New York CNN Business — Former US Treasury Secretary Larry Summers said on Tuesday that the growing chorus of economists and politicians urging the Federal Reserve to pause its aggressive rate hikes in order to fight inflation are misguided. Those critics say that the Fed could throw the economy into recession, but Summers argued there’s […]
New York CNN Business — As the Federal Reserve kicks off another pivotal rate-setting meeting, lawmakers are reminding the central bank exactly just how high the stakes are. In a letter sent Monday to Fed Chair Jerome Powell, Democratic senators expressed concern about the Fed’s plan to continue raising interest rates at an “alarming pace” […]
New York CNN Business — Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to knock down […]
CNN — The Australian government has reversed a decision by its predecessor to recognize West Jerusalem as the capital of Israel, prompting a rebuke from the Israeli government. Australian Foreign Minister Penny Wong reaffirmed Canberra’s “previous and long-standing position” on Israel in a briefing on Tuesday, emphasizing the new Labor government’s unwavering support both for […]
CNN — Pakistani officials said Saturday they had summoned the US ambassador to the country following recent comments made by President Joe Biden that doubted the safety of Pakistan’s nuclear arsenal. Speaking at a Democratic Party fundraiser in Los Angeles on Thursday, Biden said Pakistan was “one of the most dangerous nations in the world” […]
CNN — Saudi Minister of State for Foreign Affairs Adel al-Jubeir said his country partnered with Russia to slash oil production in order to stabilize markets and denied that there were political motives behind the decision, which has enraged US leaders and sparked calls to rethink ties with Riyadh. “We’re trying to make sure we […]
London CNN Business — Former Federal Reserve Chair Ben Bernanke, Douglas Diamond and Philip Dybvig were awarded the Nobel Prize in economics on Monday for their work on banks and financial crises. The three US economists were recognized by the Royal Swedish Academy of Sciences for their work in the early 1980s, which the institute […]
CNN — US Secretary of State Antony Blinken said Tuesday that the Biden administration “will certainly look for ways to facilitate technology services being made accessible to people in Iran” amid widespread internet outages during the nationwide unrest. Anti-government protests have raged across Iran after 22-year-old Mahsa Amini died in the custody of the nation’s […]
Washington CNN — Vice President Kamala Harris will visit the Korean Demilitarized Zone that divides North and South Korea on Thursday as part of her visit to South Korea, a White House official said. Harris’ trip will include site visits at the DMZ, meetings with service members, and an operational briefing from US commanders, the […]
New York CNN Business — JPMorgan Chase CEO Jamie Dimon testified on Capitol Hill Thursday for the second straight day. This time, he faced his longtime critic Sen. Elizabeth Warren. Warren began her line of questioning by asking how many instances of fraud had been reported to his bank from customers using Zelle, a popular […]
