As the job market cools and CEOs pull back on hiring, it’s no surprise that the Federal Open Market Committee cut rates by half a percentage point on Wednesday, bringing it down from a 23-year high to a range of 4.75% to 5%. Economists predicted the highly anticipated decision, with EY senior economist Lydia Boussour...
Burning Man is in nine days. Why are there still tickets on sale? The August desert festival, which brings over 70,000 people to Black Rock City, Nevada for eight days, has had some of the world’s wealthiest in attendance over the years, including Mark Zuckerberg, Jeff Bezos, and Elon Musk. The event has sold out...
Inflation is now at 2.9%, marking the first time it has fallen below 3% since March 2021. Wednesday’s Consumer Price Index (CPI) report, which tracks the prices of essential goods and services and helps the U.S. Federal Reserve determine economic policy, found that prices rose 2.9% in July compared to July 2023. This could mean...
Adena Friedman, CEO & Board Chair NASDAQ, speaking on CNBC’s Squawk Box at the WEF Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Adam Galici | CNBC Nasdaq CEO Adena Friedman believes the Federal Reserve should be wary of cutting interest rates too soon. Speaking at a CNBC-moderated panel at the World Economic Forum in...
Despite indicators like U.S. credit card debt pointing toward financial and economic pressures, another global financial crash is not imminent, UBS chief U.S. economist Jonathan Pingle believes. U.S. credit card debt soared to $1.08 trillion in the third quarter of 2023, data from the Federal Reserve Bank of New York showed earlier this month. This...
Several of Wall Street’s biggest names convened in Riyadh, Saudi Arabia, for the kingdom’s annual Future Investment Initiative, during which they weighed in on risks and opportunities for investors and the global economy. Bankers speaking on panel discussions notably stressed headwinds — particularly in the short term — from multiple wars, an economic slowdown and...
Arm Holdings will help jump-start the IPO market, according to the venture capitalist behind Airbnb and Pinterest. FirstMark Capital’s Rick Heitzmann believes real fundamental demand for IPOs is returning. “People are looking for the new toy,” the firm’s founder and partner told CNBC’s “Fast Money” on Thursday. Chip design company Arm, which is affiliated with...