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Over $50 for a Burrito? World’s Elite Splash the Cash on Snacks at DavosMay 26, 2022 - 09:18:03 PDT
A portion of French fries was also on offer at the Belvedere for 21.50 Swiss francs ($22.41). Back in 2015, CNBC found a hot dog on sale for $43 at the same hotel...
May 26, 2022 - 09:15:58 PDT
Americans are planning to be thrifty this summer, as half fear they won’t be able to afford their getaway due to inflation.
The global energy crunch is already wreaking havoc on entire economies, but it could also cause rolling blackouts for over one billion people this summer...
May 26, 2022 - 08:48:10 PDT
The influential investor and philanthropist spoke at a private dinner on the sidelines of the World Economic Forum in Davos, Switzerland.
US Economy on Brink of Downturn: Supply Chain Snags Poised to Spur New Wave of Corporate DistressMay 26, 2022 - 08:43:12 PDT
Rising helium costs, missing auto parts, and shipping delays are spurring a new wave of financial trouble for companies already saddled with debt amid broader concern that the US economy is on the brink of a downturn.
Republicans Slam Biden for Draining Oil Reserves As Gas Prices Remain at Record HighMay 26, 2022 - 08:36:30 PDT
Republicans sharpened their attacks against the Biden administration and its energy policies on Thursday, accusing the White House of draining the nation's strategic reserves as a "stopgap measure" that did little to combat high gasoline prices.
A truck driver explains what he's doing to deal with the surge in prices.
Mthuli Ncube, Zimbabwe’s Finance Minister discusses the country's soaring inflation, which boomeranged back into triple digits in May. The minister explained that Zimbabwe has social protection to feed the hungry and that the government is working with the African Development Bank to support the population.
Years of under-investment in mining of metals essential to energy transition, supply shocks and high energy prices will continue to drive commodity prices higher, Eurasian Resources Group (ERG) Chief Executive Benedikt Sobotka said on Wednesday.
‘The Dollar Could Weaken Over the Long Term As the US Economy’s Share of the Global GDP Shrinks’May 26, 2022 - 08:13:20 PDT
Stagflation - Fed Will Start Cutting In 2023 After US Enters Recession This Year: Kyle BassMay 26, 2022 - 08:00:34 PDT
Bass said that thanks to a "decade of bad policy," Americans are going to see higher food and energy prices, at the same time as the economy is cooling - which he says the Fed can't control with monetary policy, and will lead to a shallow recession at the end of 2022 or beginning of 2023.
US Pending Home Sales Plunge To Weakest Since 2014 As Unsold Inventory Spikes By RecordMay 26, 2022 - 07:57:10 PDT
After new- and existing-home sales tumbled, it should have been no surprise that pending home sales dropped in April. The 3.9% MoM decline was almost double the 2.1% drop expected and is the 6th straight monthly decline in sales (the longest losing streak since 2018)...
World Bank President David Malpass on Wednesday suggested that Russia's war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global recession.
War in Ukraine, rampant inflation and now a brewing global food crisis. If attendees at this year’s World Economic Forum came to Davos worried, they left with little to comfort them.
It is delusional to think that today’s wildly accommodative monetary policy can solve the worst inflation problem in a generation.
“There is just too much stimulus in the pipeline and they are going to have to act much more forcibly. I lose sleep thinking the Fed is way behind the curve,” he said
Goodhart Slams ECB’s Ultra-Loose Policy, Warns of ‘Very Difficult’ Task for Officials: BloombergMay 26, 2022 - 06:11:59 PDT
Virtually all central banks are behind curve, economist says He sees ECB’s situation as harder than that of the Fed.
Russia's central bank slashed its key interest rate to 11% on Thursday and said it saw room for more cuts this year, as inflation slows from more than 20-year highs and the economy heads towards a contraction.
IIF Cuts 2022 Global GDP Growth Estimate in Half, Flows to EM To Drop 42%May 26, 2022 - 06:06:06 PDT
The Institute of International Finance slashed its 2022 growth outlook for global output in half, citing the economic effects of Russia's invasion of Ukraine, China's response to a COVID-19 wave and tighter monetary policy in the United States.
Federal Reserve officials agreed when they met earlier this month that they may have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which is near a four-decade high .