A decade of rising house prices is over. The UK economy will feel the pain

A decade of rising house prices is over.  The UK economy will feel the pain

London CNN Business — For years, home ownership in the UK has been a one-way venture. Prices have risen steadily since the global financial crisis, increasing in even greater increments after the pandemic began. Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December, up £27,000 on … Read more

Interest rates: What you need to know about the Federal Reserve’s historic rate hike

Interest rates: What you need to know about the Federal Reserve’s historic rate hike

Washington DC CNN — The Federal Reserve on Wednesday approved a fourth straight rate hike of three-quarters of a percentage point as part of its aggressive fight to bring down the white-hot inflation plaguing the US economy. The increased hike brings the central bank’s benchmark lending rate to a new target range of 3.75% to … Read more

The US spent half a trillion dollars last year alone to finance its mountain of debt

The US spent half a trillion dollars last year alone to finance its mountain of debt

New York CNN Business — The Federal Reserve’s war on inflation isn’t just painful for homebuyers and people with credit card debt. Uncle Sam is also being pressured by higher borrowing costs. The cost of financing America’s growing mountain of debt is rising rapidly as the Fed struggles to put out the inflationary fire by … Read more

The Fed may have to blow up the economy to get inflation under control

The Fed may have to blow up the economy to get inflation under control

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can register right here. New York CNN Business — The Federal Reserve is most likely to raise interest rates by three-quarters of a percentage point again on Wednesday, its fourth big increase in a row. And it … Read more

Mid-term elections: Women could once again be a decisive swing vote in November

Mid-term elections: Women could once again be a decisive swing vote in November

CNN — Republicans are optimistic that this could be the year of the “security tax” — the moment when women who left the GOP during Donald Trump’s presidency push back against Republican nominees who speak to their concerns about the financial and physical security of their families. But Democrats are hoping the tide will turn … Read more

Inflation data show US prices were still uncomfortably high last month

Inflation data show US prices were still uncomfortably high last month

Minneapolis CNN Business — New inflation data showed US prices were still uncomfortably high last month, despite aggressive action by the Federal Reserve to curb decades of high inflation. The personal consumption index, which measures prices consumers pay for goods and services, rose 0.3% from August to September, but was unchanged at 6.2% for the … Read more

America’s top bankers care more about the world than a recession

America’s top bankers care more about the world than a recession

London CNN Business — Some of the top names on Wall Street believe that a US recession is now likely, if not inevitable. But they have bigger concerns at heart. JPMorgan Chase ( JPM ) CEO Jamie Dimon said Tuesday that he is more concerned about global geopolitics than he is about slowing U.S. economic … Read more

Why Republicans love it when Biden talks about the economy

Why Republicans love it when Biden talks about the economy

CNN — President Joe Biden is in a bind. He has no choice but to talk about the economy in the domestic stretch of the midterm elections — that’s the issue, given nearly 40 years of high inflation and high gas prices, that worries voters the most. But in doing so, he calls attention to … Read more

Rishi Sunak will be Britain’s next prime minister after seeing off rivals in the race to replace Truss

Rishi Sunak will be Britain’s next prime minister after seeing off rivals in the race to replace Truss

London CNN — Former Chancellor of the Exchequer Rishi Sunak will become Britain’s next prime minister after he fended off his only remaining rival in the fast-paced race to become leader of the Conservative Party on Monday. The other potential candidate, Penny Mordaunt, conceded after failing to meet the threshold of nominations from lawmakers required … Read more

Bernie Sanders: ‘Republicans blame Biden for inflation…really?’

Bernie Sanders: ‘Republicans blame Biden for inflation…really?’

Senator Bernie Sanders (I-VT) joins CNN’s Jake Tapper to discuss inflation and the 2022 midterm elections.