Global online shopping platform Temu is already climbing the ranks in the U.S. Apple Store. Bloomberg | Bloomberg | Getty Images Chinese low-cost online retailer Temu has launched a new lawsuit against its rival Shein over copyright concerns and “mafia-style intimidation of suppliers,” a filing on Wednesday showed. In the filing, Boston-headquartered firm WhaleCo, which … Read more
The Federal Reserve announced it will leave interest rates unchanged Wednesday, in a move that many believe will conclude the central bank’s rate hike cycle and set the stage for rate cuts in the year ahead. The Fed has raised interest rates 11 times since March 2022 — the fastest pace of tightening since the early 1980s. The … Read more
Signage is seen at the headquarters of the Federal Communications Commission in Washington, D.C. Andrew Kelly | Reuters WASHINGTON — The Federal Communications Commission on Wednesday voted to pass a measure banning cable and satellite companies from charging early termination fees. “Consumers are tired of these junk fees,” FCC Chairwoman Jessica Rosenworcel said before casting … Read more
Treasury yields dropped on Wednesday, with the yield on the 10-year hitting its lowest level since August after the Federal Reserve held rates steady for a third consecutive meeting and set the stage for three cuts in 2024. The yield on the 10-year Treasury dropped 19 basis points to 4.016%. The last time the 10-year … Read more
An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. Mario Tama | Getty Images Homeowners looking to refinance are finding savings after mortgage rates dropped again last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming … Read more
The U.S. economy continues to grow despite the 5.5% benchmark federal funds interest rate set by the Federal Reserve in 2023. The Fed’s leaders expect their interest rate decisions to eventually slow that growth. The increase in borrowing costs that stems from Fed decisions does not affect all consumers immediately. It typically affects people who … Read more
U.S. President Joe Biden speaks while meeting with business leaders and governors in the Eisenhower Executive Office Building in Washington, D.C. March 9, 2022, regarding the administration’s long-awaited executive order for government agencies to take a closer look at issues surrounding the crypto market. Ting Shen | Bloomberg | Getty Images Two new surveys released … Read more
Kentaroo Tryman | Maskot | Getty Images Inflation declined slightly last month on the back of weaker prices at the gasoline pump and a broader easing of price pressures throughout the U.S. economy, experts said. The consumer price index in November increased 3.1% from 12 months earlier, down from 3.2% in October, the U.S. Bureau … Read more
Rate cuts, an increased chance of a soft landing and lower inflation — the outlook for next year is looking up in the CNBC Fed Survey, to a point. Respondents to the CNBC Fed Survey see the Federal Reserve beginning rate cuts next year, though not as aggressively or as quickly as markets have priced … Read more
U.S. President Joe Biden speaks about the Inflation Reduction Act of 2022 in the State Dining Room of the White House in Washington, D.C., on July 28, 2022. Mandel Ngan | AFP | Getty Images New data from the Federal Reserve suggests that inflation further cooled in November. But President Joe Biden’s crusade to convince … Read more
