Former Treasury Secretary Lawrence Summers said he was concerned the Federal Reserve is still engaging in “wishful thinking” about how much it will take to bring inflation down from four-decade highs. “Jay Powell said things that, to be blunt, were analytically indefensible,” Summers said on Bloomberg TV. “There is no conceivable way that a 2.5%
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As environmental disclosure becomes increasingly important to municipal investors, a new snapshot of U.S. cities sheds light on hundreds of infrastructure projects planned by the cities to mitigate climate exposure. The U.S. Infrastructure Snapshot Report is produced by nonprofit CDP, which runs an annual environmental disclosure platform for companies, cities, states and regions. The report
A sign is posted in front of a home for sale on July 14, 2022 in San Francisco, California. The number of homes for sale in the U.S. increased by 2 percent in June for the first time since 2019. Justin Sullivan | Getty Images Just one day after the Federal Reserve raised its benchmark
American holidaymakers lucky enough to make it abroad this summer may find themselves pleasantly surprised by the might of the dollar — up 10 per cent this year against other major currencies. Cheap ice creams on the beach await. But this strength is bad news, and a side-effect of the US having both a serious
The Manhattan sales market has slowed down. Compared to last year, contracts signed in May, June, and July are down an average of 25%. The prime reasons for this: rising mortgage rates, increasing inflation, and recessionary fears. No matter the cause, the drop in volume has forced sellers to compete on price. As a result,
Foreign secretary Liz Truss was prepared for former chancellor Rishi Sunak to take her on this week in the television debates about the race to be Britain’s next prime minister, but not with such ferocity. “For the TV debates we prepared for three scenarios: that he went on the attack, that he was Mr Patronising,
The amount of extra debt taken on by UK consumers doubled last month, according to data from the Bank of England on Friday, raising fears that people are resorting to credit cards and other forms of borrowing to fund increases in the cost of living. The BoE data found that UK consumers borrowed a net
The Puerto Rico Oversight Board pointed to progress in negotiations in its attempt to convince the bankruptcy judge to extend the Puerto Rico Electric Power Authority mediation period for several more weeks. Progress has particularly been made regarding securities structure, the board said in a filing with Judge Laura Taylor Swain Wednesday. Swain is considering
Economic data in the US are sending mixed messages, complicating the answer to a seemingly simple question: is the world’s largest economy in a recession? Figures from the commerce department on Thursday showing a second consecutive quarter of decline in gross domestic product intensified what has become a politically charged debate. News of the second
Voice control technology is becoming increasingly popular in our lives and homes. More than a third of Americans own a smart speaker – that’s about 100 million users – according to National Public Media’s 2022 Smart Audio Report and 86% agree that they “allow for a more convenient living experience.” In a study of kitchen
A surge in tourism has boosted the eurozone economy more than expected for the second quarter, benefiting Spain, Italy and France even as Germany failed to grow and analysts warned of a darkening outlook. The region’s gross domestic product grew by 0.7 per cent in the second quarter as countries relaxed coronavirus restrictions — much
The head of carmaker Stellantis has warned about growing Chinese government interference in western businesses operating in the country, days after the company ditched its joint venture to manufacture Jeep vehicles there. Carlos Tavares said the “interference of the political agenda has been increasing by the day”, and said that rival carmakers with plants in
Inflation has hit its highest level in decades for many countries, with the Ukraine conflict adding upward pressure on energy prices and squeezing households’ real incomes. Russia’s invasion of its neighbour has pushed up energy and food prices at a time when many countries were already registering near-record rates of consumer price growth, leading some
West Lake Hills, Texas, is a family friendly city six miles west of Austin’s downtown. Characterized by woodlands, rolling terrain and quiet streets, the Hill Country community has been named the best place to retire in the Lone Star State by niche.com. Despite the rural vibe, hiking and biking trails, parks, restaurants and shopping are
Global stocks headed for their best month since late 2020 as robust results from big tech companies signalled the sector’s resilience to an economic slowdown and traders scaled back expectations of central bank rate rises. The FTSE All World index of developed and emerging market shares jumped 5.8 per cent in July, leaving it on
The senator who had single-handedly blocked Joe Biden’s climate agenda just a few weeks ago has explained his stunning change of heart this week as a move to protect both US oil and gas and clean energy interests. Backing a historic bill that would set aside $369bn for climate and clean energy programmes, Democratic senator
Good morning. Yesterday I scolded the market for being too enthusiastic about the Fed chair’s comments. Today stocks went up more. It’s almost as if people aren’t listening to me. This is hard on my ego, so email me: robert.armstrong@ft.com. Recession The US economy shrank for the second quarter in a row — on an
Investors were desperate for the slightest sliver of good news from Jay Powell, and it shows. Fund managers were pretty sure that the US Federal Reserve would raise interest rates this week at an increment that just a few months ago would have brought us all out in hives. It duly delivered a 0.75 percentage
For decades, the Kuwait Investment Authority kept a low profile as it garnered a reputation as one of the oil-rich Gulf’s most powerful and respected sovereign wealth funds. But last week, the KIA abruptly sacked Saleh al-Ateeqi, the head of its London investment arm, the Kuwait Investment Office, dragging the secretive fund into the spotlight.
It is almost 11pm on an evening in early June and a group of about 60 gay men have taken over the Enchanted Rose, a cocktail bar at Disney’s upscale Grand Floridian Resort. This is the last stop on the Gay Pride Disney Monorail Crawl, an informal annual get-together that serves as a warm-up for
The estimated second-quarter Gross Domestic Product (GDP) data released on Thursday shows the U.S. economy teetering on the edge of recession, with an overall inflation-adjusted GDP decline of 0.2%. If we do get a full-blown recession, it will be tied to the sharp declines in housing and residential investment, which fell by 14% in the