Sanjaya Baru’s 75 Years of Indian Economy is part of a series that looks back at the past 75 years of independent India. But Baru’s book doesn’t restrict itself to that time frame alone. He sees India’s current economic resurgence as part of a long history. The book starts with a reference to British historian...Read More
Procter & Gamble (PG), the maker of Tide, Dawn, Bounty and other leading household brands, warned Friday that consumers were beginning to pull back on their spending as inflation concerns mount. P&G posted 7% sales growth during its most recent quarter ending June 30, its strongest growth in years. The company was able to push...Read More
Yellen Says Economy is in a ‘New Phase’ Treasury Secretary Janet Yellen said the U.S. economy has entered a “new phase” amid concerns that we have entered a recession. During a press conference Thursday, Yellen echoed Biden’s statements that the U.S. has entered a new phase in its economic recovery focused on achieving “steady sustainable...Read More
July 28 (Reuters) – Apple Inc (AAPL.O) on Thursday said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending, helping it top Wall Street expectations and forecast faster sales growth ahead. The Silicon Valley giant’s shares rose 2.6% after hours following the release of the results. Apple said...Read More
Pound and euro banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration Register now for FREE unlimited access to Reuters.com Register LONDON, July 28 (Reuters) – Sterling rallied to a new three-month high versus the euro as traders dumped the single currency on concerns about an escalating energy crisis in the euro...Read More
Fed raises policy rate to 2.25%-2.50% range U.S. central bank flags weakening economic data Fed’s Powell says failure to tame inflation not an option WASHINGTON, July 27 (Reuters) – The Federal Reserve said on Wednesday it would not flinch in its battle against the most intense breakout of inflation in the United States since the...Read More
27 July: Federal Reserve Hikes Rate In Battle Against Inflation The United States Federal Reserve today raised its target benchmark interest rate by 0.75 percentage points to a range between 2.25% to 2.5%. It implemented a same-sized increase in June from a base of 1% (see story below). The scale and pace of the increases...Read More
The impact of the pandemic on the U.S. and global economy was catastrophic. Economic historian Adam Tooze characterized its impact as being “the swiftest and most comprehensive contraction of global economic activity ever.” There are clearly other factors at work with regard to the economic problems confronting the U.S. and rest of the world, but...Read More
Comment on this story Comment The dollar is strong and getting stronger, hitting 20-year highs relative to a basket of other currencies. As my Bloomberg Opinion colleague Tyler Cowen recently noted, this is a vote of confidence in the US. But history demonstrates that it’s also likely to be a harbinger of hard times for...Read More
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