economic news

European Markets Fall as Global Equities Fall;  The Bank of England intervenes in the bond market

European Markets Fall as Global Equities Fall; The Bank of England intervenes in the bond market

Pound slides after Bank of England intervention in bond market The pound fell 1.4% against the dollar on Wednesday, slipping below $1.06 after the Bank of England intervened in the UK bond market to calm recent market turmoil sparked by the so-called ‘mini -budget” of the new government. The Bank announced on Wednesday that it …

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One-way economy class flights from Moscow to Dubai cost nearly $5,000 as Russians flee call for action

One-way economy class flights from Moscow to Dubai cost nearly $5,000 as Russians flee call for action

The airline industry has been crippled by a perfect storm of challenges in recent weeks, ranging from labor shortages and supply disruptions to rising fuel prices. Sopa Pictures | Light flare | Getty Images DUBAI, United Arab Emirates — One-way economy class flights from Moscow to Dubai cost up to $5,000 and many sold out …

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The Federal Reserve misses a crucial turning point in its fight against inflation because it believes in bad data

The Federal Reserve misses a crucial turning point in its fight against inflation because it believes in bad data

The Federal Reserve cannot see the probable economic crash that is coming because it is always looking in the rear view mirror, where it sees nothing but high inflation. The danger arises because the consumer price index and the personal consumption expenditure price index – the two most important indicators of inflation – have a …

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Stock market losses wipe out $9 trillion of Americans' wealth

Stock market losses wipe out $9 trillion of Americans’ wealth

Falling stock markets wiped out more than $9 trillion in US household wealth, putting more pressure on family balance sheets and spending. U.S. holdings of corporate stocks and mutual fund stocks fell to $33 trillion at the end of the second quarter from $42 trillion at the start of the year, Reserve data shows. federal. …

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How to turn stock losses into tax savings and other ways to lower your tax bill

How to turn stock losses into tax savings and other ways to lower your tax bill

Prathanchorruangsak | Istock | Getty Images Review withholding tax First, you want to examine how much money is withheld from your payroll for federal taxes. Having too little tax withheld could result in a tax bill or penalty. If too much tax is withheld, you may get a refund. You should check your source deductions …

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Larry Summers calls UK tax cuts 'totally irresponsible' and warns of possible contagion

Larry Summers calls UK tax cuts ‘totally irresponsible’ and warns of possible contagion

Larry Summers Cameron Costa | CNBC LONDON — Former US Treasury Secretary Larry Summers warned on Tuesday that the United Kingdom had lost its sovereign credibility after the new government’s fiscal policy sent markets tumbling. The pound hit an all-time low against the dollar in the early hours of Monday morning, before recovering slightly on …

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Everything Parents Need to Know About Student Loan Forgiveness

Everything Parents Need to Know About Student Loan Forgiveness

Studio Phynart | Istock | Getty Images President Joe Biden’s announcement last month that he will forgive up to $20,000 in student debt for borrowers will also impact the millions of parents who have taken out loans for their children’s education. Debt forgiveness applies to so-called Parent PLUS Loans, federal loans that parents can take …

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Britain's sudden shift to 'Reaganomics' gets a boost from the markets

Britain’s sudden shift to ‘Reaganomics’ gets a boost from the markets

Truss has now put the country on an economic path completely at odds with most, if not all, of the world’s major economies. Hannah McKay | Reuters LONDON — Britain’s new Prime Minister Liz Truss may have talked a lot about “fallout economics” during her election campaign this summer, but no one could have predicted …

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