The Federal Reserve chose to forge ahead with another rate hike in March in spite of the banking industry facing significant pressure related to rapid hikes. Wednesday, March 22, the Federal Open Market Committee opted to raise the bank overnight lending rate another 25 basis points to a range of 4.75% to 5%, its highest…

Norfolk Southern’s CEO is returning to Capitol Hill for a new round of questioning; and a new report details how scammers are now using artificial intelligence. These stories and more highlight the daily rundown for Wednesday, March 22, 2023. Norfolk Southern CEO to testify Lawmakers on Capitol Hill are taking further steps to boost rail…

Since the swift collapse of Silicon Valley Bank, the entire banking system has been in turmoil. The news of failed and struggling banks has left millions of Americans with pressing questions. Some of the breakout searches on Google this past week include: What caused the banking crisis? Are we headed for a depression? Is my money…

It took less than 48 hours for Silicon Valley Bank to fall from the preferred startup and venture capital bank with $200 billion in assets to being irreparable. Since its collapse and federal takeover, fears have spread throughout the global banking sector, leading to closures of other banks. The California bank was a bit of…

Since the economy is cyclical, there is a recession coming at some point in our future. The question, of course, is when. And since no one can definitively answer that, speculation will only continue. Economists, traders, and armchair investors will continue to worry about how persistent inflation and perceived trouble in the banking industry will…

Governments, economists, scientists, and businesses all need statistical information to understand the past and make sense of the future. Without trustworthy data from other countries, it’s difficult for global entities to make informed decisions about trade, war, monetary policy, and healthcare. China’s lack of transparency around the COVID-19 crisis may be the perfect example of…

Monthly consumer prices rose at the fast clip of 0.4% in February, easing slightly from the 0.5% increase in January, according to the latest data from the Bureau of Labor Statistics. The annual rate of inflation slowed to 6%, down from January’s 6.4%. February’s results were in line with expectations of economists polled by Dow…

In the face of a robust labor market and rising consumer prices, the Federal Reserve is prepared to raise interest rates until it feels it has sufficiently beaten back inflation. Fed Chair Jerome Powell recently testified, “the ultimate level of interest rates is likely to be higher than previously anticipated,” and many economists now believe…

President Biden has unveiled his federal budget proposal for fiscal year 2024. The White House said it will reduce the deficit by $3 trillion over the next decade.  The proposal calls for $6.8 trillion in spending. It includes $885 billion in defense spending and $1 trillion in non-defense discretionary spending. The mandatory spending for Medicare,…

After January’s jobs report blew expectations out of the water, economists are looking for any data that can show signs of a weakening labor market up ahead. Wednesday’s job openings data showed a hint of decline, but still came in stronger than expected. The Bureau of Labor Statistics data showed that by the end of…