Fed hikes key interest rate 0.75 points again as inflation surges

Fed hikes key interest rate 0.75 points again as inflation surges

The Federal Reserve approved another steep hike in its benchmark interest rate on Wednesday, pushing forward with a plan to tackle decades-high inflation despite fears the moves could trigger a recession. The rate-making Federal Open Market Committee announced the hike of 0.75%, or 75 basis points, after a two-day meeting. Fed Chair Jerome Powell acknowledged … Read more

Spirit, Frontier end merger bid, paving way for JetBlue deal

Spirit, Frontier end merger bid, paving way for JetBlue deal

Spirit Airlines and Frontier Airlines agreed Wednesday to abandon their merger proposal, opening the way for JetBlue Airways to acquire Spirit. Spirit, the largest budget carrier in the United States, said it was still in discussions with JetBlue “and expects to provide a further update in the near future.” Despite the support of Spirit’s board, … Read more

Facebook’s Meta reports first ever revenue drop

Facebook's Meta reports first ever revenue drop

Meta Platforms on Wednesday forecast current quarter revenue below estimates after the Facebook parent recorded its first quarterly drop in revenue amid a general weakness in the digital ad market. Shares of the Menlo Park, Calif.-based company were down about 5% in extended trading. The company said it expects third-quarter revenue of between $26 billion and $28.5 billion. Analysts were … Read more

Laxatives sold at CVS, Walgreens recalled due to contamination

Laxatives sold at CVS, Walgreens recalled due to contamination

Certain laxatives have been recalled from major retailers for microbial contamination after reports of “serious adverse reactions” to the products. Smyrna, Tenn.-based Vi-Jon LLC expanded its voluntary recall to all flavors of Magnesium Citrate Saline Laxative Oral Solution, saying that immunocompromised patients who consume the product may be at risk for “invasive infections caused by Gluconacetobacter liquefaciens that could lead … Read more

These US housing markets are most at risk for price plunge

These US housing markets are most at risk for price plunge

Markets that enjoyed huge run-ups in prices during the pandemic-era housing boom are now among those most at risk for a major correction if the US economy enters a recession, according to an analysis by real estate firm Redfin. Redfin noted that the US housing market has “slowed considerably” this spring due to soaring interest … Read more

US pending home sales tumble in June as mortgage rates soar

US pending home sales tumble in June as mortgage rates soar

Contracts to buy previously owned homes fell more than expected in June as rising mortgage rates and higher house prices continued to reduce affordability for entry-level and first-time buyers. The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on signed contracts, tumbled 8.6% to 91.0 last month. Contracts declined in all four regions. Economists polled … Read more