going public in 2021, is axing 30% of its workforce.