Federal Reserve Chair Jerome Powell expressed cautious optimism about the progress made in controlling inflation over the past year but emphasized the need for further improvement before considering interest rate cuts. Speaking at a central banking forum in Sintra, Portugal, Powell noted that recent inflation readings suggest a return to a disinflationary path, but he… Continue reading Powell says Fed has made ‘quite a bit of progress’ on inflation but needs more confidence before cutting

President Joe Biden’s faltering debate performance against former President Donald Trump has ignited significant concern among Democrats, leading some commentators and fundraisers to suggest the need for a new nominee. The debate, characterized by Biden’s raspy voice, unfocused responses, and inarticulate delivery, has intensified anxiety within the party just five months before the Election Day.… Continue reading Biden debate flop leads Democrats to call for new nominee — but replacing him is tough to do

Nike CEO John Donahoe is facing mounting scrutiny from Wall Street after the company reported a disappointing fiscal year and bleak sales projections. Donahoe, who has led Nike since January 2020, saw the company’s stock drop by 20% following the announcement that sales for the current quarter would fall by 10%, significantly worse than the… Continue reading Nike CEO John Donahoe comes under fire from Wall Street after lackluster performance

In April, home prices reached a new record, even as mortgage rates increased and the housing supply expanded, defying traditional market dynamics. According to the S&P CoreLogic Case-Shiller National Home Price Index, prices rose 6.3% year-over-year, marking the second consecutive month of surpassing previous all-time highs. This increase occurred despite the average 30-year fixed mortgage… Continue reading Here’s how bad housing affordability is now

Delta Air Lines, the most profitable airline in the U.S., is striving to maintain its lead under CEO Ed Bastian. The airline has demonstrated strong performance, with its unit revenue surpassing competitors last year, and its stock price soaring by nearly 23% in 2024, outperforming the S&P 500. Delta anticipates a 50% increase in free… Continue reading How Delta made itself America’s luxury airline — and what United wants to do about it

Target has partnered with Shopify to enhance its online marketplace, Target Plus, by incorporating new and trendier brands. This collaboration allows Shopify’s smaller and emerging brands to apply to join Target Plus, broadening the range of items available to Target’s online shoppers. Target aims to use this partnership to quickly identify popular products and potentially… Continue reading Target taps Shopify to add sellers to its third-party marketplace

Treasury Secretary Janet Yellen on Monday introduced a series of new financing initiatives to support housing development, including a significant $100 million fund dedicated to affordable housing. This announcement precedes the first presidential debate between President Joe Biden and former President Donald Trump, where inflation is expected to be a prominent topic. Despite recent inflation… Continue reading Yellen announces $100 million affordable housing fund as shelter costs weigh on Biden

China-founded e-commerce company Shein is facing increasing difficulties in its attempt to go public in the United States, primarily due to rising political tensions between Beijing and Washington. The company, valued at $66 billion, confidentially filed for a U.S. IPO in November but has encountered resistance, including multiple failed attempts to join the National Retail… Continue reading Experts say Shein’s U.S. IPO is all but dead

In May, sales of previously owned homes remained at a 30-year low, reflecting minimal change from April as record-high prices and elevated mortgage rates continued to stifle the market. According to the National Association of Realtors (NAR), existing home sales saw a marginal decline of 0.7% from April, amounting to a seasonally adjusted annual rate… Continue reading Home prices hit record high in May as sales stall

At the Cannes Lions advertising festival in France, Elon Musk attempted to clarify previous comments where he harshly addressed advertisers considering pulling their ads from his social media platform, X. Responding to a question from WPP CEO Mark Read about his remark telling advertisers to “go f— yourself,” Musk explained that his comment was intended… Continue reading Elon Musk softens ‘go f— yourself’ comment as he tries to woo advertisers back to the platform

Social media algorithms have revolutionized the advertising landscape, making it more meritocratic, a shift that the industry has been slow to embrace, according to VaynerMedia CEO Gary Vaynerchuk. Speaking at the Cannes Lions festival, Vaynerchuk contrasted the traditional social media model, which resembled email marketing where brands would amass followers and reach only a fraction… Continue reading Advertising is now a ‘meritocracy’ in the wake of social media, Resy co-founder Gary Vaynerchuk says

Retail spending in May was weaker than anticipated, with sales rising just 0.1%, falling short of the Dow Jones estimate of 0.2%. This slight increase follows a revised 0.2% decline in April, as reported by the Commerce Department. On an annual basis, sales saw a 2.3% increase. Excluding the auto sector, sales actually declined by… Continue reading May retail sales rise 0.1%, weaker than expected