Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut interest rates.Speaking at the Economic Club of Washington D.C., Powell referenced the idea that central bank policy works with "long and variable lags" to explain why the Fed wouldn't wait...
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Women are set to inherit trillions of dollars in the great ‘horizontal wealth transfer’
Charday Penn | E+ | Getty ImagesUp to $9 trillion is expected to be passed along to spouses and partners in the coming years as part of what's being called "the horizontal wealth transfer," according to a new report.Over the next 20 to 30 years, aging baby boomers and older...
JPMorgan Chase tops second-quarter revenue expectations on strong investment banking
JPMorgan Chase on Friday posted second-quarter profit and revenue that topped analysts' expectations as investment banking fees surged 52% from a year earlier.Here's what the company reported:Earnings: $4.26 per share adjusted vs. $4.19 estimate of analysts surveyed by LSEGRevenue: $50.99 billion vs. $49.87 billion estimateThe bank said earnings jumped 25%...
Warren Buffettโs Berkshire Hathaway trims its stake in Chinese EV maker BYD to 6.9%
Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, on May 4, 2024.CNBCBerkshire Hathaway, an early investor in BYD thanks to the late Charlie Munger, continued to trim its massive stake in China's biggest electric vehicle maker.Warren Buffett's conglomerate has sold an additional 1.3 million Hong...
Here’s the deflation breakdown for June 2024 โ in one chart
97 / GettyInflation has throttled back significantly since peaking two years ago. The U.S. economy is even seeing some prices deflate for consumers.Deflation measures how quickly prices are falling for a consumer good or service. It's the opposite of inflation, which gauges how quickly prices are increasing.Physical goods have accounted...