Powell hints at possible recession as soft landing is 'challenging'

Highlights,:,Fed Reserve chair Jerome Powell said a recession is a probability as a soft landing is difficult.,The Central Bank chair said steep rate hikes are justified to rein in inflation.,Similar rate hikes of up to 75 basis points likely in July.,In ...

Tesla cars to become costlier in US as inflation stings

Leading electric vehicle manufacturer Tesla Inc. (Nasdaq: TSLA) has once again increased prices for all its car models in the US as a fallout of the ongoing global supply-chain woes and surging raw material costs. Tesla raised the price of its Mod...

US retail sales drop 0.3%, first time in 5 months as auto sales dip

Highlights: US retail sales dipped 0.3% in May as auto purchases fell sharply. Despite a drop in auto sales, spending in gas stations surged, pointing toward a rising fuel cost. Restaurant sales, the Commerce Department’s only services c...

US home equity touches record level at US$27.8 trillion in Q1

US homeowners have currently more equity, which has touched the highest level ever. A Federal Reserve data reveals that US home equity grew almost 20% in the first quarter of 2022 to US$27.8 shattering the previous record. Data showed that tappabl...

Why sending parcels may cost Aussies more?

Highlights Postal service providers, including Australia Post, have announced massive bumps to their surcharge fees. High fuel and transportation costs emanating from Russia-Ukraine war have made things tougher for postal service providers. Th...

Fed door open to 0.75% hike after inflation data, market moves

Highlights: Eroding inflation data has opened the door to a three-quarter-percentage point interest rate increase. Fed officials had earlier said they were considering a second straight half-point rate increase at the June 14-15 policy meeting....

US luxury-home sales plunge the most since Covid-19 outbreak

Highlights: The sale of luxury homes in the US fell the most since the pandemic broke out. Wealthy buyers recoil due to inflation, economic uncertainty, and a bearish stock market. Nassau County on New York’s Long Island saw the biggest ...

Soaring gasoline, food prices boost US consumer inflation in May

U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of services rose further, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflatio...

Central banks double down in fight against 'galloping' inflation

LONDON: Major central banks are racing to ditch post-pandemic stimulus and picking up the pace of interest rate hikes to get on top of surging inflation. The Reserve Bank of Australia on Tuesday became the latest to deliver a hawkish surprise with a...

US retailers rush to slash prices to downsize inventory

Highlights: US retailers cut prices to clear heavily stocked inventory. The services industry kept inflation hot as prices went above pre-pandemic levels. The CPI data to come out on Friday kept investors edgy. Amid the rising inflation i...