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18h ago

Fed's interest rate hike means pricey mortgages aren't going away anytime soon

Early signs show buyers starting to get back into the housing market and gain more leverage as prices fall, but experts warn borrowing costs are unlikely to ease soon.
A sign announcing a pending sale in front of a house on Jan. 23, 2023, in Brooklyn Park, Minn.
A sign announcing a pending sale in front of a house on Jan. 23, 2023, in Brooklyn Park, Minn.
20h ago

Federal Reserve raises key interest rate 0.25%, signals more hikes likely

While there are some signs inflation is decelerating, officials warn that the Fed isn't likely to back off its rate hikes anytime soon.
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference in Washington, DC on Nov. 2, 2022.
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference in Washington, DC on Nov. 2, 2022.

Supply of weight loss drug Wegovy expected to improve in next few months, company says

Drugmaker Novo Nordisk says it is ramping up production of the popular drug following widespread shortages last year.
Wegovy
Wegovy

Bed Bath & Beyond closing 87 more stores as it looks toward bankruptcy

The latest closures affect the struggling home goods retailer's stores nationwide.
A Bed Bath & Beyond store in New York City on Oct. 1, 2021.
A Bed Bath & Beyond store in New York City on Oct. 1, 2021.
23h ago

Crypto hacks stole record $3.8 billion in 2022, led by North Korea groups

Chainalysis, a U.S.-based blockchain analytics firm, estimated that North Korea-linked hackers stole $1.7 billion worth of crypto in multiple attacks last year.
A neon sign indicating that Bitcoin is accepted.
A neon sign indicating that Bitcoin is accepted.
23h ago

Conagra recalls 2.6 million pounds of canned meat and poultry

The recall primarily affects Vienna Sausage products. The cans may have been damaged in a way that spoiled their contents.
Armour Chicken Vienna Sausages and Kroger Vienna Sausages are among the canned meats being recalled.
Armour Chicken Vienna Sausages and Kroger Vienna Sausages are among the canned meats being recalled.
1d ago

Biden administration moves to curb credit card late fees

The Consumer Financial Protection Bureau is proposing an $8 cap on credit card late fees as the White House takes aim at charges across several industries.
A person uses a credit card at a retail shop
A person uses a credit card at a retail shop
2d ago

Is the U.S. economy really heading for a recession? Here's what economists think

There's never been an aggressive fight against inflation that hasn't been accompanied by a rapid economic slowdown, as in the 1980s. Could this time be different?
People shop for shoes in a Nike store in New York
People shop for shoes in a Nike store in New York
2d ago

IMF upgrades outlook for the global economy in 2023

A big factor in the upgrade to global growth was China’s decision late last year to lift anti-virus controls that had kept millions of people at home.
Shoppers in Suzhou as China Holiday Travel, Box Office Rebound After Covid Zero
Shoppers in Suzhou as China Holiday Travel, Box Office Rebound After Covid Zero

Southern ice storm prompts cancellations of more than 800 flights

Once again, Southwest Airlines is seeing outsize disruptions as a result of inclement weather.
People pass through Salt Lake City International Airport on Jan. 11, 2023.
People pass through Salt Lake City International Airport on Jan. 11, 2023.
3d ago

TikTok CEO to testify before Congress in March amid app security questions

TikTok CEO Shou Zi Chew will appear before the House Energy and Commerce Committee to answer questions about consumer privacy and data security, the committee announced.
Shou Zi Chew during the Bloomberg New Economy Forum in Singapore
Shou Zi Chew during the Bloomberg New Economy Forum in Singapore