U.S. inflation cools

U.S. inflation cools
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Islam News- Inflation appears to be slowing in the U.S., bolstering investors’ expectations that the Federal Reserve will moderate the pace of its interest rate increases. Stocks soared after the news yesterday.

While price increases are still rapid and painful for many households, the Fed’s preferred inflation measure picked up by 7.7 percent in the year through October, less than the 7.9 percent that analysts had expected.

But the U.S. economy is hardly on sure footing. The country’s technology sector, which was once considered a safe bet for the so-called best and brightest employees, is rushing to make staffing cuts, blaming a worsening economy. In the past week, Meta and Twitter have cut more than 10,000 employees each.

Politics: Inflation was at the top of voters’ minds in the midterms. But after the Democrats did better than expected, President Biden plans to hold the line on his economic policies.

Cryptocurrency: Binance, a giant exchange, pulled out of a deal to save its rival, FTX, one of the largest cryptocurrency exchanges in the world that collapsed over the last week. Now, a reckoning awaits, as investors and customers prepare to fight the company for their money.

Source: The New York Times

Islam News