Markets in a tailspin get a big dose of chill from the Bank of England

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business — All the drama out of the UK government is keeping me from catching up on the only UK drama I really want to consume, which is Love Island, season 8, … Read more

The Fed Fears Something Worse Than Bear Market

Commentary The strategy of “buying the dip” went on for months, with unrelenting hope that this was all surely temporary. The economy was opening; Congress was spending. The Federal Reserve surely wouldn’t crash the markets before the November election. All will be well. No reason to panic. Not even weekly warnings by the Fed would … Read more

Biden, Democrats gaslight voters on inflation, border, crime

OPINION AND COMMENTARY Editorials and other Opinion content offer perspectives on issues important to our community and are independent from the work of our newsroom reporters. It is September, the campaign season is in full swing, candidates are knocking doors and meeting people at public events – and already, I am tired. I’m tired of … Read more

Markets are now treating UK bonds like Greek and Italian debt

London CNN Business — The pound may have paused its headlong crash towards parity with the US dollar, but the damage to the UK economy sparked by Prime Minister Liz Truss’ huge tax-cutting gamble is still rippling through financial markets. Sterling stabilized early Tuesday to trade near $1.08, bouncing off Monday’s record low of around … Read more

Nearly 70% of Americans are looking for extra work to combat inflation

A few months ago, Mike Petree noticed an alarming pattern: His bank account would get uncomfortably low on the weekends before he’d get his paycheck, paid biweekly on Wednesdays. Despite no changes to their daily habits, bills for him and his family of five skyrocketed: a $120 weekly grocery bill ballooned to $200, and a … Read more

Consumers are growing more optimistic about the US economy

CNN — Consumer confidence rose for a second straight month in September, as moderating gas prices and the hope that inflationary pressures might be easing helped lift the nation’s collective mood. The Conference Board reported on Tuesday that its baseline index rose to 108 from a revised 103.6 in August, the highest it has been … Read more

Luxury homes fall 28% as rest of market plummets 19.5%

Luxury home sales have plummeted by 28 percent in the US, with regular market sales also sinking by 19.5 percent as federal interest rates soar and inflation runs rampant. Luxury home sales have seen their biggest decline year-over-year in August since the pandemic brought the housing market to a standstill in 2020, dropping sales by … Read more

BoE says monitoring markets ‘very closely’ after pound plunges | Business and Economy News

The Bank of England has said it would not hesitate to change interest rates and that it is monitoring markets “very closely” after the pound plunged to a record low and British bond prices collapsed in response to the new government’s financial plans. The finance minister, Kwasi Kwarteng, sent sterling and government bonds into free … Read more

Where to get the best return on your cash amid rising interest rates

When the Federal Reserve hiked the target federal funds rate by another 0.75 percentage points this monthit opened some new opportunities for savers to earn better returns on their cash. The Fed’s move is aimed at combating high inflation, which has sent costs for housing, food and energy soaring. The bad news for consumers is … Read more

Food prices are soaring, and that’s changed how we eat

New York CNN Business — Lisa Altman used to take pride in being able to eat what she wanted without worrying much about the cost. When she was growing up, seconds weren’t served and side dishes were rare. “My mom had a budget every week, and she stuck to it,” she said. “As I got … Read more