The news: The biggest banks in the US released their Q3 earnings over the past few days. Most of the results mirrored Q2 results, but with a less-upbeat outlook for the rest of this year and 2023. Revenue and earnings were up in most cases, beating analysts’ expectations. But the looming recession looks closer than ever,…
Year-over-year inflation for the metro area of Phoenix was 13.0% in August, according to data from the Bureau of Labor Statistics. Photo by Jim Hankey/Getty Images The year-over-year inflation rate is relatively high in the metro area of Phoenix, based on data for 23 metros. Inflation rates are relatively low in the metro areas of…
Students from George Washington University wear their graduation gowns outside of the White House in Washington, DC, on May 18, 2022 Stefani Reynolds / AFP) Biden formally launched the application for student-loan forgiveness. But he emphasized that borrowers with remaining balances still have to resume payments next year. Once borrowers apply, their student-loan company should…
(Photo by Xu Jinbai/VCG via Getty Images) Investors are holding the most cash since April 2001, according to BofA’s global fund manager survey. The October survey “screams macro capitulation, investor capitulation, and crucially start of policy capitulation.” A “big low, big rally” looks set for the first half of 2023 when Fed rate cuts become…
David Rosenberg. Rosenberg Research & Associates David Rosenberg dismissed the latest rebound in stocks as a bear-market rally that won’t last. He noted there have been six similar rallies this year, yet the S&P 500 is still down about 22%. The Rosenberg Research founder flagged growing signs of financial strain among American consumers. David Rosenberg…
Your iPhone doesn’t need a cell signal to use the Emergency SOS feature. Justin Sullivan/Getty Images The Emergency SOS feature on iPhone lets you quickly call local emergency services. The iPhone 14 series introduced two new emergency features, Crash Detection, which automatically places emergency calls, and a coming Emergency SOS via Satellite feature. When you…
House Minority Leader Kevin McCarthy speaks during a weekly Capitol Hill press conference on May 28, 2020 in Washington, DC. Alex Wong/Getty Images A new New York Times/Siena College poll finds voters are overwhelmingly concerned about the economy. Voters who are most worried about the economy are also leaning Republican ahead of the midterms. That’s…
UAE Energy Minister Suhail Mohamed Al Mazrouei. AP/Ronald Zak There was nothing political about OPEC’s decision to cut production or for the UAE’s support for it, according to UAE’s energy minister. The US has accused the cartel of siding with Russia amid the energy crisis, but the decision was based on market technicals, the minister…
U.S. President Joe Biden speaks on the student debt relief plan in the South Court Auditorium at the Eisenhower Executive Office Building on October 17, 2022 in Washington, DC. President Biden gave an update on the student debt relief portal beta test. Alex Wong/Getty Images The Education Department is notifying around 8 million borrowers automatically…
Rolls-Royce has officially begun its transition to electric cars. The luxury British manufacturer has unveiled its first ground-up EV, the Spectre coupe. The “spiritual successor” to the Phantom looks much like its stately gas-powered counterparts (apart from a low 0.25 drag coefficient), but promises to be even quieter and smoother thanks to its powerplant. The…