Latest Economic outlook News

EU leaders tackle inflation, energy shocks from Russia's war

Jun. 24, 2022 12:33 PM EDT

BRUSSELS (AP) — A day after endorsing Ukraine's candidacy to join the European Union, the bloc's leaders turned their attention Friday to the severe economic turbulence from Russia’s war in the neighboring country as the conflict's full impact sinks in and the threat of recession rises. ...

Fed's Powell facing rising criticism for inflation missteps

Jun. 21, 2022 17:06 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the U.S. economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed. Inflation has proved...

Yellen: Recession not inevitable, gas tax holiday weighed

Jun. 19, 2022 11:24 AM EDT

REHOBOTH BEACH, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable. Yellen offered a dose of optimism even as economists grow increasingly worried about a recession fueled by...

Takeaways from AP interview: Biden on inflation, US psyche

Jun. 17, 2022 07:13 AM EDT

WASHINGTON (AP) — President Joe Biden sat down with The Associated Press to discuss the state of the economy, his concerns about the national mood and his commitment to standing up to Russia's aggression in Ukraine. Takeaways from Biden's first news media interview since February:...

Bank of England hikes interest rates but resists bolder move

Jun. 16, 2022 09:55 AM EDT

LONDON (AP) — The Bank of England raised interest rates by a quarter-percentage point Thursday, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high. The bank’s monetary policy committee voted 6-3 to boost its key rate to...

Fed attacks inflation with its largest rate hike since 1994

Jun. 15, 2022 18:18 PM EDT

WASHINGTON (AP) — The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point — the largest bump since 1994 — and signaling more rate hikes ahead as it tries to cool off the U.S. economy without causing a recession....

China's factory activity rebounds as anti-virus curbs ease

Jun. 15, 2022 01:46 AM EDT

BEIJING (AP) — China’s factory output rebounded in May, adding to a recovery from the latest COVID-induced economic slump after controls that shut down Shanghai and other industrial centers eased. Industrial production rose 0.7% over a year earlier, recovering from April’s 2.9%...

Treasury bond yield inversion raises worries over recession

Jun. 14, 2022 16:53 PM EDT

NEW YORK (AP) — One of the more reliable warning signals for an economic recession started blinking again. The “yield curve” is watched for clues on how the bond market feels about the long-term outlook for the U.S. economy. On Tuesday, a closely followed part of the yield...

Hot inflation dims likelihood Fed can achieve 'soft landing'

Jun. 13, 2022 14:10 PM EDT

WASHINGTON (AP) — For months, Chair Jerome Powell has held out hope that the Federal Reserve will be able to raise interest rates high enough to throttle rampant inflation without tipping the economy into recession. Yet with the Fed set to announce another sharp interest rate hike...

Wolf, lawmakers launch budget season with billions to spend

Jun. 13, 2022 09:54 AM EDT

HARRISBURG, Pa. (AP) — Pennsylvania Gov. Tom Wolf and state lawmakers are launching into their busiest stretch: the horse-trading and budget-making weeks of June that are vastly different this year than any other in memory, with billions of extra dollars to spread around. It is a...