Washington, DC CNN — Spending at US retailers fell in March as consumers pulled back after the banking crisis fueled recession fears. Retail sales, which are adjusted for seasonality but not for inflation, fell by 1% in March from the prior month, the Commerce Department reported on Friday. That was steeper than an expected 0.4% […]
CNN — When customers at Silicon Valley Bank rushed to withdraw billions of dollars last month, venture capitalist Arlan Hamilton stepped in to help some of the founders of color who panicked about losing access to payroll funds. As a Black woman with nearly 10 years of business experience, Hamilton knew the options for those […]
Washington, DC CNN — The fallout from the recent banking crisis is likely to push the US economy into a mild recession later this year, according to notes from the Federal Reserve’s March policy meeting, released on Wednesday. Since November 2022, staff economists at the Federal Reserve have predicted subdued growth and a weakening economy […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — Forget the banking crisis — Main Street’s retail investors have barreled into embattled bank […]
Minneapolis CNN — US Treasury Secretary Janet Yellen said she believes the American economy remains strong and its banking system is resilient despite some recent turmoil among regional financial institutions. “I’ve not really seen evidence at this stage suggesting a contraction in credit, although that is a possibility,” Yellen said at a press conference Tuesday […]
London CNN — At the start of the year, economists and corporate leaders expressed optimism that global economic growth might not slow down as much as they had feared. Positive developments included China’s reopening, signs of resilience in Europe and falling energy prices. But a crisis in the banking sector that emerged last month has […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — It cost the Federal Deposit Insurance Corporation about $23 billion to clean up the […]
Inflation is ravaging shoppers’ wallets and the Federal Reserve has responded by instituting a regimen of painful interest rate hikes that could land the economy in a recession. But corporate profits are surging. US profit margins have reached record levels not seen since the immediate aftermath of World War II. Source link
Editor’s Note: This is excerpted from a story that originally ran on March 22, 2023. New York CNN — Banking has been top of mind for many people in the wake of some surprise bank failures and moves by US regulators to boost confidence in the financial system. But the Federal Reserve’s decision on Wednesday […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — Economists are growing concerned about the $20 trillion commercial real estate (CRE) industry. After […]
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