The Federal Reserve needs to get inflation on to a sustainable path down toward its 2% goal this year or else risk a repeat of the 1970s, when interest rates had to be repeatedly ratcheted up, St. Louis Fed President James Bullard said on Wednesday.
TJX Cos Inc forecast annual profit below Wall Street expectations on Wednesday, as the off-price retailer's margins take a hit from persisting supply chain costs and inflationary pressures.
As Alphabet Inc looks past a chatbot flub that helped erase $100 billion from its market value, another challenge is emerging from its efforts to add generative artificial intelligence to its popular Google Search: the cost.
U.S. stock index futures were trading flat on Wednesday after Wall Street posted its worst performance of the year a day earlier as investors treaded cautiously ahead of the minutes from the Federal Reserve's latest rate-setting meeting.
Wall Street's benchmark S&P 500 index is expected to advance about 5% from Tuesday's close by year-end although high interest rates and inflation have many strategists in a Reuters poll predicting a correction within the next three months.
The average interest rate on the most popular U.S. home loan rose last week to its highest since November as bond markets took fright that the Federal Reserve might have to continue tightening policy through summer to subdue inflation, data from the Mortgage Bankers Association (MBA) showed on Wednesday.
Trucks carrying Coca Cola roll across the border into Russia, tourists return from abroad laden with Zara's latest designs, and local online marketplaces snap up IKEA's furniture stocks. Western brands may have left the country, but their goods haven't.
Iraq's central bank said on Wednesday it planned to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency.
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