Most electric vehicles won’t qualify for federal tax credit

Most electric vehicles won’t qualify for federal tax credit

DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large. That’s … Read more

Today marks an important day for diversity on Wall Street. here’s why

Today marks an important day for diversity on Wall Street.  here’s why

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. new York CNN Business — Wall Street is taking the call to increase corporate diversity seriously. Last … Read more

Risk of significant reversal in gold price rally as inflation report looms, says TD Securities

Risk of significant reversal in gold price rally as inflation report looms, says TD Securities

(Kitco News) The strong employment report proved that the US economy is still expanding despite two consecutive negative quarterly GDP releases. And for gold, this means that the price rally could be at risk, according to TD Securities. In reaction to the US economy adding 528,000 jobs in July, gold lost 1% on Friday. The … Read more

Era of steady growth has ended, but here’s how to prepare

Era of steady growth has ended, but here’s how to prepare

BlackRock says world markets have become more volatile, and they’re going to stay that way for a while. The world’s biggest asset manager says that the era of steady growth and low inflation has ended: “Traditional portfolios, hedges and risk models won’t work anymore, we think.” “The Great Moderation, a long period of steady growth … Read more

RPT-WEEKAHEAD-Wall St Week Ahead: Inflation Data May Seal Fate of Unloved US Stock Rally

RPT-WEEKAHEAD-Wall St Week Ahead: Inflation Data May Seal Fate of Unloved US Stock Rally

A rally in US stocks that has powered on despite skepticism from Wall St faces a reality check in the coming week, as key inflation data threatens to shut the door on expectations of a dovish shift from the Federal Reserve. The S&P 500 has walked a tightrope this summer, rising 13% from its mid-June … Read more

The US economy has yet to face its biggest recession challenge

The US economy has yet to face its biggest recession challenge

A person removes the nozel from a pump at a gas station on July 29, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images You’d be hard-pressed now to find a recession in the rearview mirror. What’s down the road, though, is another story. There is no historical precedent to indicate that an … Read more

Bank of England set for biggest rate hike in 27 years as inflation soars

Bank of England set for biggest rate hike in 27 years as inflation soars

LONDON, February 03: Governor of the Bank of England Andrew Bailey leaves after a press conference at Bank of England on February 3, 2022 in London, England. The Bank is expected to hike interest rates for the fifth consecutive meeting on Thursday, but faces a tough balancing act between supporting growth and curbing inflation. Dan … Read more

The housing market correction takes an unexpected turn

The housing market correction takes an unexpected turn

The Federal Reserve has a simple inflation-fighting playbook. It goes like this: Keep applying upward pressure on interest rates until business and consumer spending across the economy weakens and inflation recedes. Historically speaking, the Fed’s inflation-fighting playbook always delivers a particularly hard hit to the US housing market. When it comes to housing transactions, monthly … Read more

Inflation stokes demand at food banks, hitting Biden’s plan to end hunger by 2030

Inflation stokes demand at food banks, hitting Biden’s plan to end hunger by 2030

Nearly half of America’s food banks describe rising numbers of people lining up for handouts, the inflation puts pantry basics out of reach and the Biden administration’s eight-year anti-hunger plan comes unstuck. Householders across the US told DailyMail.com that eye-watering grocery store prices had pushed them to food pantries for help. Even food bank organizers … Read more

Key inflation gauge jumps 6.8% in June as prices continue to surge

Key inflation gauge jumps 6.8% in June as prices continue to surge

An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest annual increase in four decades. Friday’s government figures underscore the persistence of the inflation that is eroding Americans’ purchasing power, dimming their confidence in the economy and threatening Democrats in Congress in the run-up … Read more