Senate confirms Powell for 2nd term as Fed fights inflation

Senate confirms Powell for 2nd term as Fed fights inflation

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp … Read more

Powell: ‘Soft’ economic landing may be out of Fed’s control

Powell: 'Soft' economic landing may be out of Fed's control

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second term earlier in the day, acknowledged for the first time Thursday that high inflation and economic weakness overseas could thwart his efforts to avoid causing a recession. For weeks, Powell has portrayed the Fed’s drive to raise interest rates … Read more

Federal Reserve Chair Jerome Powell confirmed by Senate for a second term

Federal Reserve Chair Jerome Powell confirmed by Senate for a second term

Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting on May 04, 2022 in Washington, DC. Powell announced the Federal Reserve is raising interest rates by a half-percentage point to combat record high inflation. Win Mcnamee | Getty Images As he and his colleagues engage in a … Read more

Carvana, GameStop, AMC, General Motors and more

Carvana, GameStop, AMC, General Motors and more

Check out the companies making headlines in midday trading Thursday. Carvana — Shares of the online used-car retailer popped nearly 30%, alongside other heavily shorted stocks. Nearly 29% of Carvana shares available for trading are sold short, according to FactSet. The company has faced negative sentiment on Wall Street recently, with downgrades this month from … Read more

Ford, General Motors, Tapestry and more

Ford, General Motors, Tapestry and more

Take a look at some of the biggest movers in the premarket: Ford (F), General Motors (GM) – Ford fell 2.8% in premarket trading while GM slid 3.4% after Wells Fargo double-downgraded both stocks to “underweight” from “overweight.” Wells Fargo said 2022 could represent a profit peak for legacy automakers, with the shift toward electric … Read more

China may chalk up more debt as lockdowns hit the economy

China may chalk up more debt as lockdowns hit the economy

Covid lockdowns have hit China’s economy, and the Asian giant might have to issue more debt to continue meeting its growth target. Kevin Frayer | Getty Images News | Getty Images China may have to issue more debt as it tries to keep growing in the face of Covid lockdowns that are stunting its economy. … Read more

Dallas Federal Reserve names Lorie Logan new president to succeed Robert Kaplan

Dallas Federal Reserve names Lorie Logan new president to succeed Robert Kaplan

The Dallas Federal Reserve has named a new president to succeed its former one, who resigned last year amid a controversy over stock trading. Lorie K. Logan will serve as head of the central bank branch, according to an announcement Wednesday. Central bank watchers know Logan’s name well, as she currently serves as head of … Read more

Wendy’s, Krispy Kreme, Perrigo and more

Wendy's, Krispy Kreme, Perrigo and more

Check out the companies making headlines before the bell: Wendy’s (WEN) – Wendy’s reported adjusted profit of 17 cents per share, 1 cent below estimates, with revenue and same-store sales also missing analyst forecasts. The restaurant chain is seeing a negative impact from higher costs for supplies and labor, and its shares slide 3.4% in … Read more

Carvana Lays Off Thousands on Same Day It Buys Auction House

Carvana Lays Off Thousands on Same Day It Buys Auction House

Photo: Getty Images (Getty Images) Carvana, the used car dealer founded a decade ago whose meteoric growth was met with a fair number of problemssaid Tuesday that it would lay off 2,500 employees, with executives going unpaid for the rest of 2022. In filing with the Securities and Exchange CommissionCarvana called the move a “right-sizing” … Read more