US Economy

Singapore and New York are the most expensive cities to live in: EIU

New York City, along with Singapore, is the most expensive city to live in, according to the Economist Intelligence Unit. Alexander Spatari | moment | Getty Images Singapore has once again been ranked as the most expensive city to live in, sharing the top spot with New York City this year, according to the Economist …

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Former FTX CEO Sam Bankman-Fried met multiple times with CFTC

Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, DC, US, on Wednesday, Feb. 9, 2022. Sarah Silbiger | Bloomberg | Getty Images WASHINGTON — The founder and former CEO of failed cryptocurrency exchange Sam Bankman-Fried met with high-level officials at the Commodity …

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10-year Treasury yield slides as traders weigh Fed policy outlook

Treasury yields declined on Thursday as traders digested comments from US Federal Reserve Chair Jerome Powell on interest rate policy plans and looked ahead to key economic data. The yield on the benchmark 10-year Treasury fell to 3.603%, losing 10 basis points. the 2-year Treasury yield was last at 4.326% after declining by more than …

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Kellogg, General Mills, Post cereal sales slow after pandemic surge

Kellogg, the 117-year-old brand that started as a breakfast cereal company has since expanded to be one of the largest food companies in the world, has seen declining cereal sales over the past couple of decades. The one-time category leader is now facing a number of setbacks, including numerous arguments over its products’ nutritional value …

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With rail strike looming, tech companies reroute chips to trucking

A container delivery truck heads for one of the terminals at the Port of Long Beach in Long Beach, California. Frederic J. Brown | AFP | Getty Images Technology companies supplying critical semiconductor chips to the economy have started shifting cargo shipments from railroads to trucks with a national freight rail strike looming. The moves …

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Black Friday online sales top $9 billion in new record

Black Friday shoppers wait to enter the Coach store at the Opry Mills Mall in Nashville, Tennessee, on November 25, 2022. Seth Herald | AFP | Getty Images Consumers spent a record $9.12 billion online shopping during Black Friday this year, according to Adobe, which tracks sales on retailers’ websites. Overall online sales for the …

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Inflation boosts average household spending by $433 a month: Moody’s

People shop at a grocery store on June 10, 2022 in New York City. Spencer Platt | Getty Images The average American household is spending $433 more a month to buy the same goods and services it did a year ago, according to a Moody’s Analytics analysis of October inflation data. While down slightly from …

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Recession will be an inch deep but a mile wide, says UBS strategist

Global economic conditions will shift next year and that’s going to flip which markets and sectors underperform, according to the chief strategist of UBS Investment Bank. Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday that between one-third and half of the countries the bank covers globally are facing a recession. “It’s an inch deep …

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Mortgage demand rises as interest rates decline slightly

A home, available for sale, is shown on August 12, 2021 in Houston, Texas. Brandon Bell | Getty Images Mortgage applications rose 2.2% last week compared with the previous week, prompted by a slight decline in interest rates, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinance applications, which are usually most sensitive to …

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Russian oil transport targeted due to Ukraine invasion

The Treasury Department issued new guidance Tuesday about policies on the maritime transport of Russian oil ahead of a planned price cap in early December. The guidance, which complements the UK’s newly-released policies, outlines how US service providers can continue carrying Russian seaborne oil that was loaded before Dec. 5, while complying with a strategic …

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