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 […]
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. Washington DC CNN — After more than a year of soaring prices monopolizing the attention of Wall Street, […]
New York CNN Business — America’s largest bank is ending pandemic-era hybrid work for its senior staff. “Our leaders play a critical role in reinforcing our culture and running our businesses,” JPMorgan Chase told staff in a memo. “They have to be visible on the floor, they must meet with clients… and they should always […]
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 — The banking crisis could help the Federal Reserve’s fight to bring down inflation, but the central bank needs to be “cautious” in its actions moving forward, Chicago Fed President Austan Goolsbee said Tuesday. Goolsbee, the newest Fed appointee, spoke before the Economic Club of Chicago and addressed the “new, big, hairy elephant […]
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 — In an unusual coincidence, the US jobs report was released on a holiday Friday […]